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 subsidiaries1,095,523 2,002,325 
Other assets19,903 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 payable2,534 18,929 
Senior notes payable, net1,530,561 1,668,021 
Total liabilities1,604,634 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,
202420232022
Revenues$3,642 $17,066 $805 
Operating expenses:
Selling, general and administrative expenses48,896 40,053 39,146 
Total operating expenses48,896 40,053 39,146 
Operating loss(45,254)(22,987)(38,341)
Other income (expense):
Interest and dividend income7 201 272 
Interest expense(92,657)(103,212)(100,087)
Gain on sale of discontinued operations2,277 — — 
Gain on extinguishment of debt120 — — 
Loss before income taxes(135,507)(125,998)(138,156)
(Provision for) benefit from income taxes(54,636)32,192 34,788 
Loss before income in equity investees(190,143)(93,806)(103,368)
Equity in loss of subsidiaries(574,131)(6,104)(56,461)
Net loss(764,274)(99,910)(159,829)
Other comprehensive (loss) income(6,798)2,699 (1,390)
Comprehensive loss$(771,072)$(97,211)$(161,219)
Consolidated Statements of Cash Flows
Condensed Statements of Cash Flows
(Dollars in thousands)
Year Ended December 31,
202420232022
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 subsidiaries574,131 6,104 56,461 
Share-based compensation7,746 16,241 21,743 
Non-cash interest and other4,162 5,228 4,631 
Depreciation and amortization382 606 646 
Gain on extinguishment of debt(120)— — 
Change in operating assets and liabilities:
Other assets102,225 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 subsidiaries274,000 580,000 519,213 
Net cash provided by investing activities266,500 187,016 177,182 
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 warrants653 — — 
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 year1,147 27,786 28,466 
Cash, cash equivalents and restricted cash, end of year$1,033 $1,147 $27,786