LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2024

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of September 30, 2024, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

	Face Value Debt		Maturity Date	Interest Rate		Wtd. Avg. Rate as of September 30, 2024
Credit Facility (1)	$	95,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]		5.82%
2026 Term Loan (2)		65,000	March 2026		SOFR + 0.10% + [1.25% - 2.20%]		2.72%
2027 Term Loan (3)		100,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]		2.80%
2028 Term Loan (4)		100,000	January 2028		SOFR + 0.10% + [1.20% - 2.15%]		5.18%
2029 Term Loan (5)		100,000	September 2029		SOFR + 0.10% + [1.20% - 2.15%]		4.68%
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	$	528,834					4.28%

⁽¹⁾ Prior to September 30, 2024, the Company utilized interest rate swaps on $150.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.47% plus the 10 bps SOFR adjustment plus the applicable spread. Effective September 30, 2024, the Company redesignated $100.0 million of interest rate swaps to the 2029 Term Loan. Accordingly, as of September 30, 2024, 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):

	September 30, 2024				December 31, 2023
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	95,000	$	—	$	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		50,949		—		50,830		—
Mortgage Note Payable		17,800		—		17,800		—
Financing Costs, net of Accumulated Amortization		(1,911)		—		(1,260)		—
Total Long-Term Debt	$	526,838	$	—	$	495,370	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of September 30, 2024 will be required as follows (in thousands):

As of September 30, 2024	Amount
Remainder of 2024	$	—
2025		51,034
2026		82,800
2027		195,000
2028		100,000
2029		100,000
2030 and Thereafter		—
Total Long-Term Debt - Face Value	$	528,834

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of September 30, 2024 consisted of the following (in thousands):

	Total
Current Face Amount	$	528,834
Unamortized Discount on Convertible Debt		(85)
Financing Costs, net of Accumulated Amortization		(1,911)
Total Long-Term Debt	$	526,838

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the three and nine months ended September 30, 2024 and 2023 (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest Expense	$	5,348	$	6,036	$	15,888	$	15,318
Amortization of Deferred Financing Costs		245		242		758		724
Amortization of Discount on Convertible Notes		39		40		119		119
Total Interest Expense	$	5,632	$	6,318	$	16,765	$	16,161
Total Interest Paid (1)	$	4,986	$	5,589	$	15,640	$	15,178

^{(1) Net of capitalized interest of $0.1 million during the three and nine months ended September 30, 2024 and capitalized interest of $0.1 million and $0.2 million during the three and nine months ended September 30, 2023, respectively.}