Revolving Credit Facility |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Revolving Credit Facility | Revolving Credit Facility The Company has a $260.0 million revolving credit facility (the “Amended 2025 Revolver”) with a lender syndicate, which matures on November 10, 2030. At the Company’s option, the interest rate on the Amended 2025 Revolver may be based on either the Alternative Base Rate (“ABR”) plus an applicable margin ranging from 0.75% to 2.00% or Term SOFR plus an applicable margin ranging from 1.75% to 3.00%, depending on the Company’s total net leverage ratio of the prior fiscal quarter. As of September 30, 2026, the applicable interest rate was 6.1%. The Amended 2025 Revolver is secured by substantially all of the assets of the Company and its subsidiaries. The Company was in compliance with all financial covenants under the Amended 2025 Revolver as of September 30, 2026. The following table summarizes the activity under the Amended 2025 Revolver for the nine months ended September 30, 2026:
As of September 30, 2026, the Company had $45.0 million of available borrowing capacity under the Amended 2025 Revolver. For the three and nine months ended September 30, 2026, the weighted-average interest rate on borrowings outstanding was 5.9% and 5.9%, respectively, and the average outstanding balance was $228.0 million and $231.5 million, respectively. The carrying value of borrowings under the Amended 2025 Revolver approximates fair value due to the variable rate nature of the debt. There have been no material changes to the terms of the Amended 2025 Revolver from those described in Note 5, “Debt,” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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