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Debt Obligations (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Obligations | Debt obligations as of December 31, 2025 and 2024 were as follows:
|  | At December 31, |
(in thousands) |  | 2025 |  |  | 2024 |
6.375% senior notes due 2030 |  | $ |  | 1,250,000 |  |  | $ |  | — |
6.250% senior notes due 2032 |  |  |  | 750,000 |  |  |  |  | — |
Revolving credit facility maturing on February 7, 2028 |  |  |  | 110,000 |  |  |  |  | — |
Purchase money mortgages |  |  |  | 33,000 |  |  |  |  | — |
Total debt obligations |  | $ |  | 2,143,000 |  |  | $ |  | — |
Debt issuance costs (1) |  |  |  | (30,938 | ) |  |  |  | — |
Total debt obligations, net |  | $ |  | 2,112,062 |  |  | $ |  | — |
Debt issuance costs for the Senior Notes, net of accumulated amortization.
Summary of Senior Notes Outstanding | The terms of each of the Company’s Senior Notes outstanding as of December 31, 2025 were as follows:
Senior Notes Outstanding |  | Principal Amount |  |  | Net Proceeds |  |  | Price |  | Date Issued
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
6.375% senior notes due 2030 |  | $ |  | 1,250,000 |  |  | $ |  | 1,227,923 |  |  |  | 100% |  |  | August 7, 2025
6.250% senior notes due 2032 |  | $ |  | 750,000 |  |  | $ |  | 737,500 |  |  |  | 100% |  |  | September 11, 2025
Summary of Available Borrowings under Revolving Credit Facility | Available borrowings under the Revolving Credit Facility were as follows:
|  | At December 31, |
(in thousands) |  | 2025 |
Commitments - maturing on February 7, 2028 |  | $ |  | 110,000 |
Total maximum borrowings capacity |  | $ |  | 1,335,000 |
Summary of Aggregated Cash Principal Obligations for Debt Obligations | This table includes the aggregated cash principal obligations for all debt obligations described above.
(in thousands) |  | Amount |
2026 (1) |  | $ |  | 29,000 |
2027 (2) |  |  |  | 4,000 |
2028 (3) |  |  |  | 110,000 |
2029 |  |  |  | — |
2030 (4) |  |  |  | 1,250,000 |
Thereafter (5) |  |  |  | 750,000 |
Total debt obligations (gross) |  | $ |  | 2,143,000 |
(1) Scheduled principal payments in 2026 include the first installment of the Florida purchase money mortgage. (2) Scheduled principal payments in 2027 include the final installment on the Florida purchase money mortgage and repayment of the California purchase money mortgage. (3) Amounts outstanding for, and reflecting the maturity date of, the Revolving Credit Facility. (4) 2030 principal payments related to the maturity of the 2030 Senior Notes. (5) Principal payments thereafter relate to the 2032 Senior Notes due in 2032.

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