Related Party Revenues and Expenses

An affiliate of the Parent pays certain expenses and interest obligations on behalf of the Company. Amounts advanced are recorded as due to related party in the unaudited condensed consolidated balance sheets. As of June 30, 2026, the outstanding balance due was approximately $3.0 million and there was no outstanding balance as of December 31, 2025.

The Company recognized related party revenue with affiliates of the Parent of $0.8 million and $0.7 million during the three months ended June 30, 2026 and 2025, respectively, and $1.6 million and $1.5 million during the six months ended June 30, 2026 and 2025, respectively, which are included in revenues in the unaudited condensed consolidated statements of operations. As of June 30, 2026 and December 31, 2025, there were no outstanding balances due to these related party revenues.

During the three and six months ended June 30, 2025, the Company recognized related party expenses with affiliates of the Parent of $1.1 million and $2.1 million, respectively, which are included in selling, marketing, general and administrative in the unaudited condensed consolidated statements of operations. The expenses primarily relate to rent expenses. No such expenses were recognized during the three and six months ended June 30, 2026. As of June 30, 2026 and December 31, 2025, there were no outstanding balances due to these related party expenses.

In 2024, the Company provided management services to an affiliate of the Parent. As of June 30, 2026 and December 31, 2025, the outstanding balance due from the affiliate for these services was approximately $1.2 million and $2.5 million, respectively.

Related Party Loans

On May 14, 2026, an affiliate of the Parent issued an unsecured promissory note to the Company with an aggregate principal amount of $75.0 million. The note bears interest at a rate of 3.54% per annum and matures on May 14, 2029. As of June 30, 2026, the outstanding balance under the note, including accrued interest, was $75.3 million. Interest incurred on the note is included in Interest expense in the unaudited condensed consolidated statements of operations.

In 2025, the Company paid certain bonuses to executives on behalf of an affiliate of the Parent in return for a loan receivable from the affiliate. As of December 31, 2025, the outstanding balance due from affiliates was approximately $8.3 million. During three months ended June 30, 2026, the respective loan was forgiven and the Company recognized $8.3 million employee loan extinguishment costs, which are included in selling, marketing, general and administrative in the unaudited condensed consolidated statements of operations.

The loan earned interest at a market-based rate and interest income is included in Other income (loss), net in the unaudited condensed consolidated statements of operations.

In 2025, the Company paid debt on behalf of an affiliate of the Parent in return for a loan receivable from the affiliate. As of June 30, 2026 and December 31, 2025, the outstanding balance due from affiliates was approximately $6.4 million and $6.4 million, respectively.

On March 11, 2025, the Company received a $646.0 million loan from Parent, the proceeds of which were used to repay outstanding principal under the Company’s 2024 Term Loan Facility in advance of the Company’s Series 2025-1/2 Notes issuance. On March 20, 2025, the bridge loan from Parent was repaid utilizing the proceeds received from the Series 2025-1/2 Notes issuances.

Related Party Deposits

From time to time, the Company temporarily deposits cash with affiliates of Parent bearing interest at a market-based rate. The deposits are presented in due from related parties on the unaudited condensed consolidated balance sheets and interest income recognized in Other income (loss), net in the unaudited condensed consolidated statements of operations. As of December 31, 2025, the Company had a deposit with an affiliate of the Parent of $127.6 million that bore interest at 3.99% per annum. The deposit matured during the second quarter of 2026, and the Company had no deposits with affiliates of the Parent as of June 30, 2026.