The following table summarizes the Company’s long-term debt:


	March 31,			December 31,
	2025			2024
4.75% Convertible Senior Notes, due June 1, 2042	$	172,250		$	172,500
4.55% Promissory Note, due through August 1, 2036		4,347			4,419
5.50% Promissory Note, due through July 1, 2033		11,609			11,670
Total principal amount		188,206			188,589
Less: unamortized issuance costs		(2,874	)		(3,335	)
Total long-term debt	$	185,332		$	185,254

The following table summarizes future maturities of long-term debt as of March 31, 2025, which takes into consideration that the Company intends to redeem the 4.75% Convertible Senior Notes on June 5, 2025. See 4.75% Convertible Senior Notes within this note for additional information:


Due in 12 months following March 31,	Amount
2025	$	172,799
2026		577
2027		607
2028		638
2029		670
Thereafter		12,915
Total	$	188,206

Information with respect to interest expense related to long-term debt is as follows:


	Three Months Ended
	March 31,
	2025		2024
Interest Expense:
Contractual interest	$	2,258	$	2,118
Non-cash expense (a)		457		293
Total	$	2,715	$	2,411

(a)

Includes amortization of debt issuance costs.

On March 28, 2025, the Company notified all noteholders that it will redeem all of the outstanding 4.75% Convertible Notes on June 5, 2025 for a redemption price equal to the principal amount of the notes plus any accrued and unpaid interest. As a consequence of this notice, the noteholders are entitled to convert their notes into shares of common stock until the end of the day June 4, 2025. The conversion ratio is 12.6789 shares of common stock per $1 principal amount of notes.

During the first quarter of 2025, the Company converted $250 in aggregate principal of 4.75% Convertible Senior Notes for aggregate consideration of 3,169 shares of HCI’s common stock plus cash consideration in lieu of fractional shares.

With the redemption date of June 5, 2025, the effective interest rate, taking into account both cash and non-cash components, approximates 13.5%. As of March 31, 2025, the remaining amortization period of the debt issuance costs was expected to be two months.