LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2024

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of March 31, 2024, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

	Face Value Debt		Maturity Date	Interest Rate
Credit Facility (1)	$	209,500	January 2027		SOFR + 0.10% + [1.25% - 2.20%]
2026 Term Loan (2)		65,000	March 2026		SOFR + 0.10% + [1.25% - 2.20%]
2027 Term Loan (3)		100,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]
2028 Term Loan (4)		100,000	January 2028		SOFR + 0.10% + [1.20% - 2.15%]
3.875% Convertible Senior Notes due 2025		51,034	April 2025		3.875%
Mortgage Note Payable		17,800	August 2026		4.060%
Total Long-Term Face Value Debt	$	543,334

⁽¹⁾ The Company utilized interest rate swaps on $150.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.47% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽²⁾      The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 1.27% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽³⁾ The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁴⁾ The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

Schedule of components of long-term debt

Long-term debt consisted of the following (in thousands):

	March 31, 2024				December 31, 2023
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	209,500	$	—	$	163,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
2028 Term Loan		100,000		—		100,000		—
3.875% Convertible Senior Notes, net of Discount		50,869		—		50,830		—
Mortgage Note Payable		17,800		—		17,800		—
Financing Costs, net of Accumulated Amortization		(1,149)		—		(1,260)		—
Total Long-Term Debt	$	542,020	$	—	$	495,370	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of March 31, 2024 will be required as follows (in thousands):

As of March 31, 2024	Amount
Remainder of 2024	$	—
2025		51,034
2026		82,800
2027		309,500
2028		100,000
2029		—
2030 and Thereafter		—
Total Long-Term Debt - Face Value	$	543,334

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of March 31, 2024 consisted of the following (in thousands):

	Total
Current Face Amount	$	543,334
Unamortized Discount on Convertible Debt		(165)
Financing Costs, net of Accumulated Amortization		(1,149)
Total Long-Term Debt	$	542,020

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the three months ended March 31, 2024 and 2023 (in thousands):

	Three Months Ended
	March 31, 2024		March 31, 2023
Interest Expense	$	5,233	$	4,352
Amortization of Deferred Financing Costs		256		241
Amortization of Discount on Convertible Notes		40		39
Total Interest Expense	$	5,529	$	4,632
Total Interest Paid (1)	$	4,751	$	4,268

^{(1) Includes capitalized interest of $0.1 million during the three months ended March 31, 2024 and 2023.}