Investors are starting to get their most complete look yet at the financial picture of social media platform X in the chaotic three years since its buyout by Elon Musk.

Bankers are looking to offload about $3 billion of loans that have been stuck on their books since the debt-laden transaction in 2022.

While the numbers come with a heavy dose of adjustments, they are offering potential buyers some signs of a rebound from the steep revenue losses that X was said to have suffered in the early days of Musk’s ownership, a period marked by drastic cost cuts and lost advertising revenue.

The debt is being pitched with a set of financials showing roughly $1.2 billion of adjusted earnings before interest, taxes, depreciation and amortization in 2024, according to people familiar with the matter.

That includes about $400 million of Ebitda on $710 million of revenue in the final three months of the year, an increase from the two preceding quarters that indicates an election-related bump for the social media platform.

The $1.2 billion figure is roughly flat from the period before Musk jumped in. However, the latest figures come with a significant list of adjustments that help boost the numbers.

Investors are also seeing that the company has about $400 million worth of cash on its balance sheet, a sharp decline from the $1.4 billion it had in 2022, the people said.