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INDEBTEDNESS (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Company's Debt, Net of Applicable Unamortized Debt Issuance Costs
The Company's debt consists of the following:
(in thousands)
Interest rate
Maturity
June 30, 2026December 31, 2025
Corporate debt
Senior unsecured notes
6.00%November 2029$600,000 $600,000 
Term Loan A
Variable1
November 2029
— — 
Revolving facility outstanding
Variable2
November 2029
— — 
Less: unamortized debt issuance costs
(4,490)(5,139)
Total corporate debt, net
595,510 594,861 
Asset-backed debt
Class A - Series 2023-A
Variable3
April 2030
58,498 — 
Class B - Series 2023-A
Variable3
April 2030
15,180 — 
Class A - Series 2026-A
4.37%
August 2030
122,680 — 
Class B - Series 2026-A
4.81%August 203032,010 — 
Class C - Series 2026-A
5.25%August 203029,330 — 
Class D - Series 2026-A
5.40%August 203020,230 — 
Class E - Series 2026-A
7.54%August 203015,750 — 
Less: Unamortized debt issuance costs
(2,124)— 
Total asset-backed debt, net
291,554 — 
Total debt, net
$887,064 $594,861 
1 Term Loan A bore interest at either a base rate or term SOFR plus an applicable margin based on the Company's leverage ratio.
2 The Revolving Facility bears interest at either a base rate or term SOFR plus an applicable margin based on the Company's leverage ratio.
3 The 2023-A facility bears interest on Class A at 2.05% plus the greater of the CP Rate (as defined in the agreement) or the floor rate of 0% and for Class B at 8.25% plus the greater of the term SOFR plus 0.1% or the floor rate of 3.0%.
Schedule of Debt Activity
The following table presents a summary of debt activity for the six months ended June 30, 2026 (balances in the activity table reflect gross principal amounts and exclude unamortized debt issuance costs):
(in thousands)
Debt instrument
Balance, 12/31/2025Acquisition
New borrowings
Debt paydowns
Balance, 6/30/2026
Corporate debt
Senior unsecured notes
$600,000 $— $— $— $600,000 
Term Loan A— — 125,000 (125,000)— 
Revolving facility1
— — 185,000 (185,000)— 
Total corporate debt
600,000 — 310,000 (310,000)600,000 
Asset-backed debt
Series 2023-A facility
— 107,500 16,178 (50,000)73,678 
PPF1 facility
— 30,748 — (30,748)— 
PPF 2024-A
— 200,360 — (200,360)— 
PPF 2026-A facility— — 220,000 — 220,000 
Total asset-backed debt
— 338,608 236,178 (281,108)293,678 
Total gross debt$600,000 $338,608 $546,178 $(591,108)$893,678 
1 The new borrowings on the revolving facility included $135.0 million used for the acquisition of Purchasing Power and an additional $50 million for other working capital needs. The aggregated new revolving facility borrowings of $185.0 million were repaid during the three months ended March 31, 2026.
Schedule of Future Principal Maturities Due
Below is a summary of future principal maturities of our debt due as of June 30, 2026:
(in thousands)
2027$— 
2028— 
2029600,000 
2030293,678 
2031— 
Thereafter— 
Total$893,678 
Schedule of Interest Expense Interest expense consists of the following:
Three months ended June 30,Six months ended June 30,
(in thousands)
2026202520262025
Interest on corporate debt
$9,818 $9,307 $22,096 $18,783 
Interest on asset-backed financing
4,353 — 9,145 — 
Amortization of debt issuance costs
1,046 487 2,365 974 
Total interest expense
$15,217 $9,794 $33,606 $19,757