Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Error Corrections and Prior Period Adjustments

The following tables reflect the effects of the correction on all affected line items of the Company’s previously reported condensed consolidated financial statements to be presented as comparative in the Form 10-Q for the six months ended June 30, 2024:

Condensed Consolidated Statements of Operations (unaudited)


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
(in thousands)	As Previously Reported		Adjustments		As Corrected		As Previously Reported		Adjustments		As Corrected
Change in fair value of derivative assets	$	694	$	(694)	$	—	$	(1,256)	$	1,256	$	—
Total other income (expense)	(9,030)		(694)		(9,724)		(20,480)		1,256		(19,224)
Income (loss) before income tax expense	87,211		(694)		86,517		123,219		1,256		124,475
Income tax expense (benefit)	22,403		(1,051)		21,352		32,279		(2,604)		29,675
Net income	64,808		357		65,165		90,940		3,860		94,800
Net income to common shareholders	52,024		357		52,381		65,672		3,860		69,532
Income per common share
Basic	$	0.34	$	—	$	0.34	$	0.44	$	0.03	$	0.47
Diluted	$	0.34	$	—	$	0.34	$	0.43	$	0.03	$	0.46

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
(in thousands)	As Previously Reported		Adjustments		As Corrected		As Previously Reported		Adjustments		As Corrected
Net income	$	64,808	$	357	$	65,165	$	90,940	$	3,860	$	94,800
Comprehensive income	$	88,720	$	357	$	89,077	$	128,724	$	3,860	$	132,584

Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (unaudited)


	Three Months Ended June 30, 2023
(in thousands)	Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity
As Previously Reported
Balance at March 31, 2023	$	426,221	$	(241,338)	$	207,330
Net income	—		64,808		64,808
Balance at June 30, 2023	417,624		(176,530)		287,454
Adjustments
Balance at March 31, 2023	(52,914)		3,503		(49,411)
Net income	—		357		357
As Corrected
Balance at March 31, 2023	373,307		(237,835)		157,919
Net income	—		65,165		65,165
Balance at June 30, 2023	$	364,710	$	(172,670)	$	238,400


	Six Months Ended June 30, 2023
(in thousands)	Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity
As Previously Reported
Balance at December 31, 2022	$	383,176	$	(267,470)	$	124,281
Correction of the Capped Call and Put Option errors	52,914		—		52,914
Net income	—		90,940		90,940
Balance at June 30, 2023	417,624		(176,530)		287,454
Adjustments
Correction of the Capped Call and Put Option errors	(52,914)		—		(52,914)
Net income	—		3,860		3,860
As Corrected
Balance at December 31, 2022	383,176		(267,470)		124,281
Correction of the Capped Call and Put Option errors	—		—		—
Net income	—		94,800		94,800
Balance at June 30, 2023	$	364,710	$	(172,670)	$	238,400

Condensed Consolidated Statements of Cash Flows (unaudited)


	Six Months Ended June 30, 2023
(in thousands)	As Previously Reported		Adjustments		As Corrected
Net income	$	90,940	$	3,860	$	94,800
Deferred tax expense (benefit)	816		(2,612)		(1,796)
Change in fair value of derivative assets	1,256		(1,256)		—
Income tax payable	$	9,830	$	8	$	9,838