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Share-Based and Unit-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of RSU Activity | The following tables summarize RSU and PSU activity under the 2021 Incentive Plan for the six months ended June 30, 2025 and June 30, 2024 (in thousands, except per unit data):
RSUs and PSUs | Number of RSUs and PSUs |  | Weighted Average Remaining Contractual Term (years) |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2023 | 521 |  |  | 1.38 |  | $ | 69.75 |  |  |
Granted | 1,028 |  |  |  |  | $ | 12.05 |  |  | $ | 12,393 |
Forfeited | (115) |  |  |  |  |  |  |
Vested | (325) |  |  |  |  |  |  |
Outstanding as of June 30, 2024 | 1,109 |  |  | 1.71 |  | $ | 19.46 |  |  |
Outstanding as of December 31, 2024 | 1,421 |  |  | 1.36 |  | $ | 18.17 |  |  |
Granted | 2,682 |  |  |  |  | $ | 9.92 |  |  | $ | 26,384 |
Forfeited | (287) |  |  |  |  |  |  |
Vested | (601) |  |  |  |  |  |  |
Outstanding as of June 30, 2025 | 3,215 |  |  | 1.23 |  | $ | 11.27 |  |  |
Schedule of PSU Activity | The following tables summarize RSU and PSU activity under the 2021 Incentive Plan for the six months ended June 30, 2025 and June 30, 2024 (in thousands, except per unit data):
RSUs and PSUs | Number of RSUs and PSUs |  | Weighted Average Remaining Contractual Term (years) |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2023 | 521 |  |  | 1.38 |  | $ | 69.75 |  |  |
Granted | 1,028 |  |  |  |  | $ | 12.05 |  |  | $ | 12,393 |
Forfeited | (115) |  |  |  |  |  |  |
Vested | (325) |  |  |  |  |  |  |
Outstanding as of June 30, 2024 | 1,109 |  |  | 1.71 |  | $ | 19.46 |  |  |
Outstanding as of December 31, 2024 | 1,421 |  |  | 1.36 |  | $ | 18.17 |  |  |
Granted | 2,682 |  |  |  |  | $ | 9.92 |  |  | $ | 26,384 |
Forfeited | (287) |  |  |  |  |  |  |
Vested | (601) |  |  |  |  |  |  |
Outstanding as of June 30, 2025 | 3,215 |  |  | 1.23 |  | $ | 11.27 |  |  |
Summary of Incentive Unit Activity | The following table summarizes common incentive unit activity under the Opco Plan for the six months ended June 30, 2025 and June 30, 2024 (in thousands, except per unit data):
Common Incentive Units | Number of Common Incentive Units | Weighted Average Remaining Contractual Term (years) | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value
Outstanding as of December 31, 2024 | 287 |  | 0 | $ | 166.75 |  | $ | 47,867 |
Granted | — |  |  |  |
Forfeited | — |  |  |  |
Exchanged | (1) |  |  |  |
Outstanding as of June 30, 2025 | 286 |  | 0 | $ | 166.75 |  | $ | 47,024 |
Common Incentive Units | Number of Common Incentive Units | Weighted Average Remaining Contractual Term (years) | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value
Outstanding as of December 31, 2023 | 309 |  | 0 | $ | 166.75 |  | $ | 51,467 |
Granted | — |  |  |  |
Forfeited | — |  |  |  |
Exchanged | (5) |  |  |  |
Outstanding as of June 30, 2024 | 304 |  | 0 | $ | 166.75 |  | $ | 50,677 |
Schedule of Valuation Assumptions | The assumptions noted in the table below were used to estimate the fair value of the PSUs with market conditions.
Initial stock price | $8.71 - $12.79
Expected term (years) | 2 - 3 years
Coefficient of variation | -
Risk free rate | 3.79% - 3.98%
Volatility | 125 | %
Dividend yield | 0%

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