Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

Note 13. SEGMENT INFORMATION

Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the chief operating decision maker (“CODM”). The Company manages its operations, as described in Note 1, Description of the Business, as a single reportable segment for the purposes of assessing performance and making decisions. The accounting policies of the reportable segment are those included in Note 2, Basis of Presentation and Summary of Significant Accounting Policies of the 2024 Annual Report on Form 10-K. The Company’s CODM is its Chief Executive Officer.

The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis, using the operating expenses and interest expense, as presented on the face of the income statement, for purposes of making operating decisions, allocating resources, and evaluating financial performance. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. In addition, all of the Company’s revenues and long-lived assets are attributable primarily to operations in the United States and Puerto Rico for all periods presented.

Significant expenses regularly provided to the CODM are Claims Amortization Expense, Interest Expense, General & Administrative, and Professional Fees as reported on the face of the income statement. The table below presents the Company’s significant segment expenses and a reconciliation of Significant Segment expenses and other segment items to Net Loss, the CODM’s primary measure of performance:

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2025			2024			2025			2024
Total Revenues	$	536		$	337		$	1,373		$	6,338
Less:
Significant Expenses:
Claims amortization expense		(118,638	)		(121,006	)		(237,285	)		(242,020	)
General and administrative		(4,389	)		(6,250	)		(9,707	)		(11,816	)
Professional fees		(2,129	)		(4,362	)		(4,651	)		(8,782	)
Professional fees – legal		—			(3,466	)		(450	)		(6,933	)
Interest expense		(124,747	)		(101,990	)		(243,532	)		(199,943	)
Significant Expenses		(249,903	)		(237,074	)		(495,625	)		(469,494	)
Other Segment Items (1)		(7,587	)		(24,889	)		(16,443	)		(74,708	)
Net Loss	$	(241,780	)	$	(211,848	)	$	(477,809	)	$	(388,448	)

(1)Includes Cost of revenues, Depreciation and amortization, Change in fair value of warrant and derivative liabilities, and Other income (expense), net, as reported in our consolidated statements of operations.