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DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
The Company’s debt for the years ended December 31, 2024 and 2023, consists of the following (amounts in thousands):
As of December 31, 2024As of December 31, 2023
Principal
Debt Issuance Costs (1)
Total PrincipalDebt Issuance CostsTotal
Revolving credit facility$— $— $— $250,000 $(4,033)$245,967 
Total debt$— $— $— $250,000 $(4,033)$245,967 
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(1)Debt issuance costs of $3.1 million are included within Other assets on our consolidated balance sheets.
Revolving Credit Facility
During the year ended December 31, 2024, we repaid the remaining $250 million of outstanding borrowings on our revolving credit facility, making the entire $1 billion revolving credit facility available as of December 31, 2024.
On June 28, 2023, we entered into a fifth amendment to our revolving credit facility dated as of June 2, 2017, as amended. The fifth amendment extended the scheduled maturity date from July 7, 2026 to June 28, 2028, replaced LIBOR with Secured Overnight Financing Rate (Term SOFR”) as a benchmark interest rate and made certain other administrative changes to the existing revolving credit facility.
Interest expense recognized on the revolving credit facility for the years ended December 31, 2024, 2023, and 2022 was approximately $6.3 million, $28.4 million, and $10.0 million, respectively, and included interest on the outstanding borrowings and the amortization of the debt issuance costs. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of December 31, 2024.
We may repay any borrowings under our revolving credit facility at any time without premium or penalty.