Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash		$ 3,990	$ 12,328
Accounts receivable		295	295
Affiliate receivable	[1]	1,263	1,204
Prepaid expenses and other current assets	[1]	2,180	1,647
Total current assets		7,728	15,474
Property and equipment, net		5,107	5,159
Intangible assets, net	[2]	1,660,938	1,898,223
Right-of-use assets		163	227
Total assets		1,673,936	1,919,083
Current liabilities:
Accounts payable		11,185	13,971
Affiliate payable	[1]	21,076	21,664
Commission payable		1,084	1,342
Derivative liability		104	211
Warrant liability	[1]	27,059	22,373
Guaranty obligation	[1]		1,126,490
Claims financing obligation and notes payable	[1]	483,877	31,200
Interest payable	[1]	1,689	33,298
Other current liabilities	[1]	16,870	14,765
Total current liabilities		562,944	1,265,314
Guaranty obligation	[1]	1,234,454
Claims financing obligation & notes payable	[1]	246,977	633,026
Lease liabilities		27	102
Loan from related parties	[1]	130,328	130,328
Interest payable	[1]	98,653	14,828
Other long-term liabilities		4,581	3,894
Total liabilities		2,277,964	2,047,492
Commitments and Contingencies
Stockholders' Equity:
Additional paid-in capital		503,664	546,635
Accumulated deficit		(710,827)	(446,050)
Total stockholders' equity		(207,163)	100,585
Non-controlling interest		(396,865)	(228,994)
Total equity		(604,028)	(128,409)
Total liabilities and equity		1,673,936	1,919,083
Class A Common Stock [Member]
Stockholders' Equity:
Common stock		0	0
Class V Common Stock [Member]
Stockholders' Equity:
Common stock		$ 0	$ 0

[1] As of June 30, 2025 and December 31, 2024, total affiliate receivable, affiliate payable, warrant liability, guaranty obligation, and loan from related parties balances are with related parties. In addition, the claims financing obligation and notes payable, other current liabilities, and interest payable include balances with related parties. See Note 12, Related Party Transactions, for further details.

[2] As of June 30, 2025 and December 31, 2024, intangible assets, net included $1.2 billion and $1.4 billion, respectively, related to a consolidated VIE. See Note 6, Variable Interest Entities, for further details.