Revolving Credit Facility

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Revolving Credit Facility

Revolving Credit Facility

The Company has a $260,000 revolving credit facility (the “Amended 2025 Revolver”) with a lender syndicate, which matures on November 10, 2030. At the Company's option, the interest rate on the Amended 2025 Revolver may be based on either ABR plus an applicable margin ranging from 0.75% to 2.00% or Term SOFR ranging from 1.75% to 3.00%, depending on the Company's total net leverage ratio of the prior fiscal quarter. As of June 30, 2026, the applicable interest rate was 5.9%. The Amended 2025 Revolver is secured by substantially all of the assets of the Company and its subsidiaries. The Company was in compliance with all financial covenants under the Amended 2025 Revolver as of June 30, 2026.

The following table summarizes the activity under the Amended 2025 Revolver for the six months ended June 30, 2026:

(In thousands)
Beginning balance, December 31, 2025	$	240,000
Drawdown	24,000
Less repayments	(24,000)
Ending balance, June 30, 2026	$	240,000

As of June 30, 2026, the Company had $20,000 of available borrowing capacity under the Amended 2025 Revolver. For the three and six months ended June 30, 2026, the weighted average interest rate on borrowings outstanding was 6.2% and 6.0%, respectively and the average outstanding balance was $233.5 million and $233.3 million, respectively. There have been no material changes to the terms of the Amended 2025 Revolver from those described in Note 5, 'Debt,' of the Company's Annual Report on Form 10-K for the year ended December 31, 2025.