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INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table reflects the Company’s provision for income taxes and the effective tax rates for the periods presented below (in thousands, except effective tax rate):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Loss) income before provision for income taxes$(14,370)$203,006 $(33,183)$178,064 
Provision for income taxes$(13)$(475)$(125)$(533)
Effective tax rate(0.09)%0.23 %(0.38)%0.30 %
For the three months ended June 30, 2026, the Company recognized a provision for income taxes of $13 thousand, representing an effective tax rate of (0.09)%, which was lower than the statutory federal tax rate because the Company maintains a valuation allowance on its U.S. deferred tax assets. For the six months ended June 30, 2026, the Company recognized a provision for income taxes of $0.1 million, representing an effective tax rate of (0.38)%, which was lower than the statutory federal tax rate because the Company maintains a valuation allowance on its U.S. deferred tax assets during the six months ended June 30, 2026.
For the three months ended June 30, 2025, the Company recognized a provision for income taxes of $0.5 million, representing an effective tax rate of 0.23%, which was lower than the statutory federal tax rate because of a favorable impact from the exclusion of cancellation of debt income ("CODI") under Section 108 of the Internal Revenue Code and the Company maintained a valuation allowance on its U.S. deferred tax assets during the three months ended June 30, 2025. For the six months ended June 30, 2025, the Company recognized a provision for income taxes of $0.5 million, representing an effective tax rate of 0.30%, which was lower than the statutory federal tax rate because of a favorable impact from the exclusion of CODI under Section 108 of the Internal Revenue Code and the Company maintained a valuation allowance on its U.S. deferred tax assets during the three months ended June 30, 2025.