LONG-TERM DEBT (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Debt Disclosure [Abstract] |
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| Schedule of outstanding indebtedness, at face value |
As of June 30, 2025, 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) | $ | 224,000 | | January 2027 | | | SOFR + 0.10% +
[1.25% - 2.20%] | | | 5.26% | 2026 Term Loan (2) | | 65,000 | | March 2026 | | | SOFR + 0.10% +
[1.25% - 2.20%] | | | 2.72% | 2027 Term Loan (3) | | 100,000 | | January 2027 | | | SOFR + 0.10% +
[1.25% - 2.20%] | | | 2.80% | 2028 Term Loan (4) | | 100,000 | | January 2028 | | | SOFR + 0.10% +
[1.20% - 2.15%] | | | 5.18% | 2029 Term Loan (5) | | 100,000 | | September 2029 | | | SOFR + 0.10% +
[1.20% - 2.15%] | | | 4.68% | Mortgage Note Payable | | 17,800 | | August 2026 | | | 4.060% | | | 4.06% | Total Long-Term Face Value Debt | $ | 606,800 | | | | | | | | | 4.44% |
(1) | The Company utilized interest rate swaps on $150.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.50% plus the 10 bps SOFR adjustment plus the applicable spread. Two interest rate swaps on $100.0 million of the Credit Facility balance were effective on April 30, 2025 at a weighted average fixed swap rate of 3.32% plus the 10 bps SOFR adjustment plus the applicable spread. |
(2) The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 1.27% plus the 10 bps SOFR adjustment plus the applicable spread. (3) | The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread. |
(4) | The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread. |
(5) | The Company utilized interest rate swaps on the $100.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread. |
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| Schedule of components of long-term debt |
Long-term debt consisted of the following (in thousands): | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Total | | Due Within One Year | | Total | | Due Within One Year | Credit Facility | $ | 224,000 | | $ | — | | $ | 87,000 | | $ | — | 2026 Term Loan | | 65,000 | | | 65,000 | | | 65,000 | | | — | 2027 Term Loan | | 100,000 | | | — | | | 100,000 | | | — | 2028 Term Loan | | 100,000 | | | — | | | 100,000 | | | — | 2029 Term Loan | | 100,000 | | | — | | | 100,000 | | | — | 3.875% Convertible Senior Notes, net of Discount | | — | | | — | | | 50,989 | | | 50,989 | Mortgage Note Payable | | 17,800 | | | — | | | 17,800 | | | — | Financing Costs, net of Accumulated Amortization | | (1,449) | | | — | | | (1,796) | | | — | Total Long-Term Debt | $ | 605,351 | | $ | 65,000 | | $ | 518,993 | | $ | 50,989 |
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| Schedule of payments applicable to reduction of principal amounts |
Payments applicable to reduction of principal amounts as of June 30, 2025 will be required as follows (in thousands): | | | As of June 30, 2025 | Amount | Remainder of 2025 | $ | — | 2026 | | 82,800 | 2027 | | 324,000 | 2028 | | 100,000 | 2029 | | 100,000 | 2030 | | — | 2031 and Thereafter | | — | Total Long-Term Debt - Face Value | $ | 606,800 |
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| Schedule of carrying value of long-term debt |
The carrying value of long-term debt as of June 30, 2025 consisted of the following (in thousands): | | | | Total | Current Face Amount | $ | 606,800 | Financing Costs, net of Accumulated Amortization | | (1,449) | Total Long-Term Debt | $ | 605,351 |
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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 and six months ended June 30, 2025 and 2024 (in thousands): | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | Interest Expense | $ | 6,542 | | $ | 5,307 | | $ | 12,311 | | $ | 10,540 | Amortization of Deferred Financing Costs | | 311 | | | 257 | | | 639 | | | 513 | Amortization of Discount on Convertible Notes | | 6 | | | 40 | | | 45 | | | 80 | Total Interest Expense | $ | 6,859 | | $ | 5,604 | | $ | 12,995 | | $ | 11,133 | | | | | | | | | | | | | Total Interest Paid (1) | $ | 7,490 | | $ | 5,903 | | $ | 12,790 | | $ | 10,654 |
(1) | Net of capitalized interest of $0.1 million during the six months ended June 30, 2024, with no interest being capitalized during the six months ended June 30, 2025. |
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