The following represents the Company’s cash, cash equivalents and restricted cash as of June 30, 2026 and December 31, 2025 (in thousands):


	As of June 30, 2026		As of December 31, 2025
Cash and cash equivalents	$	51,621	$	90,183
Restricted cash	646,275		635,124
Total cash, cash equivalents and restricted cash	$	697,896	$	725,307

In connection with the issuance of the 10.500% Senior Secured Notes, the Company deposited the gross proceeds into an escrow account. These amounts were restricted and could be released only upon satisfaction of specified conditions. Following the termination of the Merger Agreement, the 10.500% Senior Secured Notes were redeemed in accordance with a special mandatory redemption pursuant to the terms of the 10.500% Senior Secured Notes indenture dated as of October 21, 2025, with the redemption funded by amounts released from escrow.

The Company also maintains smaller amounts of restricted cash as collateral for certain corporate obligations.

There have been no changes to the significant accounting policies described in the 2025 Form 10-K that have had a material impact on the Company’s condensed consolidated financial statements and related notes.

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the issued standards that are not yet effective will not have a material impact on its condensed consolidated financial statements and disclosures upon adoption.