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50% OWNED SUBSIDIARY | 3 Months Ended
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Mar. 31, 2025
Noncontrolling Interest [Abstract] |
50% OWNED SUBSIDIARY |
4. | 50% OWNED SUBSIDIARY
Financial amounts of RHB and the Company’s share of such amounts which are included in the Company’s Condensed Consolidated Financial Statements are shown below:
| March 31, 2025 |  | December 31, 2024
Current assets - RHB | $ | 110,530 |  |  | $ | 126,177 |
Current liabilities - RHB | $ | 124,538 |  |  | $ | 135,550 |
Investment in unconsolidated subsidiary - Sterling (1) | $ | 109,291 |  |  | $ | 107,400 |
(1) Includes the fair value step up recognized as a result of the deconsolidation of RHB. The fair value step up was $92,079 and $94,225 at March 31, 2025 and December 31, 2024, respectively.
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
RHB’s Statements of Operations |  |  |  |  |  |  |
Revenues | $ | 43,446 |  |  | $ | 38,464 |  |  |  |  |
Income before tax | $ | 8,075 |  |  | $ | 5,091 |  |  |  |  |
Sterling’s Statements of Operations |  |  |  |  |  |  |
Revenues | $ | — |  |  | $ | 38,464 |  |  |  |  |
Income before tax (1) | $ | 1,892 |  |  | $ | 2,546 |  |  |  |  |
(1) For the three months ended March 31, 2025, Sterling’s portion of income before tax includes $1,871 of intangible asset amortization and $275 of depreciation expense related to the basis difference in the fair value step up recognized in the deconsolidation of RHB on December 31, 2024.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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