LONG-TERM DEBT AND BONDS PAYABLE (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Debt Disclosure [Abstract] |
|
| Summary of Debt |
The Company’s debt balances, including related party debt, consist of the following at March 31, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
(in thousands) |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Long-term Debt |
|
|
|
|
|
|
Green Convertible Notes, interest at 7.25% due semiannually;
balance due at maturity in August 2030 |
|
$ |
250,000 |
|
|
$ |
250,000 |
|
Revenue Bonds, interest at 7% due semiannually; semiannual
principal repayments beginning 2031, maturing 2042 |
|
|
31,900 |
|
|
|
31,900 |
|
Other debt |
|
|
3,625 |
|
|
|
6,746 |
|
|
|
|
285,525 |
|
|
|
288,646 |
|
Less: Original issue discount and debt issuance costs classified
as a reduction to long-term debt |
|
|
(16,713 |
) |
|
|
(18,845 |
) |
Less: Current portion |
|
|
(3,426 |
) |
|
|
(6,446 |
) |
Long-term debt, less current portion |
|
$ |
265,386 |
|
|
$ |
263,355 |
|
|
|
|
|
|
|
|
Related Party Bonds Payable |
|
|
|
|
|
|
Revenue Bonds due to related party, interest rates between 6.5%
and 13% due semiannually; principal repayments vary by series
and began June 30, 2024, fully maturing December 2042 |
|
|
118,310 |
|
|
|
118,310 |
|
Less: Original issue discount and debt issuance costs classified
as a reduction to note payable |
|
|
(22,854 |
) |
|
|
(24,397 |
) |
Less: Current portion |
|
|
(7,570 |
) |
|
|
(7,570 |
) |
Related party debt, less current portion |
|
$ |
87,886 |
|
|
$ |
86,343 |
|
|
|
|
|
|
|
|
Sylebra Line of Credit, $200.0 million borrowing capacity remaining,
interest at SOFR plus 17.5% at March 31, 2026 and
December 31, 2025; maturing September 2027 |
|
$ |
— |
|
|
$ |
— |
|
|
| Summary of the Green Convertible Notes |
The following provides a summary of the interest expense of the Company's Green Convertible Notes:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(in thousands, except interest rate) |
|
2026 |
|
|
2025 |
|
Contractual interest expense |
|
$ |
4,531 |
|
|
$ |
4,531 |
|
Amortization of deferred financing costs |
|
|
422 |
|
|
|
378 |
|
Amortization of original issue discount |
|
|
1,624 |
|
|
|
1,454 |
|
Effective interest rate |
|
|
11.2 |
% |
|
|
10.2 |
% |
The following provides a summary of balances related to the Company's Green Convertible Notes included in the Condensed Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
March 31,
2026 |
|
|
December 31,
2025 |
|
Unamortized deferred financing costs and deferred issuance costs |
|
$ |
12,735 |
|
|
$ |
14,781 |
|
Net carrying amount |
|
|
|
|
237,265 |
|
|
|
235,219 |
|
|
| Summary of Revenue Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond Series |
|
Term |
|
Principal Amount
(in thousands) |
|
|
Outstanding as of March 31, 2026
(in thousands) |
|
|
Interest Rate |
|
|
Maturity Date |
2020A |
|
A1 |
|
$ |
12,370 |
|
|
$ |
— |
|
|
|
6.25 |
% |
|
December 1, 2025 |
2020A |
|
A2 |
|
|
38,700 |
|
|
|
38,700 |
|
|
|
6.50 |
% |
|
December 1, 2030 |
2020A |
|
A3 |
|
|
168,480 |
|
|
|
92,845 |
|
|
|
7.00 |
% |
|
December 1, 2042 |
2020B |
|
B1 |
|
|
10,000 |
|
|
|
— |
|
|
|
10.00 |
% |
|
December 1, 2025 |
2020B |
|
B2 |
|
|
10,000 |
|
|
|
9,260 |
|
|
|
10.00 |
% |
|
December 1, 2027 |
2020C |
|
C1 |
|
|
10,000 |
|
|
|
9,405 |
|
|
|
13.00 |
% |
|
December 1, 2027 |
|
|
|
|
$ |
249,550 |
|
|
$ |
150,210 |
|
|
|
|
|
|
The following provides a summary of the Company's Revenue Bonds:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
Amortization of deferred financing costs |
|
$ |
70 |
|
|
$ |
87 |
|
Amortization of original issue discount |
|
|
1,558 |
|
|
|
1,806 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
March 31,
2026 |
|
|
December 31,
2025 |
|
Unamortized deferred financing costs and deferred issuance costs |
|
$ |
26,833 |
|
|
$ |
28,461 |
|
Net carrying amount |
|
|
123,377 |
|
|
|
121,749 |
|
|