Members’ Capital (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring Cost and Reserve [Line Items]

Schedule of Fair Value Measurements of Black Scholes Model Assumptions

As discussed in Note 5 – Fair Value Measurements, the Company estimated the fair value of the Class C Units using the following Black-Scholes model assumptions on the date of grant:

	August 30,
	2025
Weighted average expected volatility		82.5	%
Risk-free interest rate		3.8	%
Dividend yield		0	%
M&A expected term (years)		1.0
de-SPAC scenario (years)		0.45
M&A Discount for lack of marketability (“DLOM”)		20	%
deSPAC DLOM		12.5	%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details