Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Long-Term Debt.

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of March 31, 2026 are as follows (in thousands):

	MARAD		2029
	Debt		Notes		Total
Less than one year	$	9,882	$	—	$	9,882
One to two years		—		—		—
Two to three years		—		300,000		300,000
Gross debt		9,882		300,000		309,882
Unamortized debt discount (1)		—		(882)		(882)
Unamortized debt issuance costs (1)		(488)		(4,751)		(5,239)
Total debt		9,394		294,367		303,761
Less current maturities		(9,394)		—		(9,394)
Long-term debt	$	—	$	294,367	$	294,367

(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):

	Three Months Ended
	March 31,
	2026		2025
Interest expense	$	8,200	$	8,239
Interest income		(2,971)		(2,533)
Net interest expense	$	5,229	$	5,706