v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative [Abstract]  
Schedule of Interest Rate Swaps Outstanding
As of June 30, 2026, the Company had the following Swaps outstanding (in thousands):
Initial Notional AmountMaximum Notional Amount
Maturity (1)
Weighted Average Fixed Interest Rate PaidVariable Interest Rate Received
Phase 1 Swaps$123,000 $6,194,213 20483.4%USD - SOFR
Train 4 Swaps186,900 3,230,000 20504.3%USD - SOFR
Train 5 Swaps17,709 3,050,650 20514.2%USD - SOFR
FinCo Swaps7,852 1,389,854 20354.0%USD - SOFR
(1) Phase 1, Train 4, Train 5, and FinCo Swaps, have early mandatory termination dates in July 2030, September 2032, October 2032, and October 2031, respectively.
Schedule of Derivatives Instruments Statements of Financial Performance
The fair value of the Company’s derivative instruments was recorded in the Consolidated Balance Sheets as follows (in thousands):
June 30, 2026
SwapsSeries A Exchange OptionWarrantsTotal
Derivatives - current assets$12,103 $— $— $12,103 
Derivatives - noncurrent assets479,177 — — 479,177 
Accrued and other current liabilities2,451 — — 2,451 
Derivatives - noncurrent liabilities88,619 28,037 43,918 160,574 
December 31, 2025
SwapsSeries A Exchange OptionWarrantsTotal
Derivatives - noncurrent assets$532,245 $— $— $532,245 
Accrued and other current liabilities6,422 — — 6,422 
Derivatives - noncurrent liabilities85,888 15,720 33,912 135,520 
Schedule of Gains (Losses) of Derivative Instruments
The gains (losses) on the Company’s derivative instruments as presented in the Consolidated Statements of Operations are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Swaps$111,899 $25,897 $76,288 $(141,612)
Series A Exchange Option949—(12,317)—
Warrants3,227—(10,006)—
Other—(740)—(1,931)
Derivative gain (loss), net$116,075 $25,157 $53,965 $(143,543)