Unsecured Senior Notes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Unsecured Convertible Senior Notes Outstanding

The following table is a summary of our unsecured senior notes outstanding as of December 31, 2025 and 2024 (dollars in thousands):


	Coupon Rate	Swapped Rate (1)	Effective Rate (2)	Maturity Date	Remaining Period of Amortization	Carrying Value at
						December 31, 2025		December 31, 2024
2027 Convertible Notes	6.75%	N/A	7.38%	7/15/2027	1.5 years	$	380,750	$	380,750
2025 Senior Notes	4.75%	SOFR + 2.64%	5.04%	3/15/2025	N/A	—		250,000
2026 Senior Notes	3.63%	N/A	3.77%	7/15/2026	0.5 years	400,000		400,000
2027 Senior Notes	4.38%	SOFR + 2.95%	4.49%	1/15/2027	1.0 year	500,000		500,000
2028 Senior Notes	5.25%	SOFR + 1.88%	5.49%	10/15/2028	2.8 years	500,000		—
2029 Senior Notes	7.25%	SOFR + 3.25%	7.37%	4/1/2029	3.3 years	600,000		600,000
April 2030 Senior Notes	6.00%	SOFR + 2.70%	6.14%	4/15/2030	4.3 years	400,000		400,000
July 2030 Senior Notes	6.50%	SOFR + 2.55%	6.64%	7/1/2030	4.5 years	500,000		500,000
October 2030 Senior Notes	6.50%	SOFR + 2.61%	6.64%	10/15/2030	4.8 years	500,000		—
2031 Senior Notes	5.75%	SOFR + 2.24%	5.90%	1/15/2031	5.0 years	550,000		—
Total principal amount						4,330,750		3,030,750
Unamortized discount—Convertible Notes						(4,063)		(6,399)
Unamortized discount—Senior Notes						(17,206)		(10,501)
Unamortized deferred financing costs						(25,645)		(19,168)
Total carrying amount						$	4,283,836	$	2,994,682

______________________________________________________________________________________________________________________

(1)We entered into interest rate swaps on certain of our senior notes at closing to effectively convert them to floating rates. Each of those swaps has a notional amount equal to the aggregate principal amount of the respective notes, except for the 2031 Senior Notes swap which has a notional amount of $275.0 million.

(2)Effective rate reflects the coupon rate plus the effects of underwriter purchase discount.

Schedule of Conversion Attributes on Convertible Notes Outstanding

The following table details the conversion attributes of our Convertible Notes outstanding as of December 31, 2025 (amounts in thousands, except rates):


	December 31, 2025
	Conversion	Conversion
	Rate (1)	Price (2)
2027 Convertible Notes	48.1783	$	20.76

______________________________________________________________________________________________________________________

(1)The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2027 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2027 Convertible Notes (including the applicable supplemental indenture).

(2)As of December 31, 2025, the market price of the Company’s common stock was $18.01.