Bonds Payable

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Bonds Payable

Bonds Payable

We have issued nonconvertible bonds ("Bonds") through SPC, which were traded on the TASE. The Bonds are denominated in New Israeli Shekels ("NIS") and provide for semiannual principal and interest payments through maturity. The Bonds are subject to a number of covenants, which include restrictions on the distribution of cash from SPC.

In connection with the Bonds, we incurred a gain on foreign currency transactions of $971 and $3,772 for the three months ended March 31, 2023 and 2022, respectively.

The outstanding balance of our Bonds at March 31, 2023 and December 31, 2022 is as follows:

Bond Issuance	March 31, 2023		December 31, 2022		Interest Rate		Maturity
Series A Bonds(1)	$	14,101	$	28,971	7.30	%	7/31/23
Series B Bonds(1)	29,046		35,806		6.80	%	7/31/25
Series C Bonds(2)	—		66,546		4.65	%	1/31/23
	43,147		131,323
Less unamortized deferred issuance costs	(1,475)		(2,105)
	$	41,672	$	129,218

(1)    The bonds were collateralized by the assets of SPC.

(2)    The bonds were collateralized by a trust deed on Browning Place, a 625,297 square foot office building in Dallas, Texas.

On January 31, 2023, we completed our scheduled bond payment of $88,279, which included in the full repayment of the Series C bonds. On May 4, 2023, we paid off the remaining balances of the Series A and Series B Bonds and withdrew from the TASE.