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Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
A summary of all RSU and PRSU activity for the period July 17, 2024 to December 31, 2024 is as follows:

RSUsPRSUsTotal RSUs and PRSUsWeighted Average Grant Date Fair Value
Outstanding, July 17, 2024— — — $— 
Granted1,425,541 1,105,632 2,531,173 $16.56 
Vested(32,227)— (32,227)$17.02 
Forfeited(16,800)(41,870)(58,670)$16.00 
Outstanding, December 31, 20241,376,514 1,063,762 2,440,276 $16.56 


A summary of all RSA activity for the period July 17, 2024 to December 31, 2024 is as follows:

RSAsWeighted Average Grant Date Fair Value
Outstanding, July 17, 20242,848,027 $15.78 
Granted— $— 
Vested(14,464)$5.41 
Forfeited(39,537)$15.43 
Outstanding, December 31, 20242,794,026 $15.84 
The assumptions used by the Company within the OPM to estimate the grant date fair value of Class C units were as follows:
Period from January 1, 2024 to July 16, 2024 and Years ended December 31, 2023 and 2022
Expected volatility (1)
60.0 %
Risk-free interest rate (2)
2.3 %
Dividend yield—%
Average expected term (years) (3)
2.5
(1)    Expected volatility is based on a group of industry peers with sufficient history.
(2)    The risk-free interest rate is the approximate yield on United States Treasury Strips having a life equal to the average expected term.
(3)    The average expected term is an estimate of the number of years until a liquidity event.


A summary of all class C unit activity for the period from January 1, 2024 to July 16, 2024 and the years ended December 31, 2023 and 2022 is as follows:
Unvested Time-Based C UnitsUnvested Performance-Based C UnitsTotal Unvested C UnitsWeighted Average Grant Date Fair Value
Outstanding, December 31, 20213,901,869 20,670,528 24,572,397 $0.34 
Granted1,543,093 178,907 1,722,000 $0.72 
Vested(1,394,682)— (1,394,682)$0.44 
Forfeited(183,198)(5,421,212)(5,604,410)$0.19 
Outstanding, December 31, 20223,867,082 15,428,223 19,295,305 $0.33 
Granted4,069,646 — 4,069,646 $0.82 
Vested(2,196,284)— (2,196,284)$0.41 
Forfeited(624,266)(2,292,063)(2,916,329)$0.38 
Outstanding, December 31, 20235,116,178 13,136,160 18,252,338 $0.41 
Granted95,247 53,300 148,547 $0.82 
Vested(1,759,698)— (1,759,698)$0.51 
Forfeited(425,066)(504,455)(929,521)$0.52 
Outstanding, July 16, 20243,026,661 12,685,005 15,711,666 $0.40