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Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Outstanding Debt | The following table is a summary of the Company’s outstanding debt:
| September 30, 2025 |  | December 31, 2024 |
Term debt |  |  |  |
7-year term loan facility, periodic interest and quarterly principal payments, Adjusted Term SOFR + 2.00% as of September 30, 2025, Adjusted Term SOFR + 2.25% as of December 31, 2024, matures September 13, 2031 | $1,662,865 |  | $1,672,532 |
Senior secured notes |  |  |  |
8-year senior secured notes, semi-annual interest payments, 4.38%, mature February 1, 2030 | 398,048 |  | 401,676 |
8-year senior secured notes, semi-annual interest payments, 5.88%, mature August 1, 2032 | 1,191,688 |  | 1,198,183 |
Revolving debt |  |  |  |
5-year revolving loan facility, periodic interest payments, Adjusted Term SOFR + up to 2.50%, plus commitment fees of 0.25%-0.50%, matures July 30, 2029 | 126,511 |  | 1,207 |
Premium financing notes |  |  |  |
Commercial notes, periodic interest and principal payments, 5.25%, expire May 1, 2026 | 4,380 |  | — |
Commercial notes, periodic interest and principal payments, 5.25%, expire June 1, 2026 | 794 |  | — |
Commercial notes, periodic interest and principal payments, 5.25%, expire June 21, 2026 | 3,509 |  | — |
Commercial notes, periodic interest and principal payments, 6.25%, expired May 1, 2025 | — |  | 2,673 |
Commercial notes, periodic interest and principal payments, 6.25%, expired June 1, 2025 | — |  | 548 |
Commercial notes, periodic interest and principal payments, 6.25%, expired June 21, 2025 | — |  | 2,642 |
Units subject to mandatory redemption | 3,399 |  | 3,399 |
Total debt | $3,391,194 |  | $3,282,860 |
Less: Short-term debt and current portion of long-term debt | (41,814) |  | (51,732) |
Long-term debt | $3,349,380 |  | $3,231,128 |

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