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Earnings Per Share | 12 Months Ended
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Dec. 31, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | 22 — Earnings Per Share The following table summarizes the basic and diluted earnings per share calculations for the years ended December 31, 2025, 2024, and 2023:
|  |  | Year ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
|  |  |  |  | in thousands (except per share amounts)
Basic Earnings per Share |  |  |  |  |  |  |  |  |
Net income available to Class A Common Stockholders |  |  |  |  | $ | 38,683 |  |  | $ | 8,900 |  |  | $ | 15,881 |
Weighted average shares of Class A Common Stock outstanding |  |  |  |  | 94,404 |  |  | 87,529 |  |  | 84,180 |
Basic earnings per share |  |  |  |  | $ | 0.41 |  |  | $ | 0.10 |  |  | $ | 0.19 |
Diluted Earnings per Share |  |  |  |  |  |  |  |  |
Net income available to Class A Common Stockholders |  |  |  |  | $ | 127,480 |  |  | $ | 8,944 |  |  | $ | 31,769 |
Weighted average shares of Class A Common Stock outstanding |  |  |  |  | 346,973 |  |  | 88,504 |  |  | 340,323 |
Diluted earnings per share |  |  |  |  | $ | 0.37 |  |  | $ | 0.10 |  |  | $ | 0.09 |
Net income available to Class A Common Stockholders |  |  |  |  |  |  |  |  |
Net income |  |  |  |  | $ | 149,225 |  |  | $ | 78,303 |  |  | $ | 28,179 |
Net income attributable to non-controlling interest |  |  |  |  | (100,207) |  |  | (61,286) |  |  | (7,948) |
Accretion of Series A Convertible Preferred Stock |  |  |  |  | (7,555) |  |  | (7,427) |  |  | (3,677) |
Undistributed earnings allocated to Series A Convertible Preferred Stock |  |  |  |  | (2,780) |  |  | (690) |  |  | (673) |
Net income available to Class A Common Stockholders, Basic |  |  |  |  | 38,683 |  |  | 8,900 |  |  | 15,881 |
Undistributed earnings reallocated to Series A Convertible Preferred Stock |  |  |  |  | 287 |  |  | — |  |  | 347 |
Adjustment for potentially dilutive THG units |  |  |  |  | 88,431 |  |  | — |  |  | 15,526 |
Adjustment for potentially dilutive Series A Convertible Preferred Stock |  |  |  |  | — |  |  | — |  |  | — |
Adjustment for potentially dilutive share-based compensation awards |  |  |  |  | 79 |  |  | 44 |  |  | 15 |
Net income available to Class A Common Stockholders, Diluted |  |  |  |  | $ | 127,480 |  |  | $ | 8,944 |  |  | $ | 31,769 |
Weighted Average Shares of Class A Common Stock Outstanding |  |  |  |  |  |  |  |  |
Weighted average shares of Class A Common Stock outstanding, Basic |  |  |  |  | 94,404 |  |  | 87,529 |  |  | 84,180 |
Adjustment for potentially dilutive THG units |  |  |  |  | 251,394 |  |  | — |  |  | 255,559 |
Adjustment for potentially dilutive Series A Convertible Preferred Stock |  |  |  |  | — |  |  | — |  |  | — |
Adjustment for potentially dilutive share-based compensation awards |  |  |  |  | 1,175 |  |  | 975 |  |  | 584 |
Weighted average shares of Class A Common Stock outstanding, Diluted |  |  |  |  | 346,973 |  |  | 88,504 |  |  | 340,323 |
The following table summarizes the weighted average potential shares of Class A Common Stock excluded from diluted earnings per share of Class A Common Stock as their effect would be anti-dilutive for the years ended December 31, 2025, 2024, and 2023:
|  |  | Year ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
|  |  |  |  | in thousands
THG units |  |  |  |  | — |  |  | 255,328 |  |  | — |
Series A Convertible Preferred Stock |  |  |  |  | 6,785 |  |  | 6,785 |  |  | 3,569 |
Unvested shares associated with share-based compensation awards |  |  |  |  | 3,959 |  |  | 4,115 |  |  | 3,767 |
Warrants |  |  |  |  | — |  |  | — |  |  | 19,484 |
Total |  |  |  |  | 10,744 |  |  | 266,228 |  |  | 26,820 |

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