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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2024

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of December 31, 2024, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Face Value Debt

Maturity Date

Interest Rate

Wtd. Avg. Rate

Credit Facility (1)

​

$

87,000

​

January 2027

​

​

SOFR + 0.10% + [1.25% - 2.20%]

​

​

5.47%

2026 Term Loan (2)

​

​

65,000

​

March 2026

​

​

SOFR + 0.10% + [1.25% - 2.20%]

​

​

2.62%

2027 Term Loan (3)

​

​

100,000

​

January 2027

​

​

SOFR + 0.10% + [1.25% - 2.20%]

​

​

2.70%

2028 Term Loan (4)

​

​

100,000

​

January 2028

​

​

SOFR + 0.10% + [1.20% - 2.15%]

​

​

5.08%

2029 Term Loan (5)

​

​

100,000

​

September 2029

​

​

SOFR + 0.10% + [1.20% - 2.15%]

​

​

4.58%

3.875% Convertible Senior Notes due 2025

​

​

51,034

​

April 2025

​

​

3.875%

​

​

3.88%

Mortgage Note Payable

​

​

17,800

​

August 2026

​

​

4.060%

​

​

4.06%

Total Long-Term Face Value Debt

​

$

520,834

​

​

​

​

​

​

​

​

4.13%

⁽¹⁾ The Company utilized interest rate swaps on $50.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.85% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽²⁾      The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 1.27% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽³⁾ The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁴⁾ The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁵⁾ The Company utilized interest rate swaps on the $100.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread.

Schedule of components of long-term debt

​

Long-term debt consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

Total

Due Within One Year

Total

Due Within One Year

Credit Facility

​

$

87,000

​

$

—

​

$

163,000

​

$

—

2026 Term Loan

​

​

65,000

​

​

—

​

​

65,000

​

​

—

2027 Term Loan

​

​

100,000

​

​

—

​

​

100,000

​

​

—

2028 Term Loan

​

​

100,000

​

​

—

​

​

100,000

​

​

—

2029 Term Loan

​

​

100,000

​

​

—

​

​

—

​

​

—

3.875% Convertible Senior Notes, net of Discount

​

​

50,989

​

​

50,989

​

​

50,830

​

​

—

Mortgage Note Payable

​

​

17,800

​

​

—

​

​

17,800

​

​

—

Financing Costs, net of Accumulated Amortization

​

​

(1,796)

​

​

—

​

​

(1,260)

​

​

—

Total Long-Term Debt

​

$

518,993

​

$

50,989

​

$

495,370

​

$

—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of December 31, 2024 will be required as follows (in thousands):

​	​	​	​
As of December 31, 2024		Amount
2025	​	$	51,034
2026	​	​	82,800
2027	​	​	187,000
2028	​	​	100,000
2029	​	​	100,000
2030 and Thereafter	​	​	—
Total Long-Term Debt - Face Value	​	$	520,834

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of December 31, 2024 consisted of the following (in thousands):

​	​	​	​
​		Total
Current Face Amount	​	$	520,834
Unamortized Discount on Convertible Debt	​	​	(45)
Financing Costs, net of Accumulated Amortization	​	​	(1,796)
Total Long-Term Debt	​	$	518,993

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2024, 2023 and 2022 (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended
​	​	​	December 31, 2024	​	​	December 31, 2023	​	​	December 31, 2022
Interest Expense	​	$	21,315	​	$	21,230	​	$	10,171
Amortization of Deferred Financing Costs	​	​	1,047	​	​	970	​	​	755
Amortization of Discount on Convertible Notes	​	​	159	​	​	159	​	​	189
Total Interest Expense	​	$	22,521	​	​	22,359	​	​	11,115
​	​	​	​	​	​	​	​	​	​
Total Interest Paid (1)	​	$	21,206	​	​	21,636	​	​	9,862

⁽¹⁾ Includes capitalized interest of $0.3 million during the years ended December 31, 2024 and 2023, respectively, and $0.2 million of capitalized interest during the year ended December 31, 2022.

​

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