Senior Notes, Convertible Notes and Trust Preferred Securities

12 Months Ended

Dec. 31, 2024

Senior Notes, Convertible Notes and Trust Preferred Securities

The Company had the following Senior Notes outstanding as of December 31, 2024 and 2023:


Issue Date	December 31, 2024		December 31, 2023		Interest Rate		Maturity Date	Issue Price
May 2014	$	—	$	198,932	4.400	%	June 2024	99.883	%
November 2023	300,000		300,000		6.750	%	November 2028	99.423	%
August 2020	400,000		400,000		2.700	%	September 2030	99.233	%
August 2021	400,000		400,000		2.375	%	October 2031	99.758	%
	1,100,000		1,298,932
Unamortized debt discount	(3,731)		(4,489)
Unamortized debt issuance cost	(6,896)		(8,298)
	$	1,089,373	$	1,286,145

Each series of the senior notes is unsecured and requires payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a make-whole premium.

In November 2023, the Company issued $300,000 aggregate principal amount of 6.750% Senior Notes due 2028 (“2028 Senior Notes”) at an issuance price of 99.423% of the principal amount. The Company issued the 2028 Senior Notes at an initial discount of $1,731, which is being recognized as additional interest expense over the term of the 2028 Senior Notes. The Company used the net proceeds to pay down amounts outstanding on its unsecured revolving credit facility and for general corporate purposes. A portion of the proceeds were invested on a short-term basis and the Company used the investments to repay the 4.400% Senior Notes due 2024 at maturity.

During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. As of December 31, 2024 and 2023, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,227 and $1,326, respectively, of unamortized debt issuance costs. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option, and bear interest at a variable rate of three-month SOFR plus a 0.26% adjustment plus a spread of 170 basis points through maturity. The all-in variable interest rate at December 31, 2024 was 6.55%. During 2024, the Company entered into interest rate swap agreements designated as cash flow hedges to effectively fix the interest rate related to an aggregate amount of $82,500 notional amount of the $129,120 Trust Preferred Securities resulting in an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. At December 31, 2024, the weighted-average interest rate for the $129,120 Trust Preferred Securities was 5.69%, which includes the effect of the interest rate swaps.

Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:


Year ending December 31,	Total
2025	$	—
2026	—
2027	—
2028	300,000
2029	—
Thereafter	929,120
	1,229,120
Unamortized debt discounts	(3,731)
Unamortized debt issuance costs	(8,123)
	$	1,217,266