INDEBTEDNESS (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Debt Disclosure [Abstract] |
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| Schedule of Company's Debt, Net of Applicable Unamortized Debt Issuance Costs |
The Company's debt consists of the following: | | | | | | | | | | | | | | | | | | | | | (in thousands) | Interest rate | Maturity | | September 30, 2026 | | December 31, 2025 | Corporate debt | | | | | | | Senior unsecured notes | 6.00% | November 2029 | | $ | 600,000 | | | $ | 600,000 | | | Term Loan A | Variable1 | November 2029 | | — | | | — | | Revolving facility outstanding | Variable2 | November 2029 | | — | | | — | | Less: unamortized debt issuance costs | | | | (4,165) | | | (5,139) | | Total corporate debt, net | | | | 595,835 | | | 594,861 | | | | | | | | | Asset-backed debt | | | | | | | Class A - Series 2023-A | Variable3 | April 2030 | | 41,285 | | | — | | Class B - Series 2023-A | Variable3 | April 2030 | | 10,715 | | | — | | Class A - Series 2026-A | 4.37% | August 2030 | | 122,680 | | | — | | Class B - Series 2026-A | 4.81% | August 2030 | | 32,010 | | | — | | Class C - Series 2026-A | 5.25% | August 2030 | | 29,330 | | | — | | Class D - Series 2026-A | 5.40% | August 2030 | | 20,230 | | | — | | Class E - Series 2026-A | 7.54% | August 2030 | | 15,750 | | | — | | Less: Unamortized debt issuance costs | | | | (1,994) | | | — | | Total asset-backed debt, net | | | | 270,006 | | | — | | | | | | | | | Total debt, net | | | | $ | 865,841 | | | $ | 594,861 | |
1 Term Loan A bore interest at either a base rate or term SOFR plus an applicable margin based on the Company's leverage ratio. 2 The Revolving Facility bears interest at either a base rate or term SOFR plus an applicable margin based on the Company's leverage ratio. 3 The 2023-A facility bears interest on Class A at 2.05% plus the greater of the CP Rate (as defined in the agreement) or the floor rate of 0% and for Class B at 8.25% plus the greater of the term SOFR plus 0.1% or the floor rate of 3.0%.
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| Schedule of Debt Activity |
The following table presents a summary of debt activity for the nine months ended September 30, 2026 (balances in the activity table reflect gross principal amounts and exclude unamortized debt issuance costs): | | | | | | | | | | | | | | | | | | | (in thousands) | | | | | | Debt instrument | Balance, 12/31/2025 | Acquisition | New borrowings | Debt paydowns | Balance, 9/30/2026 | | Corporate debt | Senior unsecured notes | $ | 600,000 | | $ | — | | $ | — | | $ | — | | $ | 600,000 | | | Term Loan A | — | | — | | 125,000 | | (125,000) | | — | | Revolving facility1 | — | | — | | 185,000 | | (185,000) | | — | | Total corporate debt | 600,000 | | — | | 310,000 | | (310,000) | | 600,000 | | | | | | | | | Asset-backed debt | Series 2023-A facility | — | | 107,500 | | 16,178 | | (71,678) | | 52,000 | | PPF1 facility | — | | 30,748 | | — | | (30,748) | | — | | PPF 2024-A | — | | 200,360 | | — | | (200,360) | | — | | | PPF 2026-A facility | — | | — | | 220,000 | | — | | 220,000 | | Total asset-backed debt | — | | 338,608 | | 236,178 | | (302,786) | | 272,000 | | | | | | | | | Total gross debt | $ | 600,000 | | $ | 338,608 | | $ | 546,178 | | $ | (612,786) | | $ | 872,000 | |
1 The new borrowings on the revolving facility included $135.0 million used for the acquisition of Purchasing Power and an additional $50 million for other working capital needs. The aggregated new revolving facility borrowings of $185.0 million were repaid during the three months ended March 31, 2026.
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| Schedule of Future Principal Maturities Due |
Below is a summary of future principal maturities of our debt due as of September 30, 2026: | | | | | | | (in thousands) | | | | 2027 | | $ | — | | | 2028 | | — | | | 2029 | | 600,000 | | | 2030 | | 272,000 | | | 2031 | | — | | | Thereafter | | — | | | Total | | $ | 872,000 | |
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| Schedule of Interest Expense |
Interest expense consists of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | (in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Interest on corporate debt | | $ | 9,332 | | | $ | 9,303 | | | $ | 31,428 | | | $ | 28,086 | | Interest on asset-backed financing | | 3,977 | | | — | | | 13,122 | | | — | | Amortization of debt issuance costs | | 863 | | | 487 | | | 3,228 | | | 1,461 | | Total interest expense | | $ | 14,172 | | | $ | 9,790 | | | $ | 47,778 | | | $ | 29,547 | |
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