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Debt Obligations
 6 Months Ended
Jun. 30, 2026
Schedule of Debt [Line Items]  
Debt Obligations
(7)
Debt Obligations
Debt obligations consisted of the following:
 
    
June 30, 2026
     
December 31, 2025
  
Long-term debt
    $ —       $ 397,128  
Less: unamortized issuance costs
      —         (5,140 ) 
  
 
 
     
 
 
  
Long-term debt, net
    $ —       $ 391,988  
  
 
 
     
 
 
  
Current portion of long-term debt
    $ —       $ 4,063  
Less: unamortized issuance costs
      —         (1,565 ) 
  
 
 
     
 
 
  
Current portion of long-term debt, net
    $ —       $ 2,498  
  
 
 
     
 
 
  
Extinguishment of Term Debt
In connection with the completion of the IPO and the application of the net proceeds therefrom, we terminated our existing term credit agreement and fully repaid outstanding term debt of approximately $401,100. We recognized a $10,485 loss on the extinguishment of debt relating to the
write-off
of unamortized debt issuance costs of $6,419 and prepayment penalty of $4,066.
New Revolving Credit Facility
On February 12, 2026, in connection with the IPO, we terminated our Prior Revolving Facility and entered into our New Revolving Credit Facility with various lenders providing for revolving borrowings in an aggregate principal amount of
$200,000.
The obligations under the New Revolving Credit Facility are secured by substantially all of the assets of Holdings and its subsidiaries.
The New Revolving Credit Facility matures on February 12, 2031 and is subject to the usual and customary affirmative and negative covenants for facilities and transactions of this type. The New Revolving Credit Facility bears interest at a rate per annum equal to either of the following, plus, in each case, an applicable margin ranging from
0.50% to 1.25%, with respect
to
base rate borrowings and 1.50% to 2.25% with respect to SOFR borrowings, in each case, based on our total net leverage ratio: (a) the base rate and (b) a benchmark reference rate.
The New Revolving Credit Facility is subject to an annual unused line fee which shall accrue at a rate ranging from
0.20% to 0.35%,
based on the total net leverage ratio. For additional information regarding the terms of the New Revolving Credit Facility including interest rates, maturities, covenants and collateral, refer to Note 8—Debt Obligations in our Annual Report on Form
10-K
for the year ended December 31, 2025.
As of June 30, 2026, there were no borrowings outstanding under the New
Revolving Credit Facility
and $13,355 of letters of credit were outstanding.
The Prior Revolving Facility was legally terminated and replaced with the New Revolving Credit Facility, and we accounted for the replacement as a modification of a revolving-debt arrangement. The analysis was based on a comparison of borrowing capacity under the
 
 
Prior Revolving Facility and the New Revolving Credit Facility. Accordingly, the unamortized deferred financing costs of
$1,598
associated with the Prior Revolving Facility continue to be deferred and are amortized over the term of the New Revolving Credit Facility.
In connection with our entry into the New
Revolving Credit Facility
, we incurred approximately $2,919 of lender and third-party fees.
Amortization of debt issuance costs, which is included within interest expense in the condensed consolidated statements of operations, was approximately $224 and $150 for the three months ended June 30, 2026 and 2025, respectively, and $343 and $297 for the six months ended June 30, 2026 and 2025, respectively.