Convertible Notes, Net (Tables)

6 Months Ended

Jun. 30, 2025

Debt Instruments [Abstract]

Summary of Convertible Debt

The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated

balance sheets ($ in thousands):

	Face Value
Convertible Notes	June 30, 2025	December 31, 2024	Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
Face value	$266,157	$266,157	5.50%	5.79%	$36.27	March 15, 2027
Deferred financing costs and unamortized discount	(1,976)	(2,541)
Net book value	$264,181	$263,616

(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 June 30, 2025.

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Cash coupon	$3,660	$4,125	$7,319	$8,250
Discount and issuance cost amortization	282	319	565	639
Total interest expense	$3,942	$4,444	$7,884	$8,889