v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (66,171) $ (14,998)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 63,143 27,332
Amortization of deferred loan costs 3,259 844
(Gain) loss on derivative instruments, net (3,057) 781
Gain on extinguishment of debt, net (3,871) 0
Loss from equity method investment 812 713
Provision for credit losses 2,731 1,440
Non-cash stock-based compensation expense 4,555 2,199
Other non-cash items 312 364
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable, net (1,895) (5,628)
Prepaid expenses 1,082 2,010
Other assets, net (1,086) (16)
Accounts payable and accrued expenses (8,932) (3,265)
Federal and state income taxes payable (332) (113)
Deferred income (17,719) 1,270
Customer deposits 0 (178)
Net cash provided by (used in) operating activities (27,169) 12,755
Cash flows from investing activities:    
Acquisition of new business, net of cash acquired (913,002) 0
Return of investment in unconsolidated entity 11,109 392
Acquisition of investment in unconsolidated entities (1,846) 0
Acquisition of new communities 0 (22,533)
Capital expenditures (19,193) (15,330)
Net cash used in investing activities (922,932) (37,471)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 108,780 0
Proceeds from issuance of debt 1,152,500 29,000
Repayments of debt (248,614) (6,567)
Capital contributions from noncontrolling investors in joint ventures 717 287
Distributions to noncontrolling investors in joint ventures 0 (132)
Acquisition of noncontrolling interests (3,577) 0
Purchase of derivative assets (1,242) 0
Series A convertible preferred induced conversion consideration and closing costs (5,125) 0
Dividends paid on Series A convertible preferred stock (1,093) (2,818)
Deferred loan costs paid (15,600) (62)
Other financing costs (1,461) (382)
Net cash provided by financing activities 985,285 19,326
Increase (decrease) in cash, cash equivalents, and restricted cash 35,184 (5,390)
Cash, cash equivalents, and restricted cash at beginning of period 30,272 39,087
Cash, cash equivalents, and restricted cash at end of period 65,456 33,697
Cash paid during the period for:    
Interest 35,392 17,883
Income taxes paid, net 849 267
Non-cash investing and financing activities:    
Non-cash common stock issued for acquisition of new business 771,819 0
Non-cash issuance of common stock for induced conversion of Series A convertible preferred stock 47,656 0
Non-cash modification of warrants 3,577 0
Insurance financed through insurance notes payable 0 3,293
Non-cash mortgage resolution 12,991 0
Non-cash property and equipment disposed in mortgage resolution (9,486) 0
Non-cash additions of property and equipment 1,545 1,180
Non-cash right-of-use assets $ 1,053 $ 643