XML 91 R61.htm IDEA: XBRL DOCUMENT
v3.25.2

CONDENSED FINANCIAL INFORMATION OF REGISTRANT Parent Company Only Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Consolidated Balance Sheets | Condensed Balance Sheets (Dollars in thousands)
| December 31, 2024 |  | December 31, 2023
Assets |  |  |
Assets: |  |  |
Cash and cash equivalents | $ | 1,033 |  |  | $ | 1,147 |
Investment in consolidated subsidiaries | 1,095,523 |  |  | 2,002,325 |
Other assets | 19,903 |  |  | 52,153 |
Total assets | $ | 1,116,459 |  |  | $ | 2,055,625 |
Liabilities and Stockholders' Equity (Deficit) |  |  |
Liabilities: |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 71,539 |  |  | $ | 77,558 |
Dividends payable | 2,534 |  |  | 18,929 |
Senior notes payable, net | 1,530,561 |  |  | 1,668,021 |
Total liabilities | 1,604,634 |  |  | 1,764,508 |
Total stockholders' equity (deficit) | (488,175) |  |  | 291,117 |
Total liabilities and stockholders' equity (deficit) | $ | 1,116,459 |  |  | $ | 2,055,625 |
Consolidated Statements of Operations | Condensed Statements of Operations (Dollars in thousands, except per share data)
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Revenues | $ | 3,642 |  |  | $ | 17,066 |  |  | $ | 805 |
Operating expenses: |  |  |  |  |
Selling, general and administrative expenses | 48,896 |  |  | 40,053 |  |  | 39,146 |
Total operating expenses | 48,896 |  |  | 40,053 |  |  | 39,146 |
Operating loss | (45,254) |  |  | (22,987) |  |  | (38,341) |
Other income (expense): |  |  |  |  |
Interest and dividend income | 7 |  |  | 201 |  |  | 272 |
Interest expense | (92,657) |  |  | (103,212) |  |  | (100,087) |
Gain on sale of discontinued operations | 2,277 |  |  | — |  |  | — |
Gain on extinguishment of debt | 120 |  |  | — |  |  | — |
Loss before income taxes | (135,507) |  |  | (125,998) |  |  | (138,156) |
(Provision for) benefit from income taxes | (54,636) |  |  | 32,192 |  |  | 34,788 |
Loss before income in equity investees | (190,143) |  |  | (93,806) |  |  | (103,368) |
Equity in loss of subsidiaries | (574,131) |  |  | (6,104) |  |  | (56,461) |
Net loss | (764,274) |  |  | (99,910) |  |  | (159,829) |
Other comprehensive (loss) income | (6,798) |  |  | 2,699 |  |  | (1,390) |
Comprehensive loss | $ | (771,072) |  |  | $ | (97,211) |  |  | $ | (161,219) |
Consolidated Statements of Cash Flows | Condensed Statements of Cash Flows (Dollars in thousands)
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Cash flows from operating activities: |  |  |  |  |
Net loss | $ | (764,274) |  |  | $ | (99,910) |  |  | $ | (159,829) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |
Equity in net loss of subsidiaries | 574,131 |  |  | 6,104 |  |  | 56,461 |
Share-based compensation | 7,746 |  |  | 16,241 |  |  | 21,743 |
Non-cash interest and other | 4,162 |  |  | 5,228 |  |  | 4,631 |
Depreciation and amortization | 382 |  |  | 606 |  |  | 646 |
Gain on extinguishment of debt | (120) |  |  | — |  |  | — |
Change in operating assets and liabilities: |  |  |  |  |
Other assets | 102,225 |  |  | 7,994 |  |  | 32,006 |
Accounts payable, accrued expenses and other liabilities | (3,486) |  |  | 22,562 |  |  | 1,721 |
Other liabilities | (2,533) |  |  | (2,268) |  |  | (42,411) |
Net cash used in operating activities | (81,767) |  |  | (43,443) |  |  | (85,032) |
Cash flows from investing activities: |  |  |  |  |
Contributions to subsidiaries | (7,500) |  |  | (392,984) |  |  | (342,031) |
Distributions from subsidiaries | 274,000 |  |  | 580,000 |  |  | 519,213 |
Net cash provided by investing activities | 266,500 |  |  | 187,016 |  |  | 177,182 |
Cash flows from financing activities: |  |  |  |  |
Proceeds from issuance of senior notes | — |  |  | 185 |  |  | 51,601 |
Redemption of senior notes | (140,491) |  |  | (58,924) |  |  | — |
Payment of debt issuance and offering costs | — |  |  | (714) |  |  | (1,041) |
ESPP and payment of employment taxes on vesting of restricted stock | (3,218) |  |  | (7,591) |  |  | (10,286) |
Common dividends paid | (33,731) |  |  | (141,099) |  |  | (119,454) |
Preferred dividends paid | (8,060) |  |  | (8,057) |  |  | (8,008) |
Repurchase of common stock | — |  |  | (69,479) |  |  | (6,516) |
Proceeds from issuance of common stock | — |  |  | 115,000 |  |  | — |
Proceeds from issuance of preferred stock | — |  |  | 467 |  |  | 874 |
Proceeds from exercise of warrants | 653 |  |  | — |  |  | — |
Net cash used in financing activities | (184,847) |  |  | (170,212) |  |  | (92,830) |
Decrease in cash, cash equivalents and restricted cash | (114) |  |  | (26,639) |  |  | (680) |
Cash, cash equivalents and restricted cash, beginning of year | 1,147 |  |  | 27,786 |  |  | 28,466 |
Cash, cash equivalents and restricted cash, end of year | $ | 1,033 |  |  | $ | 1,147 |  |  | $ | 27,786 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration