v3.25.3
Condensed Consolidated Statements of Changes in Unitholders' Deficit (Q2) - USD ($)
$ in Thousands
Total
Class B Preferred
Preferred Units
Preferred Units
Class B Preferred
Preferred Units
Class B-1 Preferred
Common Units
Common Units
Class A
Common Units
Class C
Accumulated Deficit
Non-Controlling Interest
Beginning balance at Dec. 31, 2022 $ (11,193)     $ 20,803 $ 3,323   $ 1,950 $ 639 $ (38,564) $ 656
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (30,984)               (30,845) (139)
Units issued to non-controlling interest 337                 337
Issuance of preferred units, net of issuance costs   $ 17,319   17,319            
Unit-based compensation 910             205   705
Accretion of redeemable units to redemption value 5,366               5,366  
Ending balance at Dec. 31, 2023 (18,486)     38,122 3,323   1,950 844 (64,284) 1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (7,526)               (5,219) (2,307)
Units issued to non-controlling interest 3,503                 3,503
Issuance of preferred units, net of issuance costs 7,566     7,566            
Unit-based compensation 396             51   345
Issuance of units to non-controlling interest in exchange of convertible promissory notes 8,443                 8,443
Accretion of redeemable units to redemption value (4,415)               (4,415)  
Ending balance at Mar. 31, 2024 (10,519)     45,688 3,323   1,950 895 (73,918) 11,543
Beginning balance at Dec. 31, 2023 (18,486)     38,122 3,323   1,950 844 (64,284) 1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (18,840)                  
Ending balance at Jun. 30, 2024 (11,702)     48,540 3,323   1,950 940 (81,568) 15,113
Beginning balance at Dec. 31, 2023 (18,486)     38,122 3,323   1,950 844 (64,284) 1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (28,198)               (16,436) (11,762)
Units issued to non-controlling interest 13,921                 13,921
Issuance of preferred units, net of issuance costs       13,561            
Unit-based compensation 1,056             137   919
Issuance of units to non-controlling interest in exchange of convertible promissory notes 8,443                 8,443
Accretion of redeemable units to redemption value (11,950)               (11,950)  
Ending balance at Oct. 01, 2024 (4,503)   $ 0     $ 0     (15,845) 0
Beginning balance at Dec. 31, 2023 (18,486)     38,122 3,323   1,950 844 (64,284) 1,559
Ending balance at Dec. 31, 2024 766,293   0     4     (78,262) 340,777
Beginning balance at Mar. 31, 2024 (10,519)     45,688 3,323   1,950 895 (73,918) 11,543
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (11,314)               (7,288) (4,026)
Units issued to non-controlling interest 7,348                 7,348
Issuance of preferred units, net of issuance costs 2,852     2,852            
Unit-based compensation 293             45   248
Accretion of redeemable units to redemption value (362)               (362)  
Ending balance at Jun. 30, 2024 (11,702)     $ 48,540 $ 3,323   $ 1,950 $ 940 (81,568) 15,113
Beginning balance at Oct. 01, 2024 (4,503)   0     0     (15,845) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (70,093)               (61,754) (8,339)
Units issued to non-controlling interest 4,129                 4,129
Ending balance at Dec. 31, 2024 766,293   0     4     (78,262) 340,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (253,674)               (142,997) (110,677)
Issuance of preferred units, net of issuance costs 1,927                  
Ending balance at Mar. 31, 2025 525,745         5     (221,285) 264,247
Beginning balance at Dec. 31, 2024 766,293   $ 0     4     (78,262) 340,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (394,949)                  
Ending balance at Jun. 30, 2025 426,060         6     (305,512) 207,509
Beginning balance at Mar. 31, 2025 525,745         5     (221,285) 264,247
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (141,275)               (84,227) (57,048)
Issuance of preferred units, net of issuance costs 2,625                  
Ending balance at Jun. 30, 2025 $ 426,060         $ 6     $ (305,512) $ 207,509