Annual report [Section 13 and 15(d), not S-K Item 405]

Notes Payable, Net (Tables)

v3.25.0.1
Notes Payable, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Notes Payable
Notes payable, net, consisted of the following (in thousands):

Description Maturity Date Interest Rate December 31, 2024 December 31, 2023
Senior Secured Notes
November 2026(1)
7.875% $ 195,784  $ — 
Exchangeable Secured Notes November 2029 10.000% 146,793  — 
Working Capital Notes May 2025 15.000% 85,000  59,130 
2025 Unsecured Notes November 2025 7.875% 7,378  350,000 
Fair value adjustment, net of amortization(2)
—  1,781 
Unamortized debt discount and issuance costs(3)
(60,444) — 
Total notes payable, net $ 374,511  $ 410,911 
(1) At the election of the Company, the maturity date may be extended to November 2027, as discussed in the Senior Secured Notes section above.
(2) In conjunction with a previous business combination, the Company was required to adjust the liabilities assumed to fair value, resulting in a premium on the 2025 Unsecured Notes and the elimination of the previously recognized debt issuance costs.
(3) In conjunction with the exchange of the 2025 Unsecured Notes and Secured Notes, the Company initially recorded the Secured Notes at fair value, which resulted in a debt discount of $56.2 million. As of December 31, 2024, the Senior Secured Notes and Exchangeable Secured Notes, respectively, had $39.7 million and $20.7 million of unamortized debt discount and issuance costs.
Non-funding interest expense consisted of the following (in thousands):
For the year ended December 31, 2024 For the year ended December 31, 2023
Senior secured notes
Contractually stated $ 2,543  $ — 
Amortization of debt discount and issuance costs 2,360  — 
Total senior secured notes 4,903  — 
Exchangeable secured notes
Contractually stated 2,231  — 
Amortization of debt discount and issuance costs 639  — 
Total exchangeable secured notes 2,870  — 
Unsecured notes 22,319  26,731 
Working capital notes 11,319  4,158 
Non-funding interest expense $ 41,411  $ 30,889 
Schedule of Maturities of Notes Payable
As of December 31, 2024, the maturities of notes payable are as follows (in thousands):

Year Ending December 31, Amount
2025 $ 137,408
2026
150,754(1)
2027 —
2028 —
2029 146,793
Less unamortized debt discount and issuance costs (60,444)
Total notes payable, net $ 374,511
(1) At the election of the Company, the maturity date may be extended to November 2027 as discussed in the Senior Secured Notes section above.