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DEBT, NET
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT, NET
7. DEBT, NET
Our debt, net is summarized as follows:
March 31, 2025 (unaudited)December 31, 2024
Outstanding BorrowingsStated Interest RateMaturity DateOutstanding Borrowings
Loans payable
Revolving Credit Facility (1)
$200,000 
(i) Base Rate + 1.75%; or
(ii) Adjusted Term SOFR Rate + 2.75%
5/22/27$— 
Total loans payable200,000 — 
Bonds payable
Senior Notes due 2028 (2)
1,001,287 5.50%5/1/281,001,382 
Senior Notes due 2030 (3)
497,168 7.88%12/1/30497,071 
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)
497,608 5.88%4/15/33497,551 
Total bonds payable3,496,063 3,496,004 
Debt3,696,063 3,496,004 
Less: Debt issuance costs(53,536)(55,526)
Total debt, net$3,642,527 $3,440,478 
Total debt due within one year$— $— 
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(1) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.
(2) Includes an unamortized premium of $1,287 and $1,382 at March 31, 2025 and December 31, 2024, respectively.
(3) Includes an unamortized discount of $2,832 and $2,929 at March 31, 2025 and December 31, 2024, respectively.
(4) Includes an unamortized discount of $2,392 and $2,449 at March 31, 2025 and December 31, 2024, respectively.
We were in compliance with all debt covenants as of March 31, 2025.