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Interest Expense | 6 Months Ended
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Jun. 30, 2026
Interest and Debt Expense [Abstract] |
Interest Expense | Interest Expense The following table presents the components of interest expense:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025
Interest incurred on debt | $ | 22,421 |  |  | $ | 22,539 |  |  | $ | 44,670 |  |  | $ | 45,071 |
Accretion of original issue discount | 1,264 |  |  | 1,260 |  |  | 2,527 |  |  | 2,527 |
Amortization of debt issuance costs | 685 |  |  | 688 |  |  | 1,369 |  |  | 1,369 |
Debt modification costs | — |  |  | 931 |  |  | — |  |  | 6,292 |
Total interest expense | $ | 24,370 |  |  | $ | 25,418 |  |  | $ | 48,566 |  |  | $ | 55,259 |
The financing transactions entered into in 2024 were accounted for as a modification of the existing debt under ASC 470-50, Debt—Modifications and Extinguishments. The Company incurred $0.9 million and $6.3 million of fees and expenses related to post-closing costs attributable to the modification, which were expensed as incurred in the second quarter and first six months of 2025, respectively, and are included in Interest expense on the Condensed Consolidated Statements of Operations. The Existing 9.875% Notes and the New 9.875% Notes carry fixed interest rates of 9.875%. The Existing 4.625% Notes and the New 4.625% Notes carry fixed interest rates of 4.625%. The Initial First Lien Term Loan had an effective interest rate of 9.67% as of June 30, 2026. The Delayed Draw First Lien Term Loan had an interest rate of 9.64% as of June 30, 2026. The Company paid a ticking fee associated with the undrawn Delayed Draw Commitments in an amount equal to 3.75% per annum. See Note 5, “Debt and Liquidity” for details of our debt.

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