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Stock-Based Compensation and Long-term Incentive Awards (Tables)

12 Months Ended

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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