DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Debt as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	Stated Interest Rate	Effective Interest Rates	Maturities	March 31, 2026	December 31, 2025
Term Loan Facility1	6.2%	6.9%	2027	$1,000,000	$—
2029 Convertible Notes	3.0%	3.7%	2029	460,000	460,000
2031 Convertible Notes	—%	0.4%	2031	625,000	625,000
Notes payable				2,085,000	1,085,000
Less: Unamortized discounts				29,405	24,675
Total notes payable, net				2,055,595	1,060,325
Less: current portion				993,944	—
Convertible and other notes payable, net of current portion				$1,061,651	$1,060,325

1 Interest rate is variable and resets monthly based on SOFR plus an applicable margin of 2.50% per annum. As of March 31, 2026, the stated rate was 6.2% and the

effective interest rate was 6.9%, which includes the amortization of debt issuance costs.

Schedule of Convertible Debt

Interest expense on the Company’s debt was as follows (in thousands):


	Three Months Ended March 31,
	2026	2025
Coupon interest	$6,810	$3,450
Amortization of debt discount and issuance costs	1,675	1,297
Interest incurred	8,485	4,747
Less: Capitalized interest	(325)	—
Interest expense	$8,160	$4,747

Schedule of Maturities of Long-Term Debt

Maturities on debt, gross of unamortized discounts, as of March 31, 2026, are as follows (in thousands):


	Convertible Notes	Term Loan Facility
Remaining 2026	$—	$—
2027	—	1,000,000
2028	—	—
2029	460,000	—
2030	—	—
Thereafter	625,000	—
Total	$1,085,000	$1,000,000