v3.26.3
DEBT
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Credit Facility

As of September 30, 2026, we had $474.0 million in outstanding borrowings under our $1.25 billion five-year unsecured credit facility (the “Credit Facility”), of which $250.0 million is a three-year, unsecured term loan (the “Term Loan”), compared to $398.0 million outstanding under the Credit Facility, of which $250.0 million is the Term Loan, at December 31, 2025. The Credit Facility’s interest rate and commitment fee terms are unchanged from those described in our 2025 Annual Report.

The weighted average effective interest rate, excluding the impact of our interest rate swap (refer to “Note 19 - Hedging Instruments”), as of September 30, 2026, was 4.7%, compared to 5.3% as of December 31, 2025. At September 30, 2026, we had remaining borrowing availability of $773.2 million, net of $2.8 million of letters of credit primarily issued in connection with our workers’ compensation insurance policy.

Senior Notes

The following table describes our outstanding unsecured senior notes issued and sold in private placements (collectively, the “Senior Notes”) as of September 30, 2026:
(Principal Amounts in thousands)
Issue DateDue DateSeriesPrincipal AmountCoupon RateSenior Notes Agreement
2/12/20152/12/20272027 Series B Notes$75,000 3.72 %MetLife 2014 Note Agreement
3/14/20193/14/20292029 Series C Notes$100,000 4.19 %MetLife 2014 Note Agreement
4/2/20204/2/2030MetLife 2030 Series D Notes$125,000 2.50 %MetLife 2014 Note Agreement
4/14/20204/14/2030Prudential 2030 Series D Notes$75,000 2.50 %Prudential 2015 Amended Agreement

We refer to the MetLife 2014 Agreement and the Prudential 2015 Amended Note Agreement, collectively, as the “Senior Note Agreements.”

On September 4, 2026, we repaid the aggregate principal amount of our 3.72% Senior Notes (“2026 Senior Notes”) for $75.0 million at maturity. There have been no other changes to the principal, maturity dates, interest rates, or prepayment terms of the Senior Notes as compared to those described in our 2025 Annual Report.

Covenants

Our Credit Facility and Senior Note Agreements contain affirmative, negative, and financial covenants and events of default, customary for agreements of this type, in each case as described in our 2025 Annual Report. The sole financial covenant under each of these agreements is a consolidated leverage ratio test (debt to Adjusted EBITDA), calculated in accordance with the terms of each of these agreements, not to exceed 3.5-to-1. As of September 30, 2026, we were in compliance with all covenants under the Credit Facility and the Senior Note Agreements.