Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the stock option activity for the year ended December 31, 2025:

	Stock Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024	—
Granted	647,862	$	20.00
Forfeited or cancelled	—
Outstanding as of December 31, 2025	647,862	$	20.00	9.7	$	1,458

Schedule of Fair Value Assumptions

The grant date fair value of the stock options was determined using the Black-Scholes model with the following assumptions:

Dividend yield(1)	None
Volatility(2)	48.3%
Risk-free interest rate(3)	4.03%
Expected term (years)(4)	5.5
Weighted-average grant date fair value per share	$9.84

(1) The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock in the foreseeable future.

(2) Volatility was based on a group of industry peers with sufficient history.

(3) The risk-free interest rate is based on the implied yield currently available on U.S. Treasury issues with terms approximately equal to the expected life of the options.

(4) Because the Company does not yet have sufficient historical exercise data to provide a reasonable basis for estimating future exercise patterns, the expected term was based on an analysis of exercise behavior of peer companies and management's judgment.

Schedule of RSU Activity

The activity for RSUs for the year ended December 31, 2025 was as follows:

	Number of RSUs	Weighted-Average Grant Date Fair Value
Nonvested at December 31, 2024	—
Granted	341,246	$	20.00
Forfeited or cancelled	—
Nonvested at December 31, 2025	341,246	$	20.00

Schedule of Equity-Based Compensation Expense

	Year Ended December 31,
(in thousands)	2025		2024		2023
Selling, general and administrative expenses	$	2,081	$	—	$	—

Schedule of Unrecognized Equity-Based Compensation

As of December 31, 2025, total unrecognized equity-based compensation related to unvested stock awards will be recognized as follows for the periods presented:

(in thousands)
2026	$	4,676
2027	4,362
2028	2,254
2029	457
Total unrecognized equity-based compensation	$	11,749