Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2025

Long-Term Debt.

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of June 30, 2025 are as follows (in thousands):

	MARAD		2029
	Debt		Notes		Total
Less than one year	$	9,412	$	—	$	9,412
One to two years		9,882		—		9,882
Two to three years		—		—		—
Three to four years		—		300,000		300,000
Gross debt		19,294		300,000		319,294
Unamortized debt discount (1)		—		(1,069)		(1,069)
Unamortized debt issuance costs (1)		(854)		(5,759)		(6,613)
Total debt		18,440		293,172		311,612
Less current maturities		(9,412)		—		(9,412)
Long-term debt	$	9,028	$	293,172	$	302,200

(1) Debt discount and debt issuance costs are amortized to interest expense over the term of the applicable debt agreement.

Schedule of redemption prices expressed as percentages of the principal amount

	Redemption
Year	Price
2026	104.875%
2027	102.438%
2028 and thereafter	100.000%

Schedule of components of net interest expense

The following table details the components of our net interest expense (in thousands):

	June 30,				June 30,
	2025		2024		2025		2024
Interest expense	$	8,253	$	8,402	$	16,492	$	17,180
Interest income		(2,378)		(2,511)		(4,911)		(5,812)
Net interest expense	$	5,875	$	5,891	$	11,581	$	11,368