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Long-Term Obligations (Tables)
 9 Months Ended
Sep. 30, 2025
LOng-Term Obligations Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The carrying values of our long-term debt consist of the following (in thousands):

Effective Interest Rate
As of
September 30, 2025
Effective Interest Rate
As of
December 31, 2024
Senior Secured Credit Facilities:
Term Loan A — principal7.04 %$559,688 8.03 %$770,313 
Term Loan B — principal7.40 %764,500 8.38 %826,625 
Revolving Credit Facility — principal— %— — %— 
Less unamortized debt issuance costs(1)
(10,257)(14,080)
Total carrying value of long-term debt1,313,931 1,582,858 
Less current portion of long-term debt— 51,000 
Long-term debt, net$1,313,931 $1,531,858 
_______________________________
(1)    Comprised of $3.7 million and $6.5 million relating to the Term Loan A and the Term Loan B, respectively, as of September 30, 2025. Comprised of $6.1 million and $8.0 million relating to the Term Loan A and the Term Loan B, respectively, as of December 31, 2024.
Schedule of Maturities of Long-term Debt
As of September 30, 2025, the aggregate amount of principal repayments of our long-term debt (including any current portion) for each of the next five years and thereafter is approximately (in thousands):

Remainder of 2025$— 
2026— 
2027559,688 
2028— 
2029764,500 
2030— 
Total$1,324,188 
Interest expense on long term debt
The following table presents the total interest expense related to our long-term debt (in thousands):

Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
Contractual interest$22,815 $32,059 $73,571 $96,186 
Amortization of debt issuance costs1,629 1,700 5,112 5,111 
Commitment fee — Revolving Credit Facility319 384 1,036 1,141 
Total long-term debt-related interest expense$24,763 $34,143 79,719 102,438 
Applicable Margin Based on Leverage Ratio
Effective on the first Adjustment Date, as defined in the Credit Agreement, occurring subsequent to our quarter ended June 30, 2022, the applicable margin for the Term Loan A and borrowings under the Revolving Credit Facility is determined by reference to the leverage ratio in effect from time to time as set forth in the following table:
Leverage RatioApplicable Margin for Term SOFR LoansApplicable Margin for Base Rate LoansCommitment Fee Rate
Greater than 4.00 to 1.02.25%1.25%0.35%
Less than or equal to 4.00 to 1.0 but greater than 3.00 to 1.02.00%1.00%0.30%
Less than or equal to 3.00 to 1.0 but greater than 2.50 to 1.01.75%0.75%0.25%
Less than or equal to 2.50 to 1.0 but greater than 2.00 to 1.01.50%0.50%0.20%
Less than or equal to 2.00 to 1.01.25%0.25%0.15%
Leverage Ratio
Effective on the first Adjustment Date, as defined in the Credit Agreement, occurring subsequent to our quarter ended June 30, 2022, the applicable margin for the Term Loan B is determined by reference to the leverage ratio in effect from time to time as set forth in the following table:
Leverage RatioApplicable Margin for Term SOFR LoansApplicable Margin for Base Rate Loans
Greater than 2.75 to 1.02.50%1.50%
Less than 2.75 to 1.02.25%1.25%