FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following are the categories of assets and liabilities measured at fair value on a recurring basis according to the fair value hierarchy (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Money market funds	$	268,854	$	—	$	—	$	268,854
Total	$	268,854	$	—	$	—	$	268,854

Other non-current assets
Derivative interest rate contracts	$	—	$	34,356	$	—	$	34,356
Total	$	—	$	34,356	$	—	$	34,356

Other current liabilities
Series M redeemable preferred stock	$	—	$	(17,894)	$	—	$	(17,894)
Total	$	—	$	(17,894)	$	—	$	(17,894)


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Money market funds	$	289,793	$	—	$	—	$	289,793
Total	$	289,793	$	—	$	—	$	289,793

Other non-current assets
Derivative interest rate contracts	$	—	$	108,348	$	—	$	108,348
Total	$	—	$	108,348	$	—	$	108,348

Other non-current liabilities
Series I redeemable preferred stock bifurcated derivative	$	—	$	—	$	(2,990)	$	(2,990)
Series M redeemable preferred stock	—		—		(26,646)		(26,646)
Series J redeemable preferred stock	—		—		(43,751)		(43,751)
Total	$	—	$	—	$	(73,387)	$	(73,387)

Schedule of Changes in Redeemable Preferred Stock

The following table summarizes the changes in Series I Redeemable Preferred Stock bifurcated derivative liability, Series J Redeemable Preferred Stock liability, Series M Redeemable Preferred Stock liability, Series N Redeemable Preferred Stock bifurcated derivative liability and Series O Redeemable Preferred Stock bifurcated derivative liability (in thousands):


	Series I Redeemable Preferred Stock Bifurcated Derivative		Series J Redeemable Preferred Stock		Series M Redeemable Preferred Stock		Series N Redeemable Preferred Stock Bifurcated Derivative		Series O Redeemable Preferred Stock Bifurcated Derivative
Balance as of December 31, 2023	$	(2,719)	$	(37,404)	$	—	$	—	$	—
Issuance of Series M redeemable preferred stock	—		—		(24,025)		—		—
Changes in fair value	(271)		(6,347)		(2,621)		—		—
Balance as of December 31, 2024	$	(2,990)	$	(43,751)	$	(26,646)	$	—	$	—
Fair value at issuance date	—		—		—		(188)		(895)
Changes in fair value	(269)		(4,300)		4,374		(2,553)		(13,078)
Conversion to equity	3,259		48,051		—		—		—
Reclassification to equity	—		—		—		2,741		13,973
Transfer out of Level 3	—		—		22,272		—		—
Balance as of December 31, 2025	$	—	$	—	$	—	$	—	$	—