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v3.25.4

Notes Payable, Net (Tables) | 12 Months Ended
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Dec. 31, 2025
Notes Payable, Net |
Schedule of notes payable, net | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | As of December 31, | ​ | As of December 31, |  | ​ ​ ​
​ | ​ | 2025 | ​ | 2024 |  | ​
​ | ​ | Amount | ​ | Interest | ​ | Amount | ​ | Interest |  | ​
(in thousands) | ​ ​ ​ | Outstanding | ​ ​ ​ | Rate | ​ ​ ​ | Outstanding | ​ ​ ​ | Rate |  | ​ ​ ​
Senior unsecured bond due 2026 | ​ | $ | 300,000 |  | 6.00 | % | $ | 300,000 |  | 6.00 | % | ​
Senior unsecured bond due 2029 | ​ |  | 400,000 |  | 9.50 | % |  | 400,000 |  | 9.50 | % | ​
Senior unsecured bond due 2030 | ​ | ​ | 500,000 | ​ | 8.25 | % | ​ | — | ​ | — | ​ | ​
Revolving credit facility | ​ |  | 231,584 |  | 6.79 | % |  | 508,146 |  | 7.51 | % | ​
Total | ​ | $ | 1,431,584 |  | 7.89 | % | $ | 1,208,146 |  | 7.79 | % | ​
Unamortized debt issuance costs | ​ |  | (22,544) |  | ​ | ​ |  | (13,420) |  | ​ | ​ | ​
Notes Payable, net | ​ | $ | 1,409,039 | ​ | ​ | ​ | $ | 1,194,726 |  | ​ | ​ | ​
Schedule of components of interest expense | Components of interest expense for the years ended December 31, 2025, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended
​ | ​ | December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Interest expense | ​ | $ | 99,561 | ​ | $ | 72,986 | ​ | $ | 45,197
Amortization of debt issuance costs | ​ | ​ | 6,223 | ​ | ​ | 4,253 | ​ | ​ | 2,911
Total Interest Expense | ​ | $ | 105,784 | ​ | $ | 77,239 | ​ | $ | 48,108
Schedule of minimum future payments on notes payable | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Less Than | ​ | 1 - 3 | ​ | 4 - 5 | ​ | More Than
(in millions) | ​ ​ ​ | Total | ​ ​ ​ | 1 Year | ​ ​ ​ | Years | ​ ​ ​ | Years | ​ ​ ​ | 5 Years
Revolving credit facility | ​ | $ | 238.4 | ​ | $ | 238.4 | ​ | $ | — | ​ | $ | — | ​ | $ | —
Notes payable | ​ | ​ | 1,515.4 | ​ | ​ | 392.0 | ​ | ​ | 158.5 | ​ | ​ | 964.9 | ​ | ​ | —
Total | ​ | $ | 1,753.8 | ​ | $ | 630.4 | ​ | $ | 158.5 | ​ | $ | 964.9 | ​ | $ | —
Senior unsecured bond due 2026 |
Notes Payable, Net |
Schedule of redemption price as percentage of principal of notes payable | ​
​ | ​ | ​ | ​
​ | ​ ​ ​ | Percentage |
Dates | ​ | of Principal | ​
2026 |  | 100.000 | %
Senior unsecured bond due 2029 |
Notes Payable, Net |
Schedule of redemption price as percentage of principal of notes payable | ​
​ | ​ | ​ | ​
​ | ​ ​ ​ | Percentage |
Dates | ​ | of Principal | ​
2027 | ​ | 104.750 | %
2028 |  | 102.375 | %
2029 and thereafter |  | 100.000 | %
Senior unsecured bond due 2030 |
Notes Payable, Net |
Schedule of redemption price as percentage of principal of notes payable | ​
​ | ​ | ​ | ​
​ | ​ | Percentage | ​
Dates | ​ | of Principal | ​
2027 | ​ | 104.125 | %
2028 |  | 102.063 | %
2029 and thereafter |  | 100.000 | %

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