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Tax Receivable Agreement and Income Taxes (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Tax Receivable Agreement and Income Taxes [Abstract]    
Schedule of Provision for Income Taxes The components of income tax expense are as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Income tax expense$— $6,606 $— $6,132 
Effective income tax rate—%2884.7%—%(85.1%)
The components of income tax expense are as follows (in thousands):
Year Ended December 31,
20242023
Current:
Federal$— $— 
State— — 
Total current— — 
Deferred:
Federal$5,192 $205 
State940 363 
Total deferred6,132 568 
Total income tax expense$6,132 $568 
Schedule of Effective Income Tax Rate Reconciliation  
A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:
Year Ended December 31,
20242023
Federal income tax expense at statutory rate21.0 %21.0 %
State income tax expense— %0.6 %
Partnership income not taxed(22.0)%(17.0)%
Valuation allowance(51.9)%(7.3)%
Deferred tax remeasurement— %(6.5)%
Derecognition of tax receivable agreement liability7.9 %— %
Other0.5 %0.1 %
Effective income tax rate(44.5)%(9.1)%
Schedule of Components of Deferred Tax Assets   The components of deferred tax assets are as follows (in thousands):
December 31,
20242023
Deferred tax assets related to:
Net operating loss carryforwards$1,454 $280 
Partnership basis difference and other6,255 6,312 
Total deferred tax assets$7,709 $6,592 
Valuation allowance(7,709)(460)
Total deferred tax assets, net$— $6,132 
Schedule of Stock Option Activity The following table summarizes the stock option activity under the 2022 Omnibus Plan during the nine months ended September 30, 2025:
Stock Options
SharesWeighted Average
Exercise Price		Weighted Average
Contractual Life
(in years)		Aggregate
Intrinsic Value (in thousands)
Outstanding at December 31, 20246,107$136.95 7.78$— 
Granted10,934$53.90 9.34$— 
Exercised—$— 0$— 
Forfeited and expired(622)$70.40 0$— 
Outstanding at September 30, 202516,419$84.15 8.49$— 
Vested and exercisable at September 30, 20255,116$125.95 6.88$— 
 The following table summarizes the stock option activity under the 2022 Omnibus Plan during the year ended December 31, 2024:
Stock Options
SharesWeighted Average
Exercise Price		Weighted Average
Contractual Life
(in years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding at December 31, 20236,748$138.05 8.77$4,591 
Granted—$— — $— 
Exercised(228)$131.45 — $179 
Forfeited and expired(412)$156.75 — $41 
Outstanding at December 31, 20246,108$136.95 7.78$— 
Vested and exercisable at December 31, 20243,160$119.90 7.65$— 
Schedule of RSU Activity and Related Information A summary of RSU activity during the nine months ended September 30, 2025 and related information is as follows:
Restricted Stock Units
Number of SharesWeighted Average
Grant Date Fair Value
per Share
Unvested - December 31, 20244,704$154.00 
Granted16,843$52.80 
Vested(3,911)$117.70 
Forfeited(936)$138.60 
Unvested - September 30, 202516,700$64.90 
RSUs generally vest annually on the grant date anniversary over a period of three years. A summary of RSU activity during the year ended December 31, 2024 and related information is as follows:
Restricted Stock Units
Number of SharesWeighted Average
Grant Date Fair Value
per Share
Unvested - December 31, 20239,862$157.85 
Granted3,151$553.85 
Vested(8,052)$314.60 
Forfeited(257)$165.55 
Unvested - December 31, 20244,704$154.00