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Interest Expense
 3 Months Ended
Mar. 31, 2026
Interest and Debt Expense [Abstract]  
Interest Expense Interest Expense
The following table presents the components of interest expense: 
Three Months Ended
March 31,
(Dollars in thousands)20262025
Interest incurred on debt$22,249 $22,532 
Accretion of original issue discount1,263 1,267 
Amortization of debt issuance costs684 681 
Debt modification costs— 5,361 
Total interest expense$24,196 $29,841 
The financing transactions entered into in 2024 were accounted for as a modification of the existing debt under ASC 470-50, Debt—Modifications and Extinguishments.
The Company incurred $5.4 million of fees and expenses related to post-closure costs attributable to the modification, which were expensed as incurred in the first quarter of 2025 and are included in Interest expense on the Condensed Consolidated Statements of Operations.
The Existing 9.875% Notes and the New 9.875% Notes carry fixed interest rates of 9.875%. The Existing 4.625% Notes and the New 4.625% Notes carry fixed interest rates of 4.625%. The Initial First Lien Term Loan had an effective interest rate of 9.67% as of March 31, 2026. The Company pays a ticking fee associated with the undrawn Delayed Draw Commitments in an amount equal to 3.75% per annum.
See Note 5, “Debt and Liquidity” for details of our debt.