FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The Company measures and records certain financial assets and liabilities, including money market funds, derivative interest rate contracts and Series M Redeemable Preferred Stock (“Series M”) at fair value on a recurring basis. Changes in fair value for Series I Redeemable Preferred Stock (“Series I”) bifurcated derivative, Series J Redeemable Preferred Stock (“Series J”) and Series M are presented as a component of interest expense in the condensed consolidated statements of operations. For the three months ended March 31, 2026 and 2025, the changes in fair value of Series I bifurcated derivative, Series J and Series M, to the extent the redeemable preferred stock or bifurcated derivative was issued and outstanding, resulted in a $8.0 million reduction of interest expense and $1.7 million of interest expense, respectively.

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):

	March 31, 2026
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Money market funds	$	175,259	$	—	$	—	$	175,259
Total	$	175,259	$	—	$	—	$	175,259
Other current assets
Derivative interest rate contracts	$	—	$	31,232	$	—	$	31,232
Total	$	—	$	31,232	$	—	$	31,232

	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)

During the three months ended March 31, 2026, the Company’s Series M was converted into shares of Class A common stock in accordance with its terms. As a result, this instrument was derecognized and is no longer included in the fair value hierarchy as of March 31, 2026.

Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company’s derivative interest rate contracts are classified within Level 2 of the fair value hierarchy because they are valued using a market approach with inputs based on observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. See Note 11—Interest Rate Derivatives for more information.

Long-term debt obligations are recorded at carrying value. The fair values of the 2024 Euro Term Loan and the 2024 USD Term Loan as of March 31, 2026 were €438.3 million and $980.4 million, respectively. The Company’s term loans are classified within Level 2 of the fair value hierarchy. See Note 9—Long-Term Debt Obligations for more information.

There were no transfers of financial instruments into or out of Level 3 during the three months ended March 31, 2026 and 2025.