| Schedule of Convertible Note |
The
net carrying value of the Company’s outstanding debt consisted of the following, as of (In thousands):
Schedule
of Outstanding Debt
| | |
June
30, 2026 | | |
December
31, 2025 | |
| Convertible Notes due 2028 | |
$ | 99,600 | | |
$ | 235,000 | |
| Discount, net (1) | |
| (4,015 | ) | |
| (11,387 | ) |
| Debt issuance costs,
net (2) | |
| (3,329 | ) | |
| (9,441 | ) |
| Convertible
Notes, net | |
$ | 92,256 | | |
$ | 214,172 | |
| (1) |
Discount
as of June 30,2026 consisted of $7.1
million of original issue discount
and $4.6
million for the initial fair value
of the embedded derivative, less accumulated amortization of $1.3
million, gain on debt extinguishment
of $6.4
million. |
| |
|
| (2) |
Debt
issuance costs as of June 30, 2026 consisted of $9.7 million in debt issuance costs, less accumulated amortization of $1.1 million
and gain on debt extinguishment of $5.3 million. |
|
The
table below summarizes the outstanding Convertible Notes as of December 31, 2025, including the effects of discounts and debt issuance
costs:
Schedule
of Convertible Note
| | |
December
31, 2025 | |
| Convertible Notes due 2028 | |
$ | 235,000,000 | |
| Discount, net (1) | |
| (11,387,249 | ) |
| Debt issuance costs, net
(2) | |
| (9,440,843 | ) |
| Convertible Notes, net | |
$ | 214,171,908 | |
| (1) | | Discount as of
December 31, 2025 consisted of $7,050,000 of original issue discount and $4,629,230 for the fair value of the embedded derivative less
accumulated amortization of $291,981. |
| (2) | | Debt issuance costs
as of December 31, 2025 consisted of $9,682,916 in debt issuance costs less accumulated amortization of $242,073. |
|
| Schedule of Loan Maturities |
The table below reflects the principal amount of loan
maturities due over the next five years as of June 30, 2026 (In thousands):
Schedule
of Loan Maturities
| |
|
5-Year Loan Maturities Fiscal Year |
|
| |
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
2029 |
|
|
2030 |
|
|
Total |
|
| 2028 Convertible Notes |
|
$ |
- |
|
|
$ |
99,600 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
99,600 |
|
|
The
table below reflects the principal amount of loan maturities due over the next five years as of December 31, 2025:
Schedule
of Loan Maturities
| | |
5-Year
Loan Maturities Fiscal Year | |
| | |
2026 | | |
2027 | | |
2028 | | |
2029 | | |
2030 | | |
Total | |
| 2028 Convertible Notes | |
$ | - | | |
$ | - | | |
$ | 235,000,000 | | |
$ | - | | |
$ | - | | |
$ | 235,000,000 | |
|
| Schedule of Disaggregation of Interest Expense |
The
table below presents the disaggregation of interest expense for the period June 30, 2026 (In thousands):
Schedule
of Disaggregation of Interest Expense
| | |
For
the six-months ended June
30,2026 | |
| Debt discount amortization | |
$ | 1,017 | |
| Debt issuance cost
amortization | |
| 843 | |
| Interest expense, net | |
$ | 1,860 | |
|
The
table below presents the disaggregation of interest expense for the period from June 17, 2025 (inception) through December 31, 2025:
Schedule
of Disaggregation of Interest Expense
| | |
For
the period from
June
17, 2025
(inception)
through
December
31, 2025 | |
| Debt discount amortization | |
$ | 291,981 | |
| Debt issuance cost amortization | |
| 242,073 | |
| Interest expense | |
$ | 534,054 | |
|