Relationship with Select

12 Months Ended

Dec. 31, 2025

Related Party Transactions [Abstract]

Relationship with Select

Relationship with Select

On November 25, 2024, the Company became fully independent upon the completion of the Distribution and Select ceased to be a related party on that date. The Company continues to have material agreements with Select, including a separation agreement, a transition services agreement, a tax matters agreement, and an employee matters agreement.

Shared Services Agreement and Transition Services Agreement

The Company pays a fee to Select for the shared support functions provided on a centralized basis by Select and its affiliates. Prior to the IPO, the shared services fee was governed by a shared services agreement between the Company and Select which was reassessed and adjusted annually. The transition services agreement, which became effective concurrent with the IPO, now provides the framework for the services provided by Select and the applicable fee for such services. Transition services agreement fees were $12.1 million for the year ended December 31, 2025, transition services agreement fees and shared service fees from Select were $15.2 million for the year ended December 31, 2024, and shared service fees from Select were $14.6 million for the year ended December 31, 2023.