Indebtedness, net |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Indebtedness, net | 5. Indebtedness, net As of September 30, 2026, no amounts have been drawn on the Revolving Credit Facility. For definitions of the debt facilities included herein, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The outstanding indebtedness at September 30, 2026 is summarized as follows (in thousands):
(A) As of September 30, 2026. (B) Reflects the utilization of a swap, which fixes the variable-rate (SOFR) interest rate. The 2025 Notes and 2026 Notes contain certain customary covenants including, among other things, a maximum total leverage ratio, a maximum secured leverage ratio, a maximum unencumbered leverage ratio, a minimum fixed charge coverage ratio and a minimum unsecured interest coverage ratio. The Company was in compliance with these financial covenants at September 30, 2026. The 2024 Term Loan, 2025 Term Loan and the Revolving Credit Facility contain certain customary covenants including, among other things, leverage ratios and debt service coverage and fixed-charge coverage ratios, as well as limitations on the Company’s ability to sell all or substantially all of the Company’s assets and engage in certain mergers and acquisitions. The 2024 Term Loan, 2025 Term Loan and the Revolving Credit Facility also contain customary default provisions including, among other things, the failure to make timely payments of principal and interest payable thereunder and the failure of the Company or its subsidiaries to pay, when due, certain indebtedness in excess of certain thresholds beyond applicable grace and cure periods. The Company was in compliance with these financial covenants at September 30, 2026. In September 2026, the Company entered into a forward interest rate swap agreement to fix the variable-rate component at 4.43% for $50 million of a delayed draw term loan currently anticipated to close in the fourth quarter (“2026 Term Loan”). The closing of the 2026 Term Loan is subject to the negotiation of definitive agreements and customary closing conditions, and there can be no assurance that the 2026 Term Loan will be completed. The effective date of the swap is based on the expected funding which is anticipated to be in the first quarter of 2027. |
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