| Schedule of Convertible Debt |
The following table summarizes the terms of our Convertible Senior Notes outstanding as of June 30, 2026 (in thousands, except per share conversion rates and prices): | | | | | | | | | | | | | | | | | | | | | | | 2029 Notes | | 2031 Notes | | Aggregate principal amount at issuance | | | | | $402,500 | | $166,750 | | Coupon interest rate per annum | | | | | 3.5% | | 4.5% | | Debt issuance costs | | | | | $11,628 | | $8,307 | | Net proceeds | | | | | $390,872 | | $158,443 | | Issuance date | | | | | December 8, 2023 | | August 21, 2025 | | Maturity date | | | | | December 1, 2029 | | August 15, 2031 | | Interest payment dates | | | | | June 1 and December 1 | | February 15 and August 15 | | | | | | | | | | Conversion rate per $1,000 of principal | | | | | 26.3125 | | 73.9098 | | Conversion price | | | | | $38.00 | | $13.53 | Shares issuable upon conversion (1) | | | | | 10,592 | | 12,325 | | | | | | | | | | Carrying value | | | | | $395,815 | | $159,511 | | Unamortized debt discount and issuance costs | | | | | 6,685 | | 7,239 | | Outstanding principal | | | | | $402,500 | | $166,750 | | Remaining amortization period (years) | | | | | 3.4 | | 5.1 | Fair value (2) | | | | | $289,800 | | $126,817 |
———————— (1)Measured in shares of the Company’s Class A common stock and represents the number of shares of the Company’s Class A common stock that the Convertible Senior Notes are convertible into as of June 30, 2026. Upon conversion, the Company will pay or deliver, as the case may be, cash or shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election. (2)Fair values for notes are derived from available trading prices closest to the respective balance sheet date. The following table summarizes the terms of our Credit Agreement as of June 30, 2026 (in thousands, except per share conversion rates and prices):
| | | | | | | | | | | | | | | | | | | First Lien Term Loan | | Second Lien Term Loan | | Revolving Facility | | Aggregate principal amount at issuance | $200,000 | | $175,000 | | $50,000 | Coupon interest rate per annum (1) | SOFR + 5.65% | | SOFR + 6.15% | | SOFR + 4.15% | | Debt issuance costs | $8,850 | | $— | | $1,168 | | Net proceeds at issuance | $191,150 | | N/A (2) | | $48,832 | | Issuance date | January 29, 2025 | | August 7, 2025 | | August 1, 2022 | | | | | | | | Interest payment dates | January 1, April 1, July 1 and October 1 | | January 1, April 1, July 1 and October 1 | | January 1, April 1, July 1 and October 1 | | | | | | | | Carrying value | $113,389 | | $238,164 | | $59,588 | | Unamortized debt discount and issuance costs | 3,827 | | 24,336 | | 2,912 | | Outstanding principal | $117,216 | | $262,500 | | $62,500 | | Remaining amortization period (years) | 3.4 | | 3.4 | | 3.4 | Fair value (3) | $115,411 | | $216,615 | | $62,500 |
———————— (1)Interest rate per annum for the First Lien Term Loan, Second Lien Term Loan and Revolving Facility include a 15 basis point Term SOFR Adjustment in accordance with the agreement. Interest rate per annum for the Revolving Facility does not include a 50 basis point unused line fee. (2)The Second Lien Term Loan was converted from our Series A Preferred Stock on August 7, 2025. (3)Fair values for the First Lien Term Loan and Second Lien Term Loan considered the expected future cash flows associated with the debt instruments, including contractual interest and principal repayments. These projected cash flows were discounted to present value using a rate reflective of the Company’s credit profile and the risk characteristics of the instruments. Fair value of the Revolving Facility was determined to equal the outstanding principal value because the Revolving Facility is over collateralized and can be repaid anytime.
|
| Schedule of Debt |
Interest expense and amortization of debt issuance costs activity were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months
Ended June 30, | | For the Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 Notes | | | | | | | | | | | Coupon interest expense | $ | — | | | $ | 648 | | | $ | — | | | $ | 1,294 | | | | | Amortization of debt issuance costs | — | | | 326 | | | — | | | 652 | | | | | Interest expense for 2025 Notes | $ | — | | | $ | 974 | | | $ | — | | | $ | 1,946 | | | | | 2029 Notes | | | | | | | | | | | Coupon interest expense | $ | 3,522 | | | $ | 3,522 | | | $ | 7,044 | | | $ | 7,044 | | | | | Amortization of debt issuance costs | 487 | | | 482 | | | 969 | | | 964 | | | | | Interest expense for 2029 Notes | $ | 4,009 | | | $ | 4,004 | | | $ | 8,013 | | | $ | 8,008 | | | | | 2031 Notes | | | | | | | | | | | Coupon interest expense | $ | 1,876 | | | $ | — | | | $ | 3,752 | | | $ | — | | | | | Amortization of debt issuance costs | 345 | | | — | | | 689 | | | — | | | | | Interest expense for 2031 Notes | $ | 2,221 | | | $ | — | | | $ | 4,441 | | | $ | — | | | | | Credit Agreement | | | | | | | | | | | Term Loans | | | | | | | | | | | Coupon interest expense | $ | 7,109 | | | $ | 4,768 | | | $ | 14,149 | | | $ | 8,022 | | | | | Amortization of debt issuance costs | 1,946 | | | 322 | | | 3,866 | | | 548 | | | | | Interest expense for Term Loans | $ | 9,055 | | | $ | 5,090 | | | $ | 18,015 | | | $ | 8,570 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Revolver Facility | | | | | | | | | | | Coupon interest expense | $ | 1,371 | | | $ | 1,414 | | | $ | 2,852 | | | $ | 3,223 | | | | | Amortization of debt issuance costs | 203 | | | 119 | | | 406 | | | 239 | | | | | Interest expense for Revolver Facility | $ | 1,574 | | | $ | 1,533 | | | $ | 3,258 | | | $ | 3,462 | | | |
|