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DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt consisted of the following as of the dates set forth below (amounts in thousands):
December 31, 2025
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(1,971)$398,029 
Revolving credit facility156,000 — 156,000 
Titan Europe credit facilities21,630 — 21,630 
Other debt10,243 — 10,243 
     Total debt587,873 (1,971)585,902 
Less amounts due within one year21,185 — 21,185 
     Total long-term debt$566,688 $(1,971)$564,717 
December 31, 2024
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(2,847)$397,153 
Revolving credit facility146,000 — 146,000 
Titan Europe credit facilities15,199 — 15,199 
Other debt7,093 — 7,093 
     Total debt568,292 (2,847)565,445 
Less amounts due within one year12,479 — 12,479 
     Total long-term debt$555,813 $(2,847)$552,966 

The weighted-average interest rates on total short-term borrowings due within one year at December 31, 2025 and December 31, 2024, were approximately 3.9% and 4.1%, respectively.

Aggregate maturities of total debt at December 31, 2025, for each of the years set forth below were as follows (amounts in thousands):
2026$21,185 
20275,778 
2028556,608 
2029543 
20303,759 
Thereafter— 
 $587,873 

7.00% senior secured notes due 2028
On April 22, 2021, we issued $400.0 million aggregate principal amount of 7.00% senior secured notes due April 2028 (the senior secured notes due 2028), guaranteed by certain of our subsidiaries. Including the impact of debt issuance costs, these notes had an effective yield of 7.27% at issuance. These notes are secured by the land and buildings of the following of our subsidiaries: Titan Wheel Corporation of Illinois, Titan Tire Corporation, Titan Tire Corporation of Freeport, and Titan Tire Corporation of Bryan.

Revolving credit facility
In connection with the acquisition of Titan Specialty, Titan entered into a domestic credit facility which was effective on February 29, 2024. The credit facility, with Bank of America as agent, consists of a $225.0 million revolving line of credit and is collateralized by accounts receivable and inventory of certain of our domestic and Canadian subsidiaries. Swingline loans and letters of credit are available under the facility up to an aggregate outstanding amount of $20.0 million for swingline loans and $50.0 million for letters of credit. The credit facility can be expanded by up to $50.0 million through an uncommitted accordion provision within the agreement. It is scheduled to mature on February 28, 2029 or 91 days prior to the maturity of our 7.00% secured notes due in 2028. The interest rate of the credit facility is based on the prevailing SOFR rate subject to certain debt levels within each month. As of December 31, 2025, the weighted average interest rate was 5.78%.

The total amount available for borrowing under the credit facility at December 31, 2025 totaled $197.9 million, based on eligible accounts receivable and inventory balances. With outstanding letters of credit totaling $5.9 million and $156.0 million in outstanding borrowings under the revolving credit facility, the net amount available for borrowing under the credit facility totaled $36.1 million at December 31, 2025.

The total amount available for borrowing under the credit facility at December 31, 2024 totaled $177.1 million, based on eligible accounts receivable and inventory balances. With outstanding letters of credit totaling $9.9 million and $146.0 million in outstanding borrowings under the revolving credit facility, the net amount available for borrowing under the credit facility totaled $21.2 million at December 31, 2024.
Titan Europe credit facilities
The Titan Europe credit facilities included borrowings from various institutions totaling $21.6 million and $15.2 million in aggregate principal amount at December 31, 2025 and 2024, respectively. Maturity dates on this primarily unsecured debt range from less than one year to five years. The interest rates range from 0.5% to 3.8%.

Other debt
We have working capital loans at Titan Pneus do Brasil Ltda at varying interest rates between approximately 5.0% to 6.9%, which totaled $10.2 million at December 31, 2025. Similarly, we had a working capital loan at Titan Pneus do Brasil Ltda at varying interest rates from approximately 6.9% to 7.6%, which totaled $7.1 million at December 31, 2024. The maturity dates on these loans range from one year to two years. We expect to negotiate an extension of the maturity dates on these loans with the applicable financial institutions or to repay the loan, as needed.

Debt restrictions
Our $225 million revolving credit facility and indenture relating to the 7.00% senior secured notes due 2028 contain various restrictions, including:
•When remaining availability under the credit facility is less than the greater of (i) $17 million and (ii) 10% of the credit facility’s line cap (the line cap being the lesser of our borrowing base or the lenders’ commitments under the credit facility), we will be required to maintain a minimum fixed charge coverage ratio of not less than 1.0 to 1.0 (calculated quarterly on a trailing four quarter basis);
•Limits on dividends and repurchases of our stock;
•Restrictions on our ability to make additional borrowings, or to consolidate, merge, or otherwise fundamentally change the ownership of the Company;
•Limits on investments, dispositions of assets, and guarantees of indebtedness; and
•Other customary affirmative and negative covenants.
These covenants are subject to a number of exceptions and qualifications that are described in the credit and security agreement and the indenture relating to the 7.00% senior secured notes due 2028. These restrictions could limit our ability to respond to market conditions, provide for unanticipated capital investments, raise additional debt or equity capital, pay dividends, repurchase stock or capitalize on of business opportunities, including possible future acquisitions. We were in compliance with these debt covenants at December 31, 2025.