Debt (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Components of Interest Expense

For the three and six months ended June 30, 2026 and 2025, the components of interest expense related to the 2026 Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Interest expense	$	18,879	$	16,666	$	35,544	$	30,800
Accretion of original issue discount		568		474		1,063		868
Amortization of deferred financing costs		937		833		1,761		1,544
Total Interest Expense	$	20,384	$	17,973	$	38,368	$	33,212

For the three and six months ended June 30, 2026 and 2025, the components of interest expense were as follows:


	Three Months Ended						Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense	$	24,548		$	26,031		$	47,947		$	52,811
Commitment fees		970			895			1,843			1,519
Amortization of deferred financing costs		1,762			1,737			3,480			3,231
Accretion of original issue discount		568			474			1,063			868
Swap settlement		2,237			4,510			4,010			8,188
Total Interest Expense	$	30,085		$	33,647		$	58,343		$	66,617
Average debt outstanding (in millions)	$	1,916.2		$	1,928.8		$	1,873.8		$	1,918.5
Weighted average interest rate		5.6	%		6.3	%		5.5	%		6.4	%

Schedule of Component of Carrying Value of Convertible Notes and Interest Rate

As of June 30, 2026, the components of the carrying value of the 2026 Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes and the stated interest rates were as follows:


	June 30, 2026
	2026 Notes			2028 Notes			2029 Notes			2030 Notes			2031 Notes
Principal amount of debt	$	300,000		$	300,000		$	350,000		$	300,000		$	300,000
Original issue discount, net of accretion		(36	)		(836	)		(1,890	)		(2,803	)		(2,659	)
Deferred financing costs		(65	)		(1,836	)		(2,627	)		(3,090	)		(4,123	)
Fair value of an effective hedge		(1,097	)		(438	)		(2,605	)		2,028			(1,693	)
Carrying value of debt	$	298,802		$	296,890		$	342,878		$	296,135		$	291,525
Stated interest rate		2.50	%		6.95	%		6.13	%		5.63	%		5.65	%

As of December 31, 2025, the components of the carrying value of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes and the stated interest rates were as follows:


	December 31, 2025
	2026 Notes			2028 Notes			2029 Notes			2030 Notes
Principal amount of debt	$	300,000		$	300,000		$	350,000		$	300,000
Original issue discount, net of accretion		(249	)		(1,015	)		(2,207	)		(3,099	)
Deferred financing costs		(436	)		(2,264	)		(3,115	)		(3,461	)
Fair value of an effective hedge		(5,785	)		4,495			3,307			8,284
Carrying value of debt	$	293,530		$	301,216		$	347,985		$	301,724
Stated interest rate		2.50	%		6.95	%		6.13	%		5.63	%

Schedule of Debt Obligations

Debt obligations consisted of the following as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Revolving Credit Facility	$	1,525,000	$	416,020	$	1,086,207	$	398,737
2026 Notes		300,000		300,000		—		298,802
2028 Notes		300,000		300,000		—		296,890
2029 Notes		350,000		350,000		—		342,878
2030 Notes		300,000		300,000		—		296,135
2031 Notes		300,000		300,000		—		291,525
Total Debt	$	3,075,000	$	1,966,020	$	1,086,207	$	1,924,967

(1)

The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit, reserve for near term Notes maturity and asset coverage requirements.

(2)

The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $17.3 million, $0.1 million, $2.7 million, $4.5 million, $5.9 million and $6.8 million, respectively.

(3)

The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes are presented inclusive of an incremental $(1.1) million, $(0.4) million, $(2.6) million, $2.0 million and $(1.7) million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes, each resulting from a hedge accounting relationship.


	December 31, 2025
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Revolving Credit Facility	$	1,675,000	$	513,915	$	1,139,337	$	498,779
2026 Notes		300,000		300,000		—		293,530
2028 Notes		300,000		300,000		—		301,216
2029 Notes		350,000		350,000		—		347,985
2030 Notes		300,000		300,000		—		301,724
Total Debt	$	2,925,000	$	1,763,915	$	1,139,337	$	1,743,234

(1)

The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements.

(2)

The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $15.1 million, $0.7 million, $3.3 million, $5.3 million and $6.6 million, respectively.

(3)

The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(5.8) million, $4.5 million, $3.3 million and $8.3 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.