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Net Loss per Common Share | 12 Months Ended
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Dec. 31, 2025
Earnings Per Share [Abstract] |
Net Loss per Common Share | 17) Net Loss per Common Share Basic and diluted net loss per common share was calculated as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (150,712 | ) |  | $ | (144,187 | ) |  | $ | (128,832 | )
Less: Net loss attributable to noncontrolling interest |  |  | (7,646 | ) |  |  | (11,584 | ) |  |  | (11,207 | )
Net loss attributable to common stockholders — basic |  | $ | (143,066 | ) |  | $ | (132,603 | ) |  | $ | (117,625 | )
Net loss attributable to common shares — dilutive |  | $ | (143,066 | ) |  | $ | (132,603 | ) |  | $ | (117,625 | )
Denominator: |  |  |  |  |  |  |  |  |
Weighted average shares outstanding — basic |  |  | 197,246,432 |  |  |  | 175,029,650 |  |  |  | 145,188,867 |
Weighted average common shares outstanding—diluted |  |  | 197,246,432 |  |  |  | 175,029,650 |  |  |  | 145,188,867 |
Net loss per share attributable to common shares— basic |  | $ | (0.73 | ) |  | $ | (0.76 | ) |  | $ | (0.81 | )
Net loss per share attributable to common shares— diluted |  | $ | (0.73 | ) |  | $ | (0.76 | ) |  | $ | (0.81 | )
The Company’s potentially dilutive securities, which include unvested Class B units, unvested phantom units, unvested restricted stock units, convertible Class V common shares, unexercised options, earn-out shares, escrow shares, and convertible debt have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. The 2029 Notes Capped Call Transactions were excluded from the calculation of dilutive potential common shares as their effect is anti-dilutive. For the years ended December 31, 2025, 2024 and 2023, the weighted average number of shares outstanding used to calculate both basic and diluted net loss per share attributable to common shares is the same because the Company reported a net loss for each of these periods and the effect of inclusion would be antidilutive. The Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to stockholders for the periods indicated as their inclusion would have had an anti-dilutive effect:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Unvested Class B units |  |  | — |  |  |  | — |  |  |  | 61,683 |
Unvested Phantom units |  |  | — |  |  |  | — |  |  |  | 290,138 |
Unvested Restricted stock units |  |  | 17,929,582 |  |  |  | 16,694,162 |  |  |  | 14,915,588 |
Convertible Class V common shares |  |  | 16,521,251 |  |  |  | 17,671,251 |  |  |  | 18,694,332 |
Unexercised options |  |  | 61,461 |  |  |  | 150,240 |  |  |  | 223,753 |
Earn-out Shares |  |  | 5,000,000 |  |  |  | 5,000,000 |  |  |  | 5,000,000 |
Escrow Shares |  |  | 1,725,000 |  |  |  | 1,725,000 |  |  |  | 1,725,000 |
2027 Convertible notes into Class A common shares |  |  | 15,026,297 |  |  |  | 18,497,110 |  |  |  | 18,497,110 |
2029 Convertible notes into Class A common shares |  |  | 42,524,208 |  |  |  | 42,524,208 |  |  |  | — |
|  |  | 98,787,799 |  |  |  | 102,261,971 |  |  |  | 59,407,604 |

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