v3.25.1

DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Senior Unsecured Notes

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 Date						March 31, 2025						March 31, 2025						December 31, 2024						March 31, 2025						December 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, 2029						371,875						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

___________________________

(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.

Schedule of Maturities of Long-Term Debt

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						—
2029						1,371,875
Thereafter						3,200,000
Total debt						$	4,571,875

Schedule of Interest Payments Due Attributable to Outstanding indebtedness

Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table:

Interest payment frequency

First interest payment date

Senior Notes and Revolving Loans

4.000% senior unsecured notes due 2029

Semi-Annual

May 15

3.625% senior unsecured notes due 2030

Semi-Annual

March 1

3.875% senior unsecured notes due 2031

Semi-Annual

June 1

3.625% senior unsecured notes due 2031

Semi-Annual

May 1

3.250% senior unsecured notes due 2033

Semi-Annual

February 15

Variable rate revolving loans (1)

Variable

February 26

___________________________

(1)The first payment occurred on February 26, 2024.

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