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LEASES (Tables) | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Schedule of Quantitative Information of Operating Leases | Components of lease expense, included within General and administrative in the condensed consolidated statements of operations, for operating leases were as follows:
| Successor |  |  | Predecessor
(in thousands) | Three Months Ended September 30, 2025 |  | Period from February 8, 2025 to September 30, 2025 |  |  | Period from January 1, 2025 to February 7, 2025 |  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Operating leases: |  |  |  |  |  |  |  |  |  |
Operating lease cost | $ | 56,436 |  |  | $ | 149,910 |  |  |  | $ | 21,714 |  |  | $ | 38,847 |  |  | $ | 113,135 |
Variable lease cost | 2,839 |  |  | 6,967 |  |  |  | 1,238 |  |  | 3,216 |  |  | 8,825 |
Operating lease expense | 59,275 |  |  | 156,877 |  |  |  | 22,952 |  |  | 42,063 |  |  | 121,960 |
Short-term lease expense | 5,973 |  |  | 16,419 |  |  |  | 2,393 |  |  | 5,950 |  |  | 17,438 |
Total lease expense | $ | 65,248 |  |  | $ | 173,296 |  |  |  | $ | 25,345 |  |  | $ | 48,013 |  |  | $ | 139,398 |
Supplemental cash flow and other information related to operating leases are as follows:
| Successor |  |  | Predecessor
(in thousands) | Three Months Ended September 30, 2025 |  | Period from February 8, 2025 to September 30, 2025 |  |  | Period from January 1, 2025 to February 7, 2025 |  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Cash paid for amounts included in the lease liability - operating cash flows from operating leases | $ | 55,694 |  |  | $ | 136,319 |  |  |  | $ | 30,843 |  |  | $ | 33,686 |  |  | $ | 98,191 |
Right of use assets obtained in exchange for operating lease liabilities | $ | 52,388 |  |  | $ | 75,365 |  |  |  | $ | — |  |  | $ | 192,085 |  |  | $ | 192,716 |
Derecognition of operating leases | $ | (259,607) |  |  | $ | (259,607) |  |  |  | — |  |  | — |  |  | — |
Derecognition of financing obligation | $ | — |  |  | $ | — |  |  |  | $ | — |  |  | $ | (200,000) |  |  | $ | (200,000) |
| Successor |  |  | Predecessor
| September 30, 2025 |  |  | December 31, 2024
Weighted average remaining lease term | 16.1 years |  |  | 26.2 years
Weighted average discount rate | 7.3 | % |  |  | 8.5 | %
Schedule of Future Minimum Rental Commitments | As of September 30, 2025 (Successor), future minimum lease payments under noncancellable operating leases are as follows:
| Successor |  |
(in thousands) | September 30, 2025 |  |
Remaining 2025 | $ | 57,542 |  |  |
2026 | 221,678 |  |  |
2027 | 217,461 |  |  |
2028 | 220,535 |  |  |
2029 | 221,896 |  |  |
Thereafter | 2,434,592 |  |  |
Total lease payments | 3,373,704 |  |  |
Less: present value discount | (1,486,960) |  |  |
Lease obligations(1) | $ | 1,886,744 |  |  |
__________________________________ (1) Total lease obligations exclude $358.1 million of payments for leases signed but not yet commenced as of September 30, 2025 (Successor).

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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