DEBT (Tables)

12 Months Ended

Dec. 31, 2025

The Company's long-term debt, net consists of the following:


				As of December 31, 2025		As of December 31, 2024
Debt Instruments	Maturity Date	Interest Rate		(in thousands)
10.500% First Lien Senior Secured Notes due 2030	4/1/2030	10.500	%	$	60,600	$	—
7.625% Second Lien Secured Notes due 2031	4/1/2031	7.625	%	291,020		—
7.375% Senior Secured Notes due February 2028(1)	2/1/2028	7.375	%	11,816		584,575
Less: Unamortized debt issuance costs				(2,868)		(5,506)
Add: Premium				69,174		—
Long-term debt, net				$	429,742	$	579,069

(1) Subsequent to the effectiveness of the supplemental indenture on December 18, 2025, these notes are no longer secured. While these notes are styled as senior secured notes they are no longer secured by collateral.

Schedule of Future Scheduled Minimum Principal Payments

Future scheduled minimum principal payments of long-term debt as of December 31, 2025, were as follows:


	Long-term debt
	(in thousands)
2026	$	—
2027	—
2028	11,816
2029	—
2030	60,600
2031	291,020
Total	$	363,436

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details