DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

DEBT

On August 21, 2025, the Company entered into a credit agreement (the “2025 Credit Agreement”), consisting of a $75.0 million revolving credit facility (the “2025 Revolving Facility”), which matures on August 21, 2030, and a $400.0 million term loan facility (the “2025 Term Loan” and together with the 2025 Revolving Facility, the “2025 Credit Facility”), which matures on August 21, 2030.

A summary of the gross carrying amount, debt issuance costs, original issue discount, and net carrying value of the 2025 Term Loan in the accompanying consolidated balance sheets, are as follows (in thousands):

	March 31, 2026		December 31, 2025
Current Portion
Gross carrying amount	$	4,000	$	4,000
Debt issuance costs	35		37
Unamortized original issue discount	36		37
Net carrying amount	$	3,929	$	3,926
Long-term Portion
Gross carrying amount	$	394,000	$	395,000
Debt issuance costs	3,474		3,634
Unamortized original issue discount	3,509		3,672
Net carrying amount	$	387,017	$	387,694

As of March 31, 2026, the Company's borrowings outstanding under the 2025 Term Loan bear interest based on the Secured Overnight Financing Rate ("SOFR") of 7.92%. The carrying value of the Company's financial instruments are equal to fair value at March 31, 2026.

As of March 31, 2026, the Company had no borrowings outstanding under the 2025 Revolving Facility.

The Company was in compliance with all covenants at March 31, 2026.

In the first three months of 2026, the Company recorded interest expense related to its 2025 Credit Agreement of $8.5 million which consisted of $7.9 million associated with borrowings bearing interest based on the SOFR rate, $0.3 million associated with the amortization of debt issuance costs, and $0.2 million associated with the accretion of the original issue discount and $0.1 million in unused commitment fees.

In the first three months of 2025, the Company recorded interest expense on the 2025 Notes of $0.2 million which consisted of $0.1 million associated with the 0.50% coupon rate and $0.1 million associated with the amortization of the debt issuance costs. Additionally, a gain on the extinguishment of debt of $0.3 million for the repurchase of a portion of the 2025 Notes is included in interest expense, net in the consolidated statement of operations and comprehensive income.

In the first three months of 2025, the Company recorded interest expense related to its Credit Agreement from 2021 of $5.6 million which consisted of $5.1 million associated with borrowings bearing interest at the SOFR option rate, $0.3 million in unused commitment fees and $0.2 million associated with the amortization of the debt issuance costs.

In the first three months of 2025, the Company recorded interest expense related to the 2024 Term Loan of $3.4 million which consisted of $3.0 million associated with borrowings bearing interest based on the SOFR option rate, $0.2 million associated with unused commitment fees, $0.1 million associated with the amortization of debt issuance costs, and $0.1 million associated with the accretion of the original issue discount.