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Stock-Based Compensation and Long-term Incentive Awards (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Payment Award Activity | The activity of the Time Interests issued to employees of the Company was as follows:
| Time Interests |  | Weighted- average Grant Date or Modification Date Fair Value Per Interest (1)
Outstanding as of December 31, 2023 | 39,498 |  |  | $ | 346 |
Granted | 3,682 |  |  | 580 |
Forfeited | (394) |  |  | 441 |
Vested | (121) |  |  | 344 |
Outstanding as of December 31, 2024 | 42,665 |  |  | 365 |
Granted | 6,178 |  |  | 897 |
Forfeited | (857) |  |  | 977 |
Vested | (577) |  |  | 395 |
Outstanding at December 31, 2025 | 47,409 |  |  | $ | 1,176 |
(1)As discussed above, grants were modified during the year ended December 31, 2025. The activity of the Restricted Series C Common Interests issued to employees of the Company was as follows:
| Restricted Series C Interests |  | Weighted- average Grant Date or Modification Date Fair Value Per Interest (1)
Outstanding as of December 31, 2023 | 1,278 |  |  | $ | 1,571 |
Granted | — |  |  | — |
Outstanding as of December 31, 2024 | 1,278 |  |  | 1,571 |
Granted | — |  |  | — |
Outstanding as of December 31, 2025 | 1,278 |  |  | $ | 2,611 |
(1)As discussed above, grants were modified during the year ended December 31, 2025.
Schedule of Time Interests was Estimated using the OPM | The fair value of Time Interests was estimated using the OPM as of December 31, 2025 and 2023 and the hybrid method as of December 31, 2024 with the following assumptions:
| December 31,
| 2025 |  | 2024 |  | 2023
Expected dividend yield | —% |  | —% |  | —%
Risk-free interest rate | 3.5% |  | 4.3% |  | 3.8%
Expected volatility | 55% |  | 75% |  | 55%
Expected life (years) | 2.5 |  | 2.7 |  | 5.0
The hybrid method assumptions above for December 31, 2024 were based on the weighted average assumptions of potential future scenarios as follows:
| Net Settle at IPO (1) |  | Remain as Profits Interests post IPO (2) |  | Delayed Exit (3)
Expected dividend yield | —% |  | —% |  | —%
Risk-free interest rate | 4.2% |  | 4.3% |  | 4.3%
Expected volatility | 80% |  | 70% |  | 70%
Expected life (years) | 0.5 |  | 3.5 |  | 5.0
(1)The Company completes an IPO, and Series A Profits Interests are settled. (2)The Company completes an IPO, and Series A Profits Interests remain outstanding. (3)The Company does not undergo a Change of Control in the foreseeable future.
Schedule of Compensation Expense And Corresponding Income Tax Benefit | The compensation expense and corresponding income tax benefit for Time Interests was as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Selling, general and administrative | $ | 49,547 |  |  | $ | 3,786 |  |  | $ | 8,095 |
Cost of revenue | 12,286 |  |  | 1,026 |  |  | 1,923 |
Compensation expense | $ | 61,833 |  |  | $ | 4,812 |  |  | $ | 10,018 |
Income tax benefit | $ | — |  |  | $ | — |  |  | $ | 403 |
The compensation expense and corresponding income tax benefit for Performance Interests was as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Selling, general and administrative | $ | 370 |  |  | $ | — |  |  | $ | — |
Cost of revenue | 83 |  |  | — |  |  | — |
Compensation expense | $ | 453 |  |  | $ | — |  |  | $ | — |
Income tax benefit | $ | — |  |  | $ | — |  |  | $ | — |
The compensation expense for Restricted Series C Interests was as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Selling, general and administrative | $ | 1,151 |  |  | $ | 273 |  |  | $ | 15 |
Cost of revenue | 1,375 |  |  | 326 |  |  | 18 |
Compensation expense | $ | 2,526 |  |  | $ | 599 |  |  | $ | 33 |
Schedule of Restricted Series C Common Interests Estimated using the OPM | The fair value was estimated using the OPM as of December 31, 2025 and 2023 and the hybrid method as of December 31, 2024 with the following assumptions:
| December 31,
| 2025 |  | 2024 |  | 2023
Expected dividend yield | —% |  | —% |  | —%
Risk-free interest rate | 3.5% |  | 4.3% |  | 3.8%
Expected volatility | 55% |  | 75% |  | 55%
Expected life (years) | 2.5 |  | 2.7 |  | 5.0
The hybrid method assumptions above for December 31, 2024 were based on the weighted average assumptions of potential future scenarios as follows:
| Net Settle at IPO (1) |  | Remain as Restricted Series C Interests post IPO (2) |  | Delayed Exit (3)
Expected dividend yield | —% |  | —% |  | —%
Risk-free interest rate | 4.2% |  | 4.3% |  | 4.3%
Expected volatility | 80% |  | 70% |  | 70%
Expected life (years) | 0.5 |  | 3.5 |  | 5.0
(1)The Company completes an IPO, and Restricted Series C Interests are settled. (2)The Company completes an IPO, and Restricted Series C Interests remain outstanding. (3)The Company does not undergo a Change of Control in the foreseeable future.
Schedule of Restricted Stock Units Activity | The following table summarizes the RSUs activity during the year ended December 31, 2025 (in thousands, except per share data):
| RSUs |  | Weighted-Average Grant Date Fair Value per Share
Outstanding as of December 31, 2024 | — |  |  | $ | — |
Granted | 688,880 |  |  | 28.00 |
Vested | — |  |  | — |
Forfeited | (2,678) |  |  | — |
Outstanding as of December 31, 2025 | 686,202 |  |  | $ | 28.00 |
Schedule of Stock Option Activity | The following table summarizes stock option activity during the year ended December 31, 2025:
| Stock Options |  | Weighted-Average Grant Date Fair Value per Share |  | Weighted-Average Exercise Price per Share
Outstanding as of December 31, 2024 | — |  | $ | — |  |  | $ | — |
Granted | 668,570 |  | 16.46 |  |  | 28.00 |
Vested | — |  | — |  |  | — |
Forfeited | — |  | — |  |  | — |
Outstanding as of December 31, 2025 | 668,570 |  | 16.46 |  |  | 28.00 |
Vested and exercisable as of December 31, 2025 | — |  | $ | — |  |  | $ | — |
Schedule of Weighted-Average Inputs | Weighted-average inputs used in the Black-Scholes option pricing model for options granted under the 2025 Omnibus Incentive Plan were as follows:
Stock price | $ | 28.00 |
Expected term (in years) | 6.0
Expected volatility | 60.0%
Risk-free interest rate | 3.7%
Dividend yield | —%

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