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DEBT, NET (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Summary of Debt, Net | Our debt, net is summarized as follows:
| June 30, 2025 (unaudited) |  | December 31, 2024
| Outstanding Borrowings |  | Stated Interest Rate |  | Maturity Date |  | Outstanding Borrowings
Loans payable |  |  |  |  |  |  |
Revolving Credit Facility (1) | $ | — |  |  | (i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75% |  | 5/22/27 |  | $ | — |
Total loans payable | — |  |  |  |  |  |  | — |
Bonds payable |  |  |  |  |  |  |
Senior Notes due 2028 (2) | 1,001,191 |  |  | 5.50% |  | 5/1/28 |  | 1,001,382 |
Senior Notes due 2030 (3) | 497,266 |  |  | 7.88% |  | 12/1/30 |  | 497,071 |
Senior Notes due 2031 | 700,000 |  |  | 7.00% |  | 5/1/31 |  | 700,000 |
Senior Notes due 2032 | 800,000 |  |  | 7.00% |  | 6/15/32 |  | 800,000 |
Senior Notes due 2033 (4) | 497,665 |  |  | 5.88% |  | 4/15/33 |  | 497,551 |
Total bonds payable | 3,496,122 |  |  |  |  |  |  | 3,496,004 |
Debt | 3,496,122 |  |  |  |  |  |  | 3,496,004 |
Less: Debt issuance costs | (51,510) |  |  |  |  |  |  | (55,526) |
Total debt, net | $ | 3,444,612 |  |  |  |  |  |  | $ | 3,440,478 |
Total debt due within one year | $ | — |  |  |  |  |  |  | $ | — |
________________________________________________________ (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 $1,191 and $1,382 at June 30, 2025 and December 31, 2024, respectively. (3) Includes an unamortized discount of $2,734 and $2,929 at June 30, 2025 and December 31, 2024, respectively. (4) Includes an unamortized discount of $2,335 and $2,449 at June 30, 2025 and December 31, 2024, respectively.

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