v3.26.3
DEBT
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Debt consists of the following:
September 30, 2026December 31, 2025
Revolving credit facility $60,000 $— 
Mortgage loans141,197 144,352 
Less: current maturities(4,040)(4,227)
Less: debt issuance costs, net(2,473)(2,596)
LONG-TERM DEBT LESS CURRENT MATURITIES$194,684 $137,529 
Credit Facility with a Lending Consortium Arranged by Truist

On August 19, 2026, the Company, Standard Bearer, Truist Bank, as administrative agent, and the lenders party thereto entered into the Fourth Amended and Restated Credit Agreement (the Credit Facility). The amendment and restatement increased the revolving credit facility by $200,000 to an aggregate principal amount of up to $800,000 and extended the maturity date to August 19, 2031. Borrowings are supported by a lending consortium arranged by Truist Bank. The interest rates applicable to loans under the Credit Facility are, at the Company's option, equal to either (i) a base rate plus a margin ranging from 0.25% to 1.00% per annum or (ii) Term SOFR plus a margin ranging from 1.25% to 2.00% per annum, in each case based on the ratio of Consolidated Total Net Debt to Consolidated EBITDA (as defined in the Credit Facility). In addition, there is a commitment fee on the unused portion of the commitments ranging from 0.18% to 0.30% per annum, depending on the Consolidated Total Net Debt to Consolidated EBITDA ratio.

Borrowings made under the Credit Facility are guaranteed, jointly and severally, by certain of the Company’s wholly-owned subsidiaries, and are secured by a pledge of stock of the Company's material independent subsidiaries as well as a first lien on substantially all of such independent subsidiaries' personal property. The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and its independent subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, amend certain material agreements and pay certain dividends and other restricted payments. The Credit Facility also requires the Company to maintain certain financial covenants based on maximum consolidated total net debt to consolidated EBITDA and minimum interest/rent coverage. As of September 30, 2026, there was $60,000 outstanding debt under the Credit Facility with $8,402 pledged as collateral to secure outstanding letters of credit. The Company was in compliance with all loan covenants as of September 30, 2026.
Mortgage Loans

As of September 30, 2026, the Company has 23 subsidiaries that have mortgage loans insured with HUD in the aggregate amount of $140,794, which subjects these subsidiaries to HUD oversight and periodic inspections. The mortgage loans bear effective interest rates in a range of 3.1% to 4.2%, including fixed interest rates in a range of 2.4% to 3.3% per annum. In addition to the interest rate, the Company incurs other fees for HUD placement, including, but not limited to audit fees. Amounts borrowed under the mortgage loans may be prepaid, subject to prepayment fees based on the principal balance on the date of prepayment. The terms for all the mortgage loans are 25 to 35 years.