v3.26.1
Notes Payable
 6 Months Ended
Jun. 30, 2026
Notes Payable [Abstract]  
Notes Payable Notes Payable
The following table presents information about the Company's notes payable:
LenderInterest RateMaturity DateJune 30, 2026December 31, 2025
(Amounts in thousands)
Senior unsecured notes(1)
Publicly traded4.40%March 15, 2027$375,000 $375,000 
Senior unsecured notes(2)
Publicly traded6.25%June 15, 2036525,000 — 
Total senior unsecured notes$900,000 $375,000 
Unsecured credit facility(3)
Bank of America, Wells Fargo Bank, BMO Bank, U.S. Bank and Raymond James Bank
Term SOFR plus 100.0-150.0 basis points
June 24, 203150,000 200,000 
    Total principal amount950,000 575,000 
Less unamortized discount and debt issuance costs(4)
6,248 473 
Total debt$943,752 $574,527 
__________ 
(1)On March 8, 2017, the Company completed a public debt offering issuing $375 million of senior notes. The notes are unsecured, senior obligations of the Company with a 4.4% annual coupon payable on March 15 and September 15 of each year commencing September 15, 2017. The Company used the proceeds from the notes to pay off amounts outstanding under the existing loan and credit facilities and for general corporate purposes. The Company incurred debt issuance costs of approximately $3.4 million, inclusive of underwriters' fees. The notes were issued at a slight discount of 99.847% of par, resulting in the effective annualized interest rate, including debt issuance costs, of approximately 4.45%. On July 13, 2026, the Company redeemed these $375 million senior notes by exercising a redemption option given to the Company under the First Supplemental Indenture for the notes, dated as of March 8, 2017, and recognized a loss of approximately $0.5 million on the early extinguishment of the debt.
(2)On June 12, 2026, the Company completed a public debt offering issuing $525 million of senior notes. These $525 million senior notes are unsecured, senior obligations of the Company with a 6.25% annual coupon payable on June 15 and December 15 of each year commencing December 15, 2026. On June 15, 2026, the Company repaid $150 million of the amounts outstanding under the unsecured credit facility using the proceeds from these $525 million senior notes. On July 13, 2026, the Company used the proceeds from these $525 million senior notes to redeem the outstanding $375 million senior notes in full, as further described above. The Company incurred debt issuance costs of approximately $4.8 million, inclusive of underwriters' fees. These $525 million senior notes were issued at a slight discount of 99.764% of par, resulting in the effective annualized interest rate, including debt issuance costs, of approximately 6.32%.
(3)On June 24, 2026, the Company entered into a $250 million unsecured revolving credit facility, which replaces the Company’s existing credit facility dated as of March 31, 2021. The interest rates on borrowings under the credit facility are based on the Company's debt to total capital ratio and range from Term SOFR plus 100.0 basis points when the ratio is under 15% to Term SOFR plus 150.0 basis points when the ratio is greater than or equal to 30%. Commitment fees for the undrawn portions of the credit facility range from 10.0 basis points when the ratio is under 15% to 22.5 basis points when the ratio is greater than or equal to 30%. The debt to total capital ratio is expressed as a percentage of (a) consolidated debt to (b) consolidated shareholders' equity plus consolidated debt. The Company had previously drawn $200 million under the credit facility and contributed $150 million of the total amount drawn to the surplus of its consolidated insurance subsidiaries in 2023, and used the remainder for general corporate purposes. On June 15, 2026, the Company repaid $150 million of the $200 million outstanding borrowings under the credit facility. As of June 30, 2026, the Company had a total of $50 million in borrowings under the credit facility on a three-month revolving basis at
an annual interest rate of approximately 4.77%, with $200 million available to be drawn.
(4)The unamortized discount and debt issuance costs are associated with the publicly traded $525 million and $375 million senior unsecured notes. These are amortized to interest expense over the life of the notes, and the unamortized balance is presented in the Company's consolidated balance sheets as a direct deduction from the carrying amount of the debt. The unamortized costs of approximately $1.1 million associated with entering into the $250 million unsecured revolving credit facility are included in other assets in the Company's consolidated balance sheets and amortized to interest expense over the term of the credit facility.