Equity (Tables)

12 Months Ended

Dec. 31, 2025

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 and the year ended December 31, 2025 is as follows:

	RSUs	PRSUs	Total RSUs and PRSUs	Weighted Average Grant Date Fair Value
Outstanding, July 17, 2024	—	—	—	$	—
Granted	1,425,541	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, 2024	1,376,514	1,063,762	2,440,276	16.56
Granted	1,332,208	1,493,679	2,825,887	13.39
Vested	(659,466)	—	(659,466)	16.54
Forfeited	(221,123)	(335,808)	(556,931)	14.58
Outstanding, December 31, 2025	1,828,133	2,221,633	4,049,766	$	14.61

A summary of all RSA activity for the period July 17, 2024 to December 31, 2024 and the year ended December 31, 2025 is as follows:

	RSAs	Weighted Average Grant Date Fair Value
Outstanding, July 17, 2024	2,848,027	$	15.78
Granted	—	—
Vested	(14,464)	5.41
Forfeited	(39,537)	15.43
Outstanding, December 31, 2024	2,794,026	15.84
Granted	—	—
Vested	(939,366)	15.50
Forfeited	(46,390)	15.32
Outstanding, December 31, 2025	1,808,270	$	15.72

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 Year ended December 31, 2023
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 year ended December 31, 2023 is as follows:

	Unvested Time-Based C Units	Unvested Performance-Based C Units	Total Unvested C Units	Weighted Average Grant Date Fair Value
Outstanding, December 31, 2022	3,867,082	15,428,223	19,295,305	$	0.33
Granted	4,069,646	—	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, 2023	5,116,178	13,136,160	18,252,338	0.41
Granted	95,247	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, 2024	3,026,661	12,685,005	15,711,666	$	0.40