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STOCKHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY (a) Common Stock In November 2023, the Company's previous share repurchase program for common stock was reauthorized by the Board of Directors for share repurchases up to $50,000, which allowed for the repurchase of common shares and expired in October 2024. The shares repurchased under the program are retired. During the three months ended March 31, 2025 and 2024, the Company did not repurchase any shares of its common stock. (b) Common Stock Warrants On October 28, 2019, the Company issued 200,000 warrants to purchase common stock of the Company (the “BR Brands Warrants”) in connection with the acquisition of a majority ownership interest in BR Brand Holdings LLC. All of the BR Brands Warrants were vested and exercisable in 2021 on the second anniversary of the acquisition of the majority ownership interest in BR Brand Holdings LLC. In April 2024, 200,000 shares of the Company's common stock were issued in connection with the exercise of warrants for cash in the amount of $653. In connection with the Oaktree Credit Agreement, on February 26, 2025 (refer to Note 10 - Term Loans and Revolving Credit Facility), the Company issued seven-year warrants to certain affiliates of Oaktree Capital Management, L.P. (the “Holders”) to purchase approximately 1,832,290 shares (or 6% on a fully diluted basis) of the Company’s Common Stock at an exercise price of $5.14 per share. The Warrants contain certain anti-dilution provisions pursuant to which, under certain circumstances, the Holders would be entitled to exercise the Warrants for up to 19.9% of the then-outstanding shares of common stock. The warrants were classified as a liability. At inception, on February 26, 2025 the fair value of the warrants were $7,860 and the fair value of the warrants were $5,160 at March 31, 2025 (see Note 2(l) - Fair Value Measurements). The warrant liability of $5,160 at March 31, 2025 is included in other liabilities in Note 12 - Accrued Expenses and Other Liabilities and the change in value of the warrant liability of $2,700 during the three months ended March 31, 2025 is included in the "Change in fair value of financial instruments and other" line item in the unaudited condensed consolidated statements of operations. On March 26, 2025, in conjunction with the senior note debt exchange (refer to Note 11 - Senior Notes Payable), the Company issued seven-year warrants to the investors to purchase up to 351,012 shares of common stock at an exercise price of $10.00. The warrants contain certain anti-dilution provisions and upon exercise, the warrant holders are entitled to dividends and distributions as if the warrant had been exercised in full prior to the dividend or distribution date. The warrants were classified within stockholder’s equity. At inception, the value of the warrants was $863. The estimated fair value was determined using the Black-Scholes Option Pricing Model which uses the following inputs: value of the underlying common stock at the valuation measurement date, the remaining contractual term of the warrants, risk-free interest rates, expected dividends, and expected volatility of the price of the underlying common stock. The expected volatility is an significant unobservable level III input with a value of 75.0%. (c) Preferred Stock There were 2,834 shares of the Series A Preferred Stock issued and outstanding as of March 31, 2025 and December 31, 2024. The total liquidation preference for the Series A Preferred Stock as of March 31, 2025 and December 31, 2024 was $72,071 (inclusive of cumulative unpaid dividends of $1,218) and $70,854, respectively. There were no dividends declared or paid on the Series A Preferred Stock during the three months ended March 31, 2025. During the three months ended March 31, 2024 dividends paid on the Series A Preferred Stock were $0.4296875 per depository share. On January 21, 2025, the Company announced that it had temporarily suspended dividends on its Series A Preferred Stock. Unpaid dividends will accrue until paid in full. There were 1,729 shares of the Series B Preferred Stock issued and outstanding as of March 31, 2025 and December 31, 2024. The total liquidation preference for the Series B Preferred Stock as of March 31, 2025 and December 31, 2024 was $44,025 (inclusive of cumulative unpaid dividends of $797) and $43,228, respectively. There were no dividends declared or paid on the Series B Preferred Stock during the three months ended March 31, 2025. During the three months ended March 31, 2024 dividends paid on the Series B Preferred Stock were $0.4609375 per depository share. On January 21, 2025, the Company announced that it had temporarily suspended dividends on its Series B Preferred Stock. Unpaid dividends will accrue until paid in full.

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