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v3.25.1

Borrowings - Unsecured Notes (Details) - USD ($) $ in Thousands |  |  |  |  | 3 Months Ended |  |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Feb. 05, 2024 | Jun. 15, 2022 | Jan. 29, 2021 | Apr. 30, 2019 | Mar. 31, 2025 | Mar. 31, 2024 | Dec. 31, 2024 | Sep. 26, 2024 | Sep. 23, 2024 | Mar. 22, 2024 | Feb. 01, 2024 | Nov. 13, 2023
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Face amount |  |  |  |  | $ 262,500 |  |  |  |  |  |  |
Amortization of financing costs |  |  |  |  | 2,227 | $ 1,985 |  |  |  |  |  |
Unsecured notes outstanding balance |  |  |  |  | 985,227 |  | $ 978,503 |  |  |  |  |
Notional Amount |  |  |  |  | 600,000 |  | 600,000 |  |  |  |  |
Derivative liability, subject to a master netting arrangement |  |  |  |  | 10,130 |  | 3,230 |  |  |  |  |
Fair Value Hedging | Designated as Hedging Instrument |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Notional Amount |  |  |  |  | 600,000 |  | 600,000 |  |  |  |  |
Total net derivatives |  |  |  |  | (251) |  | $ (7,423) |  |  |  |  |
Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  | 15,395 | 9,614 |  |  |  |  |  |
Amortization of financing costs |  |  |  |  | 802 | 495 |  |  |  |  |  |
Amortization of debt discount (premium) |  |  |  |  | $ 307 | $ 102 |  |  |  |  |  |
Weighted average interest rate |  |  |  |  | 6.50% | 6.00% |  |  |  |  |  |
Effective interest rate |  |  |  |  | 6.70% | 6.40% |  |  |  |  |  |
Average debt outstanding |  |  |  |  | $ 990,000 | $ 632,610 |  |  |  |  |  |
Unsecured Notes | Minimum |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Face amount |  |  |  |  | $ 150,000 |  |  |  |  |  |  |
2019A Unsecured Notes | Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Face amount |  |  |  | $ 116,500 |  |  |  |  |  |  |  |
Term of debt |  |  |  | 5 years |  |  |  |  |  |  |  |
Repayment of long-term debt | $ 116,500 |  |  |  |  |  |  |  |  |  |  |
Stated interest rate |  |  |  | 5.494% |  |  |  |  |  |  |  |
2021A Unsecured Notes | Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Face amount |  |  | $ 200,000 |  |  |  |  |  |  |  |  |
Term of debt |  |  | 5 years |  |  |  |  |  |  |  |  |
Stated interest rate |  |  | 3.875% |  |  |  |  |  |  |  |  |
2022A Unsecured Notes | Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Face amount |  | $ 75,000 |  |  |  |  |  |  |  |  |  |
Term of debt |  | 5 years |  |  |  |  |  |  |  |  |  |
Stated interest rate |  | 5.90% |  |  |  |  |  |  |  |  |  |
8.25% Notes due 2028 | Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Face amount |  |  |  |  |  |  |  |  |  |  |  | $ 115,000
Stated interest rate |  |  |  |  | 8.25% |  |  |  |  |  |  | 8.25%
6.875% Notes due 2029 And 6.200% Notes due 2027 | Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Total net derivatives |  |  |  |  | $ 251 |  |  |  |  |  |  |
Derivative asset, subject to a master netting arrangement |  |  |  |  | $ 10,130 |  |  |  |  |  |  |
6.875% Notes due 2029 | Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Face amount |  |  |  |  |  |  |  |  |  |  | $ 300,000 |
Stated interest rate |  |  |  |  | 6.875% |  |  |  |  |  | 6.875% |
Derivative fixed interest rate |  |  |  |  | 6.875% |  |  |  |  | 6.875% |  |
Derivative floating interest rate |  |  |  |  |  |  |  |  |  | 2.8183% |  |
Notional Amount |  |  |  |  |  |  |  |  |  | $ 300,000 |  |
6.200% Notes due 2027 | Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Face amount |  |  |  |  |  |  |  | $ 300,000 |  |  |  |
Stated interest rate |  |  |  |  | 6.20% |  |  | 6.20% |  |  |  |
Derivative fixed interest rate |  |  |  |  | 6.20% |  |  |  | 6.20% |  |  |
Derivative floating interest rate |  |  |  |  |  |  |  |  | 2.882% |  |  |
Notional Amount |  |  |  |  |  |  |  |  | $ 300,000 |  |  |

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