Effective as of March 29, 2026, the Company entered into the Exchange Agreement and completed the deconsolidation of Skyline. The Company retained approximately 8.6% percent of the outstanding Class A ordinary and preferred shares of Skyline immediately following the deconsolidation. The accounting requirements for reporting the separation of Skyline as a discontinued operation were met when the separation was completed. Accordingly, the historical results of Skyline have been presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. Prior to the separation, Skyline was reported within the construction services segment.

The following table presents the major categories of income from discontinued operations for the three months ended March 31, 2026 (in thousands):


	Three Months Ended
	March 31, 2026
Gross profit	$	444
Selling, general and administrative expenses		(2,935	)
Change in fair value of investments		6,162
Other expenses, net		(124	)
Income from discontinued operations before income taxes		3,547
Income tax expense		(17	)
Net loss before allocation to noncontrolling interests		3,530
Less: Net income attributable to noncontrolling interests		3,281
Income from discontinued operations	$	249

As the controlling interest of Skyline was not acquired until August 2025, no income was recognized from Skyline for the three months ended March 31, 2025.

The following table presents the major classes of assets and liabilities of discontinued operations as of December 31, 2025 (in thousands):


	December 31, 2025
Cash and cash equivalents	$	5,991
Accounts receivable		16,804
Prepaid and other current assets		8,895
Total current assets of discontinued operations	$	31,690
Property, plant and equipment, net		161
Operating lease right-of-use lease assets		48
Intangibles		1,069
Goodwill		3,393
Equity investments		1,327
Other investments		40,399
Other noncurrent assets		4,491
Total non-current assets of discontinued operations		50,888
Total assets of discontinued operations	$	82,578
Accounts payable		1,941
Accrued expenses		1,809
Notes payable -current		12,301
Operating lease liabilities - current		40
Due to related parties		4,162
Other current liabilities		1,537
Total current liabilities of discontinued operations		21,790
Deferred Tax Liabilities		102
Total non-current liabilities of discontinued operations		102
Total liabilities of discontinued operations	$	21,892

The following table presents selected financial information related to cash flows from discontinued operations for the three months ended March 31, 2026 (in thousands):

The total net impact to stockholders' equity as a result of the separation was a reduction of $66.0 million, which has been reflected as a reduction of $86.8 million to noncontrolling interest and an increase to accumulated deficit and accumulated other comprehensive income/(loss) $19.3 million and $1.5 million, respectively, in the Condensed Consolidated Statement of Equity as of March 31, 2026. The Company retained 8.6% of the outstanding Class A ordinary and preferred shares of Skyline, which had a net book value of $23.8 million as of March 28, 2026, the separation date.