v3.25.1
DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
As of March 31, 2025, the Company had outstanding an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) and $371.9 million of revolving loans under the Revolving Credit Facility (as defined below) as presented in the table below:
Principal
Amount
Outstanding at		Carrying
Value at		Carrying
Value at		Fair
Value at		Fair
Value at
(in thousands)Maturity DateMarch 31, 2025March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Debt
4.000% senior unsecured notes due 2029
November 15, 2029
$1,000,000 $995,000 $994,727 $955,810 $944,070 
3.625% senior unsecured notes due 2030
September 1, 2030
900,000 896,414 896,249 832,788 820,845 
3.875% senior unsecured notes due 2031
February 15, 2031
1,000,000 993,528 993,255 930,810 918,400 
3.625% senior unsecured notes due 2031
November 1, 2031
600,000 595,674 595,509 542,808 538,350 
3.250% senior unsecured notes due 2033
August 15, 2033
700,000 694,368 694,201 604,450 592,046 
Variable rate revolving loans (1)
January 26, 2029371,875 371,875 336,875 370,016 333,506 
Total debt$4,571,875 $4,546,859 $4,510,816 $4,236,682 $4,147,217 
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(1)As of March 31, 2025 there were $3.8 million in unamortized deferred financing fees associated with the variable rate revolving loan commitments under the Revolving Credit Facility of which $1.0 million is included in “Prepaid and other assets,” and $2.8 million is included in “Other non-current assets” on the Unaudited Condensed Consolidated Statement of Financial Condition.
Maturities of the Company’s principal debt payments as of March 31, 2025 are as follows:
Maturity of Principal Debt Payments
(in thousands)		Amounts
Remainder of 2025$— 
2026— 
2027— 
2028— 
20291,371,875 
Thereafter3,200,000 
Total debt$4,571,875 
Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table:
Interest payment frequencyFirst interest
payment date
Senior Notes and Revolving Loans
4.000% senior unsecured notes due 2029
Semi-AnnualMay 15
3.625% senior unsecured notes due 2030
Semi-AnnualMarch 1
3.875% senior unsecured notes due 2031
Semi-AnnualJune 1
3.625% senior unsecured notes due 2031
Semi-AnnualMay 1
3.250% senior unsecured notes due 2033
Semi-AnnualFebruary 15
Variable rate revolving loans (1)
VariableFebruary 26
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(1)The first payment occurred on February 26, 2024.
The fair market value of the Company’s debt obligations represent Level 2 valuations. The Company utilized the market approach and obtained security pricing from a vendor who used broker quotes and third-party pricing services to determine fair values.
Credit Agreement. Since November 20, 2014, the Company has maintained a revolving credit agreement with a syndicate of banks. On January 26, 2024, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”), amending and restating in its entirety the Company’s prior Amended and Restated Credit Agreement (the “Prior Credit Agreement”). The Credit Agreement makes available to the Company an aggregate of $1,250.0 million of revolving loan commitments under a
revolving credit facility (the “Revolving Credit Facility”), which may be drawn until January 26, 2029. The obligations under the Credit Agreement are general unsecured obligations of the Company.
Interest on the revolving loans under the Credit Agreement accrues, at a variable rate, based on the secured overnight funding rate (“SOFR”) or the alternate base rate (“Base Rate”), plus, in each case, an applicable margin to be determined based on the credit ratings of the Company’s senior, unsecured long-term debt and will be due on each Interest Payment Date (as defined in the Credit Agreement). So long as the credit rating for the Company’s senior, unsecured long-term debt is set at BBB-/BBB- by each of S&P and Fitch, respectively, the applicable margin is 0.50% for Base Rate loans, and 1.50% for SOFR loans. At March 31, 2025, the interest rate on the revolving loans under the Revolving Credit Facility was 5.9%.
In connection with the closings of the Senior Notes offerings, entry into the Prior Credit Agreement and the subsequent amendments thereto and entry into the Credit Agreement, the Company paid certain financing fees which, together with the existing fees related to prior credit facilities, are being amortized over their related lives. At March 31, 2025, $28.8 million of the deferred financing fees and premium remain unamortized, $1.0 million of which is included in “Prepaid and other assets,” $2.8 million of which is included in “Other non-current assets” and $25.0 million of which is included in “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition.