LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2023

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of June 30, 2023, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

	Face Value Debt		Stated Interest Rate	Maturity Date
Credit Facility (1)	$	50,000	SOFR + 0.10% + [1.25% - 2.20%]	January 2027
2026 Term Loan (2)		100,000	SOFR + 0.10% + [1.35% - 1.95%]	May 2026
2027 Term Loan (3)		100,000	SOFR + 0.10% + [1.25% - 1.90%]	January 2027
Total Debt/Weighted-Average Rate	$	250,000	3.36%

(1) As of June 30, 2023, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.21% plus 0.10% and the applicable spread on $50 million of the outstanding balance on the Credit Facility (hereinafter defined). See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swap.

(2) As of June 30, 2023, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus 0.10% and the applicable spread on the $100 million 2026 Term Loan (hereinafter defined) balance. See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

(3) As of June 30, 2023, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 1.18% plus 0.10% and the applicable spread on the $100 million 2027 Term Loan (hereinafter defined) balance. See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

Schedule of components of long-term debt

Long-term debt as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands):

	June 30, 2023				December 31, 2022
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	50,000	$	—	$	68,250	$	—
2026 Term Loan		100,000		—		100,000		—
2027 Term Loan		100,000		—		100,000		—
Financing Costs, net of Accumulated Amortization		(980)		—		(1,134)		—
Total Long-Term Debt	$	249,020	$	—	$	267,116	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of June 30, 2023 will be required as follows (in thousands):

Year Ending December 31,	Amount
Remainder of 2023	$	—
2024		—
2025		—
2026		100,000
2027		150,000
2028		—
2029 and Thereafter		—
Total Long-Term Debt - Face Value	$	250,000

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of June 30, 2023 consisted of the following (in thousands):

	Total
Current Face Amount	$	250,000
Financing Costs, net of Accumulated Amortization		(980)
Total Long-Term Debt	$	249,020

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, 2023 and 2022 (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Interest Expense	$	2,261	$	1,991	$	4,700	$	3,546
Amortization of Deferred Financing Costs to Interest Expense		177		132		351		257
Total Interest Expense	$	2,438	$	2,123	$	5,051	$	3,803
Total Interest Paid	$	2,137	$	1,840	$	4,681	$	3,352