XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.26.1

NONCONTROLLING INTERESTS | 3 Months Ended
--- | ---
Mar. 31, 2026
Noncontrolling Interest [Abstract] |
NONCONTROLLING INTERESTS | NOTE 10 – NONCONTROLLING INTERESTS As discussed in Note 9 – Variable Interest Entity, the Company has consolidated Cape PI HoldCo and Cape PI Intermediate HoldCo, which were determined to be VIEs for which the Company is the primary beneficiary. Both entities issued Class A Units to third-party investors that represent equity interests in the respective consolidated subsidiaries. Because the Company does not own 100.0% of the outstanding equity in these entities, the Class A Units are accounted for as noncontrolling interests in the consolidated financial statements. The Class A Units issued by Cape PI HoldCo (“CPI HoldCo Class A Units”) and Intermediate Class A Units issued by Cape PI Intermediate HoldCo (“Intermediate Class A Units”) contain redemption features that are outside the control of the respective issuers but are contingent upon the availability of distributable cash. Accordingly, these Class A Units are classified as redeemable noncontrolling interest and are presented as mezzanine equity on the Condensed Consolidated Balance Sheets. CPI HoldCo Class A Units are initially recorded at fair value at the time of issuance, less the direct and incremental issuance costs, and are subsequently measured at the current redemption value to the extent such current redemption value exceeds the attribution of income (loss) to the CPI HoldCo Class A Units. Intermediate Class A Units are initially recorded at proceeds received less the fair value of the warrants issued along with the Intermediate Class A Units and allocated issuance cost. Intermediate Class A Units are subsequently remeasured at their maximum redemption value, to the extent such amounts exceed the allocation of income or loss attributable to the noncontrolling interest. Additionally, two derivatives were identified as being embedded in the Intermediate Class A Units. As of March 31, 2026, conditions relevant to the embedded derivatives were evaluated and one feature was determined to have a fair value of $0.4 million. This amount is included in Other current liabilities (see Note 5 – Other Current Liabilities). There were no material changes to the terms, classification or measurement of the Company’s redeemable noncontrolling interests during the three months ended March 31, 2026. The following table is a summary of the changes in redeemable noncontrolling interest for CPI HoldCo Class A Units for the three months ended March 31, 2026:
(Dollars in thousands) |
Balance at December 31, 2025 | $ | 102,586 |
Remeasurement of redeemable noncontrolling interest | 1,257 |
Balance at March 31, 2026 | $ | 103,843 |
The following table is a summary of the changes in redeemable noncontrolling interest for Intermediate Class A Units for the three months ended March 31, 2026:
(Dollars in thousands) |
Balance at December 31, 2025 | $ | 77,344 |
Remeasurement of redeemable noncontrolling interest | 2,177 |
Balance at March 31, 2026 | $ | 79,521 |

X
- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
Name: | us-gaap_MinorityInterestDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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