Our long-term debt is summarized below (in thousands):


	Sept. 30, 2025			Dec. 31, 2024

Unsecured notes bearing fixed rate interest at 4.75% due March 2026	$	-		$	550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027		200,000			200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027		240,000			240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028		1,000,000			1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029		1,100,000			1,100,000
Total outstanding principal		2,540,000			3,090,000
Debt issuance costs		(12,698	)		(17,285	)
Unamortized discounts		2,713			3,736
Total long-term debt, net	$	2,530,015		$	3,076,451

On July 2, 2025, we utilized available cash on hand to repay $250 million of our $550 million unsecured notes that were scheduled to mature in March 2026. We also paid $3.5 million of accrued interest and wrote off $0.5 million of unamortized debt issuance costs related to the early partial payoff of these notes.

On September 22, 2025, we utilized available cash on hand to repay the remaining $300 million of our $550 million unsecured notes that were scheduled to mature in March 2026. We also paid $0.3 million of accrued interest and wrote off $0.4 million of unamortized debt issuance costs related to the early payoff of these notes.

As of September 30, 2025, cash and cash equivalents totaled $232.8 million and we had $11.8 million of letters of credit outstanding and unused borrowing capacity of $738.2 million under our $750 million revolving credit facility, which expires in January 2029. We were in compliance with all covenants, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe, based on our current financial forecasts and trends, that we will remain compliant with all covenants for the foreseeable future.