| Schedule of Debt Instruments |
The Company’s outstanding debt instruments as of June 30, 2026, and December 31, 2025, are as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
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|
|
2026 |
|
|
2025 |
|
Senior Notes |
|
$ |
68,725 |
|
|
$ |
237,700 |
|
Revolving Credit Facility |
|
|
- |
|
|
|
- |
|
Less: current portion |
|
|
- |
|
|
|
6,275 |
|
Less unamortized debt issuance costs |
|
|
655 |
|
|
|
3,440 |
|
Total long-term debt, net of unamortized debt issuance
costs and current portion |
|
$ |
68,070 |
|
|
$ |
227,985 |
|
|
The Company’s outstanding debt instruments as of December 31, 2025, and 2024, are as follows (in thousands):
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|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
2025 |
|
|
|
2024 |
|
Senior notes |
|
$ |
237,700 |
|
|
$ |
65,000 |
|
Less: current portion |
|
|
6,275 |
|
|
|
6,500 |
|
Less unamortized debt issuance costs |
|
|
3,440 |
|
|
|
2,216 |
|
Total long-term debt, net of unamortized debt issuance costs
and current portion |
|
$ |
227,985 |
|
|
$ |
56,284 |
|
|
| Schedule of Financial Covenant Ratio |
The Company was in compliance with the terms and covenants of the Senior Notes at June 30, 2026.
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|
Financial Covenant |
|
Required Ratio |
Ratio of Consolidated Total Net Leverage, as defined in
the Senior Notes |
|
Not greater than 3.5 to 1.0 |
Ratio of Asset Coverage, as defined in the Senior Notes |
|
Not less than 1.00 to 1.00 |
|
The Company was in compliance with the terms and covenants of the Senior Notes at December 31, 2025.
|
|
|
Financial Covenant |
|
Required Ratio |
Ratio of Consolidated Total Net Leverage, as defined in
the Senior Notes |
|
Not greater than 4.0 to 1.0 |
Ratio of Asset Coverage, as defined in the Senior Notes |
|
Not less than 1.00 to 1.00 |
Commencing with the Fiscal Quarter ending March 31, 2026, the financial ratios are updated to the following:
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|
|
Financial Covenant |
|
Required Ratio |
Ratio of Consolidated Total Net Leverage, as defined in
the Senior Notes |
|
Not greater than 3.5 to 1.0 |
Ratio of Asset Coverage, as defined in the Senior Notes |
|
Not less than 1.00 to 1.00 |
Commencing with the Fiscal Quarter ending March 31, 2027, the financial ratios are updated to the following:
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|
|
Financial Covenant |
|
Required Ratio |
Ratio of Consolidated Total Net Leverage, as defined in
the Senior Notes |
|
Not greater than 3.25 to 1.0 |
Ratio of Asset Coverage, as defined in the Senior Notes |
|
Not less than 1.10 to 1.00 |
|