v3.26.1
Long-term debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
Long-term debt consists of the following: 
(in thousands)
June 30, 2026December 31, 2025
2019-1 Class A-2 notes$514,250 $517,000 
2022-1 Class A-2-II notes454,813 457,188 
2024-1 Class A-2-I notes417,563 419,688 
2024-1 Class A-2-II notes368,437 370,312 
2025-1 Class A-2-I notes399,000 400,000 
2025-1 Class A-2-II notes349,125 350,000 
Total long-term debt, excluding deferred financing costs2,503,188 2,514,188 
Deferred financing costs, net of accumulated amortization(29,156)(31,934)
Total long-term debt, net2,474,032 2,482,254 
Current portion of long-term debt25,750 23,875 
Long-term debt, net of current maturities$2,448,282 $2,458,379 
During the three months ended June 30, 2026, the Company drew the full $75.0 million available under its Series 2025-1 Class A-1 Notes (the “2025 Variable Funding Notes”), which bear interest at a variable rate, which was 5.5% as of June 30, 2026. The Series 2022-1 Class A-1 Notes (the “2022 Variable Funding Notes,” and together with the 2025 Variable Funding Notes, the “Variable Funding Notes”) remained undrawn as of June 30, 2026, with $75.0 million of borrowing capacity available. Although the 2025 Variable Funding Notes have a contractual maturity beyond one year, the Company may prepay outstanding borrowings at any time and classifies such borrowings as a current liability to the extent the Company expects to repay them within twelve months using cash on hand.
Future principal payments of long-term debt and expected payments of Variable Funding Notes as of June 30, 2026 are as follows:
(in thousands)
Amount
Remainder of 2026$87,875 
202725,750 
202825,750 
2029923,438 
2030397,000 
Thereafter1,118,375 
Total$2,578,188 
The carrying value and estimated fair value of long-term debt were as follows:
June 30, 2026December 31, 2025
(in thousands)
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Long-term debt$2,503,188 $2,456,060 $2,514,188 $2,486,700 
Variable Funding Notes$75,000 $75,000 $— $— 
(1) The estimated fair value of the Company’s fixed rate long-term debt is estimated primarily based on current bid prices for the long-term debt. Judgment is required to develop these estimates. The estimated fair value of the Company’s Variable Funding Notes approximates their carrying value due to the floating interest rate on the borrowings and their expected near-term repayment. As such, the fair value of long-term debt and Variable Funding Notes is classified within Level 2, as defined under GAAP.