v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt The following table sets forth the face values of our outstanding debt as of June 30, 2026 and December 31, 2025 (in thousands):
RateMaturityJune 30, 2026December 31, 2025
Senior secured credit facilities:
2024 Term Loan B-1
S(1) + 6.00%
November 2029397,100 397,100 
2024 Term Loan B-2
S(1) + 6.00%
November 202973,875 74,250 
2025 Term Loan B-1
S(1) + 6.25%
July 2029286,799 288,240 
2025 Term Loan B-2
S(1) + 6.25%
July 202986,326 86,760 
Securitization facility:
AR Facility
S(1) + 4.00%(2)
March 202779,800 82,000 
FILO Facility
S(1) + 8.00%
March 2027120,000 120,000 
7.32% senior exchangeable notes due 2026
7.32%August 202650,000 150,000 
7.00% senior exchangeable notes due 2031
7.00%
May 2031(3)
150,000 — 
8.625% senior secured notes due 2027
8.625%June 2027— 91,607 
11.25% senior secured notes due 2027
11.25%December 2027— 1,558 
10.75% senior secured notes due 2029
10.75%November 2029445,715 445,715 
11.125% senior secured notes due 2030
11.125%July 20301,325,000 1,325,000 
10.75% senior secured notes due 2030
10.750%March 2030469,802 469,802 
11.125% senior secured notes due 2029
11.125%June 20291,000,000 1,000,000 
Face value of total debt outstanding4,484,417 4,532,032 
Less current portion of debt outstanding(254,300)(247,665)
Face value of long-term debt outstanding$4,230,117 $4,284,367 
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(1) Represents the Secured Overnight Financing Rate ("SOFR").
(2) In connection with the issuance of the FILO Facility (as defined below), the drawn fee rate varies based on our leverage ratio. The drawn fee rate ranges from 3.00% to 4.00%, with incremental increases of 0.25% between these levels.
(3) The 2031 Exchangeable Notes (as defined below) contractually mature in May 2031; however, the holders possess a non-contingent, unilateral option to require us to repurchase all or any portion of their notes at 100% of the principal amount plus accrued and unpaid interest, exercisable solely on May 15, 2029.
Schedule of Interest Rate Swaps Outstanding
Interest rate swaps outstanding during the six months ended June 30, 2026 and 2025, are as follows:
Notional AmountInterest Rate
Received		Interest Rate PaidEffective DateMaturity Date
Designated as Hedging Instrument
$250 million
1 month SOFR(1)
4.72%
June 30, 2023June 30, 2026
$250 million
1 month SOFR(1)
4.37%
January 16, 2024January 31, 2026
______________________
(1)    Subject to a 0.5% floor.
Schedule of Exchangeable Notes
The following table sets forth the carrying value of the Exchangeable Notes as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
2026 Exchangeable Notes2031 Exchangeable Notes2026 Exchangeable Notes
Principal$50,000 $150,000 $150,000 
Less: Unamortized debt issuance costs62 5,198 1,274 
Net carrying value$49,938 $144,802 $148,726 
Schedule of Interest Expense Recognized
The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
2026 Exchangeable Notes2031 Exchangeable Notes2025 Exchangeable Notes2026 Exchangeable Notes2026 Exchangeable Notes2031 Exchangeable Notes2025 Exchangeable Notes2026 Exchangeable Notes
Contractual interest expense$1,871 $1,254 $305 $2,745 $4,616 $1,254 $2,138 $5,490 
Amortization of debt issuance costs374 190 59 504 912 190 414 996