v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table details the gross principal amounts and total net carrying value of our debt instruments (in thousands):
September 30, 2026December 31, 2025
Exchangeable notes$402,500 $— 
Revolving credit facilities187,500 102,500 
Term loans121,561 — 
Notes due 2026— 291,215 
Total gross principal amount of debt instruments
711,561 393,715 
Less: Unamortized debt issuance costs
(15,602)(613)
Carrying value of debt instruments$695,959 $393,102 
Schedule of Interest Expense
The following table details the cash and non-cash interest expense included within interest expense on the consolidated statement of income related to our debt instruments (in thousands):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Exchangeable notes
Cash coupon$6,038 $— $7,044 $— 
Amortization of issuance cost1,086 — 1,230 — 
Revolving credit facilities
Cash coupon1,819 75 5,804 75 
Amortization of issuance cost227 117 658 349 
Term loans
Cash coupon2,495 — 4,150 — 
Amortization of issuance cost232 — 913 — 
Notes due 2026
Cash coupon— $4,004 6,387 12,089 
Amortization of issuance cost— 368 601 1,082 
Gross interest expense11,897 4,564 26,787 13,595 
Less: capitalized interest(77)(39)(188)(126)
Interest expense$11,820 $4,525 $26,599 $13,469 
Schedule of Long-Term Debt Instruments
The following table summarizes the key terms, outstanding principal balances and carrying values of term loans outstanding as of September 30, 2026 (dollar amounts in thousands):
Term LoanClosing DateOriginal PrincipalPrincipal OutstandingNet Carrying ValueInterest RateEffective Interest RateMaturity DatePayment type
Term Loan #1Apr-26$20,000 $19,854 $19,474 9.00%10.18 %Apr-29Principal and interest
Term Loan #2(1)
May-2656,500 49,730 48,472 
SOFR + 5%
9.84 %May-29Interest only
Term Loan #3May-2644,860 44,692 43,759 6.67%7.57 %Jun-31Principal and interest
Term Loan #5Jun-267,300 7,285 7,005 7.50%8.51 %Jun-31Principal and interest
Total$128,660 $121,561 $118,710 
(1)The loan has two, one-year extension options that may extend the maturity through May 2031. SOFR is subject to a floor of 3.75%. On August 5, 2026 we repaid $6.8 million of the loan, reducing the outstanding principal balance to $49.7 million as of September 30, 2026. The loan also requires the Company to maintain a minimum net worth of $120.0 million and liquid assets with a market value of at least $12.0 million. As of September 30, 2026, the Company was in compliance with these covenants.
Schedule of Principal Payments on Outstanding Indebtedness
The following table summarizes the contractual principal payments on our outstanding indebtedness as of September 30, 2026 (in thousands):
YearAmount
2026 (three months ending December 31)$87,798 
20271,238 
2028101,321 
2029472,140 
20301,036 
Thereafter48,028 
Total$711,561