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Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity

Schedule of the activity related to the Company's restricted stock and restricted stock unit awards

​

​	​	​	​	​	​
​		​		Weighted-Average
​	​	Shares/Units	​	Grant Fair Value
Unvested at August 1, 2024	$	—	​	$	—
Granted	​	426,980	​	​	27.24
Vested	​	(39,407)	​	​	28.27
Forfeited	​	(8,158)	​	​	26.47
Unvested at December 31, 2024	$	379,415	​	$	27.14

Schedule of assumptions used to calculate grant date fair value of awards

​

​	​	​	​
​		December 31, 2024
Weighted-average fair value	​	$	14.46
Dividend yield	​	​	0%
Expected volatility of stock	​	​	55% to 58%
Risk-free interest rate	​	​	3.9% to 4.0%
Expected option life (in years)	​	​	6.5 to 7.5
Weighted-average exercise price per share	​	$	35.93

Schedule of the activity related to the Company's non-qualified stock options

​

​	​	​	​	​	​	​	​	​	​
​	​		​			Weighted-Average		​	​
​	​	​	Weighted-Average		​	Remaining Contractual	​	Aggregate Intrinsic
​	Options		Exercise Price			Life (years)		Value (in thousands)
Outstanding at August 1, 2024	—	​	$	—	​	—	​	$	—
Granted	478,419	​	​	35.93	​	9.33	​	​	489
Exercised	—	​	​	—	​	—	​	​	—
Forfeited or expired	—	​	​	—	​	—	​	​	—
Outstanding at December 31, 2024	478,419	​	$	35.93	​	9.33	​	$	489
Exercisable	14,964	​	​	119.60	​	1.41	​	​	—

Schedule of location of stock-based compensation expense in the condensed consolidated statements of operations

​

​	​	​	​	​	​	​	​	​	​
​	​	​
​	​	Year Ended December 31,
in thousands		2024			2023			2022
Expenses	​	​	​	​	​	​	​	​	​
Sponsorships, events, and entertainment costs	​	$	647	​	$	528	​	$	350
Hospitality costs	​	​	100	​	​	130	​	​	19
Operating costs	​	​	(504)	​	​	837	​	​	500
General and administrative	​	​	3,095	​	​	—	​	​	—
Total stock-based compensation expense	​	$	3,338	​	$	1,495	​	$	869

Schedule of earnings per share

​

​	​	​	​	​	​	​	​	​	​
​		Year Ended December 31,
in thousands, except per share data		2024			2023			2022
Numerator - Basic	​	​	​	​	​	​	​	​	​
Net loss	​	$	(152,625)	​	$	(838,065)	​	$	(111,277)
Preferred distributions to noncontrolling interest in subsidiary	​	​	(587)	​	​	—	​	​	—
Net loss attributable to common stockholders - basic and diluted	​	$	(153,212)	​	$	(838,065)	​	$	(111,277)
​	​	​	​	​	​	​	​	​	​
Denominator	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding - basic	​	​	9,108	​	​	5,522	​	​	5,522
Effect of dilutive securities	​	​	—	​	​	—	​	​	—
Weighted average shares outstanding - diluted	​	​	9,108	​	​	5,522	​	​	5,522
​	​	​	​	​	​	​	​	​	​
Earnings (loss) per share - basic and dilutive	​	$	(16.82)	​	$	(151.77)	​	$	(20.15)

Schedule of shares excluded from the calculation of diluted earnings per share

​

​	​	​	​	​	​	​	​	​	​
​		Year Ended December 31,
​		2024			2023			2022
Shares issuable upon exercise of restricted stock and restricted stock units	​	​	209,790	​	​	35,101	​	​	35,101
Shares issuable upon exercise of stock options	​	​	16,437	​	​	8,501	​	​	8,501

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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