XML 112 R96.htm IDEA: XBRL DOCUMENT v3.25.3
Stock-Based Compensation - Narrative (Details) - USD ($)
3 Months Ended 8 Months Ended 9 Months Ended
Sep. 11, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 10, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 12, 2025
Jun. 30, 2025
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Cumulative compensation cost $ 100,000                
Share-based compensation expense   $ 45,600,000 $ 1,300,000   $ 48,800,000 $ 4,500,000      
Class A common stock                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share available for future issuance (in shares)   12,972,329     12,972,329        
Class A common stock | IPO                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share price per share (in dollars per share) $ 28.00                
RSUs                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Awards granted (in shares) 4,399,544                
Service-Based Incentive Units                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units vested and outstanding (in shares) 36,837,700                
Unvested units (in shares) 14,415,951     14,415,000         2,729,000
Vesting period         4 years        
Units outstanding (in shares)   0     0       34,673,621
Awards granted (in shares)       18,731,000          
Awards forfeited (in shares)       1,769,000          
Service-Based Incentive Units | Class A common stock                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units exchanged (in shares) 4,699,140                
RSAs                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Unvested units (in shares)   4,200,000     4,200,000       0
Units outstanding (in shares)   4,399,544     4,399,544       0
Awards forfeited (in shares)         0        
Remaining unrecognized expense   $ 8,300,000     $ 8,300,000        
Weighted-average recognition period for unrecognized compensation expense         1 year 8 months 12 days        
RSAs | Minimum                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Vesting period 2 years                
RSAs | Maximum                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Vesting period 4 years                
RSAs | Service-Based Incentive Units                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units converted (in shares) 3,815,917                
RSAs | Phantom Units                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units converted (in shares) 567,756                
RSAs | Original Phantom Units                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units converted (in shares) 15,871                
Performance Based Incentive Units                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units vested and outstanding (in shares) 677,750 0     0       677,750
Awards granted (in shares)         0        
Awards forfeited (in shares)         0        
Performance Based Incentive Units | Class A common stock                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units exchanged (in shares) 141,004                
Phantom Units                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units vested and outstanding (in shares) 658,494                
Unvested units (in shares) 2,101,173     2,101,000         376,000
Units outstanding (in shares)   0     0       406,600
Awards granted (in shares)       2,508,000          
Awards forfeited (in shares)       154,000          
Phantom Units | Class A common stock                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units exchanged (in shares) 179,113                
Service Based Common Units                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units vested and outstanding (in shares) 1,050,270 0     0       553,867
Awards granted (in shares)         0        
Awards forfeited (in shares)         0        
Service Based Common Units | Class A common stock                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units exchanged (in shares) 321,219                
Original Phantom Units                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units vested and outstanding (in shares) 384,312                
Unvested units (in shares) 94,973                
Units outstanding (in shares)   0     0       755,729
Liability recognized as service conditions were considered probable                 $ 1,300,000
Remaining unrecognized expense $ 100,000                
Original Phantom Units | Class A common stock                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Units exchanged (in shares) 64,144                
ESPP                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share available for future issuance (in shares)             7,383,241    
Shares purchased (in shares)         0        
Share-based compensation expense   $ 0     $ 0        
RSUs and Options | Class A common stock                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share available for future issuance (in shares)   12,130,692     12,130,692        
RSUs                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Unvested units (in shares)   3,888,000     3,888,000       0
Units outstanding (in shares)   5,269,529     5,269,529       0
Awards granted (in shares)         5,270,000        
Awards forfeited (in shares)         0        
Remaining unrecognized expense   $ 106,100,000     $ 106,100,000        
Annual bonus arrangement               $ 15,100,000  
Equity awards issued, vested and outstanding 538,612                
Weighted-average recognition period for unrecognized compensation expense         3 years 2 months 12 days        
RSUs | Class A common stock | Executive Officers, Other Employees And Board Members                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share available for future issuance (in shares)   5,283,088     5,283,088        
RSUs | Common Class A, Unvested Incentive Units                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share available for future issuance (in shares) 4,730,917                
Outstanding stock options | Class A common stock | Founders And Executive Officers                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share available for future issuance (in shares)   6,847,604     6,847,604        
Time Based Stock Options                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Remaining unrecognized expense   $ 8,700,000     $ 8,700,000        
Weighted-average recognition period for unrecognized compensation expense         3 years 10 months 24 days        
Expected dividend yield         0.00%        
Time Based Stock Options | Class A common stock                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share available for future issuance (in shares)   482,142     482,142        
Market Based Stock Options                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Remaining unrecognized expense   $ 122,500,000     $ 122,500,000        
Expected dividend yield         0.00%        
Market Based Stock Options | Class A common stock                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share available for future issuance (in shares)   6,365,462     6,365,462