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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt DEBT
The Company’s borrowings consist of the following:
  As of
(in thousands)MaturitiesStated Interest RateEffective Interest RateSeptember 30,
2025		December 31,
2024
Unsecured notes (1)
20265.75%5.75%$399,522 $398,985 
Term loan (2)
2027
6.01% - 6.21%
6.26%134,637 140,099 
Revolving credit facility2027
5.34% - 7.88%
5.86%67,172 62,836 
Real estate term loan (3)
2028
6.03% - 6.10%
6.14%67,985 70,795 
Capital term loan (4)
2028
6.78% - 6.85%
6.89%52,025 56,770 
Other indebtedness2025 - 2027
5.50% - 8.00%
10,555 18,707 
Total Debt731,896 748,192 
Less: current portion(424,870)(26,577)
Total Long-Term Debt$307,026 $721,615 
____________
(1)     The carrying value is net of $0.5 million and $1.0 million of unamortized debt issuance costs as of September 30, 2025 and December 31, 2024, respectively.
(2)     The carrying value is net of $0.4 million and $0.5 million of unamortized debt issuance costs as of September 30, 2025 and December 31, 2024, respectively.
(3)     The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2024.
(4)     The carrying value is net of $0.5 million and $0.6 million of unamortized debt issuance costs as of September 30, 2025 and December 31, 2024, respectively.
At September 30, 2025 and December 31, 2024, the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $399.9 million and $398.9 million, respectively.
The outstanding balance on the Company’s $300 million unsecured revolving credit facility was $67.2 million as of September 30, 2025, consisting of British Pound borrowings of £50 million with interest payable at Daily Sterling Overnight Index Average (SONIA) plus 1.375%.
The fair value of the Company’s other debt, which is based on Level 2 inputs, approximates its carrying value as of September 30, 2025 and December 31, 2024. The Company is in compliance with all financial covenants of the revolving credit facility and term loans as of September 30, 2025.
During the three months ended September 30, 2025 and 2024, the Company had average borrowings outstanding of approximately $856.8 million and $813.5 million, respectively, at average annual interest rates of approximately 6.0% and 6.3%, respectively. During the three months ended September 30, 2025 and 2024, the Company incurred net interest expense of $15.7 million and $23.6 million, respectively.
During the nine months ended September 30, 2025 and 2024, the Company had average borrowings outstanding of approximately $835.2 million and $819.6 million, respectively, at average annual interest rates of approximately 6.0% and 6.4%, respectively. During the nine months ended September 30, 2025 and 2024, the Company incurred net interest expense of $111.3 million and $130.0 million, respectively.
During the three and nine months ended September 30, 2025, the Company recorded interest expense of $0.7 million and $68.3 million, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest. During the three and nine months ended September 30, 2024, the Company recorded interest expense of $9.7 million and $85.1 million, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest. The fair value of the mandatorily redeemable noncontrolling interest was based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined by reference to either a discounted cash flow or EBITDA multiple, which approximates fair value (Level 3 fair value assessment) (See Note 2 and 8).
On September 26, 2023, the Company’s automotive subsidiary entered into a credit agreement with Truist Bank, which included a $50.0 million delayed draw term loan. On September 24, 2025, the Company executed an amendment to extend the delayed draw term loan availability period to November 10, 2025. The automotive subsidiary did not borrow against the delayed draw term loan as of September 30, 2025; the delayed draw term loan was subsequently utilized to finance the acquisition of a Honda automotive dealership in October 2025 (see Note 2).