0001795139 srt:MaximumMember gtbif:DharmaPharmaceuticalsLlcMember 2024-01-01 2024-09-30 0001795139 us-gaap:RetainedEarningsMember 2023-09-30 0001795139 gtbif:ShareCapitalMember gtbif:SubordinateVotingSharesMember 2023-12-31 0001795139 us-gaap:FairValueInputsLevel3Member 2024-06-30 0001795139 2024-07-01 2024-09-30 0001795139 gtbif:FloridaAndLllinoisMember 2024-01-01 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel1Member 2024-07-01 2024-09-30 0001795139 us-gaap:CostOfSalesMember 2023-07-01 2023-09-30 0001795139 gtbif:AcquiredDebtMember 2024-09-30 0001795139 us-gaap:NoncontrollingInterestMember 2024-06-30 0001795139 gtbif:SubordinateVotingSharesMember 2024-11-01 0001795139 us-gaap:FairValueInputsLevel1Member 2023-07-01 2023-09-30 0001795139 us-gaap:FairValueInputsLevel3Member 2023-07-01 2023-09-30 0001795139 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel1Member 2022-12-31 0001795139 gtbif:EquityClassifiedWarrantMember 2024-01-01 2024-09-30 0001795139 2017-01-01 2017-12-31 0001795139 2023-01-01 2023-12-31 0001795139 gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember 2024-09-30 0001795139 gtbif:FinancialInstrumentsMember 2023-12-31 0001795139 gtbif:ContributedSurplusMember 2024-01-01 2024-09-30 0001795139 gtbif:DharmaPharmaceuticalsLlcMember gtbif:SubordinateVotingSharesMember 2024-02-15 2024-02-15 0001795139 gtbif:WarwickNewYorkMortgageNoteMember 2024-09-04 2024-09-04 0001795139 gtbif:DharmaPharmaceuticalsLlcMember 2024-02-15 2024-02-15 0001795139 us-gaap:WarrantMember 2024-07-01 2024-09-30 0001795139 gtbif:LiabilityClassifiedWarrantMember 2023-01-01 2023-12-31 0001795139 gtbif:ContributedSurplusMember 2023-01-01 2023-09-30 0001795139 gtbif:ConversionOfSuperVotingSharesMember gtbif:SuperVotingSharesMember 2024-01-01 2024-09-30 0001795139 gtbif:PrivatePlacementRefinancingWarrants1Member gtbif:EquityClassifiedWarrantMember 2023-12-31 0001795139 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember 2023-12-31 0001795139 gtbif:FinancialInstrumentsMember 2024-09-30 0001795139 us-gaap:EquityMethodInvestmentsMember 2023-07-01 2023-09-30 0001795139 us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0001795139 us-gaap:FairValueInputsLevel3Member gtbif:FinancialInstrumentsMember 2023-12-31 0001795139 2023-09-30 0001795139 us-gaap:EquityMethodInvestmentsMember 2024-07-01 2024-09-30 0001795139 srt:MaximumMember 2024-01-01 2024-09-30 0001795139 gtbif:DispensaryMortgageWarrantsMember us-gaap:MeasurementInputRiskFreeInterestRateMember gtbif:EquityClassifiedWarrantMember 2024-09-30 0001795139 us-gaap:FairValueInputsLevel1Member 2024-09-30 0001795139 us-gaap:NotesReceivableMember 2024-01-09 0001795139 gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember 2024-09-11 0001795139 us-gaap:OtherIntangibleAssetsMember 2024-09-30 0001795139 gtbif:PrivatePlacementRefinancingWarrantsMember us-gaap:MeasurementInputExpectedTermMember gtbif:EquityClassifiedWarrantMember 2024-01-01 2024-09-30 0001795139 gtbif:ContributedSurplusMember 2024-09-30 0001795139 gtbif:SuperVotingSharesMember 2024-09-30 0001795139 us-gaap:NotesReceivableMember 2024-01-09 2024-01-09 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2024-09-30 0001795139 gtbif:MortgageNotesMember 2024-09-30 0001795139 srt:MinimumMember us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2024-01-01 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2023-06-30 0001795139 gtbif:DeferredShareIssuanceMember 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel1Member 2023-09-30 0001795139 us-gaap:AssetUnderConstructionMember 2024-09-30 0001795139 gtbif:LiabilityClassifiedWarrantMember 2023-12-31 0001795139 2019-01-01 2019-12-31 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2023-01-01 2023-09-30 0001795139 us-gaap:NoncontrollingInterestMember 2023-12-31 0001795139 gtbif:ContributedSurplusMember 2024-06-30 0001795139 us-gaap:FairValueInputsLevel2Member gtbif:FinancialInstrumentsMember 2023-12-31 0001795139 2017-12-31 0001795139 us-gaap:FairValueInputsLevel3Member 2024-07-01 2024-09-30 0001795139 srt:MinimumMember us-gaap:MeasurementInputRiskFreeInterestRateMember gtbif:LiabilityClassifiedWarrantMember 2023-12-31 0001795139 gtbif:AdditionalModificationWarrantsMember gtbif:LiabilityClassifiedWarrantMember 2023-12-31 0001795139 gtbif:MultipleVotingSharesMember 2023-01-01 2023-12-31 0001795139 us-gaap:RetainedEarningsMember 2024-01-01 2024-09-30 0001795139 us-gaap:RestrictedStockUnitsRSUMember 2023-07-01 2023-09-30 0001795139 us-gaap:CommonStockMember 2023-06-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:RetailSegmentMember 2023-01-01 2023-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:RetailSegmentMember 2023-07-01 2023-09-30 0001795139 gtbif:PrivatePlacementRefinancingWarrantsMember us-gaap:MeasurementInputRiskFreeInterestRateMember gtbif:EquityClassifiedWarrantMember 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel1Member 2023-01-01 2023-09-30 0001795139 gtbif:SubordinateVotingSharesMember 2023-12-31 0001795139 gtbif:PrivatePlacementFinancingWarrantsMember gtbif:LiabilityClassifiedWarrantMember 2023-12-31 0001795139 us-gaap:LandImprovementsMember 2024-09-30 0001795139 us-gaap:FairValueInputsLevel1Member 2023-12-31 0001795139 srt:MinimumMember 2023-01-01 2023-12-31 0001795139 srt:MaximumMember us-gaap:MeasurementInputPriceVolatilityMember gtbif:LiabilityClassifiedWarrantMember 2024-09-30 0001795139 gtbif:PrivatePlacementDebtAprilThirtyTwoThousandTwentyOneMember 2024-09-30 0001795139 gtbif:MultipleVotingSharesMember 2023-12-31 0001795139 gtbif:PrivatePlacementRefinancingWarrants1Member gtbif:EquityClassifiedWarrantMember 2024-09-30 0001795139 gtbif:RetailSegmentMember 2024-09-30 0001795139 us-gaap:EquityMethodInvestmentsMember 2023-01-01 2023-09-30 0001795139 us-gaap:CommonStockMember 2022-12-31 0001795139 srt:MaximumMember us-gaap:MeasurementInputPriceVolatilityMember gtbif:LiabilityClassifiedWarrantMember 2023-12-31 0001795139 gtbif:WarwickNewYorkMortgageNoteMember 2024-09-04 0001795139 gtbif:SubordinateVotingSharesMember 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2024-06-30 0001795139 us-gaap:WarrantMember 2024-01-01 2024-09-30 0001795139 gtbif:CannabisCompaniesMember 2024-09-30 0001795139 gtbif:ShareCapitalMember gtbif:SubordinateVotingSharesMember 2024-01-01 2024-09-30 0001795139 us-gaap:RestrictedStockUnitsRSUMember 2024-07-01 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2023-07-01 2023-09-30 0001795139 us-gaap:RestrictedStockUnitsRSUMember 2023-01-01 2023-09-30 0001795139 us-gaap:CustomerRelationshipsMember 2024-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:ConsumerPackagedGoodsSegmentMember 2024-07-01 2024-09-30 0001795139 srt:MaximumMember gtbif:FloridaAndLllinoisMember 2024-09-30 0001795139 gtbif:PrivatePlacementRefinancingWarrants1Member gtbif:EquityClassifiedWarrantMember 2024-01-01 2024-09-30 0001795139 gtbif:ConversionOfMultipleVotingSharesMember gtbif:MultipleVotingSharesMember 2024-01-01 2024-09-30 0001795139 us-gaap:FairValueInputsLevel1Member 2024-06-30 0001795139 us-gaap:CommonStockMember 2023-01-01 2023-09-30 0001795139 us-gaap:RetainedEarningsMember 2024-06-30 0001795139 srt:MaximumMember gtbif:MortgageNotesMember 2023-12-31 0001795139 us-gaap:RestrictedStockUnitsRSUMember 2023-01-01 2023-09-30 0001795139 gtbif:SuperVotingSharesMember 2023-12-31 0001795139 us-gaap:FairValueInputsLevel3Member 2023-06-30 0001795139 us-gaap:EmployeeStockOptionMember 2023-01-01 2023-09-30 0001795139 gtbif:ShareCapitalMember gtbif:SuperVotingSharesMember 2024-01-01 2024-09-30 0001795139 gtbif:ThirdPartyMember 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel1Member 2023-12-31 0001795139 gtbif:DispensaryMortgageWarrantsMember gtbif:EquityClassifiedWarrantMember 2024-09-30 0001795139 gtbif:AdditionalModificationWarrantsMember gtbif:LiabilityClassifiedWarrantMember 2023-01-01 2023-12-31 0001795139 us-gaap:RetainedEarningsMember 2024-09-30 0001795139 us-gaap:CostOfSalesMember 2023-01-01 2023-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001795139 gtbif:AcquiredDebtMember 2023-12-31 0001795139 us-gaap:OperatingSegmentsMember gtbif:ConsumerPackagedGoodsSegmentMember 2024-09-30 0001795139 gtbif:MultipleConvertedVotingSharesMember 2024-01-01 2024-09-30 0001795139 us-gaap:PendingLitigationMember 2023-01-01 2023-12-31 0001795139 gtbif:LicensesAndPermitsMember 2023-12-31 0001795139 gtbif:PrivatePlacementRefinancingWarrantsMember us-gaap:MeasurementInputPriceVolatilityMember gtbif:EquityClassifiedWarrantMember 2024-09-30 0001795139 us-gaap:NotesReceivableMember 2023-01-01 2023-09-30 0001795139 us-gaap:RetainedEarningsMember 2022-12-31 0001795139 us-gaap:NoncontrollingInterestMember 2023-07-01 2023-09-30 0001795139 gtbif:ConsumerPackagedGoodsSegmentMember 2023-12-31 0001795139 srt:MinimumMember us-gaap:MeasurementInputPriceVolatilityMember gtbif:LiabilityClassifiedWarrantMember 2024-09-30 0001795139 2023-01-01 2023-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:ConsumerPackagedGoodsSegmentMember 2023-01-01 2023-09-30 0001795139 gtbif:DispensaryMortgageWarrantsMember us-gaap:MeasurementInputPriceVolatilityMember gtbif:EquityClassifiedWarrantMember 2024-09-30 0001795139 us-gaap:WarrantMember 2023-01-01 2023-09-30 0001795139 gtbif:DeferredShareIssuanceMember 2023-06-30 0001795139 2024-01-01 2024-09-30 0001795139 gtbif:DeferredShareIssuanceMember 2023-12-31 0001795139 us-gaap:EmployeeStockOptionMember 2024-07-01 2024-09-30 0001795139 gtbif:SuperVotingSharesMember 2024-11-01 0001795139 gtbif:RepurchaseOfSubordinateVotingSharesMember 2024-09-13 0001795139 gtbif:DeferredShareIssuanceMember 2023-01-01 2023-09-30 0001795139 us-gaap:FairValueInputsLevel3Member 2024-01-01 2024-09-30 0001795139 gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember 2024-09-11 2024-09-11 0001795139 srt:MinimumMember gtbif:MortgageNotesMember 2024-01-01 2024-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:IntersegmentEliminationsAndCorporateMember 2024-07-01 2024-09-30 0001795139 us-gaap:FairValueInputsLevel3Member 2024-09-30 0001795139 gtbif:ConsumerPackagedGoodsSegmentMember 2024-09-30 0001795139 us-gaap:NoncontrollingInterestMember 2022-12-31 0001795139 gtbif:CannabisCompaniesMember 2023-12-31 0001795139 us-gaap:FairValueInputsLevel1Member gtbif:FinancialInstrumentsMember 2024-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:RetailSegmentMember 2023-12-31 0001795139 us-gaap:AssetUnderConstructionMember 2023-12-31 0001795139 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-09-30 0001795139 srt:MinimumMember gtbif:FloridaAndLllinoisMember 2024-09-30 0001795139 2022-12-31 0001795139 gtbif:RepurchaseOfSubordinateVotingSharesMember 2024-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:RetailSegmentMember 2024-01-01 2024-09-30 0001795139 gtbif:NonCompetitionAgreementMember 2024-09-30 0001795139 gtbif:FloridaAndLllinoisMember 2023-07-01 2023-09-30 0001795139 srt:MaximumMember us-gaap:MeasurementInputExpectedTermMember gtbif:LiabilityClassifiedWarrantMember 2023-01-01 2023-12-31 0001795139 gtbif:DharmaPharmaceuticalsLlcMember 2024-02-09 2024-02-09 0001795139 us-gaap:OperatingSegmentsMember gtbif:IntersegmentEliminationsAndCorporateMember 2024-01-01 2024-09-30 0001795139 gtbif:PrivatePlacementFinancingWarrantsMember gtbif:LiabilityClassifiedWarrantMember 2023-01-01 2023-12-31 0001795139 us-gaap:CostOfSalesMember 2024-07-01 2024-09-30 0001795139 us-gaap:FairValueInputsLevel3Member 2023-01-01 2023-09-30 0001795139 us-gaap:LeaseholdImprovementsMember 2023-12-31 0001795139 us-gaap:EmployeeStockOptionMember 2023-07-01 2023-09-30 0001795139 gtbif:LicensesAndPermitsMember 2024-09-30 0001795139 srt:MinimumMember us-gaap:MeasurementInputExpectedTermMember gtbif:LiabilityClassifiedWarrantMember 2023-01-01 2023-12-31 0001795139 us-gaap:CommonStockMember 2024-07-01 2024-09-30 0001795139 gtbif:ContributedSurplusMember 2022-12-31 0001795139 gtbif:PrivatePlacementDebtAprilThirtyTwoThousandTwentyOneMember 2023-12-31 0001795139 gtbif:DeferredShareIssuanceMember 2023-09-30 0001795139 us-gaap:CommonStockMember 2023-09-30 0001795139 us-gaap:EmployeeStockOptionMember 2024-07-01 2024-09-30 0001795139 gtbif:ShareCapitalMember gtbif:MultipleVotingSharesMember 2024-09-30 0001795139 gtbif:PrivatePlacementRefinancingWarrants1Member us-gaap:MeasurementInputRiskFreeInterestRateMember gtbif:EquityClassifiedWarrantMember 2024-09-30 0001795139 us-gaap:FairValueInputsLevel1Member 2023-01-01 2023-09-30 0001795139 srt:MinimumMember 2024-01-01 2024-09-30 0001795139 us-gaap:CommonStockMember 2023-07-01 2023-09-30 0001795139 gtbif:PrivatePlacementRefinancingWarrantsMember gtbif:EquityClassifiedWarrantMember 2024-09-30 0001795139 us-gaap:FurnitureAndFixturesMember 2023-12-31 0001795139 srt:MinimumMember us-gaap:MeasurementInputRiskFreeInterestRateMember gtbif:LiabilityClassifiedWarrantMember 2024-09-30 0001795139 gtbif:DispensaryMortgageWarrantsMember gtbif:EquityClassifiedWarrantMember 2023-12-31 0001795139 us-gaap:FairValueInputsLevel1Member 2023-06-30 0001795139 2023-12-31 0001795139 us-gaap:NoncontrollingInterestMember 2023-09-30 0001795139 2023-07-01 2023-09-30 0001795139 gtbif:EquityClassifiedWarrantMember 2024-09-30 0001795139 us-gaap:FairValueInputsLevel3Member 2022-12-31 0001795139 us-gaap:OperatingSegmentsMember gtbif:IntersegmentEliminationsAndCorporateMember 2023-07-01 2023-09-30 0001795139 us-gaap:NotesReceivableMember 2024-01-01 2024-09-30 0001795139 gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember 2023-12-31 0001795139 gtbif:RetailSegmentMember 2023-12-31 0001795139 us-gaap:EmployeeStockOptionMember 2023-07-01 2023-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:ConsumerPackagedGoodsSegmentMember 2024-01-01 2024-09-30 0001795139 gtbif:ContributedSurplusMember 2023-07-01 2023-09-30 0001795139 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-09-30 0001795139 gtbif:AgrifyCorporationMember us-gaap:SubsequentEventMember 2024-11-05 2024-11-05 0001795139 gtbif:FloridaAndLllinoisMember 2023-01-01 2023-09-30 0001795139 us-gaap:TradeNamesMember 2023-12-31 0001795139 2024-06-30 0001795139 gtbif:DispensaryMortgageWarrantsMember gtbif:EquityClassifiedWarrantMember 2024-01-01 2024-09-30 0001795139 srt:MinimumMember gtbif:MortgageNotesMember 2024-09-30 0001795139 gtbif:LiabilityClassifiedWarrantMember 2024-09-30 0001795139 gtbif:NonCompetitionAgreementMember 2023-12-31 0001795139 srt:MaximumMember gtbif:MortgageNotesMember 2023-01-01 2023-12-31 0001795139 us-gaap:CommonStockMember 2024-09-30 0001795139 gtbif:MultipleVotingSharesMember 2024-09-30 0001795139 gtbif:ContributedSurplusMember 2023-09-30 0001795139 srt:MaximumMember 2023-01-01 2023-12-31 0001795139 2019-12-31 0001795139 us-gaap:FairValueInputsLevel1Member 2023-09-30 0001795139 gtbif:AdditionalModificationWarrantsMember gtbif:LiabilityClassifiedWarrantMember 2024-09-30 0001795139 gtbif:DeferredShareIssuanceMember 2024-06-30 0001795139 gtbif:ModificationWarrantsMember gtbif:LiabilityClassifiedWarrantMember 2023-01-01 2023-12-31 0001795139 gtbif:FloridaAndLllinoisMember 2024-07-01 2024-09-30 0001795139 us-gaap:RetainedEarningsMember 2023-01-01 2023-09-30 0001795139 us-gaap:CommonStockMember 2023-12-31 0001795139 us-gaap:CommonStockMember 2024-01-01 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel1Member 2024-09-30 0001795139 us-gaap:FurnitureAndFixturesMember 2024-09-30 0001795139 us-gaap:FairValueInputsLevel3Member gtbif:FinancialInstrumentsMember 2024-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:RetailSegmentMember 2024-09-30 0001795139 us-gaap:NotesReceivableMember 2024-07-01 2024-09-30 0001795139 gtbif:SuperVotingSharesMember 2024-01-01 2024-09-30 0001795139 gtbif:ShareCapitalMember gtbif:SuperVotingSharesMember 2024-09-30 0001795139 us-gaap:OtherIntangibleAssetsMember 2023-12-31 0001795139 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember 2024-09-30 0001795139 gtbif:MultipleConvertedVotingSharesMember 2024-11-01 0001795139 gtbif:ContributedSurplusMember 2023-06-30 0001795139 gtbif:SuperVotingSharesMember 2023-01-01 2023-12-31 0001795139 us-gaap:LandMember 2023-12-31 0001795139 srt:MaximumMember us-gaap:MeasurementInputExpectedTermMember gtbif:LiabilityClassifiedWarrantMember 2024-01-01 2024-09-30 0001795139 srt:MaximumMember us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2024-01-01 2024-09-30 0001795139 us-gaap:EmployeeStockOptionMember 2023-01-01 2023-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:ConsumerPackagedGoodsSegmentMember 2023-07-01 2023-09-30 0001795139 gtbif:ModificationWarrantsMember gtbif:LiabilityClassifiedWarrantMember 2023-12-31 0001795139 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:IntersegmentEliminationsAndCorporateMember 2023-01-01 2023-09-30 0001795139 gtbif:PrivatePlacementFinancingWarrantsMember gtbif:LiabilityClassifiedWarrantMember 2024-09-30 0001795139 gtbif:GtiiStockAndIncentivePlanMember gtbif:SubordinateVotingSharesMember 2018-06-01 2018-06-01 0001795139 gtbif:SubordinateVotingSharesMember 2024-01-01 2024-09-30 0001795139 srt:MinimumMember us-gaap:MeasurementInputPriceVolatilityMember gtbif:LiabilityClassifiedWarrantMember 2023-12-31 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2024-01-01 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel1Member 2024-01-01 2024-09-30 0001795139 gtbif:ContributedSurplusMember 2023-12-31 0001795139 gtbif:PrivatePlacementRefinancingWarrantsMember gtbif:EquityClassifiedWarrantMember 2023-12-31 0001795139 gtbif:PrivatePlacementRefinancingWarrantsMember gtbif:EquityClassifiedWarrantMember 2024-01-01 2024-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:RetailSegmentMember 2024-07-01 2024-09-30 0001795139 gtbif:SubordinateVotingSharesMember 2023-01-01 2023-12-31 0001795139 2024-09-30 0001795139 gtbif:ConstructionCommitmentsMember 2024-09-30 0001795139 2023-06-30 0001795139 gtbif:DispensaryMortgageWarrantsMember us-gaap:MeasurementInputExpectedTermMember gtbif:EquityClassifiedWarrantMember 2024-01-01 2024-09-30 0001795139 us-gaap:NoncontrollingInterestMember 2023-06-30 0001795139 gtbif:PrivatePlacementRefinancingWarrants1Member us-gaap:MeasurementInputPriceVolatilityMember gtbif:EquityClassifiedWarrantMember 2024-09-30 0001795139 gtbif:LiabilityClassifiedWarrantMember 2024-01-01 2024-09-30 0001795139 us-gaap:LandImprovementsMember 2023-12-31 0001795139 us-gaap:CustomerRelationshipsMember 2023-12-31 0001795139 us-gaap:FairValueInputsLevel1Member gtbif:FinancialInstrumentsMember 2023-12-31 0001795139 gtbif:ShareCapitalMember gtbif:MultipleVotingSharesMember 2024-01-01 2024-09-30 0001795139 us-gaap:OperatingSegmentsMember gtbif:ConsumerPackagedGoodsSegmentMember 2023-12-31 0001795139 us-gaap:LandMember 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2023-12-31 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel1Member 2023-07-01 2023-09-30 0001795139 gtbif:MortgageNotesMember 2023-12-31 0001795139 us-gaap:CostOfSalesMember 2024-01-01 2024-09-30 0001795139 us-gaap:NoncontrollingInterestMember 2024-07-01 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel1Member 2024-06-30 0001795139 us-gaap:EquityMethodInvestmentsMember 2024-01-01 2024-09-30 0001795139 gtbif:AgrifyCorporationMember us-gaap:SubsequentEventMember 2024-11-05 0001795139 us-gaap:BuildingImprovementsMember 2023-12-31 0001795139 gtbif:PrivatePlacementRefinancingWarrants1Member us-gaap:MeasurementInputExpectedTermMember gtbif:EquityClassifiedWarrantMember 2024-01-01 2024-09-30 0001795139 gtbif:ShareCapitalMember gtbif:MultipleVotingSharesMember 2023-12-31 0001795139 gtbif:ContributedSurplusMember 2024-07-01 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel3Member 2024-07-01 2024-09-30 0001795139 gtbif:ModificationWarrantsMember gtbif:LiabilityClassifiedWarrantMember 2024-09-30 0001795139 us-gaap:BuildingImprovementsMember 2024-09-30 0001795139 us-gaap:RestrictedStockUnitsRSUMember 2024-01-01 2024-09-30 0001795139 us-gaap:NotesReceivableMember us-gaap:FairValueInputsLevel1Member 2023-06-30 0001795139 us-gaap:CommonStockMember 2024-06-30 0001795139 us-gaap:RelatedPartyMember 2024-09-30 0001795139 us-gaap:RestrictedStockUnitsRSUMember 2024-09-30 0001795139 us-gaap:FairValueInputsLevel3Member 2023-09-30 0001795139 gtbif:DharmaPharmaceuticalsLlcMember 2024-01-01 2024-09-30 0001795139 us-gaap:RetainedEarningsMember 2023-12-31 0001795139 us-gaap:RestrictedStockUnitsRSUMember 2023-07-01 2023-09-30 0001795139 gtbif:EquityClassifiedWarrantMember 2023-12-31 0001795139 us-gaap:NotesReceivableMember 2023-07-01 2023-09-30 0001795139 us-gaap:FairValueInputsLevel1Member 2022-12-31 0001795139 us-gaap:NoncontrollingInterestMember 2024-09-30 0001795139 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-09-30 0001795139 us-gaap:FairValueInputsLevel1Member 2024-01-01 2024-09-30 0001795139 gtbif:DeferredShareIssuanceMember 2022-12-31 0001795139 srt:MinimumMember us-gaap:MeasurementInputExpectedTermMember gtbif:LiabilityClassifiedWarrantMember 2024-01-01 2024-09-30 0001795139 gtbif:ShareCapitalMember gtbif:SubordinateVotingSharesMember 2024-09-30 0001795139 us-gaap:FairValueInputsLevel2Member gtbif:FinancialInstrumentsMember 2024-09-30 0001795139 us-gaap:RetainedEarningsMember 2023-06-30 0001795139 us-gaap:RestrictedStockUnitsRSUMember 2024-07-01 2024-09-30 0001795139 us-gaap:PendingLitigationMember 2024-01-01 2024-09-30 0001795139 us-gaap:LeaseholdImprovementsMember 2024-09-30 0001795139 gtbif:ShareCapitalMember gtbif:SuperVotingSharesMember 2023-12-31 0001795139 us-gaap:FairValueInputsLevel3Member 2023-12-31 0001795139 us-gaap:FairValueInputsLevel1Member 2024-07-01 2024-09-30 0001795139 us-gaap:TradeNamesMember 2024-09-30 0001795139 gtbif:MultipleVotingSharesMember 2024-01-01 2024-09-30 0001795139 us-gaap:RestrictedStockUnitsRSUMember 2024-01-01 2024-09-30 pure shares gtbif:Lawsuit gtbif:Dispensary iso4217:USD shares iso4217:USD false 0001795139 Q3 --12-31

10-Q true 2024-09-30 2024 false 000-56132 GREEN THUMB INDUSTRIES INC. A1 98-1437430 325 West Huron Street Suite 700 Chicago IL 60654 312 471-6720 Subordinate Voting Shares Multiple Voting Shares Super Voting Shares Yes Yes Large Accelerated Filer false false false 212043394 37623 206690

173641000

161634000

48962000

42975000

5487000

138283000

112970000

18164000

19801000

7337000

5382000

391874000

342762000

695666000

687106000

245978000

238369000

61422000

64361000

21934000 24942000 3893000 550000

500860000

538678000

589691000

1041000

2513000 2557000

2514872000

2490057000

19848000

24495000

75584000

59552000

19295000

16005000

9397000

2996000

13329000

12297000

23216000

10705000

160669000

126050000

260790000

249464000

246182000

305527000

33250000

72510000

740151000

786801000

Unlimited

211718705

Unlimited

209871792

Unlimited

37683

Unlimited

38531

Unlimited

206690

Unlimited

216690

1748788000 1703852000 -25520000 7871000 12973000 12973000 38586000 -21818000

1774827000

1702878000

-106000

378000

1774721000

1703256000

2514872000

2490057000

286865000

275398000

842818000

776322000

139274000

141592000

399778000

392515000

147591000

133806000

443040000

383807000

104967000

84779000

275725000

249515000

104967000

84779000

275725000

249515000

42624000

49027000

167315000

134292000

-290000

-631000

411000

23000

2665000

1576000

7082000

4838000

5296000

4639000

18791000

11324000

-2921000

-3694000

-11298000

-6463000

39703000

45333000

156017000

127829000

30922000

34526000

94970000

93927000

8781000

10807000

61047000

33902000

165000

295000

643000

851000

8616000

10512000

60404000

33051000

0.04

0.05

0.26

0.14

0.04

0.05

0.26

0.14

236303348

239459783

236821181

238248852

238295887

240289959

239934521

239827112

1693429000

34421000

12973000

-35546000

539000

1705816000

6454000 6454000 2461000 -694000 1767000

7215000

270000

24890000 24890000

10512000

295000

10807000

1702344000

16052000

12973000

-25034000

564000

1706899000

1663557000

23233000

36211000

-58085000

516000

1665432000

20454000 -20454000 12524000 12524000 -2784000 -2784000 5809000 -3126000 2683000

20835000

803000

24890000 24890000

33051000

851000

33902000

1702344000

16052000

12973000

-25034000

564000

1706899000

1742784000

-31865000

12973000

29970000

94000

1753956000

6028000 -2004000 4024000

-24000

8349000

365000

8616000

165000

8781000

1748788000

-25520000

12973000

38586000

-106000

1774721000

1703852000

7871000

12973000

-21818000

378000

1703256000

17259000 17259000 16818000 -6856000 9962000

10859000

-16792000

-5933000

23705000

1127000

33448000 33448000

60404000

643000

61047000

1748788000

-25520000

12973000

38586000

-106000

1774721000

60404000

33051000

643000

851000

84252000

73363000

41622000 35996000

-1163000

-2815000

450000

285000

-2184000

-952000

219000

87000

23705000

20835000

-256000 153000 15991000 0 0 -3370000 2389000 934000

2784000

2914000

7128000

5987000

7673000

25313000 2870000

-1391000

1129000

-44000 -536000

-4647000

4084000

17504000

4052000

37091000 32114000

7024000

13818000

151845000

153872000

52992000

183594000

345000

319000

7803000

4500000

7015000 331000

-53435000

-187444000

1127000 803000 33448000 24890000 5933000 0 9962000 2683000

170923000

16654000

226780000

912000

-86403000

-7268000

12007000

-40840000

161634000

177682000

173641000

136842000

16555000

15564000

3958000 -10115000 11937000 5599000 -11937000 -5599000

17259000

12524000

0 20454000

1. Overview and Basis of Presentation (a) Description of Business Green Thumb Industries Inc. (“Green Thumb,” the “Company,” “we” or “us”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while being committed to community and sustainable, profitable growth. Green Thumb owns, manufactures, and distributes a portfolio of cannabis consumer packaged goods brands including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles, and RYTHM, to third-party retail stores across the United States as well as to Green Thumb owned retail locations. The Company also owns and operates retail cannabis stores that include a national chain named RISE Dispensaries that sell our products and third-party products. As of September 30, 2024, Green Thumb has revenue in fourteen markets (California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia), employs approximately 4,800 people and serves millions of patients and customers annually.The Company’s registered office is located at 250 Howe Street, 20th Floor, Vancouver, British Columbia, V6C 3R8. The Company’s U.S. headquarters are at 325 W. Huron St., Suite 700, Chicago, IL 60654. (b) Basis of Presentation <div style="font-size:10pt;font-family:Times New Roman;">The accompanying unaudited interim condensed consolidated financial statements include the accounts of Green Thumb and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities & Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and, accordingly, certain information, footnotes and disclosures normally included in the annual financial statements, prepared in accordance with GAAP, have been condensed or omitted in accordance with SEC rules and regulations. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Certain previously reported amounts have been reclassified between line items to conform to the current period presentation. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates. </div> (c) Significant Accounting Policies <div style="font-size:10pt;font-family:Times New Roman;">There have been no changes to the Company’s significant accounting policies as described in Note 2 to the Company's Consolidated Financial Statements included in the 2023 Form 10-K. </div> (d) Earnings per Share <div style="font-size:10pt;font-family:Times New Roman;">Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of common shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: restricted stock units, stock options and warrants. As of September 30, 2024, the Company had 8,491,983 options, 4,561,819 restricted stock units and 2,128,022 warrants outstanding. As of September 30, 2023, the Company had 10,229,895 options, 3,499,193 restricted stock units and 3,734,555 warrants outstanding. </div>1. Overview and Basis of Presentation (Continued) (d) Earnings per Share (Continued)<div style="font-size:10pt;font-family:Times New Roman;">In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the three months ended September 30, 2024, the computation of diluted earnings per share included 1,001,228 options, 923,686 restricted stock units, and 67,625 warrants. For the nine months ended September 30, 2024, the computation of diluted earnings per share included 1,339,591 options, 1,669,708 restricted stock units, and 104,041 warrants. For the three months ended September 30, 2023, the computation of diluted earnings per share included 211,651 options and 618,525 restricted stock units. For the nine months ended September 30, 2023, the computation of diluted earnings per share included 153,215 options and 1,425,045 restricted stock units. There were no dilutive warrants during the three and nine months ended September 30, 2023 as the strike price was greater than the average stock price for the period. For the three and nine months ended September 30, 2024, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 869,491 and 918,465, respectively. For the three and nine months ended September 30, 2023, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 2,349,064 and 3,198,625, respectively.</div> (e) Recently Issued Accounting Standards <div style="font-size:10pt;font-family:Times New Roman;"><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;">(i)<div style="width:100%;display:inline;">In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, to provide enhanced segment disclosures. The standard will require disclosures about significant segment expense categories and amounts for each reportable segment, for all periods presented. Additionally, the standard requires public entities to disclose the title and position of the Chief Operating Decision Maker (“CODM”) in the consolidated financial statements. These enhanced disclosures are required for all entities on an interim and annual basis, effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.</div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;">(ii)<div style="width:100%;display:inline;">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.</div></div>The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no other standards yet to be adopted which are relevant to the business for disclosure. </div>

Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Green Thumb and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities & Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and, accordingly, certain information, footnotes and disclosures normally included in the annual financial statements, prepared in accordance with GAAP, have been condensed or omitted in accordance with SEC rules and regulations. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Certain previously reported amounts have been reclassified between line items to conform to the current period presentation. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.

Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in Note 2 to the Company's Consolidated Financial Statements included in the 2023 Form 10-K. Earnings per Share Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of common shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: restricted stock units, stock options and warrants. As of September 30, 2024, the Company had 8,491,983 options, 4,561,819 restricted stock units and 2,128,022 warrants outstanding. As of September 30, 2023, the Company had 10,229,895 options, 3,499,193 restricted stock units and 3,734,555 warrants outstanding. Earnings per Share (Continued)In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the three months ended September 30, 2024, the computation of diluted earnings per share included 1,001,228 options, 923,686 restricted stock units, and 67,625 warrants. For the nine months ended September 30, 2024, the computation of diluted earnings per share included 1,339,591 options, 1,669,708 restricted stock units, and 104,041 warrants. For the three months ended September 30, 2023, the computation of diluted earnings per share included 211,651 options and 618,525 restricted stock units. For the nine months ended September 30, 2023, the computation of diluted earnings per share included 153,215 options and 1,425,045 restricted stock units. There were no dilutive warrants during the three and nine months ended September 30, 2023 as the strike price was greater than the average stock price for the period. For the three and nine months ended September 30, 2024, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 869,491 and 918,465, respectively. For the three and nine months ended September 30, 2023, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 2,349,064 and 3,198,625, respectively.

8491983

4561819

2128022

10229895

3499193

3734555

1001228

923686

67625

1339591

1669708

104041

211651

618525

153215

1425045

869491

918465

2349064

3198625

Recently Issued Accounting Standards <div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;">(i)<div style="width:100%;display:inline;">In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, to provide enhanced segment disclosures. The standard will require disclosures about significant segment expense categories and amounts for each reportable segment, for all periods presented. Additionally, the standard requires public entities to disclose the title and position of the Chief Operating Decision Maker (“CODM”) in the consolidated financial statements. These enhanced disclosures are required for all entities on an interim and annual basis, effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.</div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;">(ii)<div style="width:100%;display:inline;">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.</div></div>The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no other standards yet to be adopted which are relevant to the business for disclosure.

The Company’s inventories include the following at September 30, 2024 and December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.318%;box-sizing:content-box;"></td> <td style="width:2.409%;box-sizing:content-box;"></td> <td style="width:24.932%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:25.068%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">September 30, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Raw Material</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">2,961</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">1,547</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Packaging and Miscellaneous</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">11,806</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">10,661</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Work in Process</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">54,764</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">47,029</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Finished Goods</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">72,566</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">57,631</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Reserve for Obsolete Inventory</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(3,814)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(3,898)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Total Inventories, Net</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">138,283</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">112,970</td> </tr> </table>

2961000

1547000

11806000 10661000

54764000

47029000

72566000

57631000

3814000

3898000

138283000

112970000

3. PROPERTY AND EQUIPMENT <div style="font-size:12pt;font-family:Times New Roman;">At September 30, 2024 and December 31, 2023, property and equipment consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.568%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:25.114%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:24.773%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">September 30, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Buildings and Improvements</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">354,054</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">353,912</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Equipment, Computers and Furniture</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">189,736</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">171,522</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Leasehold Improvements</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">229,964</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">200,232</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Land</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">33,725</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">33,725</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Land Improvements</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">1,538</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">1,046</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Assets Under Construction</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">27,388</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">23,142</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Capitalized Interest</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">31,944</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">30,817</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Property and Equipment</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">868,349</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">814,396</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Less: Accumulated Depreciation</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(172,683)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(127,290)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Property and Equipment, net</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">695,666</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">687,106</td> </tr> </table></div> Assets under construction represent costs associated with construction projects on cultivation and production facilities and retail stores as well as costs associated with internal-use software not yet placed in service. Depreciation expense for the three and nine months ended September 30, 2024 totaled $15,918 thousand and $46,434 thousand, respectively, of which $10,240 thousand and $29,963 thousand, respectively, is included in cost of goods sold. Depreciation expense for the three and nine months ended September 30, 2023 totaled $12,885 thousand and $35,266 thousand, respectively, of which $8,298 thousand and $23,348 thousand, respectively, is included in cost of goods sold.

At September 30, 2024 and December 31, 2023, property and equipment consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.568%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:25.114%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:24.773%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">September 30, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Buildings and Improvements</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">354,054</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">353,912</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Equipment, Computers and Furniture</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">189,736</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">171,522</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Leasehold Improvements</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">229,964</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">200,232</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Land</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">33,725</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">33,725</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Land Improvements</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">1,538</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">1,046</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Assets Under Construction</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">27,388</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">23,142</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Capitalized Interest</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">31,944</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">30,817</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Property and Equipment</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">868,349</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">814,396</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Less: Accumulated Depreciation</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(172,683)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(127,290)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Property and Equipment, net</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">695,666</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">687,106</td> </tr> </table>

354054000

353912000

189736000

171522000

229964000

200232000

33725000

1538000

1046000

27388000

23142000

31944000

30817000

868349000

814396000

172683000

127290000

695666000

687106000

15918000

46434000

10240000

29963000

12885000

35266000

8298000

23348000

4. INTANGIBLE ASSETS AND GOODWILL (a) Intangible Assets Intangible assets are recorded at cost less accumulated amortization and impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively. <div style="font-size:10pt;font-family:Times New Roman;">At September 30, 2024 and December 31, 2023, intangible assets consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:22.049%;box-sizing:content-box;"></td> <td style="width:1.901%;box-sizing:content-box;"></td> <td style="width:10.504%;box-sizing:content-box;"></td> <td style="width:2.401%;box-sizing:content-box;"></td> <td style="width:11.024%;box-sizing:content-box;"></td> <td style="width:2.401%;box-sizing:content-box;"></td> <td style="width:11.365%;box-sizing:content-box;"></td> <td style="width:2.401%;box-sizing:content-box;"></td> <td style="width:10.244%;box-sizing:content-box;"></td> <td style="width:2.401%;box-sizing:content-box;"></td> <td style="width:10.584%;box-sizing:content-box;"></td> <td style="width:2.401%;box-sizing:content-box;"></td> <td style="width:10.324%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">September 30, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Gross Carrying Amount</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Accumulated Amortization</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Net Book Value</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Gross Carrying Amount</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Accumulated Amortization</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Net Book Value</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Licenses and Permits</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">660,716</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">190,838</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">469,878</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">660,716</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">157,764</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">502,952</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Trademarks</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">41,511</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">15,422</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">26,089</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">41,511</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">13,378</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">28,133</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Customer Relationships</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">24,438</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">19,545</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">4,893</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">24,438</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">16,927</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">7,511</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Non-Competition Agreements</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,483</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">82</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Total Intangible Assets</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">729,230</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">228,370</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">500,860</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">729,230</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">190,552</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">538,678</td> </tr> </table></div> The Company recorded amortization expense for the three and nine months ended September 30, 2024 of $12,574 thousand and $37,818 thousand, respectively. The Company recorded amortization expense for the three and nine months ended September 30, 2023 of $12,743 thousand and $38,097 thousand, respectively. As of September 30, 2024 and December 31, 2023, intangible assets are carried net of accumulated impairment losses of $31,131 thousand as of each period then ended. <div style="font-size:10pt;font-family:Times New Roman;">The following table outlines the estimated annual amortization expense related to intangible assets as of September 30, 2024: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:70.455%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:27.273%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Estimated Amortization</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Year Ending December 31,</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Remainder of 2024</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">12,574</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2025</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">50,294</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2026</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">47,332</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2027</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">46,803</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2028</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">46,803</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2029 and Thereafter</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">297,054</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">500,860</td> </tr> </table></div>As of September 30, 2024, the weighted average amortization period remaining for intangible assets was 10.68 years. (b) Goodwill <div style="font-size:11pt;font-family:Times New Roman;">At September 30, 2024 and December 31, 2023 the balances of goodwill, by segment, consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.249%;box-sizing:content-box;"></td> <td style="width:2.262%;box-sizing:content-box;"></td> <td style="width:24.887%;box-sizing:content-box;"></td> <td style="width:2.579%;box-sizing:content-box;"></td> <td style="width:25.023%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">September 30, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">273,802</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">273,802</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">315,889</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">315,889</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">589,691</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">589,691</td> </tr> </table></div> Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of September 30, 2024 and December 31, 2023. During the three and nine months ended September 30, 2024 and 2023, there were no goodwill impairment charges recognized by the Company in the unaudited interim condensed consolidated statements of operations.

At September 30, 2024 and December 31, 2023, intangible assets consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:22.049%;box-sizing:content-box;"></td> <td style="width:1.901%;box-sizing:content-box;"></td> <td style="width:10.504%;box-sizing:content-box;"></td> <td style="width:2.401%;box-sizing:content-box;"></td> <td style="width:11.024%;box-sizing:content-box;"></td> <td style="width:2.401%;box-sizing:content-box;"></td> <td style="width:11.365%;box-sizing:content-box;"></td> <td style="width:2.401%;box-sizing:content-box;"></td> <td style="width:10.244%;box-sizing:content-box;"></td> <td style="width:2.401%;box-sizing:content-box;"></td> <td style="width:10.584%;box-sizing:content-box;"></td> <td style="width:2.401%;box-sizing:content-box;"></td> <td style="width:10.324%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">September 30, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Gross Carrying Amount</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Accumulated Amortization</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Net Book Value</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Gross Carrying Amount</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Accumulated Amortization</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Net Book Value</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Licenses and Permits</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">660,716</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">190,838</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">469,878</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">660,716</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">157,764</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">502,952</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Trademarks</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">41,511</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">15,422</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">26,089</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">41,511</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">13,378</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">28,133</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Customer Relationships</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">24,438</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">19,545</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">4,893</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">24,438</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">16,927</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">7,511</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Non-Competition Agreements</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,483</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">82</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Total Intangible Assets</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">729,230</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">228,370</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">500,860</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">729,230</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">190,552</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">538,678</td> </tr> </table>

660716000

190838000

469878000

660716000

157764000

502952000

41511000

15422000

26089000

41511000

13378000

28133000

24438000

19545000

4893000

24438000

16927000

7511000

2565000

2483000

82000

729230000

228370000

500860000

729230000

190552000

538678000

12574000

37818000

12743000

38097000

31131000

12574000

50294000

47332000

46803000

297054000

500860000

P10Y8M4D

273802000

315889000

589691000

57372000

5. INVESTMENTS As of September 30, 2024 and December 31, 2023, the Company held various equity interests in cannabis-related companies as well as investments in note(s) receivable instruments that had a combined fair value of $61,422 thousand and $64,361 thousand, respectively. The Company measures its investments that do not have readily determinable fair value at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes. <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the changes in the Company’s investments during the nine months ended September 30, 2024 and year ended December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.851%;box-sizing:content-box;"></td> <td style="width:2.16%;box-sizing:content-box;"></td> <td style="width:24.824%;box-sizing:content-box;"></td> <td style="width:2.478%;box-sizing:content-box;"></td> <td style="width:24.687%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">September 30, 2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Beginning</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">64,361</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">74,169</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Additions</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">3,817</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">8,200</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Proceeds</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(7,012)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(498)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Fair value adjustment</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">256</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(17,460)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Transfers and other</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(50)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Ending</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">61,422</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">64,361</td> </tr> </table></div> <div style="font-size:10pt;font-family:Times New Roman;">The following table summarizes the change in fair value associated with the Company's equity investments and notes receivable instruments recorded during the three and nine months ended September 30, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.918%;box-sizing:content-box;"></td> <td style="width:2.046%;box-sizing:content-box;"></td> <td style="width:12.503%;box-sizing:content-box;"></td> <td style="width:2.251%;box-sizing:content-box;"></td> <td style="width:11.639%;box-sizing:content-box;"></td> <td style="width:1.137%;box-sizing:content-box;"></td> <td style="width:2.341%;box-sizing:content-box;"></td> <td style="width:12.844%;box-sizing:content-box;"></td> <td style="width:1.728%;box-sizing:content-box;"></td> <td style="width:12.594%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Equity Investments</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">(67)</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">724</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">91</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">(410)</td> </tr> <tr style="height:8pt;white-space:pre-wrap;word-break:break-word;"> <td style="background-color:#cff0fc;vertical-align:bottom;">Notes Receivable Instruments</td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:center;">—</td> <td style="background-color:#ffffff;vertical-align:bottom;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:center;">9</td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Accrued Interest on Notes Receivable Instruments</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(10)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">51</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">156</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">257</td> </tr> <tr style="height:8pt;white-space:pre-wrap;word-break:break-word;"> <td style="background-color:#cff0fc;vertical-align:bottom;">Net fair value gains (losses)</td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:left;">$</td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">(77)</td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">775</td> <td style="background-color:#ffffff;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:left;">$</td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">256</td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">(153)</td> </tr> </table></div> (a) Equity Investments The Company held equity investments in both publicly and privately traded entities throughout the three and nine months ended September 30, 2024 and 2023. Publicly traded entities generally have readily determinable fair values and are classified as Level 1 investments. Meanwhile, non-publicly traded entities generally do not have readily determinable fair values and are classified as Level 3 investments. The Company has classified all of its holdings as trading securities and recorded such amounts within investments on the Company's unaudited interim condensed consolidated balance sheets. <div style="font-size:10pt;font-family:Times New Roman;">The following table summarizes the change in the Company's Level 1 equity investments during the three and nine months ended September 30, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:87.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:41.379%;box-sizing:content-box;"></td> <td style="width:2.115%;box-sizing:content-box;"></td> <td style="width:12.253%;box-sizing:content-box;"></td> <td style="width:1.747%;box-sizing:content-box;"></td> <td style="width:12%;box-sizing:content-box;"></td> <td style="width:1.149%;box-sizing:content-box;"></td> <td style="width:2.276%;box-sizing:content-box;"></td> <td style="width:12.276%;box-sizing:content-box;"></td> <td style="width:1.793%;box-sizing:content-box;"></td> <td style="width:13.011%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Beginning</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">507</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">1,370</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">2,001</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">2,535</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Proceeds</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(440)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(2,092)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(31)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Fair value adjustment</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(67)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">724</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">91</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(410)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Ending</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">2,094</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">2,094</td> </tr> </table></div> 5. INVESTMENTS (Continued) (a) Equity Investments (Continued) <div style="font-size:10pt;font-family:Times New Roman;">The following table summarizes the change in the Company's Level 3 equity investments during the three and nine months ended September 30, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:89.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.459%;box-sizing:content-box;"></td> <td style="width:2.607%;box-sizing:content-box;"></td> <td style="width:11.845%;box-sizing:content-box;"></td> <td style="width:2.63%;box-sizing:content-box;"></td> <td style="width:11.733%;box-sizing:content-box;"></td> <td style="width:1.124%;box-sizing:content-box;"></td> <td style="width:2.36%;box-sizing:content-box;"></td> <td style="width:12.879%;box-sizing:content-box;"></td> <td style="width:1.731%;box-sizing:content-box;"></td> <td style="width:12.632%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Beginning</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">25,953</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">42,330</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">25,953</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">40,330</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Additions</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">852</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">852</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">2,000</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Transfers and other</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">5,000</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">5,000</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Ending</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">31,805</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">42,330</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">31,805</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">42,330</td> </tr> </table></div> <div style="font-size:10pt;font-family:Times New Roman;">The following table summarizes unrealized (losses) gains recognized on the Company's equity investments held during the three and nine months ended September 30, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.891%;box-sizing:content-box;"></td> <td style="width:2.272%;box-sizing:content-box;"></td> <td style="width:13.04%;box-sizing:content-box;"></td> <td style="width:1.726%;box-sizing:content-box;"></td> <td style="width:11.495%;box-sizing:content-box;"></td> <td style="width:1.136%;box-sizing:content-box;"></td> <td style="width:2.771%;box-sizing:content-box;"></td> <td style="width:11.949%;box-sizing:content-box;"></td> <td style="width:2.771%;box-sizing:content-box;"></td> <td style="width:11.949%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Unrealized gain (loss) recognized on equity investments</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">(67)</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">724</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">91</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">(410)</td> </tr> <tr style="height:8pt;white-space:pre-wrap;word-break:break-word;"> <td style="background-color:#cff0fc;vertical-align:bottom;">Realized gain (loss) recognized on equity investments</td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(67)</td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">64</td> <td style="background-color:#ffffff;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;text-align:left;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">91</td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="background-color:#cff0fc;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">60</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Net unrealized gain (loss) on equity investments</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">660</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">(350)</td> </tr> </table></div> See Note 13 - Fair Value Measurements for additional details. (b) Notes Receivable Instruments The Company held note(s) receivable instrument(s) in publicly and privately traded entities throughout the three and nine months ended September 30, 2024 and 2023. The combined fair value of these notes receivable instruments includes the initial investment cost and combined contractual accrued interest recorded within interest income on the unaudited interim condensed consolidated statements of operations. All of the Company's notes receivable instruments are classified as trading securities and are included within investments on the Company's unaudited interim condensed consolidated balance sheets. <div style="font-size:10pt;font-family:Times New Roman;">The following table summarizes the change in the Company's Level 1 note receivable instrument during the three and nine months ended September 30, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.918%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.344%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:11.116%;box-sizing:content-box;"></td> <td style="width:1.137%;box-sizing:content-box;"></td> <td style="width:2.387%;box-sizing:content-box;"></td> <td style="width:13.026%;box-sizing:content-box;"></td> <td style="width:1.75%;box-sizing:content-box;"></td> <td style="width:12.776%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Beginning</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">24,188</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">22,214</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">22,214</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">22,214</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Additions</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,965</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Fair value adjustment</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">9</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Ending</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">24,188</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">22,214</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">24,188</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">22,214</td> </tr> </table></div> The Company's Level 1 note receivable instrument had a stated interest rate of 13%, a maturity date of April 29, 2025 and did not contain any conversion features.5. INVESTMENTS (Continued) (b) Notes Receivable Instruments (Continued) <div style="font-size:10pt;font-family:Times New Roman;">The following table summarizes the change in the Company's Level 3 notes receivable instruments during the three and nine months ended September 30, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.918%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.344%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:11.116%;box-sizing:content-box;"></td> <td style="width:1.137%;box-sizing:content-box;"></td> <td style="width:2.387%;box-sizing:content-box;"></td> <td style="width:13.026%;box-sizing:content-box;"></td> <td style="width:1.75%;box-sizing:content-box;"></td> <td style="width:12.776%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Beginning</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">10,764</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">9,146</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">14,193</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">9,090</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Additions</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,500</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,000</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,700</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Proceeds</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(325)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(4,920)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(300)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Accrued Interest</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(10)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">51</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">156</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">257</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Transfers and other</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(5,000)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(5,000)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(50)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Ending</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">5,429</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">10,697</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">5,429</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">10,697</td> </tr> </table></div> The Company's Level 3 notes receivable instruments had a stated interest rate of 10% and terms between twelve months to five years. On January 9, 2024, one of the Company's privately held notes receivable instruments matured and the Company collected the principal amount of $4,000 thousand along with accrued interest of $605 thousand on such date. See Note 13 - Fair Value Measurements for additional details.

61422000

64361000

74169000

3817000 8200000 7012000 498000 256000 -17460000

-0

50000

61422000

64361000

-67000

724000

91000

-410000

9000

-10000 51000 156000 257000

-77000

775000

256000

-153000

The following table summarizes the change in the Company's Level 1 equity investments during the three and nine months ended September 30, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:87.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:41.379%;box-sizing:content-box;"></td> <td style="width:2.115%;box-sizing:content-box;"></td> <td style="width:12.253%;box-sizing:content-box;"></td> <td style="width:1.747%;box-sizing:content-box;"></td> <td style="width:12%;box-sizing:content-box;"></td> <td style="width:1.149%;box-sizing:content-box;"></td> <td style="width:2.276%;box-sizing:content-box;"></td> <td style="width:12.276%;box-sizing:content-box;"></td> <td style="width:1.793%;box-sizing:content-box;"></td> <td style="width:13.011%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Beginning</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">507</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">1,370</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">2,001</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">2,535</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Proceeds</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(440)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(2,092)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(31)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Fair value adjustment</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(67)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">724</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">91</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(410)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Ending</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">2,094</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">2,094</td> </tr> </table>The following table summarizes the change in the Company's Level 3 equity investments during the three and nine months ended September 30, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:89.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.459%;box-sizing:content-box;"></td> <td style="width:2.607%;box-sizing:content-box;"></td> <td style="width:11.845%;box-sizing:content-box;"></td> <td style="width:2.63%;box-sizing:content-box;"></td> <td style="width:11.733%;box-sizing:content-box;"></td> <td style="width:1.124%;box-sizing:content-box;"></td> <td style="width:2.36%;box-sizing:content-box;"></td> <td style="width:12.879%;box-sizing:content-box;"></td> <td style="width:1.731%;box-sizing:content-box;"></td> <td style="width:12.632%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Beginning</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">25,953</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">42,330</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">25,953</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">40,330</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Additions</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">852</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">852</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">2,000</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Transfers and other</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">5,000</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">5,000</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Ending</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">31,805</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">42,330</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">31,805</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">42,330</td> </tr> </table>

507000

1370000

2001000

2535000

440000 0 2092000 31000

-67000

724000

91000

-410000

2094000

25953000

42330000

25953000

40330000

852000 0 852000 2000000

5000000

31805000

42330000

31805000

42330000

-67000

724000

91000

-410000

-67000

64000

91000

60000

660000

-350000

The following table summarizes the change in the Company's Level 1 note receivable instrument during the three and nine months ended September 30, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.918%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.344%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:11.116%;box-sizing:content-box;"></td> <td style="width:1.137%;box-sizing:content-box;"></td> <td style="width:2.387%;box-sizing:content-box;"></td> <td style="width:13.026%;box-sizing:content-box;"></td> <td style="width:1.75%;box-sizing:content-box;"></td> <td style="width:12.776%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Beginning</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">24,188</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">22,214</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">22,214</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">22,214</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Additions</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,965</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Fair value adjustment</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">9</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Ending</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">24,188</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">22,214</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">24,188</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">22,214</td> </tr> </table>The following table summarizes the change in the Company's Level 3 notes receivable instruments during the three and nine months ended September 30, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.918%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.344%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:11.116%;box-sizing:content-box;"></td> <td style="width:1.137%;box-sizing:content-box;"></td> <td style="width:2.387%;box-sizing:content-box;"></td> <td style="width:13.026%;box-sizing:content-box;"></td> <td style="width:1.75%;box-sizing:content-box;"></td> <td style="width:12.776%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Beginning</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">10,764</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">9,146</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">14,193</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">9,090</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Additions</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,500</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,000</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,700</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Proceeds</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(325)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(4,920)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(300)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Accrued Interest</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(10)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">51</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">156</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">257</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Transfers and other</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(5,000)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(5,000)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(50)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Ending</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">5,429</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">10,697</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">5,429</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">10,697</td> </tr> </table>

24188000 22214000 22214000 22214000 0 0 1965000 0

9000

24188000 22214000 24188000 22214000

0.13

2025-04-29

10764000 9146000 14193000 9090000 0 1500000 1000000 1700000 325000 0 4920000 300000 -10000 51000 156000 257000

5000000

50000

5429000 10697000 5429000 10697000

0.10

P12M

P5Y

4000000

605000

16946000

41622000

11628000

35996000

P10Y11M23D

P11Y9M

0.1227

0.124

Maturities of lease liabilities for operating leases as of September 30, 2024 were as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.909%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:18.182%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:17.045%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:17.045%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Maturities of Lease Liability</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Year Ending December 31,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Third-Party</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Related Party</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Remainder of 2024</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">11,493</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">146</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">11,639</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2025</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">45,523</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">592</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">46,115</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2026</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">45,867</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">603</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">46,470</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2027</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">46,364</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">572</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">46,936</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2028</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">45,449</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">364</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">45,813</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2029 and Thereafter</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">332,247</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">1,364</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">333,611</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Lease Payments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">526,943</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">3,641</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">530,584</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Less: Interest</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(255,309)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(1,156)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(256,465)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Present Value of Lease Liability</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">271,634</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">2,485</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">274,119</td> </tr> </table>

11493000

146000

11639000

45523000

592000

46115000

45867000

603000

46470000

46364000

572000

46936000

45449000

364000

45813000

332247000

1364000

333611000

526943000

3641000

530584000

255309000

1156000

256465000

271634000

2485000

274119000

P7Y

P15Y

145000

450000

139000

415000

At September 30, 2024 and December 31, 2023, notes payable consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:87.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:61.941%;box-sizing:content-box;"></td> <td style="width:1.881%;box-sizing:content-box;"></td> <td style="width:17.298%;box-sizing:content-box;"></td> <td style="width:2.019%;box-sizing:content-box;"></td> <td style="width:16.862%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">September 30, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Charitable contributions1</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">351</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Private placement debt dated April 30, 20212</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">221,680</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Syndicated credit facility dated September 11, 20243</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">147,871</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Mortgage notes4</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">107,708</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">86,492</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total notes payable</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">255,579</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">308,523</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Less: current portion of notes payable</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(9,397)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(2,996)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Notes payable, net of current portion</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">246,182</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">305,527</td> </tr> </table> 1 In connection with acquisitions completed in 2017 and 2019, the Company committed to provide charitable contributions of $50 thousand per quarter through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these contributions was recorded as a liability with interest rates ranging between 2.17% - 7.00%. As of September 30, 2024, the Company has fully satisfied these commitments. 2 The April 30, 2021 private placement debt, as amended on October 21, 2021 (the “April 30, 2021 Notes”), were retired as of September 11, 2024. 3 The Credit Facility (as defined below in Section (a) of this Note 7) was issued in an aggregate amount of $150,000 thousand, and will bear interest at the Secured Overnight Financing Rate (“SOFR”) + 500 basis points, payable quarterly. The Credit Facility matures on September 11, 2029. As of September 30, 2024, the Credit Facility's outstanding principal balance was $150,000 thousand, which was recorded net of debt discount of $2,129 thousand. 4 The Company has issued various mortgage notes at an aggregate value of $112,285 thousand and $88,785 thousand in connection with various operating properties as of September 30, 2024 and December 31, 2023, respectively. The mortgage notes were issued at a discount, the carrying value of which was $1,060 thousand and $725 thousand, and are presented net of principal payments of $3,517 thousand and $1,568 thousand as of September 30, 2024 and December 31, 2023, respectively. These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.

351000

221680000

147871000

107708000

86492000

255579000

308523000

9397000

2996000

246182000

305527000

50000 October 2024 250000 May 2024

0.0217

0.07

150000000

2029-09-11

150000000

2129000

112285000

88785000

1060000

725000

3517000

1568000

2025-08-20

2035-06-05

0.05

0.0777

150000000

2029-09-11

0.101

23500000

0.0775

2029-09-04

8. WARRANTS As part of the terms of the Company’s issuance of the April 30, 2021 Notes, as well as other financing arrangements, the Company issued warrants, which allow the holders to purchase the Company's Subordinate Voting Shares at an exercise price determined at the time of issuance. <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the number of warrants outstanding as of September 30, 2024 and December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:24.315%;box-sizing:content-box;"></td> <td style="width:12.018%;box-sizing:content-box;"></td> <td style="width:2.599%;box-sizing:content-box;"></td> <td style="width:11.338%;box-sizing:content-box;"></td> <td style="width:2.12%;box-sizing:content-box;"></td> <td style="width:10.678%;box-sizing:content-box;"></td> <td style="width:2.12%;box-sizing:content-box;"></td> <td style="width:11.338%;box-sizing:content-box;"></td> <td style="width:2.12%;box-sizing:content-box;"></td> <td style="width:10.678%;box-sizing:content-box;"></td> <td style="width:10.678%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td colspan="5" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Liability Classified</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td colspan="4" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Equity Classified</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Number of Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Exercise Price (C$)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Remaining Contractual Life</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Number of Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Exercise Price (USD)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Remaining Contractual Life</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Balance as of December 31, 2023</td> <td style="vertical-align:bottom;text-align:center;">1,997,208</td> <td style="vertical-align:bottom;">C$</td> <td style="vertical-align:bottom;text-align:center;">18.03</td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;">0.50</td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;">1,737,347</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">31.83</td> <td style="vertical-align:bottom;text-align:center;">2.38</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Warrants Expired</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(1,606,533)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Balance as of September 30, 2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">390,675</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;">C$</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">12.42</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">0.21</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">1,737,347</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">31.83</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">1.63</td> </tr> </table></div> (a) Liability Classified Warrants Outstanding <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the fair value of the liability classified warrants at September 30, 2024 and December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:99.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.226%;box-sizing:content-box;"></td> <td style="width:6.866%;box-sizing:content-box;"></td> <td style="width:1.01%;box-sizing:content-box;"></td> <td style="width:11.107%;box-sizing:content-box;"></td> <td style="width:2.019%;box-sizing:content-box;"></td> <td style="width:11.248%;box-sizing:content-box;"></td> <td style="width:2.019%;box-sizing:content-box;"></td> <td style="width:12.116%;box-sizing:content-box;"></td> <td style="width:2.019%;box-sizing:content-box;"></td> <td style="width:11.369%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Fair Value</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Warrant Liability</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Strike Price</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Warrants Outstanding</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">September 30, 2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Change</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Private Placement Financing Warrants Issued May 2019</td> <td style="vertical-align:bottom;"> C$19.39</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">1,673</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">(1,673)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Modification Warrants Issued November 2019</td> <td style="vertical-align:bottom;"> C$12.04</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">316,947</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">560</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,151</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(591)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Additional Modification Warrants Issued May 2020</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> C$14.03</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">73,728</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">168</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">293</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(125)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Totals</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">390,675</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">728</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">3,117</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">(2,389)</td> </tr> </table> </div>During the three and nine months ended September 30, 2024 and 2023, the Company recorded gains of $855 thousand and $2,389 thousand, a loss $1,329 thousand and a gain of $934 thousand, respectively, on the change in the fair value of the warrant liability within other income (expense) on the unaudited interim condensed consolidated statements of operations. <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date (see Note 13 - Fair Value Measurements for additional details): <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.455%;box-sizing:content-box;"></td> <td style="width:26.136%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:26.136%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;">September 30,</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;">December 31,</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Significant Assumptions</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Volatility</td> <td style="vertical-align:bottom;text-align:left;">57.64%-70.07%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">61.76% - 74.31%</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Remaining Term</td> <td style="vertical-align:bottom;text-align:left;">0.11-0.64 years</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">0.39-1.39 years</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Risk Free Rate</td> <td style="vertical-align:bottom;text-align:left;">2.94%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">3.91%</td> </tr> </table></div> 8. WARRANTS (Continued) (b) Equity Classified Warrants Outstanding The Company's equity classified warrants were recorded at fair value at each respective date of issuance. Equity classified warrants are not remeasured at fair value on a recurring basis and are carried at their issuance date fair value. The following table summarizes the carrying amounts of the Company's equity classified warrants at September 30, 2024 and December 31, 2023: <div style="font-size:12pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.556%;box-sizing:content-box;"></td> <td style="width:12.222%;box-sizing:content-box;"></td> <td style="width:1.111%;box-sizing:content-box;"></td> <td style="width:12.222%;box-sizing:content-box;"></td> <td style="width:2.222%;box-sizing:content-box;"></td> <td style="width:12.222%;box-sizing:content-box;"></td> <td style="width:2.222%;box-sizing:content-box;"></td> <td style="width:12.222%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Issuance Date Fair Value</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;">Warrants</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;">September 30,</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;">December 31,</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Warrants Included in Contributed Surplus</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Strike Price</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Outstanding</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Mortgage Warrants Issued June 2020</td> <td style="vertical-align:bottom;text-align:left;">$9.10</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">35,000</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">181</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">181</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Private Placement Refinance Warrants Issued April 2021</td> <td style="vertical-align:bottom;text-align:left;">$32.68</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,459,044</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">22,259</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">22,259</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Private Placement Refinance Warrants Issued October 2021</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">$30.02</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">243,303</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2,616</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2,616</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Totals</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">1,737,347</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">25,056</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">25,056</td> </tr> </table></div> <div style="font-size:10pt;font-family:Times New Roman;">The equity warrants were valued as of the date of issuance using a Black Scholes Option Pricing model. The following table summarizes the significant assumptions used in determining the fair value of the warrants as of each respective issuance date: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:47.727%;box-sizing:content-box;"></td> <td style="width:15.909%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:15.909%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:15.909%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Significant Assumptions</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Private Placement Refinancing Warrants</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Private Placement Refinancing Warrants</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Mortgage Warrants</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Date of Issuance</td> <td style="vertical-align:bottom;text-align:left;">October 15, 2021</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">April 30, 2021</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">June 5, 2020</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Volatility</td> <td style="vertical-align:bottom;text-align:left;">73%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">73%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">80%</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Estimated Term</td> <td style="vertical-align:bottom;text-align:left;">4 years</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">4 years</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">5 years</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Risk Free Rate</td> <td style="vertical-align:bottom;text-align:left;">1.12%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">0.74%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">0.37%</td> </tr> </table></div>

1997208

18.03

P0Y6M

1737347

31.83

P2Y4M17D

-1606533 0 0 0

390675

12.42

P0Y2M15D

1737347

31.83

P1Y7M17D

The following table summarizes the fair value of the liability classified warrants at September 30, 2024 and December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:99.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.226%;box-sizing:content-box;"></td> <td style="width:6.866%;box-sizing:content-box;"></td> <td style="width:1.01%;box-sizing:content-box;"></td> <td style="width:11.107%;box-sizing:content-box;"></td> <td style="width:2.019%;box-sizing:content-box;"></td> <td style="width:11.248%;box-sizing:content-box;"></td> <td style="width:2.019%;box-sizing:content-box;"></td> <td style="width:12.116%;box-sizing:content-box;"></td> <td style="width:2.019%;box-sizing:content-box;"></td> <td style="width:11.369%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Fair Value</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Warrant Liability</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Strike Price</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Warrants Outstanding</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">September 30, 2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Change</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Private Placement Financing Warrants Issued May 2019</td> <td style="vertical-align:bottom;"> C$19.39</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">1,673</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">(1,673)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Modification Warrants Issued November 2019</td> <td style="vertical-align:bottom;"> C$12.04</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">316,947</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">560</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,151</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(591)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Additional Modification Warrants Issued May 2020</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> C$14.03</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">73,728</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">168</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">293</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(125)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Totals</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">390,675</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">728</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">3,117</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">(2,389)</td> </tr> </table> 19.39

0 1673000 -1673000 12.04

316947

560000 1151000 -591000 14.03

73728

168000 293000 -125000

390675

728000 3117000 -2389000

855000

2389000

1329000

934000

0.5764

0.7007

0.6176

0.7431

P0Y1M9D P0Y7M20D P0Y4M20D P1Y4M20D

0.0294

0.0391

The following table summarizes the carrying amounts of the Company's equity classified warrants at September 30, 2024 and December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.556%;box-sizing:content-box;"></td> <td style="width:12.222%;box-sizing:content-box;"></td> <td style="width:1.111%;box-sizing:content-box;"></td> <td style="width:12.222%;box-sizing:content-box;"></td> <td style="width:2.222%;box-sizing:content-box;"></td> <td style="width:12.222%;box-sizing:content-box;"></td> <td style="width:2.222%;box-sizing:content-box;"></td> <td style="width:12.222%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Issuance Date Fair Value</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;">Warrants</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;">September 30,</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;">December 31,</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Warrants Included in Contributed Surplus</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Strike Price</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Outstanding</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Mortgage Warrants Issued June 2020</td> <td style="vertical-align:bottom;text-align:left;">$9.10</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">35,000</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">181</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">181</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Private Placement Refinance Warrants Issued April 2021</td> <td style="vertical-align:bottom;text-align:left;">$32.68</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,459,044</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">22,259</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">22,259</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Private Placement Refinance Warrants Issued October 2021</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">$30.02</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">243,303</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2,616</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2,616</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Totals</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">1,737,347</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">25,056</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">25,056</td> </tr> </table>

9.1

35000

181000

32.68

1459044

22259000

30.02

243303

2616000

1737347

25056000

0.73

0.80

P4Y P4Y P5Y

0.0112

0.0074

0.0037

9. SHARE CAPITAL Common shares, which include the Company’s Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares, are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the applicable vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with Accounting Standards Codification (“ASC”) 740, Income Taxes. (a) Authorized The Company has the following classes of share capital, with each class having no par value: (i) Subordinate Voting Shares The holders of the Subordinate Voting Shares are entitled to receive dividends which may be declared from time to time and are entitled to one vote per share at meetings of the Company’s shareholders. All Subordinate Voting Shares are ranked equally with regard to the Company’s residual assets. The Company is authorized to issue an unlimited number of no par value Subordinate Voting Shares.(ii) Multiple Voting Shares Each Multiple Voting Share is entitled to 100 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Multiple Voting Shares.(iii) Super Voting Shares Each Super Voting Share is entitled to 1,000 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares or one Multiple Voting Share. The Company is authorized to issue an unlimited number of Super Voting Shares. (b) Issued and Outstanding <div style="font-size:10pt;font-family:Times New Roman;">A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:52.225%;box-sizing:content-box;"></td> <td style="width:1.135%;box-sizing:content-box;"></td> <td style="width:14.759%;box-sizing:content-box;"></td> <td style="width:1.135%;box-sizing:content-box;"></td> <td style="width:14.441%;box-sizing:content-box;"></td> <td style="width:1.589%;box-sizing:content-box;"></td> <td style="width:14.714%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Issued and Outstanding</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Subordinate Voting Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Multiple Voting Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Super Voting Shares</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at January 1, 2024</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">209,871,792</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">38,531</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">216,690</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Distribution of contingent consideration</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,250,000</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuance of shares upon exercise of options</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,331,937</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuances of shares upon vesting of RSUs</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">905,176</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Repurchase of Subordinate Voting Shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">(2,725,000)</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Exchange of shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">1,084,800</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(848)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(10,000)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at September 30, 2024</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">211,718,705</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">37,683</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">206,690</td> </tr> </table></div> 9. SHARE CAPITAL (Continued) (i) Distribution of Contingent Consideration Dharma Pharmaceuticals, LLC In connection with the Company's 2021 acquisition of Dharma Pharmaceuticals, LLC (“Dharma”), the purchase agreement included contingent consideration of up to $65,000 thousand in Subordinate Voting Shares of Green Thumb, dependent upon 1) the successful opening of five retail stores in the Virginia area within the first three years following the signing of the agreement (“Retail Stores Milestone”) and 2) the legal sale of adult-use cannabis in a retail store on or before January 1, 2025 (the “Recreational Sales Milestone”). The Retail Stores Milestone was fully achieved prior to expiration and settled in previous periods. On February 9, 2024, the Company and the former owners of Dharma agreed to amend the conditions of the Recreational Sales Milestone (the “Amended Agreement”). Under the Amended Agreement, the former owners waived their right to the Recreational Sales Milestone in exchange for the delivery of 1,250,000 Subordinate Voting Shares. On February 15, 2024, the Company recorded a gain of $15,991 thousand, representing the settlement of the Recreational Sales Milestone and distributed the shares to the former owners of Dharma, which had a fair market value of $17,259 thousand, which was based on the value of the shares as traded on the Canadian Securities Exchange on the date of distribution. The gain was recorded within sales general and administrative expenses on the unaudited interim condensed consolidated statement of operations. (ii) Repurchase of Subordinate Voting Shares Following the expiration of the Company's previous share program on September 10, 2024, on September 13, 2024, the Company's Board of Directors authorized a share repurchase program that allows the Company to repurchase up to 10,573,860 of its Subordinate Voting Shares over a 12-month period at an aggregate cost of up to $50,000 thousand. The share repurchase program commenced on September 23, 2024. Under the Company's original share repurchase program, a total of 6,568,125 Subordinate Voting Shares were repurchased for $73,304 thousand of which 2,725,000 Subordinate Voting Shares for $33,448 thousand were repurchased during the nine months ended September 30, 2024. (c) Stock-Based CompensationThe Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company measures their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted. Equity settled stock-based payments under stock-based payment plans are ultimately recognized as an expense in profit or loss with a corresponding credit to equity. In June 2018, the Company established the Green Thumb Industries Inc. 2018 Stock and Incentive Plan, which was amended by Amendment No. 1, Amendment No. 2 and Amendment No. 3 thereto (as amended, the “Plan”). The maximum number of Restricted Stock Units (“RSUs”) and options outstanding under the Plan at any time shall not exceed 10% of the Company's then issued and outstanding shares on an as-converted basis. The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized. Option and RSU awards generally vest over three years, and options typically have a life of five to ten years. Option grants under the Plan are determined by the Compensation Committee of the Company’s Board of Directors with the option price set at no less than 100% of the fair market value of a share on the date of grant. 9. SHARE CAPITAL (Continued) (c) Stock-Based Compensation (Continued)<div style="font-size:12pt;font-family:Times New Roman;">Stock option activity is summarized as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.455%;box-sizing:content-box;"></td> <td style="width:18.182%;box-sizing:content-box;"></td> <td style="width:18.182%;box-sizing:content-box;"></td> <td style="width:18.182%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Number of Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Exercise Price</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Remaining Contractual Life</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Balance as of December 31, 2023</td> <td style="vertical-align:bottom;text-align:center;">10,071,467</td> <td style="vertical-align:bottom;text-align:center;">$11.75</td> <td style="vertical-align:bottom;text-align:center;">4.31</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Granted</td> <td style="vertical-align:bottom;text-align:center;">797,289</td> <td style="vertical-align:bottom;text-align:center;">14.96</td> <td style="vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Exercised</td> <td style="vertical-align:bottom;text-align:center;">(1,331,937)</td> <td style="vertical-align:bottom;text-align:center;">8.66</td> <td style="vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Forfeited</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(1,044,836)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">14.06</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Balance as of September 30, 2024</td> <td style="vertical-align:bottom;text-align:center;">8,491,983</td> <td style="vertical-align:bottom;text-align:center;">$12.65</td> <td style="vertical-align:bottom;text-align:center;">4.44</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Exercisable as of September 30, 2024</td> <td style="vertical-align:bottom;text-align:center;">3,400,436</td> <td style="vertical-align:bottom;text-align:center;">$7.66</td> <td style="vertical-align:bottom;text-align:center;">3.87</td> </tr> </table> </div><div style="font-size:12pt;font-family:Times New Roman;">The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted during the nine months ended September 30, 2024 and the year ended December 31, 2023, using the following ranges of assumptions: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.455%;box-sizing:content-box;"></td> <td style="width:27.273%;box-sizing:content-box;"></td> <td style="width:27.273%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;">September 30,</td> <td style="vertical-align:bottom;text-align:left;">December 31,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Risk-free interest rate</td> <td style="vertical-align:bottom;text-align:left;">3.02% - 3.92%</td> <td style="vertical-align:bottom;text-align:left;">3.06% - 4.32%</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Expected dividend yield</td> <td style="vertical-align:bottom;text-align:left;">0%</td> <td style="vertical-align:bottom;text-align:left;">0%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Expected volatility</td> <td style="vertical-align:bottom;text-align:left;">62% - 64%</td> <td style="vertical-align:bottom;text-align:left;">64%</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Expected option life</td> <td style="vertical-align:bottom;text-align:left;">4.46 - 4.5 years</td> <td style="vertical-align:bottom;text-align:left;">3.5 – 4.5 years</td> </tr> </table></div> As permitted under ASC 718, the Company has made an accounting policy choice to account for forfeitures when they occur. <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the number of unvested RSU awards as of September 30, 2024 and December 31, 2023 and the changes during the nine months ended September 30, 2024: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.444%;box-sizing:content-box;"></td> <td style="width:2.272%;box-sizing:content-box;"></td> <td style="width:24.994%;box-sizing:content-box;"></td> <td style="width:2.272%;box-sizing:content-box;"></td> <td style="width:25.017%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Number of Shares</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Grant Date Fair Value</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Unvested Shares at December 31, 2023</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;text-align:center;">3,620,638</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">9.25</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Granted</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;text-align:center;">2,635,868</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">14.45</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Forfeited</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;text-align:center;">(789,511)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">11.62</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Vested</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(905,176)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">9.86</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Unvested Shares at September 30, 2024</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;text-align:center;">4,561,819</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">11.52</td> </tr> </table></div> <div style="font-size:12pt;font-family:Times New Roman;">The stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 was as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:87.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:41.36%;box-sizing:content-box;"></td> <td style="width:2.252%;box-sizing:content-box;"></td> <td style="width:12.224%;box-sizing:content-box;"></td> <td style="width:1.861%;box-sizing:content-box;"></td> <td style="width:12.385%;box-sizing:content-box;"></td> <td style="width:1.861%;box-sizing:content-box;"></td> <td style="width:13.097%;box-sizing:content-box;"></td> <td style="width:1.861%;box-sizing:content-box;"></td> <td style="width:13.097%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Stock options expense</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">2,387</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">4,009</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">8,081</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">12,795</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Restricted Stock Units</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">5,962</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">3,206</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">15,624</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">8,040</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Stock Based Compensation Expense</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">8,349</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">7,215</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">23,705</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">20,835</td> </tr> </table></div> As of September 30, 2024, $54,282 thousand of total unrecognized expense related to stock-based compensation awards is expected to be recognized over a weighted-average period of 2.03 years.

100

1,000

A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:52.225%;box-sizing:content-box;"></td> <td style="width:1.135%;box-sizing:content-box;"></td> <td style="width:14.759%;box-sizing:content-box;"></td> <td style="width:1.135%;box-sizing:content-box;"></td> <td style="width:14.441%;box-sizing:content-box;"></td> <td style="width:1.589%;box-sizing:content-box;"></td> <td style="width:14.714%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Issued and Outstanding</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Subordinate Voting Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Multiple Voting Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Super Voting Shares</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at January 1, 2024</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">209,871,792</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">38,531</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">216,690</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Distribution of contingent consideration</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,250,000</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuance of shares upon exercise of options</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,331,937</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuances of shares upon vesting of RSUs</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">905,176</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Repurchase of Subordinate Voting Shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">(2,725,000)</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Exchange of shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">1,084,800</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(848)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(10,000)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at September 30, 2024</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">211,718,705</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">37,683</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">206,690</td> </tr> </table>

209871792

38531

216690

1250000 1331937

905176

-2725000

1084800

-848

-10000

211718705

37683

206690

65000000

1250000

15991000

17259000

10573860 50000000 6568125

73304000

2725000

33448000

0.10

10071467

11.75

P4Y3M21D

797289

14.96

1331937

8.66

1044836

14.06

8491983

12.65

P4Y5M8D

3400436

7.66

P3Y10M13D

0.0302

0.0392

0.0306

0.0432

0.62

0.64

P4Y5M15D

P4Y6M

P3Y6M

P4Y6M

3620638

9.25

2635868

14.45

789511

11.62

905176

9.86

4561819

11.52

The stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 was as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:87.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:41.36%;box-sizing:content-box;"></td> <td style="width:2.252%;box-sizing:content-box;"></td> <td style="width:12.224%;box-sizing:content-box;"></td> <td style="width:1.861%;box-sizing:content-box;"></td> <td style="width:12.385%;box-sizing:content-box;"></td> <td style="width:1.861%;box-sizing:content-box;"></td> <td style="width:13.097%;box-sizing:content-box;"></td> <td style="width:1.861%;box-sizing:content-box;"></td> <td style="width:13.097%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Stock options expense</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">2,387</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">4,009</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">8,081</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">12,795</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Restricted Stock Units</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">5,962</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">3,206</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">15,624</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">8,040</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Stock Based Compensation Expense</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">8,349</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">7,215</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">23,705</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">20,835</td> </tr> </table>

2387000

4009000

8081000

12795000

5962000

3206000

15624000

8040000

8349000

7215000

23705000

20835000

54282000

P2Y10D

39703000

45333000

156017000

127829000

30922000

34526000

94970000

93927000

0.779

0.762

0.609

0.735

87946000

80398000

11. OTHER INCOME (EXPENSE) <div style="font-size:12pt;font-family:Times New Roman;">For the three and nine months ended September 30, 2024 and 2023 other income (expense) was comprised of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:39.737%;box-sizing:content-box;"></td> <td style="width:2.271%;box-sizing:content-box;"></td> <td style="width:12.489%;box-sizing:content-box;"></td> <td style="width:2.271%;box-sizing:content-box;"></td> <td style="width:12.352%;box-sizing:content-box;"></td> <td style="width:1.135%;box-sizing:content-box;"></td> <td style="width:2.77%;box-sizing:content-box;"></td> <td style="width:12.103%;box-sizing:content-box;"></td> <td style="width:2.77%;box-sizing:content-box;"></td> <td style="width:12.103%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fair value adjustments on equity investments</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">(67)</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">724</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">100</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">(410)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fair value adjustments on warrants issued</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">855</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(1,329)</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">2,389</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">934</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Loss from equity method investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(1,084)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(202)</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(2,184)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(952)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Other</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">6</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">176</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">106</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">451</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Other Income (Expense)</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">(290)</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">(631)</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">411</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">23</td> </tr> </table></div>

For the three and nine months ended September 30, 2024 and 2023 other income (expense) was comprised of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:39.737%;box-sizing:content-box;"></td> <td style="width:2.271%;box-sizing:content-box;"></td> <td style="width:12.489%;box-sizing:content-box;"></td> <td style="width:2.271%;box-sizing:content-box;"></td> <td style="width:12.352%;box-sizing:content-box;"></td> <td style="width:1.135%;box-sizing:content-box;"></td> <td style="width:2.77%;box-sizing:content-box;"></td> <td style="width:12.103%;box-sizing:content-box;"></td> <td style="width:2.77%;box-sizing:content-box;"></td> <td style="width:12.103%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fair value adjustments on equity investments</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">(67)</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">724</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">100</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">(410)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fair value adjustments on warrants issued</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">855</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(1,329)</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">2,389</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">934</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Loss from equity method investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(1,084)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(202)</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(2,184)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(952)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Other</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">6</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">176</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">106</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">451</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Other Income (Expense)</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">(290)</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">(631)</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">411</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">23</td> </tr> </table>

-67000 724000 100000 -410000 855000 -1329000 2389000 934000

-1084000

-202000

-2184000

-952000

6000 176000 106000 451000

-290000

-631000

411000

23000

7307000

19800000

13. FAIR VALUE MEASUREMENTS The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 – Inputs for the asset or liability that are not based on observable market data. (a) Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable and accrued liabilities, notes payable, warrant liability, and contingent consideration payable. It was not practicable to estimate the fair value of the Company's long-term notes payable, which consist of charitable contributions, April 30, 2021 Notes, the Credit Facility and mortgage notes, since there were no quoted market prices or active trading markets. The carrying amount of notes payable at September 30, 2024 and December 31, 2023 was $255,579 thousand and $308,523 thousand, respectively, which includes $9,397 thousand and $2,996 thousand, respectively, of short-term debt due within one year.Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements. The fair values of the Company’s financial instruments associated with each of the three levels of the hierarchy are: <div style="font-size:12pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:89.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.305%;box-sizing:content-box;"></td> <td style="width:2.239%;box-sizing:content-box;"></td> <td style="width:12.718%;box-sizing:content-box;"></td> <td style="width:2.239%;box-sizing:content-box;"></td> <td style="width:12.763%;box-sizing:content-box;"></td> <td style="width:2.239%;box-sizing:content-box;"></td> <td style="width:12.315%;box-sizing:content-box;"></td> <td style="width:2.597%;box-sizing:content-box;"></td> <td style="width:12.584%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="7" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">As of September 30, 2024</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="8" style="vertical-align:middle;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 1</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 2</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 3</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cash and Cash Equivalents</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">173,641</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">173,641</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">24,188</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">37,234</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">61,422</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Warrant Liability</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(728)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(728)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">197,829</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">36,506</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">234,335</td> </tr> </table> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.909%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.5%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.5%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.5%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.5%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="7" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">As of December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="8" style="vertical-align:middle;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 1</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 2</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 3</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cash and Cash Equivalents</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">161,634</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">161,634</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">24,215</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">40,146</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">64,361</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Contingent Consideration Payable</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(33,250)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(33,250)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Warrant Liability</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(3,117)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(3,117)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">185,849</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">3,779</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">189,628</td> </tr> </table></div>

255579000

308523000

9397000

2996000

The fair values of the Company’s financial instruments associated with each of the three levels of the hierarchy are: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:89.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.305%;box-sizing:content-box;"></td> <td style="width:2.239%;box-sizing:content-box;"></td> <td style="width:12.718%;box-sizing:content-box;"></td> <td style="width:2.239%;box-sizing:content-box;"></td> <td style="width:12.763%;box-sizing:content-box;"></td> <td style="width:2.239%;box-sizing:content-box;"></td> <td style="width:12.315%;box-sizing:content-box;"></td> <td style="width:2.597%;box-sizing:content-box;"></td> <td style="width:12.584%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="7" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">As of September 30, 2024</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="8" style="vertical-align:middle;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 1</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 2</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 3</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cash and Cash Equivalents</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">173,641</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">173,641</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">24,188</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">37,234</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">61,422</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Warrant Liability</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(728)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(728)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">197,829</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">36,506</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">234,335</td> </tr> </table> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:88.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.909%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.5%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.5%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.5%;box-sizing:content-box;"></td> <td style="width:2.273%;box-sizing:content-box;"></td> <td style="width:12.5%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="7" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">As of December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="8" style="vertical-align:middle;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 1</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 2</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 3</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cash and Cash Equivalents</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">161,634</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">161,634</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">24,215</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">40,146</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">64,361</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Contingent Consideration Payable</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(33,250)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(33,250)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Warrant Liability</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(3,117)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(3,117)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">185,849</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">3,779</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">189,628</td> </tr> </table>

173641000

24188000

37234000

61422000

728000

197829000

36506000

234335000

161634000

24215000

40146000

64361000

33250000

3117000

185849000

3779000

189628000

14. SEGMENT REPORTING The Company operates in two segments: the cultivation, production and sale of cannabis products to retail stores (“Consumer Packaged Goods”) and retailing of cannabis to patients and consumers (“Retail”). The Company does not allocate operating expenses to these business units, nor does it allocate specific assets. Additionally, the CODM does not review total assets or net income (loss) by segments; therefore, such information is not presented below. <div style="font-size:10pt;font-family:Times New Roman;">The below table presents revenues by type for the three and nine months ended September 30, 2024 and 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:87.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.23%;box-sizing:content-box;"></td> <td style="width:2.299%;box-sizing:content-box;"></td> <td style="width:12.23%;box-sizing:content-box;"></td> <td style="width:2.552%;box-sizing:content-box;"></td> <td style="width:12.092%;box-sizing:content-box;"></td> <td style="width:1.655%;box-sizing:content-box;"></td> <td style="width:2.299%;box-sizing:content-box;"></td> <td style="width:12.23%;box-sizing:content-box;"></td> <td style="width:2.299%;box-sizing:content-box;"></td> <td style="width:12.115%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Revenues, Net of Discounts</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">206,124</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">205,441</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">614,558</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">582,363</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">165,500</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">150,425</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">471,735</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">412,096</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(84,759)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(80,468)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(243,475)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(218,137)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Revenues, Net of Discounts</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">286,865</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">275,398</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">842,818</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">776,322</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Depreciation and Amortization</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">10,657</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">9,598</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">31,339</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">27,539</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">17,835</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">16,030</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">52,913</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">45,824</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Depreciation and Amortization</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">28,492</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">25,628</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">84,252</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">73,363</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Income Taxes</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">15,447</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">18,551</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">49,416</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">50,890</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">15,475</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">15,975</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">45,554</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">43,037</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Income Taxes</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">30,922</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">34,526</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">94,970</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">93,927</td> </tr> </table></div>Goodwill assigned to the Retail segment as of September 30, 2024 and December 31, 2023 was $273,802 thousand in each period. Intangible assets, net assigned to the Retail segment as of September 30, 2024 and December 31, 2023 was $260,390 thousand and $278,492 thousand, respectively.Goodwill assigned to the Consumer Packaged Goods segment as of September 30, 2024 and December 31, 2023 was $315,889 thousand in each period. Intangible assets, net assigned to the Consumer Packaged Goods segment as of September 30, 2024 and December 31, 2023 was $240,470 thousand and $260,186 thousand, respectively. The Company’s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). For the purposes of testing goodwill, Green Thumb has identified two reporting units which align with our reportable segments (Retail and Consumer Packaged Goods). All revenues are derived from customers domiciled in the United States and all assets are located in the United States.

The below table presents revenues by type for the three and nine months ended September 30, 2024 and 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:87.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.23%;box-sizing:content-box;"></td> <td style="width:2.299%;box-sizing:content-box;"></td> <td style="width:12.23%;box-sizing:content-box;"></td> <td style="width:2.552%;box-sizing:content-box;"></td> <td style="width:12.092%;box-sizing:content-box;"></td> <td style="width:1.655%;box-sizing:content-box;"></td> <td style="width:2.299%;box-sizing:content-box;"></td> <td style="width:12.23%;box-sizing:content-box;"></td> <td style="width:2.299%;box-sizing:content-box;"></td> <td style="width:12.115%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended September 30,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Nine Months Ended September 30,</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Revenues, Net of Discounts</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">206,124</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">205,441</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">614,558</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">582,363</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">165,500</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">150,425</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">471,735</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">412,096</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(84,759)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(80,468)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(243,475)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(218,137)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Revenues, Net of Discounts</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">286,865</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">275,398</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">842,818</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">776,322</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Depreciation and Amortization</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">10,657</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">9,598</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">31,339</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">27,539</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">17,835</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">16,030</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">52,913</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">45,824</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Depreciation and Amortization</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">28,492</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">25,628</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">84,252</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">73,363</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Income Taxes</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">15,447</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">18,551</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">49,416</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">50,890</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">15,475</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">15,975</td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">45,554</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">43,037</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Income Taxes</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">30,922</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">34,526</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">94,970</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">93,927</td> </tr> </table>

206124000

205441000

614558000

582363000

165500000

150425000

471735000

412096000

-84759000

-80468000

-243475000

-218137000

286865000

275398000

842818000

776322000

10657000

9598000

31339000

27539000

17835000

16030000

52913000

45824000

28492000

25628000

84252000

73363000

15447000

18551000

49416000

50890000

15475000

15975000

45554000

43037000

30922000

34526000

94970000

93927000

273802000

260390000

278492000

315889000

240470000

260186000

20000000

10000000

0.43

18000000

false false false false In connection with acquisitions completed in 2017 and 2019, the Company committed to provide charitable contributions of $50 thousand per quarter through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these contributions was recorded as a liability with interest rates ranging between 2.17% - 7.00%. As of September 30, 2024, the Company has fully satisfied these commitments. The April 30, 2021 private placement debt, as amended on October 21, 2021 (the “April 30, 2021 Notes”), were retired as of September 11, 2024. The Credit Facility (as defined below in Section (a) of this Note 7) was issued in an aggregate amount of $150,000 thousand, and will bear interest at the Secured Overnight Financing Rate (“SOFR”) + 500 basis points, payable quarterly. The Credit Facility matures on September 11, 2029. As of September 30, 2024, the Credit Facility's outstanding principal balance was $150,000 thousand, which was recorded net of debt discount of $2,129 thousand The Company has issued various mortgage notes at an aggregate value of $112,285 thousand and $88,785 thousand in connection with various operating properties as of September 30, 2024 and December 31, 2023, respectively. The mortgage notes were issued at a discount, the carrying value of which was $1,060 thousand and $725 thousand, and are presented net of principal payments of $3,517 thousand and $1,568 thousand as of September 30, 2024 and December 31, 2023, respectively. These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.