PARENT COMPANY INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

CONDENSED BALANCE SHEETS

(in thousands)



	December 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	38,858	$	3,731
Intercompany receivable	3,542		19,667
Prepaid expenses and other current assets	1,234		2,801
Total current assets	43,634		26,199
Other assets:
Investment in subsidiaries	1,584,999		1,382,092

Other assets, net	133		266
Total assets	$	1,628,766	$	1,408,557
Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable	$	662	$	753
Intercompany payable	85,711		82,711
Founders advisory fees payable - related party	6,677		2,702
Accrued expenses and other current liabilities	4,997		4,616
Total current liabilities	98,047		90,782
Founders advisory fees payable - related party	240,083		56,917
Preferred stock	109,966		105,799
Preferred stock - related party	2,831		2,764
Intercompany note payable	20,569		—
Total liabilities	471,496		256,262
Shareholders’ equity:
Total shareholders’ equity	1,157,270		1,152,295
Total liabilities and shareholders’ equity	$	1,628,766	$	1,408,557

Condensed Income Statement

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(in thousands)


	Year Ended December 31,
	2024		2023		2022
Operating expenses:
Selling, general and administrative expense	$	10,754	$	13,886	$	18,471
Founders advisory fees - related party	198,308		(108,481)		(117,302)
Total operating expense (income)	209,062		(94,595)		(98,831)
Operating (loss) income	(209,062)		94,595		98,831
Other expenses	7,252		6,201		5,267
(Loss) income before undistributed earnings of subsidiaries	(216,314)		88,394		93,564
Undistributed earnings of subsidiaries	210,409		(20,908)		(1,806)
Net (loss) income	(5,905)		67,486		91,758
Total comprehensive (loss) income	$	(5,905)	$	67,486	$	91,758

Condensed Statement of Comprehensive Income

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(in thousands)


	Year Ended December 31,
	2024		2023		2022
Operating expenses:
Selling, general and administrative expense	$	10,754	$	13,886	$	18,471
Founders advisory fees - related party	198,308		(108,481)		(117,302)
Total operating expense (income)	209,062		(94,595)		(98,831)
Operating (loss) income	(209,062)		94,595		98,831
Other expenses	7,252		6,201		5,267
(Loss) income before undistributed earnings of subsidiaries	(216,314)		88,394		93,564
Undistributed earnings of subsidiaries	210,409		(20,908)		(1,806)
Net (loss) income	(5,905)		67,486		91,758
Total comprehensive (loss) income	$	(5,905)	$	67,486	$	91,758

Condensed Cash Flow Statement

CONDENSED STATEMENT OF CASH FLOWS

(in thousands)


	Year Ended December 31,
	2024		2023		2022
Cash flows from operating activities:
Net (loss) income	$	(5,905)	$	67,486	$	91,758
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Founders advisory fees - related party (change in accounting fair value)	198,308		(108,481)		(117,302)
Equity in earnings of subsidiaries	(210,409)		20,908		1,806
Depreciation and amortization expense	133		—		—
Interest and payment-in-kind on preferred shares	7,057		4,754		5,229
Share-based compensation	829		361		285

Changes in operating assets and liabilities, net of acquisitions:
Intercompany receivable	19,125		16,038		766
Prepaid expenses and current other assets	1,567		898		4,496
Accounts payable	(91)		(2,792)		3,090
Accrued expenses and other current liabilities	(2,443)		265		1,729
Founders advisory fees - related party (cash settled)	(2,702)		(4,655)		(53,547)
Net cash provided by (used in) operating activities	5,469		(5,218)		(61,690)
Cash flows from investing activities:

Purchase of property and equipment	—		(142)		(124)
Investment in subsidiaries	—		14,000		(71,638)
Proceeds from intercompany note payable	20,569		—		—
Proceeds from intercompany note receivable	—		—		20,000
Net cash provided by (used in) investing activities	20,569		13,858		(51,762)
Cash flows from financing activities:
Ordinary shares repurchased	(14,420)		(64,066)		(44,333)
Proceeds from exercise of warrants	23,509		—		529

Net cash provided by (used in) financing activities	9,089		(64,066)		(43,804)
Net change in cash and cash equivalents	35,127		(55,426)		(157,256)
Cash and cash equivalents, beginning of period	3,731		59,157		216,413
Cash and cash equivalents, end of period	$	38,858	$	3,731	$	59,157
Non-cash investing and financing activities:
Liability portion of founders advisory fees - related party reclassified to additional paid in capital	$	8,464	$	2,618	$	19,568