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Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Summary of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:

 

 

Years ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

Net Income (loss)

 

$

 

379,864

 

 

$

 

—

 

 

$

 

—

 

Adjustment for expenses from pre-spin periods

 

 

 

24,960

 

 

 

 

—

 

 

 

 

—

 

Numerator for basic and diluted earnings per share

 

$

 

404,824

 

 

$

 

—

 

 

$

 

—

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic (1)

 

 

 

166,003,497

 

 

 

 

—

 

 

 

 

—

 

Basic earnings per share

 

$

 

2.44

 

 

$

 

—

 

 

$

 

—

 

Weighted average common shares outstanding - diluted (2)

 

 

 

166,026,608

 

 

 

 

—

 

 

 

 

—

 

Diluted earnings per share

 

$

 

2.44

 

 

$

 

—

 

 

$

 

—

 

 

(1)
Basic weighted average common shares for the year ended December 31, 2025 represent the common shares issued at the Spin-Off, which are the common shares outstanding as of December 31, 2025. No publicly-listed shares were outstanding as of December 31, 2024.
(2)
Diluted weighted shares for the year ended December 31, 2025 include 28,300 RSUs granted in the aggregate to each member of the Board under the 2024 Incentive Plan on April 3, 2025 and an additional 32,255 RSUs granted in the aggregate to each member of the Board on December 10, 2025. The RSUs were unvested as of December 31, 2025.