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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Aggregate Share-based Compensation Expense (Income) | ## A summary of the Company’s aggregate share-based compensation expense (income) is shown below. Share-based compensation expense related to incentive units allocated to the Company is recognized as a deemed non-cash contribution to or distribution from shareholders’ equity on the consolidated balance sheets. Substantially all share-based compensation expense (income) is included in general and administrative expense (income) on the consolidated statements of operations.
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Incentive Units |  | $ | 36,508 |  |  | $ | 91,307 |  |  | $ | (17,230 | )
Restricted Share Units |  |  | 8,811 |  |  |  | 4,028 |  |  |  | - |
Total share-based compensation expense (income) (1) |  | $ | 45,319 |  |  | $ | 95,335 |  |  | $ | (17,230 | )
(1) The tax benefit associated with share-based compensation expense was $1.1 million for the year ended December 31, 2025.
Schedule of LBH Incentive Units Granted and Fair Values | LBH Incentive Units granted during December 31, 2025 and 2024 were estimated using a Monte Carlo Simulation with the following inputs:
|  | 10/1/2025 |  |  | 12/9/2024 |  |  | 10/29/2024 |  |  | 7/18/2024 |  |  | 7/1/2024(1) |
Share price |  | $ | 55.56 |  |  | $ | 62.29 |  |  | $ | 53.84 |  |  | $ | 28.45 |  |  | $ | 22.96 |
Expected life (in years) |  |  | 2.0 |  |  |  | 2.1 |  |  |  | 2.2 |  |  |  | 2.0 |  |  |  | 1.5 |
Risk-free interest rate |  |  | 3.5 | % |  |  | 4.0 | % |  |  | 4.0 | % |  |  | 4.4 | % |  |  | 4.8 | %
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Volatility |  |  | 40.0 | % |  | 40% - 76% |  |  | 35% - 72% |  |  | 40% - 132% |  |  | 40% - 225% |
Marketability discount |  | 17% - 30% |  |  | 13% - 22% |  |  | 12% - 22% |  |  | 12% - 30% |  |  | 11% - 32% |
(1) The LBH Incentive Units utilized the same inputs for the modification date fair value as it occurred on the same date as the 7/1/2024 grant date.
Summary of LBH Incentive Units Activity | A summary of LBH Incentive Units activity during the year ended December 31, 2025 is shown in the following table:
|  | Incentive Units |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Term (years) |
Outstanding at December 31, 2024 (1) |  |  | 30,020 |  |  | $ | 5,130 |  |  |  |
Granted |  |  | 200 |  |  |  | 7,175 |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  |
Outstanding at December 31, 2025 |  |  | 30,220 |  |  | $ | 5,144 |  |  |  | 0.9 |
(1) The units outstanding as of December 31, 2024 reflect the effects of the Division and only include the LBH Incentive Units. The grant date fair value per unit amount includes the modification date weighted average per unit fair value of $7,959 per unit.
Summary of RSU Activity | A summary of RSU activity during the year ended December 31, 2025 is shown in the following table:
|  | RSUs |  |  | Weighted Average Grant Date Fair Value |
Nonvested at December 31, 2024 |  |  | 749,529 |  |  | $ | 31.37 |
Granted (1) |  |  | 57,393 |  |  |  | 56.17 |
Forfeited |  |  | - |  |  |  | - |
Vested (2) |  |  | (269,441 | ) |  |  | 31.48 |
Nonvested at December 31, 2025 |  |  | 537,481 |  |  | $ | 33.96 |
(1) The weighted average grant date fair values of RSUs granted was $56.17 and $31.36 for the years ended December 31, 2025 and 2024, respectively. (2) Included within the 269,441 RSUs that vested during the period, 86,661 RSUs were surrendered by employees to the Company to settle tax withholding requirements. The total fair value of RSUs vested was $8.5 million for the year ended December 31, 2025

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