Debt, net

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt, net

Debt, net

The Company had no debt outstanding as of March 31, 2026. On October 15, 2025, the Company made principal payments of $125.5 million and fully extinguished its remaining debt, including accrued interest. The Company does not currently have any long-term debt arrangements.

Interest expense

The following table summarizes the components of recorded Interest expense (in thousands):

	Three Months Ended March 31,
	2026		2025
Subordinated Notes (1)	$	—	$	2,806
Sprott Credit Agreement (2)	—		394
Amortization of original issue discount (3)	—		159
Amortization of debt issuance costs (3)	—		34
Other	—		(6)
Total	$	—	$	3,387

(1)    The Subordinated Notes bore interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis.

(2)    The Sprott Credit Agreement bore interest monthly at a floating rate of SOFR plus 0.26161% adjustment plus 6.00%. As of March 31, 2026 and 2025, the effective interest rate was nil and 18.08%, respectively.

(3)    As of March 31, 2026 and 2025, the effective interest rate for the amortization of the discount and issuance costs was nil and 2.42%.

Debt covenants

Prior to the repayment of debt on October 15, 2025, the Company’s debt agreements contained representations and warranties, events of default, restrictions and limitations, reporting requirements, and covenants that are customary for the agreements of these types. The Company currently has no debt-related covenants.