LONG-TERM DEBT (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Debt Disclosure [Abstract] |
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| Schedule of outstanding indebtedness, at face value |
| | | | | | | | | | | | | Face Value Debt | | Maturity Date | | Interest Rate | | Wtd. Avg. Rate | Revolving Credit Facility (1) | $ | 193,000 | | January 2027 | | | SOFR + 0.10% +
[1.25% - 2.20%] | | | 5.17% | 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 | $ | 660,800 | | | | | | | | | 4.60% |
(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 |
| | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Total | | Due Within One Year | | Total | | Due Within One Year | Revolving Credit Facility | $ | 193,000 | | $ | 193,000 | | $ | 151,000 | | $ | — | 2027 Term Loan | | 100,000 | | | 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 | | (2,095) | | | — | | | (2,455) | | | — | Total Long-Term Debt | $ | 658,705 | | $ | 310,800 | | $ | 616,345 | | $ | 17,800 |
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| Schedule of payments applicable to reduction of principal amounts |
| | | As of June 30, | Amount | Remainder of 2026 | $ | 17,800 | 2027 | | 293,000 | 2028 | | 100,000 | 2029 | | 125,000 | 2030 | | 125,000 | 2031 | | — | 2032 and Thereafter | | — | Total Long-Term Debt - Face Value | $ | 660,800 |
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| Schedule of carrying value of long-term debt |
| | | | Total | Current Face Amount | $ | 660,800 | Financing Costs, net of Accumulated Amortization | | (2,095) | Total Long-Term Debt | $ | 658,705 |
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| Schedule of interest expense on debt |
| | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Interest Expense (1) | $ | 7,456 | | $ | 6,542 | | $ | 14,386 | | $ | 12,311 | Amortization of Deferred Financing Costs | | 327 | | | 311 | | | 668 | | | 639 | Amortization of Discount on Convertible Notes | | — | | | 6 | | | — | | | 45 | Total Interest Expense | $ | 7,783 | | $ | 6,859 | | $ | 15,054 | | $ | 12,995 | | | | | | | | | | | | | Total Interest Paid | $ | 7,697 | | $ | 7,490 | | $ | 14,115 | | $ | 12,790 |
(1) Net of capitalized interest of $0.3 million during the three and six months ended June 30, 2026, with no interest being capitalized during the three and six months ended June 30, 2025.
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