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Equity-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes the stock option activity for the year ended December 31, 2025:
| Stock Options Outstanding |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024 | — |  |  |  |  |  |  |
Granted | 647,862 |  |  | $ | 20.00 |  |  |  |  |
Forfeited or cancelled | — |  |  |  |  |  |  |
Outstanding as of December 31, 2025 | 647,862 |  |  | $ | 20.00 |  |  | 9.7 |  | $ | 1,458 |
Schedule of Fair Value Assumptions | The grant date fair value of the stock options was determined using the Black-Scholes model with the following assumptions:
Dividend yield(1) | None
Volatility(2) | 48.3%
Risk-free interest rate(3) | 4.03%
Expected term (years)(4) | 5.5
Weighted-average grant date fair value per share | $9.84
(1) The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock in the foreseeable future. (2) Volatility was based on a group of industry peers with sufficient history. (3) The risk-free interest rate is based on the implied yield currently available on U.S. Treasury issues with terms approximately equal to the expected life of the options. (4) Because the Company does not yet have sufficient historical exercise data to provide a reasonable basis for estimating future exercise patterns, the expected term was based on an analysis of exercise behavior of peer companies and management's judgment.
Schedule of RSU Activity | The activity for RSUs for the year ended December 31, 2025 was as follows:
| Number of RSUs |  | Weighted-Average Grant Date Fair Value
Nonvested at December 31, 2024 | — |  |  |
Granted | 341,246 |  |  | $ | 20.00 |
Forfeited or cancelled | — |  |  |
Nonvested at December 31, 2025 | 341,246 |  |  | $ | 20.00 |
Schedule of Equity-Based Compensation Expense |
| Year Ended December 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Selling, general and administrative expenses | $ | 2,081 |  |  | $ | — |  |  | $ | — |
Schedule of Unrecognized Equity-Based Compensation | As of December 31, 2025, total unrecognized equity-based compensation related to unvested stock awards will be recognized as follows for the periods presented:
(in thousands) |
2026 | $ | 4,676 |
2027 | 4,362 |
2028 | 2,254 |
2029 | 457 |
Total unrecognized equity-based compensation | $ | 11,749 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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