v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
8.625% Senior Notes Due 2030
In March 2026, the Company entered into the First Supplemental Indenture to the Indenture dated September 12, 2025 pursuant to which the Company issued $50,000,000 aggregate principal amount of additional 8.625% Senior Notes due 2030 (the “New Notes”). The New Notes were issued at 100.25% of par value and resulted in net proceeds to the Company of $48,445,000 after deducting underwriting discounts, commissions and other offering expenses of $1,555,000. The New Notes, together with the 8.625% Senior Notes due 2030 issued in September 2025 (the “Existing Notes”) (together, the “2030 Notes”) are treated as a single series and have the same terms as the Existing Notes. The issuance costs and premium relating to the New Notes were deferred and will be recognized as interest expense using the effective-interest method (9.36%) over the remaining term of the debt.
Interest expense totaled $6,874,000 and $12,866,000 for the three and six months ended June 30, 2026, respectively, and included the amortization of debt issuance costs and premium of $400,000 and $851,000, respectively.
A summary of the Company’s debt at June 30, 2026 and December 31, 2025 is as follows:
June 30,
2026		December 31,
2025
8.625% Senior Notes due September 2030
$300,000,000 $250,000,000 
Less: Unamortized debt issuance costs, discount and premium, net(7,621,000)(6,816,000)
$292,379,000 $243,184,000 
At June 30, 2026, future minimum principal payments under the Company’s debt were as follows:
Remainder of 2026$— 
2027— 
2028— 
2029— 
2030300,000,000 
Total minimum principal payments300,000,000 
Less: unamortized debt issuance costs, discount and premium, net(7,621,000)
Notes payable, net$292,379,000