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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
As of September 30, 2025 (Successor) and December 31, 2024 (Predecessor), property and equipment was comprised of the following:
SuccessorPredecessor
September 30,December 31,
(in thousands)20252024
Land and improvements$96,237 $49,553 
Building and improvements651,444 370,086 
Equipment102,782 280,946 
Furniture and fixtures150,526 64,109 
Construction in process(1)
49,059 149,906 
Total property, plant and equipment1,050,048 914,600 
Less: Accumulated depreciation(69,138)(283,898)
Property and equipment, net$980,910 $630,702 
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(1)    In connection with the signing of the Chicago MLA, as defined and discussed in Note 15 “Leases”, during the third quarter of 2025, the Company reclassified $134.8 million from construction in process to Accounts receivable, net, $162.5 million from construction in process to Other assets and $3.7 million from construction in progress to Prepaid expenses and other current assets.
Depreciation expense relating to property and equipment was $19.8 million and $19.3 million for the three months ended September 30, 2025 (Successor) and September 30, 2024 (Predecessor), respectively. Depreciation expense related to property and equipment was $47.3 million, $7.6 million and $138.6 million for the period from February 8, 2025 to September 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the nine months ended September 30, 2024 (Predecessor), respectively.

The Company recorded capitalized interest of $4.8 million, $0.8 million, $1.9 million and $5.9 million during the period from February 8, 2025 to September 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor), the three months ended September 30, 2024 (Predecessor) and the nine months ended September 30, 2024 (Predecessor), respectively. There was no capitalized interest recorded by the Company during the three months ended September 30, 2025 (Successor).