Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Notes Payable

Notes payable consisted of the following (in thousands):

			December 31, 2025						December 31, 2024
Description	Maturity Date	Interest Rate	Principal Amount		Unamortized Debt Discount and Issuance Costs		Carrying Value		Principal Amount		Unamortized Debt Discount and Issuance Costs		Carrying Value
Senior Secured Notes	November 2026(1)	8.875%	$	150,754	$	(24,665)	$	126,089	$	195,784	$	(39,710)	$	156,074
Exchangeable Secured Notes	November 2029	10.000%	146,793		(16,753)		130,040		146,793		(20,734)		126,059
LFH Promissory Note	August 2026	10.000%	20,000		—		20,000		—		—		—
2025 Unsecured Notes	N/A	N/A	—		—		—		7,378		—		7,378
Working Capital Promissory Notes	N/A	N/A	—		—		—		85,000		—		85,000
Total notes recorded at amortized cost			317,547		$	(41,418)	276,129		434,955		$	(60,444)	374,511
Convertible Notes, recorded at fair value	August 2028	0.000%	40,000				53,800		—				—
Total notes payable			$	357,547			$	329,929	$	434,955			$	374,511

(1) As discussed in the Senior Secured Notes section above, the Company has the option to extend a portion of the principal balance to the extended maturity date of November 30, 2027.

Interest expense on our notes payable consisted of the following (in thousands):

	Year ended
	December 31,
	2025		2024
Senior Secured Notes
Contractually stated	$	16,169	$	2,543
Amortization of debt discount and issuance costs	15,045		2,360
Total Senior Secured Notes	31,214		4,903
Exchangeable Secured Notes
Contractually stated	13,897		2,231
Amortization of debt discount and issuance costs	3,981		639
Total Exchangeable Secured Notes	17,878		2,870
Working Capital Promissory Notes	7,509		11,319
LFH Promissory Note	444		—
2025 Unsecured Notes	510		22,319
Total interest expense (Note 17 - Interest Income and Interest Expense)	$	57,555	$	41,411

Schedule of Maturities of Notes Payable

As of December 31, 2025, the maturities of notes payable are as follows (in thousands):

Year Ending December 31,	Amount
2026	$ 170,754(1)
2027	—
2028	40,000
2029	146,793
Total notes payable	$	357,547

(1) As discussed in the Senior Secured Notes section above, the Company has the option to extend a portion of the principal balance to the extended maturity date of November 30, 2027.