XML 16 R5.htm IDEA: XBRL DOCUMENT v3.26.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) / MEMBERS’ EQUITY - USD ($)
$ in Thousands
Total
Class X Umbrella Units
Class X Umbrella Units and LTIP Units
Parent
Parent
Class X Umbrella Units
Parent
Class X Umbrella Units and LTIP Units
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Common Stock
Class B Common Stock
Class X Umbrella Units
Common Stock
Class B Common Stock
Class X Umbrella Units and LTIP Units
Additional Paid-in-Capital
Additional Paid-in-Capital
Class X Umbrella Units
Additional Paid-in-Capital
Class X Umbrella Units and LTIP Units
Accumulated Deficit / Undistributed Earnings
Accumulated Other Comprehensive Loss
Members' Equity
Noncontrolling Interest
Noncontrolling Interest
Class X Umbrella Units
Noncontrolling Interest
Class X Umbrella Units and LTIP Units
Stockholders' Equity                                      
Reclassification of redeemable noncontrolling interest from temporary equity into permanent equity $ 0                                    
Balance at Dec. 31, 2024 196,249                         $ 189,490   $ 6,759      
Members' Equity                                      
Net income 65,704                         65,704          
Distributions (131,119)                         (131,119)          
Equity-based compensation 136,460                             136,460      
Balance at Sep. 30, 2025 267,294                         124,075   143,219      
Balance at Jun. 30, 2025 198,351                         62,033   136,318      
Members' Equity                                      
Net income 111,111                         111,111          
Distributions (49,069)                         (49,069)          
Equity-based compensation 6,901                             6,901      
Balance at Sep. 30, 2025 267,294                         124,075   $ 143,219      
Beginning balance (in shares) at Dec. 31, 2025             12,650,000 99,166,563                      
Beginning balance at Dec. 31, 2025 (134,731)     $ (134,731)     $ 1 $ 10     $ 0     (134,742) $ 0   $ 0    
Stockholders' Equity                                      
Net income 59,709     (9,495)                   (9,495)     69,204    
Equity-based compensation 104,128     17,880             17,880           86,248    
Accretion to redemption value (651,114)     (651,114)             (4,861)     (646,253)          
Reclassification of redeemable noncontrolling interest from temporary equity into permanent equity 804,297                               804,297    
Distributions (56,278)                               (56,278)    
Issuance of LTIP units (in shares)               707,823                      
Issuance of restricted Class A common stock in business combinations (in shares)             963,285                        
Forfeiture of Class X Umbrella Units and LTIP Units and corresponding cancellation of Class B common stock (in shares)                   (499,218)                  
Forfeiture of Class X Umbrella Units and LTIP Units and corresponding cancellation of Class B common stock     $ 66     $ 478             $ 478           $ (412)
Issuance of Class A shares in connection with redemptions and cancellation of corresponding Class B shares (in shares)             5,029,125 5,029,125                      
Issuance of Class A shares in connection with redemptions and cancellation of corresponding Class B shares 0     44,373     $ 1 $ (1)     44,373           (44,373)    
Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis 13,136     13,136             13,136                
Foreign currency translation (146)     (21)                     (21)   (125)    
Ending balance (in shares) at Sep. 30, 2026             18,642,410 94,346,043                      
Ending balance at Sep. 30, 2026 139,067     (719,494)     $ 2 $ 9     71,006     (790,490) (21)   858,561    
Members' Equity                                      
Net income 75,612                                    
Beginning balance (in shares) at Jun. 30, 2026             13,472,214 99,415,168                      
Beginning balance at Jun. 30, 2026 31,454     (775,283)     $ 1 $ 10     6,215     (781,509) 0   806,737    
Stockholders' Equity                                      
Net income 67,968     (8,981)                   (8,981)     76,949    
Equity-based compensation 47,506     6,936             6,936           40,570    
Distributions (20,851)                               (20,851)    
Issuance of restricted Class A common stock in business combinations (in shares)             141,071                        
Forfeiture of Class X Umbrella Units and LTIP Units and corresponding cancellation of Class B common stock (in shares)                 (40,000)                    
Forfeiture of Class X Umbrella Units and LTIP Units and corresponding cancellation of Class B common stock   $ 0     $ 346             $ 346           $ (346)  
Issuance of Class A shares in connection with redemptions and cancellation of corresponding Class B shares (in shares)             5,029,125 (5,029,125)                      
Issuance of Class A shares in connection with redemptions and cancellation of corresponding Class B shares 0     44,373     $ 1 $ (1)     44,373           (44,373)    
Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis 13,136     13,136             13,136                
Foreign currency translation (146)     (21)                     (21)   (125)    
Ending balance (in shares) at Sep. 30, 2026             18,642,410 94,346,043                      
Ending balance at Sep. 30, 2026 139,067     $ (719,494)     $ 2 $ 9     $ 71,006     $ (790,490) $ (21)   $ 858,561    
Members' Equity                                      
Net income $ 67,968