Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

(In thousands, except per share amounts)

BASIC EPS:

Net income (loss) (numerator):

Income (loss), net of tax

$

302,466

$

(33,087)

$

357,440

$

(55,118)

Less: net (income) loss attributable to noncontrolling interest

(28,268)

(22,738)

(81,164)

(67,295)

Less: deemed dividends to SPAC public shareholders

(750)

—

(750)

—

Less: accrued distribution on redeemable noncontrolling interest in subsidiary

(7,344)

(7,363)

(21,792)

(21,929)

Less: distributed and undistributed earnings allocated to unvested shareholders

(8,828)

—

(9,106)

—

Numerator for basic earnings per share:

Adjusted income (loss), net of tax - basic

$

257,276

$

(63,188)

$

244,628

$

(144,342)

Weighted-average number of shares outstanding - basic

14,098

9,213

12,880

9,199

Earnings (losses) per share:

Total Basic

$

18.25

$

(6.86)

$

18.99

$

(15.69)

DILUTED EPS:

Adjusted income (loss), net of tax - basic

$

257,276

$

(63,188)

$

244,628

$

(144,342)

Add: after tax interest expense of convertible notes

848

—

2,544

—

Add: effect of reallocating undistributed earnings of unvested shareholders

28

—

24

—

Adjusted income (loss), net of tax - diluted

$

258,152

$

(63,188)

$

247,196

$

(144,342)

Weighted-average number of shares outstanding - basic

14,098

9,213

12,880

9,199

Add: if converted dilutive effect of convertible notes

1,176

—

1,176

—

Add: dilutive effect of potential common shares

47

—

36

—

Weighted-average number of shares outstanding - diluted

15,321

9,213

14,092

9,199

Earnings (losses) per share:

Total Diluted

$

16.85

$

(6.86)

$

17.54

$

(15.69)