Noncontrolling Interest

6 Months Ended

Jun. 30, 2026

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling Interest

Subsequent to the Organizational Transactions (see Note 1), the Parent is the sole general partner of LILP and consolidates LILP, resulting in a noncontrolling interest related to the common units of LILP not held by the Parent. As of June 30, 2026, the Parent owned 34.1% of the economic interests in LILP, and the LILP Partners owned the remaining 65.9%. Weighted-average ownership percentages for the applicable reporting periods are used to attribute net income (loss) and other comprehensive income (loss) to the Parent and to the noncontrolling interest holders. The LILP Partners’ weighted-average ownership percentage was 65.9% for the period from May 21, 2026 through June 30, 2026. During the three and six months ended June 30, 2026, distributions of $1.2 million were made to holders of LILP common units. The change in noncontrolling interest for the period, including the effect of the redemption of LILP common units described above, is presented in the condensed consolidated statements of changes in equity.

After any applicable lock-up period, the LILP Partners may, from time to time, require LILP to redeem their LILP common units for, at the Parent’s election, newly issued shares of Class A common stock on a one-for-one basis or a cash payment funded from a qualifying offering, together with the cancellation of a corresponding number of shares of Class B or Class C common stock. Each redemption or exchange of LILP common units is accounted for as an equity transaction. The carrying amount of the noncontrolling interest is adjusted to reflect the change in the Parent's ownership interest in LILP, with the difference between the cash paid or the value of the Class A common stock issued and the carrying amount of the noncontrolling interest redeemed or exchanged recorded in additional paid-in capital, and no gain or loss is recognized.

Prior to the Organizational Transactions, noncontrolling interest was related to a minority owner in a subsidiary of LILP. The minority interest was purchased by LILP in 2025 and the related noncontrolling interest was zero at December 31, 2025. The net income (loss) attributable to noncontrolling interests of $(0.3) million and

$(0.9) million for the three and six months ended June 30, 2025, respectively, represents the net loss attributable to the minority owner prior to the purchase.