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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Claims recovery income $ 536 $ 301 $ 1,366 $ 6,302
Other 0 36 7 36
Total Revenues 536 337 1,373 6,338
Operating expenses        
Cost of revenues [1] 18 109 825 1,782
Claims amortization expense 118,638 121,006 237,285 242,020
General and administrative [2] 4,389 6,250 9,707 11,816
Professional fees 2,129 4,362 4,651 8,782
Professional fees - legal [3] 0 3,466 450 6,933
Depreciation and amortization 117 68 215 135
Total operating expenses 125,291 135,261 253,133 271,468
Operating Loss (124,755) (134,924) (251,760) (265,130)
Interest expense [4] (124,747) (101,990) (243,532) (199,943)
Other (expense) income, net 195 89 20 341
Change in fair value of warrant and derivative liabilities 7,527 24,977 17,463 76,284
Net loss before provision for income taxes (241,780) (211,848) (477,809) (388,448)
Net loss (241,780) (211,848) (477,809) [5] (388,448) [5]
Less: Net loss attributable to non-controlling interests 98,604 186,712 213,032 344,430
Net loss attributable to MSP Recovery, Inc. $ (143,176) $ (25,136) $ (264,777) $ (44,018)
Class A Common Stock [Member]        
Operating expenses        
Weighted average shares outstanding, basic 4,912,238 676,969 4,263,859 638,762
Weighted average shares outstanding, diluted 4,912,238 676,969 4,263,859 638,762
Basic net loss per common share $ (29.15) $ (37.13) $ (62.1) $ (68.91)
Diluted net loss per common share $ (29.15) $ (37.13) $ (62.1) $ (68.91)
[1] For the three and six months ended June 30, 2025 and 2024, cost of revenue included $0.1 million and $0.7 million, and $3.4 thousand and $42.6 thousand, respectively, of related party expenses. See Note 12, Related Party Transactions, for further details.
[2] For the three and six months ended June 30, 2025 and 2024, general and administrative expenses included $0.1 million and $0.2 million, and $46.6 thousand and $91.7 thousand, respectively, of related party expenses. See Note 12, Related Party Transactions, for further details.
[3] For the three and six months ended June 30, 2024, Professional Fees—legal included $3.0 million and $6.0 million, respectively, of related party expenses related to the Law Firm. There were no such related party expenses related to the Law Firm for three and six months ended June 30, 2025. See Note 12, Related Party Transactions, for further details.
[4] For the three and six months ended June 30, 2025 and 2024, interest expense included $92.9 million and $182.3 million, and $77.7 million, and $152.5 million, respectively, related to interest expense due to related parties. See Note 12, Related Party Transactions, for further details.
[5] Balances include related party transactions. See Note 12, Related Party Transactions, for further details.