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Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Claims recovery income $ 4,878 $ 126 $ 255
Claims recovery service income [1] 18,542 14,500 13,632
Total Claims Recovery 23,420 14,626 13,887
Operating expenses      
Cost of claim recoveries [2] 2,054 26 47
Claims amortization expense 266,929 164 125
General and administrative [3] 23,959 12,633 14,130
Professional fees 18,497 8,502 2,211
Professional fees - legal [4] 43,035 128 468
Depreciation and amortization 424 343 235
Total operating expenses 354,898 21,796 17,216
Operating Loss (331,478) (7,170) (3,329)
Interest expense (121,011) (27,046) (20,886)
Other income (expense), net 63,067 1,139 (51)
Change in fair value of warrant and derivative liabilities (12,483)    
Net loss before provision for income taxes (401,905) (33,077) (24,266)
Net loss [5] (401,905) (33,077) (24,266)
Less: Net (income) loss attributable to non-controlling members 394,488 (16) 18
Net loss attributable to controlling members $ (7,417) $ (33,093) $ (24,248)
Class A Common Stock [Member]      
Operating expenses      
Weighted average shares outstanding, basic [6] 61,825,105    
Weighted average shares outstanding, diluted [6] 61,825,105    
Basic net income per common share [6] $ (0.12)    
Diluted net income per common share [6] $ (0.12)    
[1] For the years ended December 31, 2022, 2021 and 2020, Claims recovery service income included $10.6 million, $11.5 million, and $13.1 million, respectively, of Claims recovery service income from VRM MSP. See Note 14, Related Party, for further details.
[2] For the year ended December 31, 2022, cost of Claim recoveries included $405 thousand of related party expenses. This relates to contingent legal expenses earned from Claims recovery income pursuant to legal service agreements with the La Ley con John H. Ruiz P.A., d/b/a MSP Recovery Law Firm (the "Law Firm"). See Note 14, Related Party, for further details. For the years ended December 31, 2021 and 2020, the expenses related to contingent legal expenses were de minimis.
[3] For the year ended December 31, 2022, general and administrative expenses included $400 thousand of related party expenses. For the years ended December 31, 2021 and 2020, the amounts were de minimis. See Note 14, Related Party, for further details.
[4] For the year ended December 31, 2022, professional fees - legal included $29.7 million of related party expenses related to the Law Firm. For the year ended December 31, 2021 and 2020, the amounts were de minimis, respectively, of related party expenses related to the Law Firm. See Note 14, Related Party, for further details.
[5] Balances include related party transactions. See Note 14, Related Party, for further details.
[6] Earnings per share information has not been presented for periods prior to the Business Combination (as defined in Note 1, Description of Business), as it resulted in values that would not be meaningful to the users of these consolidated financial statements. Refer to Note 16, Net Loss Per Common Share for further information.