Quarterly report pursuant to Section 13 or 15(d)

Notes Payable, Net

v3.22.1
Notes Payable, Net
 3 Months Ended
Mar. 31, 2022
Notes Payable [Abstract]  
Notes Payable, Net
18.
Notes Payable, Net
A summary of the outstanding notes payable, net, is presented in the table below (in thousands):
 
Description
  
Maturity Date
  
Interest Rate
 
March 31, 2022
 
  
December 31, 2021
 
Senior Unsecured Notes
    November 2025    7.9%  
$
350,000
 
    $ 350,000  
Fair value adjustment, net of amortization
(1)
       
 
3,196
 
      3,383  
        
 
 
     
 
 
  
Total notes payable, net
  
$
353,196
 
   
$
353,383
 
   
 
 
     
 
 
  

(1)
In conjunction with the Business Combination, the Company was required to adjust the liabilities assumed to fair value, resulting in a premium on the Notes and the elimination of the previously recognized debt issuance costs.
Interest expense was $6.7 million for the Successor three months ended March 31, 2022, and $7.7 million for the Predecessor period from January 1, 2021 to March 31, 2021. The Company was in compliance with all required covenants related to the Notes as of March 31, 2022.