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Senior Secured Notes, Net | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Senior Secured Notes, Net | Note 9 – Senior Secured Notes, Net In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $495.0 million, after deducting initial purchasers' discounts and commissions. The 2029 Notes will mature on June 15, 2029, unless earlier repurchased or redeemed. The 2029 Notes are secured by a first-priority lien, and rank pari-passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the Term Loans. The 2029 Notes were issued at par and contain covenants relating to liens, indebtedness, and investments in non-wholly owned entities. The 2029 Notes had a carrying value o f $496.8 million and $496.4 million, net of deferred financing costs of $3.2 million and $3.6 million, as of June 30, 2025 and December 31, 2024, respectively. Covenants The 2029 Notes include certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20:1. As of June 30, 2025 and December 31, 2024, we were in compliance with all covenants.

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