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v3.26.1

Indebtedness, net | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Indebtedness, net | 5. Indebtedness, net As of June 30, 2026, no amounts have been drawn on the Revolving Credit Facility. For definitions of the debt facilities included herein, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The outstanding indebtedness at June 30, 2026 is summarized as follows (in thousands):
|  | Carrying Value as of |  |  |  |
|  | June 30, 2026 |  | December 31, 2025 |  | Interest Rate(A) |  | Maturity Date(A)
2025 Notes |  | $ | 150,000 |  | $ | 150,000 |  | 5.58%—5.87% |  | Sep 2030 — Sep 2032
2026 Notes |  |  | 200,000 |  |  | 28,000 |  | 4.90%—5.13% |  | Jan 2031 — Jan 2033
Net unamortized debt issuance costs |  |  | (2,723 | ) |  | (2,914 | ) |  |  |
Total senior notes |  | $ | 347,277 |  | $ | 175,086 |  |  |  |
2024 Term Loan |  | $ | 100,000 |  | $ | 100,000 |  | 4.53%(B) |  | Oct 2027
2025 Term Loan |  |  | 150,000 |  |  | 150,000 |  | 4.61%(B) |  | Jan 2029
Net unamortized debt issuance costs |  |  | (1,454 | ) |  | (1,847 | ) |  |  |
Total term loans |  | $ | 248,546 |  | $ | 248,153 |  |  |  |
Total indebtedness |  | $ | 595,823 |  | $ | 423,239 |  |  |  |
(A) As of June 30, 2026. (B) Reflects the utilization of a swap, which caps the variable-rate (SOFR) interest rate. The 2025 Notes and 2026 Notes contain certain customary covenants including, among other things, a maximum total leverage ratio, a maximum secured leverage ratio, a maximum unencumbered leverage ratio, a minimum fixed charge coverage ratio and a minimum unsecured interest coverage ratio. The Company was in compliance with these financial covenants at June 30, 2026. The 2024 Term Loan, 2025 Term Loan and the Revolving Credit Facility contain certain customary covenants including, among other things, leverage ratios and debt service coverage and fixed-charge coverage ratios, as well as limitations on the Company’s ability to sell all or substantially all of the Company’s assets and engage in certain mergers and acquisitions. The 2024 Term Loan, 2025 Term Loan and the Revolving Credit Facility also contain customary default provisions including, among other things, the failure to make timely payments of principal and interest payable thereunder and the failure of the Company or its subsidiaries to pay, when due, certain indebtedness in excess of certain thresholds beyond applicable grace and cure periods. The Company was in compliance with these financial covenants at June 30, 2026.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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