LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of outstanding indebtedness, at face value

As of March 31, 2025, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

	Face Value Debt		Maturity Date	Interest Rate		Wtd. Avg. Rate
Credit Facility (1)	$	170,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]		5.59%
2026 Term Loan (2)		65,000	March 2026		SOFR + 0.10% + [1.25% - 2.20%]		2.62%
2027 Term Loan (3)		100,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]		2.70%
2028 Term Loan (4)		100,000	January 2028		SOFR + 0.10% + [1.20% - 2.15%]		5.08%
2029 Term Loan (5)		100,000	September 2029		SOFR + 0.10% + [1.20% - 2.15%]		4.58%
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	$	603,834					4.35%

⁽¹⁾ The Company utilized interest rate swaps on $50.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.85% 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.

⁽⁵⁾ The Company utilized interest rate swaps on the $100.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% 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, 2025				December 31, 2024
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	170,000	$	—	$	87,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
2028 Term Loan		100,000		—		100,000		—
2029 Term Loan		100,000		—		100,000		—
3.875% Convertible Senior Notes, net of Discount		51,028		51,028		50,989		50,989
Mortgage Note Payable		17,800		—		17,800		—
Financing Costs, net of Accumulated Amortization		(1,612)		—		(1,796)		—
Total Long-Term Debt	$	602,216	$	51,028	$	518,993	$	50,989

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of March 31, 2025 will be required as follows (in thousands):

As of March 31, 2025	Amount
Remainder of 2025	$	51,034
2026		82,800
2027		270,000
2028		100,000
2029		100,000
2030		—
2031 and Thereafter		—
Total Long-Term Debt - Face Value	$	603,834

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of March 31, 2025 consisted of the following (in thousands):

	Total
Current Face Amount	$	603,834
Unamortized Discount on Convertible Debt		(6)
Financing Costs, net of Accumulated Amortization		(1,612)
Total Long-Term Debt	$	602,216

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, 2025 and 2024 (in thousands):

	Three Months Ended
	March 31, 2025		March 31, 2024
Interest Expense	$	5,769	$	5,233
Amortization of Deferred Financing Costs		328		256
Amortization of Discount on Convertible Notes		39		40
Total Interest Expense	$	6,136	$	5,529
Total Interest Paid (1)	$	5,300	$	4,751

^{(1) Net of capitalized interest of $0.1 million during the three months ended March 31, 2024, with no interest being capitalized during the three months ended March 31, 2025.}