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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Service-Based Incentive Units Activity

The following table summarizes Service-Based Incentive Units activity for the nine months ended September 30, 2025 (in thousands):

			Number of Service-Based Incentive Units						Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024			2,729						$	1.82
Granted			18,731						0.45
Vested			(5,276)						0.77
Forfeited			(1,769)						0.56
Unvested at September 10, 2025			14,415						$	0.58

Schedule of Phantom Units Activity

The following table summarizes Phantom Units activity for the nine months ended September 30, 2025 (in thousands):

			Number of Phantom Units						Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024			376						$	0.94
Granted			2,508						0.45
Vested			(629)						0.57
Forfeited			(154)						0.45
Unvested at September 10, 2025			2,101						$	0.50

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity for the nine months ended September 30, 2025 (in thousands):

			Number of RSUs						Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024			—						$	—
Granted			5,270						28.00
Vested			(1,382)						28.00
Forfeited			—						—
Unvested at September 30, 2025			3,888						$	28.00

Schedule of Restricted Stock Award Activity

The following table summarizes RSA activity for the nine months ended September 30, 2025 (in thousands):

			Number of RSA						Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024			—						$	—
Conversion of awards in connection with IPO			4,400						28.00
Vested			(200)						28.00
Forfeited			—						—
Unvested at September 30, 2025			4,200						$	28.00

Schedule of Stock Option Activity

The following table summarizes stock options activity for the nine months ended September 30, 2025 (in thousands):

			Number of Stock Options						Weighted-Average Exercise Price						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value
Outstanding at December 31, 2024			—						$	—					—						$	—
Granted			482						28.00
Exercised			—						—
Forfeited			—						—
Expired			—						—
Outstanding at September 30, 2025			482						$	28.00					3.9						$	—
Exercisable at September 30, 2025			—						—						—						$	—

The following table summarizes stock options activity for the nine months ended September 30, 2025 (in thousands):

			Number of Stock Options						Weighted-Average Exercise Price						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value
Outstanding at December 31, 2024			—						$	—					—						$	—
Granted			6,365						28.00
Exercised			—						—
Forfeited			—						—
Expired			—						—
Outstanding at September 30, 2025			6,365						$	28.00					6.9						$	—
Exercisable at September 30, 2025			—												—						$	—

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The Company used an option pricing model to estimate the fair value of the time-based stock options with the following assumptions as of September 30, 2025:

			September 30,
Assumptions			2025
Expected term in years			6.1
Volatility			70		%
Risk-free rate			3.7		%
Dividend Yield			0.0		%

The Company used an option pricing model to estimate the fair value of the market-based stock options with the following assumptions as of September 30, 2025:

			September 30,
Assumptions			2025
Expected term in years			10.0
Volatility			70		%
Risk-free rate			4.0		%
Dividend Yield			0.0		%

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Share-Based Payment Arrangement, Phantom Units, Outstanding Activity

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
-SubTopic 10
-Topic 718
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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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