Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Debt

On January 24, 2025, the Company completed a private offering of $115.0 million aggregate principal amount of 1.00% Convertible Senior Notes due 2030 ("the 2030 Notes"), which amount includes $15.0 million aggregate principal amount of 2030 Notes issued pursuant to the initial purchaser’s full exercise of its option to purchase additional 2030 Notes. The 2030 Notes were issued pursuant to an indenture, dated January 24, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2030 Notes pay interest at a rate equal to 1.00% per year, payable semiannually in arrears on January 15 and July 15 of each year, beginning July 15, 2025. Interest accrues on the 2030 Notes from the last date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from January 24, 2025. Unless earlier converted, redeemed, or repurchased, the 2030 Notes mature on January 15, 2030. The 2030 Notes are convertible into Company common stock at an initial conversion rate of 10.3089 shares per $1,000 principal amount. The Company incurred debt issuance costs of $3.9 million related to the offering of the 2030 Notes.

On January 30, 2025, the Company used net proceeds from its sale of the 2030 Notes to fully repay the $90.0 million aggregate principal amount outstanding under its former credit facility with Blue Owl Capital Corporation, as administrative agent and collateral agent (the "Credit Facility"). As a result of this early repayment, the Company recognized a $5.8 million loss on debt extinguishment which primarily consists of the write-off of unamortized debt issuance costs and discount, the payment of prepayment penalties, accrued and unpaid interest, and other related expenses.

The following table summarizes information about the net carrying amounts of long-term debt as of September 30, 2025:

(in thousands)	2026 Notes		2027 Notes		2030 Notes		Total
Principal amount of notes outstanding	$	20,000	$	265,000	$	115,000	$	400,000
Unamortized debt issuance cost	(80)		(3,153)		(3,334)		(6,567)
Total notes payable	$	19,920	$	261,847	$	111,666	$	393,433

The following table summarizes information about the net carrying amounts of long-term debt as of December 31, 2024:

(in thousands)	2026 Notes		2027 Notes		Credit Facility		Total
Principal amount of notes outstanding	$	20,000	$	265,000	$	90,000	$	375,000
Unamortized debt issuance cost	(178)		(4,210)		(1,066)		(5,454)
Unamortized discount	—		—		(1,191)		(1,191)
Total notes payable	$	19,822	$	260,790	$	87,743	$	368,355

The following table summarizes interest expense recognized on the long-term debt:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Contractual interest expense	$	1,431	$	3,963	$	4,919	$	7,676
Amortization of debt issuance costs	585		623		1,716		1,647
Amortization of discount	—		108		35		108
Total interest expense	$	2,016	$	4,694	$	6,670	$	9,431

The following table summarizes the future principal payments as of September 30, 2025:

(in thousands)
2025, remaining	$	—
2026	20,000
2027	265,000
2028	—
2029	—
Thereafter	115,000
Total	$	400,000