A summary of the Company’s debt obligations, including level within the fair value hierarchy (see Note 3), is as follows:


	At September 30, 2022
(in thousands)	Principal Amount			Unamortized Debt Discount and Debt Issuance Costs	Net Carrying Value		Estimated Fair Value		Level
Financial Liabilities:
2027 Term Loans	$	250,000	$	(4,754)	$	245,246	$	245,246	Level 2*
2026 Convertible Notes	$	230,000	$	(4,750)	$	225,250	$	175,950	Level 2

	At December 31, 2021
(in thousands)	Principal Amount		Unamortized Exit Fee, Debt Discount and Debt Issuance Costs		Net Carrying Value		Estimated Fair Value		Level
Financial Liabilities:
2026 Convertible Notes	$	230,000	$	(5,712)	$	224,288	$	271,860	Level 2
2022 Convertible Notes	$	109,000	$	(521)	$	108,479	$	108,361	Level 3
2025 Term Loan	$	75,000	$	513	$	75,513	$	75,513	Level 2*

*	The principal amounts outstanding are subject to variable interest rates, which are based on three-month LIBOR plus fixed percentages. Therefore, the Company believes the carrying amount of these obligations approximates fair value.

Future payments on the 2027 Term Loans as of September 30, 2022 are as follows:


Year ending December 31, (in thousands)
Remainder of 2022 - interest only	$	6,887
2023 - interest only		27,327
2024 - interest only		27,402
2025 - interest only		27,327
2026 and thereafter		269,151
Total minimum payments		358,094
Less amount representing interest		(108,094)
2027 Term Loans, gross		250,000
Less unamortized debt discount and debt issuance costs, net		(4,754)
Net carrying amount of 2027 Term Loans	$	245,246

Future payments on the 2026 Convertible Notes as of September 30, 2022 are as follows:


Year ending December 31, (in thousands)
Remainder of 2022 - interest only	$	1,725
2023 - interest only		3,450
2024 - interest only		3,450
2025 - interest only		3,450
2026 and thereafter		231,725
Total minimum payments		243,800
Less amount representing interest		(13,800)
2026 Convertible Notes, principal amount		230,000
Less unamortized debt discount and debt issuance costs		(4,750)
Net carrying amount of 2026 Convertible Notes	$	225,250

The following table presents the components of interest expense related to the 2025 Term Loan:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Stated coupon interest	$	—	$	1,773	$	154	$	5,261
Amortization of debt discount and debt issuance costs		—		273		16		751
Total interest expense	$	—	$	2,046	$	170	$	6,012