LONG-TERM DEBT (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Debt Disclosure [Abstract] |
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| Schedule of outstanding indebtedness, at face value |
As of June 30, 2026, the Company’s outstanding indebtedness, at face value, was as follows. See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. | | | | | | | | | | | | Face Value Debt
(in thousands) | | Stated Interest Rate | | Wtd. Avg. Rate as of June 30, 2026 | | Maturity Date | Revolving Facility (1) | | $ | 169,500 | | SOFR +
[1.25% - 2.20%] | | 4.82% | | February 2030 | 2029 Term Loan (2) | | | 100,000 | | SOFR +
[1.25% - 1.90%] | | 4.66% | | February 2029 | 2031 Term Loan (3) | | | 100,000 | | SOFR +
[1.25% - 1.90%] | | 3.35% | | February 2031 | Total Debt/Weighted-Average Rate | | $ | 369,500 | | | | 4.38% | | |
| (1) | As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the applicable spread on $100 million of the outstanding balance on the Revolving Facility (hereinafter defined). |
| (2) | As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread on the $100 million 2029 Term Loan (hereinafter defined) balance. |
| (3) | As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the applicable spread on the $100 million 2031 Term Loan (hereinafter defined) balance. |
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| Schedule of components of long-term debt |
Long-term debt as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands): | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | Total | | Due Within One Year | | Total | | Due Within One Year | Revolving Facility | | $ | 169,500 | | $ | — | | $ | 178,000 | | $ | — | 2026 Term Loan | | | — | | | — | | | 100,000 | | | 100,000 | 2027 Term Loan | | | — | | | — | | | 100,000 | | | — | 2029 Term Loan | | | 100,000 | | | — | | | — | | | — | 2031 Term Loan | | | 100,000 | | | — | | | — | | | — | Financing Costs, net of Accumulated Amortization | | | (1,948) | | | — | | | (261) | | | — | Total Long-Term Debt | | $ | 367,552 | | $ | — | | $ | 377,739 | | $ | 100,000 |
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| Schedule of payments applicable to reduction of principal amounts |
Payments applicable to reduction of principal amounts as of June 30, 2026 will be required as follows (in thousands): | | | | Year Ending December 31, | | Amount | Remainder of 2026 | | $ | — | 2027 | | | — | 2028 | | | — | 2029 | | | 100,000 | 2030 | | | 169,500 | 2031 | | | 100,000 | 2032 and Thereafter | | | — | Total Long-Term Debt - Face Value | | $ | 369,500 |
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| Schedule of carrying value of long-term debt |
The carrying value of long-term debt as of June 30, 2026 consisted of the following (in thousands): | | | | | | Total | Current Face Amount | | $ | 369,500 | Financing Costs, net of Accumulated Amortization | | | (1,948) | Total Long-Term Debt | | $ | 367,552 |
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| Schedule of interest expense on debt |
The following table reflects a summary of interest expense incurred and paid during the three and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | Interest Expense | | $ | 3,766 | | $ | 3,965 | | $ | 7,544 | | $ | 7,153 | Interest Expense from Obligation Under Participation Agreement | | | 510 | | | 150 | | | 820 | | | 365 | Amortization of Deferred Financing Costs to Interest Expense | | | 303 | | | 205 | | | 568 | | | 394 | Total Interest Expense | | $ | 4,579 | | $ | 4,320 | | $ | 8,932 | | $ | 7,912 | | | | | | | | | | | | | | Total Interest Paid | | $ | 4,240 | | $ | 3,510 | | $ | 9,057 | | $ | 6,683 |
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