Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share was calculated as follows:

	Three Months Ended
	March 31, 2025		March 31, 2024
(Dollars in thousands, except share amounts)
Numerator:
Net income (loss)	$	39,806	$	(56,987	)
Adjustment for expenses from pre-spin periods		24,960		-
Numerator for basic and diluted earnings per share	$	64,766	$	(56,987	)
Denominator:
Weighted average common shares outstanding - basic and diluted (1)		166,003,497		-
Basic and diluted earnings per share	$	0.39	$	-

(1) Basic and diluted weighted average common shares for the three months ended March 31, 2025 represent the common shares issued at the Spin-Off, which are the common shares outstanding as of March 31, 2025. No publicly-listed shares were outstanding as of March 31, 2024.