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Long-Term Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Components of long-term debt were as follows as of December 31, 2021:
December 31,
2021
2021 Senior Secured Notes$300,000 
Unamortized discount and issuance costs(21,111)
Net carrying amount$278,889 
Current portion of long-term debt$— 
Non-current portion of Long-term debt$278,889 
There was no long-term debt outstanding as of December 31, 2020.

2021 Senior Secured Notes

In December 2021, the Company entered into a $300 million 10.25% secured notes in a private placement to certain institutional buyers. The interest is payable semiannually on June 15 and December 15 of each year, beginning on June 15, 2022. The effective interest rate on the notes is 12.14%. The notes will mature on December 15, 2026 unless repurchased or redeemed earlier. The secured notes contain customary covenants restricting the Company’s ability to incur debt, incur liens, make distributions to stockholders, make certain transactions with our affiliates, as well as certain other financial covenants. The Company was in compliance with all covenants as of December 31, 2021.
In accounting for the senior secured notes, discount and issuance costs of $21.1 million were deducted from the carrying value in the consolidated balance sheet. Issuance costs will be recognized as interest expense over the five-year term of the senior secured notes. The senior secured notes are classified as Level 2 financial instruments, and its fair value is presented for disclosure purposes only. As the senior secured notes were issued close to year end on December 20, 2021, the Company determined the fair value of the notes approximates the principal amounts as of December 31, 2021.
Interest is paid semi-annually. No cash has been paid for interest for the year of 2021.
The following table outlines maturities of our long-term debt, including the current portion, as of December 31, 2021:

Amount
2022$— 
2023— 
2024— 
2025— 
2026300,000 
Total
$300,000