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Noncontrolling Interest

9 Months Ended

Sep. 30, 2025

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling Interest

As discussed in Note 2 Acquisition and Umbrella Partnership C Structure, the Company consolidates the financial results of Opco and reports a noncontrolling interest related to the Class B Opco units held by noncontrolling interest holders in its consolidated financial statements.

As of September 30, 2025, the Company holds 30,980 Class A Units in Opco and the existing direct and certain indirect equity holders of Omni (“Omni Holders”) hold 8,869 units of Opco designated as Class B Units (“Opco Class B Units”) and 8,869 corresponding Company Series B Preferred Units which together are exchangeable into 8,869 shares of Common Stock of the Company. The following tables provide the issuance and exchange activity of the Opco Class B Units for the nine months ended September 30, 2025 and 2024, and the corresponding fully diluted noncontrolling interest ownership percentage in the Company based on such exchange activity.

			Opco Class B Units						Fully Diluted Ownership
Outstanding units at December 31, 2024			10,088						25.3		%
Exchanged into shares of common stock			(585)
Outstanding units at March 31, 2025			9,503						23.8		%
Exchanged into shares of common stock			(80)
Outstanding units at June 30, 2025			9,423						23.5		%
Exchanged into shares of common stock			(554)
Outstanding units at September 30, 2025			8,869						22.1		%

			Opco Class B Units						Opco Series C-2 Preferred Units						Fully Diluted Ownership
Outstanding units at December 31, 2023			—						—						0.0		%
Units issued in the Omni Acquisition			4,435						7,670
Outstanding units at March 31, 2024			4,435						7,670						31.4		%
Conversion of Opco Series C-2 preferred units to Opco Class B units			7,670						(7,670)
Outstanding units at June 30, 2024			12,105						—						30.4		%
Exchanged into shares of common stock			(967)						—
Outstanding units at September 30, 2024			11,138						—						28.0		%

As of September 30, 2025, there have been a total of 3,236 Opco Class B Units and corresponding Company Series B Preferred Units exchanged for 3,236 shares of common stock, and such actual exchanges and subsequent issuances represented 10.4% of the outstanding shares of common stock as of the end of such period. As of September 30, 2024, there had been a total of 967 Opco Class B Units and corresponding Company Series B Preferred Units exchanged for 967 shares of common stock, and such actual exchanges and subsequent issuances represented 3.3% of the outstanding shares of common stock as of the end of such period.

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- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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- References

No definition available.

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