v3.26.1
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
The following table presents certain of our liabilities measured at fair value at June 30, 2026, categorized by level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each liability:
Fair Value at Reporting Date Using
DescriptionTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Recurring Fair Value Measurements Liabilities
Warrants$9,209 $— $— $9,209 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reconciles Level 3 instruments for which significant unobservable inputs were used to determine fair value:
For the period from June 18 through June 30, 2026
Balance as of June 17, 2026 (Successor)$10,700 
Fair value adjustment of warrants(1,491)
Balance as of June 30, 2026 (Successor)$9,209 
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation The table below summarizes the significant inputs used in the option-pricing model as of June 17, 2026 and June 30, 2026:
As of June 17, 2026
As of June 30, 2026
Underlying stock price$19.38 $17.00 
Exercise price$25.00 $25.00 
Risk free interest rate4.3%4.3%
Volatility factor47%50%
Expected lives (years)7.0 7.0 
Value per unit$9.26 $7.97 
Schedule of Fair Value and Carrying Value of Financial Instruments At June 30, 2026 and December 31, 2025, the fair values of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows:
SuccessorPredecessor
As of June 30, 2026As of December 31, 2025
Financial Instrument
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Senior unsecured notes, 2.650% interest rate, due in 2026
$— $— $133,929 $13,393 
Senior unsecured notes, 2.400% interest rate, due in 2027
— — 78,306 7,831 
Senior secured notes, 3.250% interest rate, due in 2027
— — 417,994 336,485 
Senior secured notes, 9.000% interest rate, due in March 2029
297,042 306,417 281,366 306,444 
Senior secured notes, 9.000% interest rate, due in September 2029
— — 609,999 530,699 
Senior secured notes, 8.375% interest rate, due in December 2029
376,100 366,054 — — 
Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030
— — 14,439 4,918 
Senior secured notes, 10.000% interest rate, due in 2031
408,094 413,398 — — 
Senior unsecured notes, 3.450% interest rate, due in 2031
— — 102,402 10,240 
Senior unsecured notes, 6.375% interest rate, due in 2050
— — 162,000 12,312 
Mortgage notes payable177,320 179,432 173,840 182,223 
Total$1,258,556 $1,265,301 $1,974,275 $1,404,545 
(1)Includes net unamortized debt premiums, discounts and issuance costs totaling $23,764 and $22,115 as of June 30, 2026 and December 31, 2025, respectively. See Notes 2 and 7 for further information on our debt.