Basic and Diluted Earnings (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Common Share

Basic and diluted earnings (loss) per common share are calculated as follows (in thousands, except for share and per share data):

	Successor		Predecessor
	Period from September 12, 2025 to December 31, 2025		Period from January 1, 2025 to September 11, 2025		Year Ended December 31, 2024
Numerator:
Net loss	$	(393,598)	$	(26,990)	$	(21,580)
Dividends on preferred stock	(4,320)		—		—
Net loss attributable to common stockholders - Basic	$	(397,918)	$	(26,990)	$	(21,580)
Denominator:
Basic and diluted weighted average shares of common stock outstanding	43,997,862		2,299,243		2,213,424
Income (loss) per common share:
Basic income (loss) per common share	$	(9.04)	$	(11.74)	$	(9.75)
Diluted income (loss) per common share	$	(9.04)	$	(11.74)	$	(9.75)