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Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

2025 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the 2025 Notes are as follows (in thousands):
 

			Three Months Ended						Three Months Ended
			March 31, 2024						March 31, 2023
Stated interest expense		$		3,194				$		3,194
Amortization of deferred financing costs				498						504
Total interest and amortization of deferred financing costs		$		3,692				$		3,698
Weighted average effective interest rate				8.1		%				8.1		%
Weighted average outstanding balance		$		182,500				$		182,500

For additional information regarding the 2025 Notes, see “Note 14. Subsequent Events.”

August 2026 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the 2026 Notes are as follows (in thousands):
 

			Three Months Ended						Three Months Ended
			March 31, 2024						March 31, 2023
Stated interest expense		$		1,367				$		1,367
Amortization of deferred financing costs				144						144
Total interest and amortization of deferred financing costs		$		1,511				$		1,511
Weighted average effective interest rate				4.8		%				4.8		%
Weighted average outstanding balance		$		125,000				$		125,000

December 2026 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the December 2026 Notes are as follows (in thousands):
 

			Three Months Ended						Three Months Ended
			March 31, 2024						March 31, 2023
Stated interest expense		$		797				$		797
Amortization of deferred financing costs				99						93
Total interest and amortization of deferred financing costs		$		896				$		890
Weighted average effective interest rate				4.8		%				4.7		%
Weighted average outstanding balance		$		75,000				$		75,000

6.00% Convertible Notes due 2025

Debt Instrument [Line Items]

Summary of Carrying Value of Convertible Notes

The components of the carrying value of the Convertible Notes were as follows (in thousands):

		March 31, 2024					March 31, 2023
Principal amount of debt		$		50,000			$		50,000
Unamortized debt financing cost				(638	)				(1,015	)
Original issue discount, net of accretion				(446	)				(707	)
Carrying value of Convertible Notes		$		48,916			$		48,278

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the Convertible Notes were as follows (in thousands):

			Three Months Ended					Three Months Ended
			March 31, 2024					March 31, 2023
Stated interest expense		$		750			$		750
Amortization of deferred financing costs and original issue discount				166					160
Total interest and amortization of deferred financing costs and original issue discount		$		916			$		910
Weighted average effective interest rate				7.3		%			7.3		%
Weighted average outstanding balance		$		50,000			$		50,000

KeyBank Credit Facility

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The summary information regarding the KeyBank Credit Facility is as follows (dollars in thousands):

		Three Months Ended						Three Months Ended
		March 31, 2024						March 31, 2023
Stated interest expense	$		4,843				$		3,868
Amortization of deferred financing costs			206						204
Total interest and amortization of deferred financing costs	$		5,049				$		4,072
Weighted average effective interest rate			9.1		%				8.3		%
Weighted average outstanding balance	$		221,086				$		197,111

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