v3.26.3
DEBT, NET
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
DEBT, NET
6. DEBT, NET
The Company’s debt, net is summarized as follows:
September 30, 2026 (unaudited) December 31, 2025
Outstanding BorrowingsStated Interest RateMaturity DateOutstanding Borrowings
Loans payable
Revolving Credit Facility (1)
$— 
(i) Base Rate + 0.25% - 1.00%; or
(ii) Adjusted Term SOFR Rate + 1.25% - 2.00%
4/24/31$— 
Total loans payable— — 
Bonds payable
Senior Notes due 2028 (2)
1,000,690 5.50%5/1/281,000,995 
Senior Notes due 2030 (3)
497,792 7.88%12/1/30497,470 
Senior Notes due 2031700,000 7.00%5/1/31700,000 
Senior Notes due 2032800,000 7.00%6/15/32800,000 
Senior Notes due 2033 (4)
497,968 5.88%4/15/33497,784 
Total bonds payable3,496,450 3,496,249 
Debt3,496,450 3,496,249 
Less: Debt issuance costs(40,935)(47,358)
Total debt, net$3,455,515 $3,448,891 
Total debt due within one year$— $— 
(1)Requires a quarterly commitment fee at a rate of 0.15% - 0.30% on the average daily unused portion, as well as customary letter of credit fees and agency fees. Both the quarterly commitment fee and the margin for the Base Rate and Adjusted Term SOFR Rate are based upon the debt to EBITDA ratio as of the end of the most recent fiscal quarter.
(2)Includes an unamortized premium of $690 at September 30, 2026 (December 31, 2025 - $995).
(3)Includes an unamortized discount of $2,208 at September 30, 2026 (December 31, 2025 - $2,530).
(4)Includes an unamortized discount of $2,032 at September 30, 2026 (December 31, 2025 - $2,216).
The Company was in compliance with all debt covenants as of September 30, 2026.
Revolving Credit Facility
On April 24, 2026, the Company amended and restated its Revolving Credit Facility by executing a Fourth Amended and Restated Credit Agreement (the “Revolver Amendment”). The Revolver Amendment provides for revolving loans to be made available to the Company in an aggregate principal amount of up to $2.025 billion, of which up to $50.0 million may be utilized for the issuance of letters of credit.