Capital-structure question: $85M Blue Torch term loan (May 2026) + $25M Q2 buyback during an H1 pre-tax loss, interim CFO in place, and a back-half-loaded FY2026 guidance

The capital-structure experiment is real, verified in SEC filings, and substantial relative to the equity: $83.9M of term principal on a ~$248M market cap and $80.7M book equity, ~11.17% all-in cost, gross leverage ~2.5x and net ~1.9x LTM adjusted EBITDA of ~$33.9M, in covenant compliance at June 30, 2026 with ~$50.7M of total liquidity (cash plus ~$31M ABL availability).