Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Carrying Amount of Borrowings

10. Borrowings

Carrying amount of the Company’s borrowings consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Blackstone term loan	$	318,361	$	-
Senior convertible notes		36,280		36,051
Total debt – net carrying amount	$	354,641	$	36,051

Schedule of Line of Credit Facility Debt and Key Terms

The following table provides a summary of the Company’s principal balance of debt and key terms:

          
         Amount Due

         Terms

          
         December 31, 2025

         December 31, 2024

         Annual Interest
   Rate

         Maturity Date

         Conversion Price

Blackstone term loan

$325.0 million

—

8.53%(1)

August 2030

N/A

         Senior convertible notes(2)

         $36.3 million

         $36.3 million

         2.50%

         March 2026

         $5.21 
per share

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(1)

Represents the stated rate as of December 31, 2025. Term loans bear interest at a rate per annum equal to, (i) in the case of a Base Rate Loan (as defined below), the greatest of (a) the prime rate in effect on such day, (b) the federal funds rate in effect on such day plus 0.5%, (c) Adjusted Term SOFR (defined below) for a one-month’s tenor in effect on such day plus 1%, and (d) 3.0% plus a margin of 3.75%, or (ii) in the case of a SOFR Loan, the one, three or six month term SOFR (at the Company’s election), subject to a 2.00% floor (the “Adjusted Term SOFR”), plus a margin of 4.75%. In addition, upon the occurrence and continuation of an event of default under the Amended Credit Agreement, interest on the term loans accrues at the applicable rate plus 2.00% per annum. Interest is paid quarterly or, if the Company elects 1-month SOFR, monthly. The interest rate margin increases to 4.00% in the case of a Base Rate Loan and 5.00% in the case of a SOFR Loan at any time the Company’s ratio of indebtedness to adjusted EBITDA (measured on

a trailing four quarter basis) is greater than or equal to 5.00:1.00 as of the most recent fiscal quarter for which the Company has delivered financial statements. The term loans had an average stated interest rate of 8.79% for the year ended December 31, 2025.

(2)

Partial exchange in December 2024.

Schedule of Maturities of Company's Borrowings

The maturities of the Company’s borrowings as of December 31, 2025 are as follows (in thousands):


	Amounts
2026 Senior convertible notes		36,319
2030 Blackstone term loan		325,000
Total principal payments		361,319
Debt issuance costs		(6,678	)
Total debt	$	354,641

Schedule of Amortization of Debt Issuance Costs and Debt Discounts

Amortization of debt issuance costs and debt discounts related to the Company's borrowings were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Amortization of debt issuance cost	$	646	$	1,352	$	1,454
Amortization of debt discount (1)		—		85		423

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(1)

Amounts represent the amortization of a debt discount related to the MidCap credit facility as further explained below.