CONDENSED FINANCIAL INFORMATION OF REGISTRANT Parent Company Only Information (Tables)

Condensed Balance Sheets

(Dollars in thousands)


	December 31, 2025		December 31, 2024
Assets
Assets:
Cash and cash equivalents	$	2,278	$	1,033











Investment in consolidated subsidiaries	1,155,470		1,095,523

Other assets	31,318		19,903
Total assets	$	1,189,066	$	1,116,459

Liabilities And Stockholders’ Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	57,190	$	71,539












Dividends payable	611		2,534
Senior notes payable, net	1,301,798		1,530,561
Total liabilities	1,359,599		1,604,634





Total stockholders’ deficit	(170,533)		(488,175)
Total liabilities and stockholders’ deficit	$	1,189,066	$	1,116,459

Condensed Statements of Operations

(Dollars in thousands)


	Year Ended December 31,
	2025		2024
Revenues	$	3,332	$	3,642
Operating expenses:
Selling, general and administrative expenses	50,752		48,896
Total operating expenses	50,752		48,896
Operating loss	(47,420)		(45,254)
Other income (expense):
Interest and dividend income	36		7
Interest expense	(69,233)		(92,657)
(Loss) gain on sale of discontinued operations	(205)		2,277
Gain on extinguishment of debt	67,554		120
Loss before income taxes	(49,268)		(135,507)
Benefit from (provision for) income taxes	15,759		(54,636)
Loss before income in equity investees	(33,509)		(190,143)
Equity in income (loss) of subsidiaries	341,924		(574,131)
Net income (loss)	308,415		(764,274)
Other comprehensive income (loss)	297		(6,798)
Comprehensive income (loss)	$	308,712	$	(771,072)

Condensed Statements of Cash Flows

(Dollars in thousands)


	Year Ended December 31,
	2025		2024
Cash flows from operating activities:
Net income (loss)	$	308,415	$	(764,274)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in net (income) loss of subsidiaries	(341,924)		574,131
Share-based compensation	3,479		7,746
Non-cash interest and other	2,922		4,162
Depreciation and amortization	335		382
Gain on extinguishment of debt	(346)		(120)
Gain on senior note exchange	(67,208)		—
Change in operating assets and liabilities:
Investments in consolidated subsidiaries and other assets	144,227		102,225
Accounts payable, accrued expenses and other liabilities	(11,591)		(3,486)
Other liabilities	(4,687)		(2,533)
Net cash provided by (used in) operating activities	33,622		(81,767)
Cash flows from investing activities:
Contributions to subsidiaries	(4,000)		(7,500)
Distributions from subsidiaries	133,900		274,000
Net cash provided by investing activities	129,900		266,500
Cash flows from financing activities:
Redemption of senior notes	(145,302)		(140,491)
Repurchases and payments on senior notes	(9,783)		—
Payment of debt issuance and offering costs	(7,192)		—
ESPP and payment of employment taxes on vesting of restricted stock	—		(3,218)
Common dividends paid	—		(33,731)
Preferred dividends paid	—		(8,060)



Proceeds from exercise of warrants	—		653
Net cash used in financing activities	(162,277)		(184,847)
Increase (decrease) in cash, cash equivalents and restricted cash	1,245		(114)
Cash, cash equivalents and restricted cash, beginning of year	1,033		1,147
Cash, cash equivalents and restricted cash, end of year	$	2,278	$	1,033