Indebtedness |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Indebtedness | Note 13. Indebtedness In September 2025, the Company issued $143.8 million aggregate principal amount of convertible notes (the “Notes”) due on October 1, 2031. The Notes are senior, unsecured obligations of the Company and bear interest at a rate of 3.25% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The net proceeds were $139.1 million after deducting the discount and offering expenses of $4.7 million. The debt discount is amortized under the effective interest method and recorded as additional interest expense over the life of the Notes. The effective interest rate on the Notes is 3.85%. The Notes are not redeemable by the Company prior to October 5, 2028. On or after October 5, 2028 and prior to July 1, 2031, the Company may redeem for cash all or part of the Notes at a redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, based on certain criteria, as noted in the indenture agreement. Upon conversion, the Company may pay cash, deliver shares of its common stock or a combination of cash and common stock, as determined by the Company at its discretion. The Notes may be convertible into shares of the Company's common stock under certain circumstances prior to maturity at a conversion rate of 59.4919 shares per $1,000 principal amount of the Notes, which represents an initial conversion price of $16.81 per share, subject to adjustment. The table below summarizes the Company's debt instruments for the periods indicated (in thousands):
For the eight-month period ended December 31, 2025, interest expense attributable to the Notes totaled $1.4 million, which is inclusive of $0.2 million of amortization of debt discounts. The fair value of the Notes is based on open market trades and is classified as Level 2 in the fair value hierarchy.
The table below summarizes the total principal and contractual interest payments due under the Notes (in thousands):
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