XML 46 R31.htm IDEA: XBRL DOCUMENT v3.25.2

Subsequent Events	6 Months Ended
	Jun. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On July 23, 2025, the Company closed a public offering of 18,653,000 shares of its Class A common stock, at a price to the public of $18.50 per share, which includes 2,433,000 shares of the Company’s Class A common stock granted pursuant to the underwriters’ option to purchase additional shares at the public offering price, less underwriting discounts. This offering generated net proceeds of approximately $326.9 million after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. Additionally, on July 23, 2025, the Company completed steps taken to reposition its consolidated balance sheet, with a primary emphasis on the investment securities portfolio. The Company and its subsidiaries, based upon favorable market conditions and the terms proposed by buyers of its investment securities, initiated a repositioning of the Company’s securities portfolio (the “Investment Securities Transaction”). The Investment Securities Transaction consisted of the following actions: (i) reclassified approximately $3.6 billion in HTM investment securities to AFS investment securities and (ii) subsequently sold approximately $3.2 billion in amortized cost basis of AFS securities (including certain of those previously classified as HTM). The sale of investment securities resulted in an estimated, realized after-tax loss of approximately $604.0 million (based on an estimated tax rate of 24.3%), which will be recorded during the third quarter of 2025. Additionally, during the quarter ended June 30, 2025, the Company issued a notice of redemption to redeem the Spirit Notes, due 2030, with an aggregate principal amount of $37.0 million, which were redeemed in full on July 31, 2025.

X

- References

No definition available.

+ Details

Name:	us-gaap_SubsequentEventsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/855/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483399/855-10-50-2

+ Details

Name:	us-gaap_SubsequentEventsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration