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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Instruments | The following table summarizes the balance of the Company’s indebtedness as of September 30, 2025 and December 31, 2024 (dollars in thousands):
| September 30, 2025 |  | December 31, 2024
| Principal Amount | Deferred Loan Fees | Carrying Amount |  | Principal Amount | Deferred Loan Fees | Carrying Amount
Senior unsecured notes payable | $ | 400,000 |  | $ | (2,406) |  | $ | 397,594 |  |  | $ | 400,000 |  | $ | (3,073) |  | $ | 396,927 |
Senior unsecured term loan | 500,000 |  | (3,799) |  | 496,201 |  |  | — |  | — |  | — |
| $ | 900,000 |  | $ | (6,205) |  | $ | 893,795 |  |  | $ | 400,000 |  | $ | (3,073) |  | $ | 396,927 |
The terms of the debt were as follows:
|  | Clydesdale Bank PLC (“Virgin”) |  | HSBC UK Bank Plc (“HSBC”) |  | National Westminster Bank Plc (“NatWest”) |  | Secured notes payable (tranche A) |  | Secured notes payable (tranche B) |  |
Facility Type |  | Revolving credit facility |  | Revolving credit facility |  | Revolving credit facility |  | Private placement |  | Private placement |  |
Maturity date |  | December 2029 |  | April 2026 |  | June 2029 |  | December 2035 |  | June 2035 |  |
Base rate |  | SONIA |  | SONIA |  | SONIA |  | N/A |  | N/A |  |
Margin(1) |  | 2.00 | % |  | 2.00 | % |  | 2.00 | % |  | N/A |  | N/A |  |
Fixed interest rate |  | N/A |  | N/A |  | N/A |  | 2.93 | % |  | 3.00 | % |  |
(1)SONIA used at time of prepayment was 4.22%.
Schedule of Maturities of Outstanding Debt | The following is a schedule of maturities for the Company’s outstanding debt as of September 30, 2025 (dollars in thousands):
|  |  |  | Term Loan |  | Senior Unsecured Notes |  |  |  | Total
2025 (Three months) |  |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
2026 |  |  |  | — |  |  | — |  |  |  |  | — |
2027 |  |  |  | — |  |  | — |  |  |  |  | — |
2028 |  |  |  | — |  |  | 400,000 |  |  |  |  | 400,000 |
2029 |  |  |  | — |  |  | — |  |  |  |  | — |
2030 |  |  |  | 500,000 |  |  | — |  |  |  |  | 500,000 |
Thereafter |  |  |  | — |  |  | — |  |  |  |  | — |
Total Debt |  |  |  | $ | 500,000 |  |  | $ | 400,000 |  |  |  |  | $ | 900,000 |

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