Debt (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Total Debt Obligations |
The Company’s total debt obligations are as follows (in thousands):
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Maturities (1) |
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Effective Interest Rates (2) |
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June 30, 2026 |
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|
December 31, 2025 |
|
2020 Asset-Backed Secured Note 2 A-2 |
|
October 2027 |
|
5.13% |
|
$ |
250,000 |
|
|
$ |
250,000 |
|
2021 Asset-Backed Secured Note 1 B |
|
May 2028 |
|
5.95% |
|
|
61,000 |
|
|
|
61,000 |
|
2021 Asset-Backed Secured Note 1 C |
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May 2028 |
|
8.39% |
|
|
41,000 |
|
|
|
41,000 |
|
2022 Asset-Backed Secured Note 1 A-2 |
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April 2029 |
|
5.27% |
|
|
120,000 |
|
|
|
120,000 |
|
2022 Asset-Backed Secured Note 1 B |
|
April 2029 |
|
5.96% |
|
|
51,000 |
|
|
|
51,000 |
|
2024 Revolving Credit Facility |
|
December 2026 |
|
—% |
|
|
771,000 |
|
|
|
659,000 |
|
Series 2024-1 VFN |
|
October 2029 |
|
—% |
|
|
75,000 |
|
|
|
75,000 |
|
2024 Asset-Backed Secured Note 1 A-2 |
|
October 2029 |
|
7.07% |
|
|
400,000 |
|
|
|
400,000 |
|
2024 Asset-Backed Secured Note 2 A-2 |
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October 2031 |
|
7.31% |
|
|
400,000 |
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|
|
400,000 |
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2024 Asset-Backed Secured Note 1 B |
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October 2029 |
|
7.77% |
|
|
85,000 |
|
|
|
85,000 |
|
2025 Asset-Backed Secured Note 1 A-2 |
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March 2030 |
|
6.60% |
|
|
445,000 |
|
|
|
445,000 |
|
2025 Asset-Backed Secured Note 2 A-2 |
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March 2032 |
|
6.88% |
|
|
440,000 |
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|
|
440,000 |
|
2025 Asset-Backed Secured Note 1 B |
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March 2030 |
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7.24% |
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|
55,000 |
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|
|
55,000 |
|
2025 Asset-Backed Secured Note 3 A-2 |
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August 2030 |
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6.46% |
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|
395,000 |
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|
|
395,000 |
|
2025 Asset-Backed Secured Note 4 A-2 |
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August 2032 |
|
6.78% |
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|
390,000 |
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|
|
390,000 |
|
2025 Asset-Backed Secured Note 3 B |
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August 2030 |
|
6.90% |
|
|
30,000 |
|
|
|
30,000 |
|
2025 Asset-Backed Secured Note 5 A-2 |
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December 2029 |
|
6.40% |
|
|
150,000 |
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|
|
150,000 |
|
2025 Asset-Backed Secured Note 6 A-2 |
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December 2030 |
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6.40% |
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|
335,000 |
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|
|
335,000 |
|
2025 Asset-Backed Secured Note 7 A-2 |
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December 2032 |
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6.60% |
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|
575,000 |
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|
|
575,000 |
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2025 Asset-Backed Secured Note 6 B |
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December 2030 |
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7.39% |
|
|
40,000 |
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|
|
40,000 |
|
Total principal debt |
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|
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5,109,000 |
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|
|
4,997,000 |
|
Less: unamortized debt issuance costs |
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(218,821 |
) |
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|
(241,447 |
) |
Total long-term debt, net of current |
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|
|
|
|
$ |
4,890,179 |
|
|
$ |
4,755,553 |
|
(1) For the asset-backed secured notes, the maturity is the anticipated repayment date. (2) Includes amortization of debt premiums (discounts) and debt issuance costs and the impact of interest rate swap instruments. (3) The 2024 Revolving Credit Facility has a maturity of December 2026, with provision for two successive terms of one year each, subject to certain conditions. The Company intends to extend the maturity for at least one year.
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| Schedule of Future Principal Payments for Debt |
As of June 30, 2026, the future principal payments for the Company’s debt were as follows (in thousands):
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|
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For the years ending December 31, |
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Amount |
|
Remaining portion of 2026 |
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$ |
— |
|
2027 |
|
|
1,021,000 |
|
2028 |
|
|
102,000 |
|
2029 |
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|
881,000 |
|
2030 |
|
|
1,300,000 |
|
Thereafter |
|
|
1,805,000 |
|
Total |
|
$ |
5,109,000 |
|
|
| Schedule of Total Interest Expense for Debt Obligations |
For the three and six months ended June 30, 2026 and 2025, total interest expense for the Company’s debt obligations was as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
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Stated interest expense (1) |
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$ |
68,958 |
|
|
$ |
36,361 |
|
|
$ |
137,109 |
|
|
$ |
74,301 |
|
Amortization of deferred financing costs |
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|
12,165 |
|
|
|
6,325 |
|
|
|
24,116 |
|
|
|
11,837 |
|
Total |
|
$ |
81,123 |
|
|
$ |
42,686 |
|
|
$ |
161,225 |
|
|
$ |
86,138 |
|
|
| Schedule of Asset-Backed Secured Notes Issued |
The Asset-Backed Secured Notes were issued in the following tranches (dollars in thousands):
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|
Series |
|
Class |
|
Initial
Principal
Amount |
|
|
Note
Principal
Balance |
|
|
Coupon Rate |
|
|
Anticipated
Repayment
Date |
2020-2 |
|
A-2 |
|
$ |
250,000 |
|
|
$ |
250,000 |
|
|
2.50 % |
|
|
October 2027 |
2021-1 |
|
B |
|
|
61,000 |
|
|
|
61,000 |
|
|
3.60 % |
|
|
May 2028 |
2021-1 |
|
C |
|
|
41,000 |
|
|
|
41,000 |
|
|
5.60 % |
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|
May 2028 |
2022-1 |
|
A-2 |
|
|
120,000 |
|
|
|
120,000 |
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|
4.60 % |
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|
April 2029 |
2022-1 |
|
B |
|
|
51,000 |
|
|
|
51,000 |
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|
5.10 % |
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|
April 2029 |
2024-1 |
|
A-2 |
|
|
400,000 |
|
|
|
400,000 |
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|
5.20 % |
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|
October 2029 |
2024-1 |
|
B |
|
|
85,000 |
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|
|
85,000 |
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|
5.60 % |
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|
October 2029 |
2024-2 |
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A-2 |
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|
400,000 |
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|
|
400,000 |
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|
5.40 % |
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October 2031 |
2025-1 |
|
A-2 |
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|
445,000 |
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|
|
445,000 |
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|
5.50 % |
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|
March 2030 |
2025-2 |
|
A-2 |
|
|
440,000 |
|
|
|
440,000 |
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|
5.70 % |
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|
March 2032 |
2025-1 |
|
B |
|
|
55,000 |
|
|
|
55,000 |
|
|
5.90 % |
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|
March 2030 |
2025-3 |
|
A-2 |
|
|
395,000 |
|
|
|
395,000 |
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|
5.00 % |
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|
August 2030 |
2025-4 |
|
A-2 |
|
|
390,000 |
|
|
|
390,000 |
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|
5.20 % |
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|
August 2032 |
2025-3 |
|
B |
|
|
30,000 |
|
|
|
30,000 |
|
|
5.40 % |
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|
August 2030 |
2025-5 |
|
A-2 |
|
|
150,000 |
|
|
|
150,000 |
|
|
5.30 % |
|
|
December 2029 |
2025-6 |
|
A-2 |
|
|
335,000 |
|
|
|
335,000 |
|
|
5.30 % |
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|
December 2030 |
2025-7 |
|
A-2 |
|
|
575,000 |
|
|
|
575,000 |
|
|
5.80 % |
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|
December 2032 |
2025-6 |
|
B |
|
|
40,000 |
|
|
|
40,000 |
|
|
5.85 % |
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|
December 2030 |
|
| Schedule of Unamortized Deferred Financing Costs |
As of June 30, 2026 and December 31, 2025, the Company had unamortized deferred financing costs for the Asset-Backed Secured Notes as follows (dollars in thousands):
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As of June 30, |
|
|
As of
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Series 2020-2 Notes |
|
$ |
8,291 |
|
|
$ |
11,316 |
|
Series 2021-1 Notes |
|
|
4,555 |
|
|
|
5,661 |
|
Series 2022-1 Notes |
|
|
3,221 |
|
|
|
3,744 |
|
Series 2024-1/2 Notes |
|
|
60,818 |
|
|
|
66,970 |
|
Series 2025-1/2 Notes |
|
|
42,983 |
|
|
|
46,854 |
|
Series 2025-3/4 Notes |
|
|
53,398 |
|
|
|
57,730 |
|
Series 2025-5/6/7 Notes |
|
|
45,555 |
|
|
|
49,162 |
|
|