v3.26.1
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments The Company’s borrowings consist of the following amounts (in thousands) as of the date presented:
Instrument
Interest Rate
June 30, 2026
Credit Facility
6.88%
(a)
195,300
ABS VIII Notes
7.28%
526,158
ABS IX Notes
6.89%
63,265
ABS X Notes
7.07%
457,830
ABS XI Notes
6.61%
359,944
ABS XII Notes
6.29%
838,746
Nordic Bonds
9.75%
500,000
Other miscellaneous borrowings(b)
37,486
Total borrowings
$2,978,729
Less: Current portion of long-term debt
(107,140)
Less: Deferred financing costs
(37,579)
Less: Original issue discounts
(10,553)
Total noncurrent borrowings, net
$2,823,457
(a)Represents a variable interest rate based on utilization.
(b)Includes $20 million in notes payable issued by a third party financial institution in November 2024, collateralized by two natural
gas processing plants and various natural gas compressors and related support equipment in the Central Region, as of June 30,
2026.
The table below represents the fair value of the Company’s debt structures for the date presented:
As of
(in thousands)
June 30, 2026
Credit Facility(a)
$195,300
ABS notes(b)
2,263,951
Nordic Bonds(b)
507,921
Other miscellaneous borrowings(a)
37,486
Total fair value of outstanding debt
$3,004,658
(a)Carrying value approximates fair value.
(b)Fair values are measured using a market approach, based upon market rates, which are Level 2 inputs.
Schedule of Future Maturities of Total Borrowings The table below represents the Company’s future maturities of its total borrowings as of June 30, 2026, excluding deferred financing
costs, premiums, and discounts, and does not reflect the effect of the anticipated repayment dates of the ABS Notes, which occur
between May 2029 and May 2031:
(in thousands)
Remainder of 2026
2027
2028
2029
2030
Thereafter
Total debt
Debt maturity
$66,171
$97,462
$91,520
$784,535
$163,172
$1,775,869
$2,978,729
Schedule of Interest Expense The table details the Company’s interest expense for each of the periods presented:
Three Months Ended
Six Months Ended
(In thousands)
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Interest incurred
Borrowings
$62,437
$57,413
$125,944
$100,107
Other
289
381
1,030
625
Total interest incurred
62,726
57,794
126,974
100,732
Less: Capitalized interest
(1,415)
(1,664)
(2,251)
(1,890)
Interest expense
$61,311
$56,130
$124,723
$98,842