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LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following:

(in thousands)						March 31, 2025						December 31, 2024
Senior secured term loans						$	160,000					$	232,800
Super senior term loan						12,500						—
Total principal debt						172,500						232,800
Plus: Unamortized premium						25,498						—
Less: Unamortized discount						(1,981)						(1,372)
Less: Debt issuance and amendment costs, net						(1,060)						(884)
Long-term debt, net						194,957						230,544
Less: Current maturities of long-term debt						(1,225)						(230,544)
Total long-term debt						$	193,732					$	—

Schedule of Maturities of Long-Term Debt

Principal payments are due as follows:

(in thousands)			Total
2025			$	919
2026			1,225
2027			1,225
2028			1,225
2029			14,474
2030			153,432
Total debt			$	172,500

Schedule of Line of Credit Facilities

The carrying value of the New Facility was determined as follows:

(in thousands)			Total
SSTL immediately before the Debt Exchange Transaction			$	232,800
Unamortized debt issuance costs and discount immediately before the Debt Exchange Transaction			(1,296)
Less: fair value of equity issued to the SSTL lenders			(45,370)
Less: fees paid to third parties on behalf of the SSTL lenders			(1,166)
Carrying value of the New Facility			$	184,968
Comprised of:
Par value of the New Facility			$	160,000
Premium			26,264
Unamortized debt issuance costs and discount			(1,296)
Carrying value of the New Facility			$	184,968

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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