LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2024

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of June 30, 2024, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

	Face Value Debt		Maturity Date	Interest Rate		Wtd. Avg. Rate as of June 30, 2024
Credit Facility (1)	$	150,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]		5.07%
2026 Term Loan (2)		65,000	March 2026		SOFR + 0.10% + [1.25% - 2.20%]		2.87%
2027 Term Loan (3)		100,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]		2.95%
2028 Term Loan (4)		100,000	January 2028		SOFR + 0.10% + [1.20% - 2.15%]		5.33%
3.875% Convertible Senior Notes due 2025		51,034	April 2025		3.875%		3.88%
Mortgage Note Payable		17,800	August 2026		4.060%		4.06%
Total Long-Term Face Value Debt	$	483,834					4.23%

⁽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):

	June 30, 2024				December 31, 2023
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	150,000	$	—	$	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		50,909		—		50,830		—
Mortgage Note Payable		17,800		—		17,800		—
Financing Costs, net of Accumulated Amortization		(1,048)		—		(1,260)		—
Total Long-Term Debt	$	482,661	$	—	$	495,370	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of June 30, 2024 will be required as follows (in thousands):

As of June 30, 2024	Amount
Remainder of 2024	$	—
2025		51,034
2026		82,800
2027		250,000
2028		100,000
2029		—
2030 and Thereafter		—
Total Long-Term Debt - Face Value	$	483,834

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of June 30, 2024 consisted of the following (in thousands):

	Total
Current Face Amount	$	483,834
Unamortized Discount on Convertible Debt		(125)
Financing Costs, net of Accumulated Amortization		(1,048)
Total Long-Term Debt	$	482,661

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, 2024 and 2023 (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Interest Expense	$	5,307	$	4,930	$	10,540	$	9,282
Amortization of Deferred Financing Costs		257		241		513		482
Amortization of Discount on Convertible Notes		40		40		80		79
Total Interest Expense	$	5,604	$	5,211	$	11,133	$	9,843
Total Interest Paid (1)	$	5,903	$	5,321	$	10,654	$	9,589

^{(1) Includes capitalized interest of $0.1 million during the three and six months ended June 30, 2024 and 2023.}