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Debt Obligations, net (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of debt obligations | The Company’s debt obligations were as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Value as of | ​ | Stated | ​ | Scheduled
​ |  | December 31, 2022 |  | December 31, 2021 |  | Interest Rates |  | Maturity Date
Secured credit facilities: |  | ​ |  |  | ​ |  | ​ |  |  |
Revolving Credit Facility | ​ | $ | — | ​ | $ | — | ​ | LIBOR + 2.00 | % (1) | —
Senior Term Loan | ​ |  | — | ​ |  | 491,875 | ​ | LIBOR + 2.75 | % (2) | —
Total secured credit facilities | ​ |  | — | ​ |  | 491,875 | ​ |  |  |
Unsecured notes: | ​ |  |  | ​ |  |  | ​ |  |  |
3.125% senior convertible notes(3) | ​ |  | — | ​ |  | 287,500 | ​ | 3.125 | % | —
4.75% senior notes(4) | ​ |  | 753,561 | ​ |  | 775,000 | ​ | 4.75 | % | October 2024
4.25% senior notes(5) | ​ |  | 501,997 | ​ |  | 550,000 | ​ | 4.25 | % | August 2025
5.50% senior notes(6) | ​ |  | 346,906 | ​ |  | 400,000 | ​ | 5.50 | % | February 2026
Total unsecured notes | ​ |  | 1,602,464 | ​ |  | 2,012,500 | ​ |  |  |
Other debt obligations: | ​ |  |  | ​ |  |  | ​ |  |  |
Trust preferred securities | ​ |  | 100,000 | ​ |  | 100,000 | ​ | LIBOR + 1.50 | % | October 2035
Total debt obligations | ​ |  | 1,702,464 | ​ |  | 2,604,375 | ​ |  |  |
Debt discounts and deferred financing costs, net | ​ |  | (19,943) | ​ |  | (32,201) | ​ |  |  |
Total debt obligations, net(7) | ​ | $ | 1,682,521 | ​ | $ | 2,572,174 | ​ |  |  |
(1) | The Revolving Credit Facility accrued interest at the Company’s election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.00% and subject to a margin ranging from 1.00% to 1.50%; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50%. The Company terminated the Revolving Credit Facility in August 2022.
(2) | The loan accrued interest at the Company’s election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.00% and subject to a margin of 1.75%; or (ii) LIBOR subject to a margin of 2.75%.
(3) | During the years ended December 31, 2022, 2021 and 2020, the Company recognized $3.5 million, $9.0 million, $9.0 million, respectively, of contractual interest on the 3.125% Convertible Notes. Refer to Unsecured Notes below.
(4) | The Company can prepay these senior notes without penalty beginning July 1, 2024.
(5) | The Company can prepay these senior notes without penalty beginning May 1, 2025.
(6) | The Company can prepay these senior notes without penalty beginning August 15, 2024.
(7) | The Company capitalized interest relating to development activities of $1.5 million, $1.0 million and $1.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Schedule of future scheduled maturities of outstanding debt obligations | As of December 31, 2022, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Unsecured Debt |  | Secured Debt |  | Total
2023 | ​ | $ | — | ​ | $ | — | ​ | $ | —
2024 | ​ |  | 753,561 | ​ |  | — | ​ |  | 753,561
2025 | ​ |  | 501,997 | ​ |  | — | ​ |  | 501,997
2026 | ​ |  | 346,906 | ​ |  | — | ​ |  | 346,906
2027 | ​ |  | — | ​ |  | — | ​ |  | —
Thereafter | ​ |  | 100,000 | ​ |  | — | ​ |  | 100,000
Total principal maturities | ​ |  | 1,702,464 | ​ |  | — | ​ |  | 1,702,464
Unamortized discounts and deferred financing costs, net | ​ |  | (19,943) | ​ |  | — | ​ |  | (19,943)
Total debt obligations, net | ​ | $ | 1,682,521 | ​ | $ | — | ​ | $ | 1,682,521
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