v3.25.4

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table is a summary of the Company’s outstanding debt:

	As of December 31,
	2025		2024
Term debt
7-year term loan facility, periodic interest and quarterly principal payments, Adjusted Term SOFR + 2.00% as of December 31, 2025, Adjusted Term SOFR + 2.25% as of December 31, 2024, matures September 13, 2031	$1,659,629		$1,672,532
Senior secured notes
8-year senior secured notes, semi-annual interest payments, 4.38%, mature February 1, 2030	402,677		401,676
8-year senior secured notes, semi-annual interest payments, 5.88%, mature August 1, 2032	1,209,908		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	74,062		1,207
Premium financing notes
Commercial notes, periodic interest and principal payments, 5.25%, expire May 1, 2026	2,519		—
Commercial notes, periodic interest and principal payments, 5.25%, expire June 1, 2026	499		—
Commercial notes, periodic interest and principal payments, 5.25%, expire June 21, 2026	2,355		—
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
Total debt	$3,351,649		$3,282,860
Less: Short-term debt and current portion of long-term debt	(60,187)		(51,732)
Long-term debt	$3,291,462		$3,231,128

Schedule of Future Maturities of Long-term Debt

The future maturities of long-term debt, which excludes premium financing notes, as of December 31, 2025, were as

follows:

2026	$54,814
2027	17,000
2028	17,000
2029	90,182
2030	17,000
Thereafter	3,198,000
Total repayments	$3,393,996
Less: Unamortized discounts and debt issuance costs	(47,720)
Total	$3,346,276

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