v3.26.1
Debt Obligations
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Obligations

Note 12. Debt Obligations

Debt obligations consist of the following:

 

 

 

As of

 

 

As of

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

Revolver facility

 

$

61,500

 

 

$

56,000

 

Debt issuance costs

 

 

(2,158

)

 

 

(2,386

)

Revolver facility, net

 

$

59,342

 

 

$

53,614

 

 

 

 

 

 

 

 

Term loan

 

$

316,875

 

 

$

320,938

 

Debt issuance costs

 

 

(1,208

)

 

 

(1,348

)

Term loan, net

 

$

315,667

 

 

$

319,590

 

Total debt obligations, net

 

$

375,009

 

 

$

373,204

 

The principal balance consists of the following tranches:

 

 

 

As of March 31, 2026

 

 

Principal Amount

 

 

Base Rate

 

 

SOFR Rate

 

 

Rate Expiration Date

Term Loan

 

 

316,875

 

 

 

2.60

%

 

 

3.80

%

 

5/5/2026

Revolver - Tranche 1

 

 

12,500

 

 

 

2.60

%

 

 

3.67

%

 

5/28/2026

Revolver - Tranche 2

 

 

24,000

 

 

 

2.60

%

 

 

3.67

%

 

4/23/2026

Revolver - Tranche 3

 

 

10,000

 

 

 

2.60

%

 

 

3.65

%

 

5/19/2026

Revolver - Tranche 4

 

 

8,000

 

 

 

2.60

%

 

 

3.65

%

 

5/17/2026

Revolver - Tranche 5

 

 

7,000

 

 

 

2.60

%

 

 

3.68

%

 

4/17/2026

Total

 

 

378,375

 

 

 

 

 

 

 

 

 

Revolving Credit Facility and Term Loan

On December 22, 2021, the Company entered into a credit agreement (the "Credit Agreement") with JPMorgan, in its capacity as administrative agent and collateral agent, and Texas Capital Bank, as joint lead arrangers and joint bookrunners, and the other loan parties party thereto. The Credit Agreement consists of two facilities, which are a revolving credit facility with an available balance of $125 million (the "Revolver Facility") and a term loan for $125 million (the "Term Loan"). In addition to the Term Loan and Revolver Facility, the Credit Agreement also includes a $125 million accordion feature, which was exercised in October 2022. On August 1, 2024, the Company entered into a restatement agreement, which amends and restates the Credit Agreement (the "Amended and Restated Credit Agreement"). The Amended and Restated Credit Agreement provides for a new senior secured revolving credit facility in the amount of $175 million, with a $10 million sublimit for the issuance of letters of credit (the "New Revolving Facility"), and a new senior term loan facility in the amount of $325 million (the "New Term Loan" and, together with the New Revolving Facility, the "Amended and Restated Credit Facilities"). The Amended and Restated Credit Facilities were used to refinance and replace the credit facilities under the Credit Agreement and for general corporate purposes, including acquisitions.

The Amended and Restated Credit Facilities are "Term SOFR Loans" meaning loans bearing interest based upon the "Adjusted Term SOFR Rate". The Adjusted Term SOFR Rate is the Secured Overnight Financing Rate ("SOFR") at the date of election, plus 2.60%. The Company can elect one or three months for the New Revolving Facility and one, three, or six months for the New Term Loan. Principal for the New Term Loan is contractually repaid at a rate of 1.25% on the term loan quarterly effective December 31, 2025. The New Revolving Credit Facility has no contractual principal repayments until maturity, which is August 1, 2028 for both facilities. The Amended and Restated Credit Facilities are guaranteed by the Company's subsidiaries, subject to customary exceptions, and are secured by liens on substantially all assets of the Company, Ridgepost, LLC and the Company's guarantor subsidiaries, subject to customary exceptions.

The Amended and Restated Credit Agreement contains affirmative and negative covenants typical of such financing transactions, and specific financial covenants which require Ridgepost to maintain a minimum leverage ratio. As of March 31, 2026, Ridgepost was in compliance with its financial and other covenants required under the facility. For both the three months ended March 31, 2026 and 2025, $6.0 million of interest expense was incurred.

Debt Payable

Future principal maturities of debt as of March 31, 2026 are as follows:

2026

 

$

12,188

 

2027

 

 

16,250

 

2028

 

 

349,937

 

 

 

 

378,375