Convertible Notes, Net (Tables)

3 Months Ended

Mar. 31, 2025

Debt Instruments [Abstract]

Summary of Convertible Debt

As of March 31, 2025, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value	Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
March 2022 convertible notes	$266,157	5.50%	5.79%	$36.27	March 15, 2027

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the

effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible

Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal

amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of March 31, 2025.

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in

thousands):

	March 31, 2025	December 31, 2024
Face value	$266,157	$266,157
Deferred financing costs and unamortized discount	(2,259)	(2,541)
Net book value	$263,898	$263,616

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended March 31,
	2025	2024
Cash coupon	$3,660	$4,125
Discount and issuance cost amortization	282	319
Total interest expense	$3,942	$4,444