v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt
Note 6 - Debt
Debt included the following:
(In thousands)As of March 31,
2026		As of December 31,
2025
2025 Senior Unsecured Notes$294,686 $294,686 
10.500% Senior Secured Notes
628,400 628,400 
11.250% Senior Secured Notes
539,944 539,944 
2019 Senior Unsecured Notes5,314 5,314 
2025 USD Term Loans40,056 40,056 
2025 EUR Term Loans1
480,851 497,163 
Adjusted for: issuance costs, premiums and discounts amortized to interest expense(36,036)(38,201)
Less short-term debt – net(701,816)(696,474)
Long-term debt – net$1,251,399 $1,270,888 
    1 The table above converted the 2025 EUR Term Loans to USD using currency exchange rates as of those dates.

The Company’s debt consists of various Term Loans, Senior Secured Notes, and Senior Unsecured Notes. During 2025, the Company refinanced its outstanding Term Loans by incurring new 2025 Term Loans, which were used to repay the 2019 Term Loans and extend maturities. The Company also completed a permitted exchange of a portion of the 2025 USD Term Loans for 11.250% Senior Secured Notes due 2030, issued 2025 Senior Unsecured Notes, and, in connection with financing for the proposed merger with Shutterstock, issued 10.500% Senior Secured Notes. In relation to these prior year refinancing activities, the Company expensed $3.2 million during the three months ended March 31, 2025 in third-party costs that did not qualify as debt issuance costs as “Other non-operating income (expense) – net” and $5.5 million of “Loss on extinguishment of debt” in the Condensed Consolidated Statements of Operations. No comparable costs or losses were recorded during the three months ended March 31, 2026.

The Company maintains a $150.0 million revolving credit facility maturing on May 4, 2028. The facility was undrawn as of March 31, 2026. Subsequent to March 31, 2026, United States Court of Appeals for the Second Circuit denied the Company’s petition for rehearing in connection with the Initial Warrant Litigation (as defined in “Note 11 - Legal Proceedings and Contingencies”). On April 22, 2026, the Company drew $120.0 million from this facility, with proceeds used in part to pay the Initial Warrant Litigation judgment and associated interest. See “Note 11 - Legal Proceedings and Contingencies.”

The Company was in compliance with all covenants as of March 31, 2026.