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Long-Term Debt | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Note 10. Long-Term Debt Long-term debt consisted of the following as of:
| December 31,
| 2025 |  | 2024
| (in thousands)
Term note with interest payable monthly, interest rate at Adjusted SOFR, plus an applicable margin of 2.25% (5.96610% at December 31, 2025) quarterly principal payments of 0.25% of original principal balance with balloon payment due July 2031 | $ | 526,625 |  |  | $ | 532,125 |
Revolver with interest payable monthly, interest rate at Adjusted SOFR, plus an applicable margin of 2.00% (5.68751% at December 31, 2025), and outstanding balance due July 2030 | — |  |  | — |
Principal debt | 526,625 |  |  | 532,125 |
Deferred financing costs on long-term debt | (2,447) |  |  | (3,069) |
Discount on long-term debt | (787) |  |  | (1,114) |
Total debt | 523,391 |  |  | 527,942 |
Less current maturities | 5,500 |  |  | 5,500 |
Long-term portion | $ | 517,891 |  |  | $ | 522,442 |
The Company is party to a credit agreement, as amended, that provides for one term loan in the aggregate principal amount of $529.4 million (the “Term Loan”), a revolver with a capacity of $155.0 million (the “Revolver”) and a sub-limit of the Revolver available for letters of credit up to an aggregate face amount of $20.0 million. These debt arrangements are collectively referred to herein as the “Credit Facilities”. On December 13, 2024, the Company entered into an amendment (the “2024 Amendment”) to the Credit Facilities to reduce the applicable margin and remove the credit spread adjustment from the existing Term Loan in its entirety in an aggregate principal amount of $533.5 million. Following the 2024 Amendment, the Term Loan bears interest, at the borrower’s election, at (x) a forward-looking term rate based upon the secured overnight financing rate (“SOFR”) (as defined in the Credit Facilities) plus an applicable margin of 2.50%, with a minimum forward-looking SOFR rate 0.50% or (y) Alternative Base Rate (“ABR”) (as defined in the Credit Facilities) plus an applicable margin of 1.50%, with a minimum ABR of 1.50%, in each case, with no step-downs. The credit spread adjustment was removed in connection with the 2024 Amendment. The refinanced Term Loan priced at par and refinanced the existing term loan outstanding under the Credit Agreement immediately prior to giving effect to the 2024 Amendment. Effective as of June 10, 2025, the Company entered into an additional amendment to the Credit Facilities (the “June 2025 Amendment”) to reduce the commitments outstanding under the Revolver, extend the maturity of a portion of such commitments and reduce the applicable margin with respect to extended revolving loans. As a result of the June 2025 Amendment, commitments under the Revolver were reduced from $190.0 million to $155.0 million. With respect to $125.0 million of such commitments, (i) the maturity date was extended to January 6, 2028 and (ii) the applicable margin for (x) Term SOFR (as defined in the Credit Facilities) loans was reduced to 2.50% and (y) ABR (as defined in the Credit Facilities) loans was reduced to 1.50%, in each case, subject to a single 0.25% step-down based on the Company’s first lien net leverage ratio. With respect to the remaining $30.0 million of such commitments, (i) the maturity date remains July 6, 2026 and (ii) the applicable margin was unchanged. On July 29, 2025, the Company entered into an amendment to the Credit Facilities (the “July 2025 Amendment”) to, among other things, refinance the existing Term Loan in an aggregate principal amount of $529.4 million. The July 2025 Amendment, among other things, (i) extends the maturity date of the Term Loan to July 6, 2031, and (ii) reduces the applicable margin by 25 basis points with respect to all term loans. The Term Loan bears interest, at the Borrower’s election, at (x) Term SOFR (as defined in the Credit Agreement) plus an applicable margin of 2.25%, with a minimum Term SOFR rate of 0.50% or (y) ABR (as defined in the Credit Agreement) plus an applicable margin of 1.25%, with a minimum ABR of 1.50%, in each case, with no step-downs. The refinanced Term Loan priced at par and refinanced the existing term loan outstanding under the Credit Agreement immediately prior to giving effect to the July 2025 Amendment. Pursuant to the July 2025 Amendment, with respect to $125.0 million of commitments under the existing $155.0 million Revolver, (i) the maturity date was extended to July 29, 2030 and (ii) the applicable margin for (x) Term SOFR loans was reduced to 2.00% and (y) Alternate Base Rate loans was reduced to 1.00%, in each case, subject to a 25 basis points step-up based on the Company’s first lien net leverage ratio. Other than the changes noted above, the terms and conditions of all commitments at closing as well as those extending beyond the original maturity date remain the same as the existing Revolver. Accordingly, $155.0 million of availability remains under the Revolver until July 6, 2026 and then reduces to $125.0 million through July 29, 2030. The Company determines the fair value of long-term debt based on trading prices for its debt if available. As of December 31, 2025, the Company obtained trading prices for the term notes outstanding. However, as such trading prices require significant unobservable inputs to the pricing model, such instruments are classified as Level 2. The fair value amounts were approximately $529.3 million and $537.4 million as of December 31, 2025 and 2024, respectively. The Company has entered into the following interest rate swap agreements in connection with its Credit Facilities to convert a portion of the floating rate component of the Term Loan from a floating rate to fixed rate:
Swap |  | Effective Date |  | Expiration Date |  | Fixed Interest Rate |  | Notional Amount |  | Asset (Liability) Fair Value at December 31, 2025
|  |  |  |  |  |  |  | (in thousands) |  | (in thousands)
Initial Swap |  | October 31, 2022 |  | October 31, 2027 |  | 4.212 | % |  | $ | 200,000 |  |  | $ | (3,293) |
Second Swap |  | March 31, 2023 |  | October 31, 2027 |  | 3.951 | % |  | $ | 100,000 |  |  | $ | (1,178) |
Third Swap |  | September 20, 2024 |  | October 31, 2027 |  | 3.395 | % |  | $ | 125,000 |  |  | $ | (216) |
The Swap Agreements are accounted for as derivatives whereby the fair value of the contract is reported within the consolidated balance sheets, and related gains and losses resulting from changes in the fair value are reported in interest and other expense, net, in the statements of operations and comprehensive income (loss). As of December 31, 2025 the fair value of the Swap Agreements was a liability of $4.7 million, which is reported in other non-current liabilities on the consolidated balance sheets. As of December 31, 2024 the fair value of the Initial Swap was a liability of $0.9 million, while the fair value of the Second and Third Swaps were an asset of $2.4 million, which are reported in other non-current liabilities and other non-current assets, respectively, on the consolidated balance sheets. The related net gains and losses resulting from changes in fair value were a loss of $6.2 million, a gain of $6.4 million and a loss of $2.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company’s Credit Facilities are subject to certain financial and nonfinancial covenants and are secured by substantially all assets of the Company. As of December 31, 2025, the Company was in compliance with all of its financial covenants. Aggregate maturities of the Company’s debt are as follows (in thousands):
Year Ended December 31, |
2026 | $ | 5,500 |
2027 | 5,500 |
2028 | 5,500 |
2029 | 5,500 |
2030 | 5,500 |
Thereafter | 499,125 |
Total aggregate maturities of the Company’s debt | $ | 526,625 |

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