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Warrants
 12 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
Warrants Warrants
Public Warrants
The Company originally issued public warrants in connection with the Transaction, each entitling the holder to one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment. A warrant holder may have exercised its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant could have been exercised at any given time by a warrant holder. The warrants expired 5 years after the consummation of the Transaction, on November 17, 2025.
Warrant holders did not have the rights or privileges of holders of Class A common stock nor any voting rights until they exercised their warrants and received shares of Class A common stock. After the issuance of shares of Class A common stock, upon exercise of the warrants, each holder is entitled to one vote for each share held of record on all matters to be voted on by stockholders.
Private Placement Warrants
The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) were exercisable on a cashless basis by CF Sponsor, Holdings or their permitted transferees. The holders of the private placement warrants elected to exercise the private placement warrants on a cashless basis.
The following table shows a rollforward of the public and private warrants outstanding for the years ended December 31, 2025, 2024 and 2023:
Public WarrantsPrivate WarrantsTotal
December 31, 202216,784,970 900,000 17,684,970 
Exercised— — — 
Repurchased— — — 
December 31, 202316,784,970 900,000 17,684,970 
Exercised— — — 
Repurchased— — — 
December 31, 202416,784,970 900,000 17,684,970 
Exercised(10,410,334)(900,000)(11,310,334)
Expired(6,374,636)— (6,374,636)
December 31, 2025— — — 
During the year ended December 31, 2025, 10,410,334 public warrants were exercised, resulting in the issuance of 10,410,334 shares of Class A common stock and cash proceeds of $119.7 million. Also during the year ended December 31, 2025, 900,000 private warrants were exercised, resulting in the issuance of 6,988 shares of Class A common stock pursuant to the election of the cashless basis exercise. During the years ended December 31, 2025, 2024 and 2023, pursuant to the stock repurchase plan described in Note 7, no warrants were repurchased. All remaining unexercised warrants expired in accordance with their terms on November 17, 2025 and terminated with no value. No warrants remained outstanding as of December 31, 2025.