LONG-TERM DEBT (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Debt Disclosure [Abstract] |
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| Schedule of outstanding indebtedness, at face value |
As of March 31, 2026, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): | | | | | | | | | | | | | Face Value Debt | | Maturity Date | | Interest Rate | | Wtd. Avg. Rate | Credit Facility (1) | $ | 184,000 | | January 2027 | | | SOFR + 0.10% +
[1.25% - 2.20%] | | | 5.18% | 2027 Term Loan (2) | | 100,000 | | January 2027 | | | SOFR + 0.10% +
[1.25% - 2.20%] | | | 2.80% | 2028 Term Loan (3) | | 100,000 | | January 2028 | | | SOFR + 0.10% +
[1.20% - 2.15%] | | | 5.18% | 2029 Term Loan (4) | | 125,000 | | September 2029 | | | SOFR +
[1.20% - 2.15%] | | | 4.67% | 2030 Term Loan (5) | | 125,000 | | September 2030 | | | SOFR +
[1.20% - 2.15%] | | | 4.69% | Mortgage Note Payable | | 17,800 | | August 2026 | | | 4.060% | | | 4.06% | Total Long-Term Face Value Debt | $ | 651,800 | | | | | | | | | 4.59% |
(1) | The Company utilized interest rate swaps on $50.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.85% plus the 10 bps SOFR adjustment plus the applicable spread. |
(2) | The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread. |
(3) | The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread. |
(4) | The Company utilized interest rate swaps on the $125.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.37% plus the applicable spread. |
(5) | The Company utilized interest rate swaps on the $125.0 million 2030 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.39% plus the applicable spread. |
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| Schedule of components of long-term debt |
Long-term debt consisted of the following (in thousands): | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Total | | Due Within One Year | | Total | | Due Within One Year | Credit Facility | $ | 184,000 | | $ | — | | $ | 151,000 | | $ | — | 2027 Term Loan | | 100,000 | | | — | | | 100,000 | | | — | 2028 Term Loan | | 100,000 | | | — | | | 100,000 | | | — | 2029 Term Loan | | 125,000 | | | — | | | 125,000 | | | — | 2030 Term Loan | | 125,000 | | | — | | | 125,000 | | | — | Mortgage Note Payable | | 17,800 | | | 17,800 | | | 17,800 | | | 17,800 | Financing Costs, net of Accumulated Amortization | | (2,268) | | | — | | | (2,455) | | | — | Total Long-Term Debt | $ | 649,532 | | $ | 17,800 | | $ | 616,345 | | $ | 17,800 |
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| Schedule of payments applicable to reduction of principal amounts |
Payments applicable to reduction of principal amounts as of March 31, 2026 will be required as follows (in thousands): | | | As of March 31, | Amount | Remainder of 2026 | $ | 17,800 | 2027 | | 284,000 | 2028 | | 100,000 | 2029 | | 125,000 | 2030 | | 125,000 | 2031 | | — | 2032 and Thereafter | | — | Total Long-Term Debt - Face Value | $ | 651,800 |
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| Schedule of carrying value of long-term debt |
The carrying value of long-term debt as of March 31, 2026 consisted of the following (in thousands): | | | | Total | Current Face Amount | $ | 651,800 | Financing Costs, net of Accumulated Amortization | | (2,268) | Total Long-Term Debt | $ | 649,532 |
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| Schedule of interest expense on debt |
The following table reflects a summary of interest expense incurred and paid during the three months ended March 31, 2026 and 2025 (in thousands): | | | | | | | Three Months Ended | | March 31, 2026 | | March 31, 2025 | Interest Expense | $ | 6,930 | | $ | 5,769 | Amortization of Deferred Financing Costs | | 341 | | | 328 | Amortization of Discount on Convertible Notes | | — | | | 39 | Total Interest Expense | $ | 7,271 | | $ | 6,136 | | | | | | | Total Interest Paid | $ | 6,418 | | $ | 5,300 |
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