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Notes Payable, Net (Tables)

12 Months Ended

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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- Definition

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