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Borrowings (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Consolidated Debt and Capital Lease Obligations The components of the Company’s consolidated borrowings were as follows (in thousands):
September 30,
2025		December 31,
2024
Global senior secured revolving credit facility$927,250 $865,365 
Senior secured notes1,940,638 1,846,047 
Convertible senior notes
330,000 330,000 
Cabot securitisation senior facility342,899 319,137 
U.S. facility
352,500 283,500 
Other70,270 64,904 
Finance lease liabilities797 1,065 
3,964,354 3,710,018 
Less: debt discount and issuance costs, net of amortization(30,496)(37,256)
Total$3,933,858 $3,672,762 
Schedule of Senior Secured & Convertible Notes
The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands):
September 30,
2025		December 31,
2024		Issue
Currency		Maturity DateInterest Payment DatesInterest Rate
Encore 2028 Notes
$336,176 $312,880 GBPJun 1, 2028Jun 1, Dec 14.250 %
Encore 2028 Floating Rate Notes
604,462 533,167 EURJan 15, 2028Jan 15, Apr 15, Jul 15, Oct 15
EURIBOR +4.250%(1)
Encore 2029 Notes
500,000 500,000 
USD
Apr 1, 2029
Apr 1, Oct 1
9.250 %
Encore 2030 Notes
500,000 500,000 USDMay 15, 2030
May 15, Nov 15
8.500 %
$1,940,638 $1,846,047 
_______________________
(1)Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.
The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible senior notes (the “Convertible Notes”) ($ in thousands):
September 30,
2025		December 31,
2024		Maturity DateInterest Payment DatesInterest Rate
2025 Convertible Notes$100,000 $100,000 Oct 1, 2025Apr 1, Oct 13.250 %
2029 Convertible Notes230,000 230,000 Mar 15, 2029Mar 15, Sep 154.000 %
$330,000 $330,000 
Schedule of Hedge Program for Convertible Notes
Certain key terms related to the convertible features as of September 30, 2025 are listed below ($ in thousands, except conversion price):
2025 Convertible Notes2029 Convertible Notes
Initial conversion price
$40.00 $65.89 
Closing stock price at date of issuance$32.00 $51.68 
Closing stock price dateSep 4, 2019Feb 28, 2023
Initial conversion rate (shares per $1,000 principal amount)
25.0000 15.1763 
Adjusted conversion rate (shares per $1,000 principal amount)(1)
25.1310 15.1763 
Adjusted conversion price(1)
$39.79 $65.89 
Adjusted effective conversion price(2)
$39.79 $82.69 
Excess of if-converted value compared to principal(3)
$4,897 $— 
Conversion date
Jul 1, 2025Dec 15, 2028
_______________________
(1)Pursuant to the indenture for the Company’s 2025 Convertible Notes, the conversion rate for the 2025 Convertible Notes was adjusted upon the completion of the Company’s tender offer in December 2021.
(2)As discussed above, the Company maintains a hedge program that increases the effective conversion price for the 2029 Convertible Notes to $82.69.
(3)Represents the premium the Company would have to pay assuming the Convertible Notes were converted on September 30, 2025 using a hypothetical share price based on the closing stock price on September 30, 2025. On October 1, 2025, the Company settled the conversion of the 2025 Convertible Notes entirely in cash for $106.2 million.