Debt (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Components of Interest Expense

For the three and nine months ended September 30, 2026 and 2025, the components of interest expense related to the 2026 Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes were as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Interest expense	$	19,653	$	16,666	$	55,197	$	47,466
Accretion of original issue discount		561		491		1,624		1,359
Amortization of deferred financing costs		923		842		2,684		2,387
Total Interest Expense	$	21,137	$	17,999	$	59,505	$	51,212

For the three and nine months ended September 30, 2026 and 2025, the components of interest expense were as follows:


	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Interest expense	$	26,366		$	23,393		$	74,312		$	76,205
Commitment fees		900			1,161			2,743			2,680
Amortization of deferred financing costs		1,824			1,756			5,304			4,987
Accretion of original issue discount		561			491			1,624			1,359
Swap settlement		838			4,584			4,849			12,772
Total Interest Expense	$	30,489		$	31,385		$	88,832		$	98,003
Average debt outstanding (in millions)	$	1,922.3		$	1,784.5		$	1,890.1		$	1,873.4
Weighted average interest rate		5.7	%		6.3	%		5.6	%		6.3	%

Schedule of Component of Carrying Value of Convertible Notes and Interest Rate

As of September 30, 2026, the components of the carrying value of the 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes and the stated interest rates were as follows:


	September 30, 2026
	2028 Notes			2029 Notes			2030 Notes			2031 Notes
Principal amount of debt	$	300,000		$	350,000		$	300,000		$	300,000
Original issue discount, net of accretion		(743	)		(1,725	)		(2,651	)		(2,544	)
Deferred financing costs		(1,618	)		(2,380	)		(2,901	)		(3,934	)
Fair value of an effective hedge		(4,267	)		(8,728	)		(7,444	)		(13,253	)
Carrying value of debt	$	293,372		$	337,167		$	287,004		$	280,269
Stated interest rate		6.95	%		6.13	%		5.63	%		5.65	%

As of December 31, 2025, the components of the carrying value of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes and the stated interest rates were as follows:


	December 31, 2025
	2026 Notes			2028 Notes			2029 Notes			2030 Notes
Principal amount of debt	$	300,000		$	300,000		$	350,000		$	300,000
Original issue discount, net of accretion		(249	)		(1,015	)		(2,207	)		(3,099	)
Deferred financing costs		(436	)		(2,264	)		(3,115	)		(3,461	)
Fair value of an effective hedge		(5,785	)		4,495			3,307			8,284
Carrying value of debt	$	293,530		$	301,216		$	347,985		$	301,724
Stated interest rate		2.50	%		6.95	%		6.13	%		5.63	%

Schedule of Debt Obligations

Debt obligations consisted of the following as of September 30, 2026 and December 31, 2025:


	September 30, 2026
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Revolving Credit Facility	$	1,525,000	$	690,467	$	811,760	$	674,065
2028 Notes		300,000		300,000		—		293,372
2029 Notes		350,000		350,000		—		337,167
2030 Notes		300,000		300,000		—		287,004
2031 Notes		300,000		300,000		—		280,269
Total Debt	$	2,775,000	$	1,940,467	$	811,760	$	1,871,877

(1)

The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit, reserve for near term Notes maturity and asset coverage requirements.

(2)

The carrying values of the Revolving Credit Facility, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $16.4 million, $2.4 million, $4.1 million, $5.6 million and $6.5 million, respectively.

(3)

The carrying values of the 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes are presented inclusive of an incremental $(4.3) million, $(8.7) million, $(7.4) million and $(13.3) million, respectively, which represents an adjustment in the carrying values of the 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes, each resulting from a hedge accounting relationship.


	December 31, 2025
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Revolving Credit Facility	$	1,675,000	$	513,915	$	1,139,337	$	498,779
2026 Notes		300,000		300,000		—		293,530
2028 Notes		300,000		300,000		—		301,216
2029 Notes		350,000		350,000		—		347,985
2030 Notes		300,000		300,000		—		301,724
Total Debt	$	2,925,000	$	1,763,915	$	1,139,337	$	1,743,234

(1)

The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements.

(2)

The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $15.1 million, $0.7 million, $3.3 million, $5.3 million and $6.6 million, respectively.

(3)

The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(5.8) million, $4.5 million, $3.3 million and $8.3 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.