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v3.25.3

Debt, Net (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Instruments [Abstract] |
Schedule of Debt | Our debt consisted of the following ($ in thousands):
| September 30, |  | December 31,
| 2025 |  | 2024
Revolving credit facility - unsecured | $ | 100,000 |  |  | $ | 331,200 |
Bank term loan - unsecured | 125,000 |  |  | 200,000 |
2031 Senior Notes - unsecured, net of discount of $1,715 and $1,956, respectively | 398,285 |  |  | 398,044 |
2033 Senior Notes - unsecured, net of discount of $3,838 | 346,162 |  |  | — |
Private placement notes - unsecured | 150,000 |  |  | 150,000 |
Fannie Mae term loans - secured, non-recourse | — |  |  | 75,815 |
Unamortized debt issuance costs | (10,382) |  |  | (9,018) |
Total debt, net | $ | 1,109,065 |  |  | $ | 1,146,041 |
Schedule of Maturities of Long-term Debt | A summary of the aggregate principal maturities of our outstanding debt as of September 30, 2025 follows ($ in thousands):
Remainder of 2025 | $ | 175,000 |
2026 | — |
2027 | 100,000 |
2028 | 100,000 |
2029 | — |
2030 | — |
Thereafter | 750,000 |
Total principal amounts of debt outstanding | 1,125,000 |
Less: Unamortized debt issuance costs and discounts | (15,935) |
Total debt, net | $ | 1,109,065 |
Schedule of Unsecured Term Loans | A summary of the principal amounts outstanding on our unsecured private placement notes as of September 30, 2025 follows ($ in thousands):
|  |  |  |  |  | Principal
|  |  |  | Interest |  | Amounts
Origination |  | Maturities |  | Rate |  | Outstanding
November 2015 |  | November 2025 |  | 4.33% |  | $ | 50,000 |
January 2015 |  | January 2027 |  | 4.51% |  | 100,000 |
Total private placement notes |  |  |  |  |  | $ | 150,000 |
Schedule of Interest Expense | A summary of the components of interest expense follows ($ in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense at contractual rates | $ | 13,108 |  |  | $ | 14,131 |  |  | $ | 40,529 |  |  | $ | 42,247 |
Capitalized interest | — |  |  | (65) |  |  | — |  |  | (152) |
Amortization of debt issuance costs and discounts |  |  |  |  |  |  |
and other | 658 |  |  | 873 |  |  | 2,575 |  |  | 2,568 |
Total interest expense | $ | 13,766 |  |  | $ | 14,939 |  |  | $ | 43,104 |  |  | $ | 44,663 |

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