Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024:

Condensed Consolidated Statements of Operations (unaudited)


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
(in thousands)	As Previously Reported		Adjustments		As Corrected		As Previously Reported		Adjustments		As Corrected
Change in fair value of derivative assets	$	116	$	(116)	$	—	$	(1,140)	$	1,140	$	—
Total other income (expense)	(9,762)		(116)		(9,878)		(30,242)		1,140		(29,102)
Income (loss) before income tax expense	30,443		(116)		30,327		153,662		1,140		154,802
Income tax expense (benefit)	7,229		—		7,229		39,508		(2,604)		36,904
Net income (loss)	23,214		(116)		23,098		114,154		3,744		117,898
Net income (loss) to common shareholders	10,123		(116)		10,007		75,795		3,744		79,539
Income per common share
Basic	$	0.07	$	—	$	0.07	$	0.50	$	0.02	$	0.52
Diluted	$	0.07	$	—	$	0.07	$	0.50	$	0.02	$	0.52

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


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
(in thousands)	As Previously Reported		Adjustments		As Corrected		As Previously Reported		Adjustments		As Corrected
Net income (loss)	$	23,214	$	(116)	$	23,098	$	114,154	$	3,744	$	117,898
Comprehensive income (loss)	$	719	$	(116)	$	603	$	129,443	$	3,744	$	133,187

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


	Three Months Ended September 30, 2023
(in thousands)	Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity
As Previously Reported
Balance at June 30, 2023	$	417,624	$	(176,530)	$	287,454
Net income	—		23,214		23,214
Balance at September 30, 2023	407,916		(153,316)		278,465
Adjustments
Balance at June 30, 2023	(52,914)		3,860		(49,054)
Net loss	—		(116)		(116)
As Corrected
Balance at June 30, 2023	364,710		(172,670)		238,400
Net income	—		23,098		23,098
Balance at September 30, 2023	$	355,002	$	(149,572)	$	229,295


	Nine Months Ended September 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	—		114,154		114,154
Balance at September 30, 2023	407,916		(153,316)		278,465
Adjustments
Correction of the Capped Call and Put Option errors	(52,914)		—		(52,914)
Net income	—		3,744		3,744
As Corrected
Balance at December 31, 2022	383,176		(267,470)		124,281
Correction of the Capped Call and Put Option errors	—		—		—
Net income	—		117,898		117,898
Balance at September 30, 2023	$	355,002	$	(149,572)	$	229,295

Condensed Consolidated Statements of Cash Flows (unaudited)


	Nine Months Ended September 30, 2023
(in thousands)	As Previously Reported		Adjustments		As Corrected
Net income	$	114,154	$	3,744	$	117,898
Deferred tax expense (benefit)	284		(2,612)		(2,328)
Change in fair value of derivative assets	1,140		(1,140)		—
Income tax payable	$	(738)	$	8	$	(730)