Share-Based and Unit-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Share-based Compensation Expense |
The following table summarizes share-based compensation expense recognized for our share-based awards (in millions): | | | | | | | | | | | | | | | | | | | Year Ended
December 31, 2025 | | Year Ended
December 31, 2024 | | Year Ended
December 31, 2023 | | Share-based compensation expense from continuing operations | $ | 65.4 | | | $ | 13.9 | | | $ | 14.1 | | | Share-based compensation expense from discontinued operations | 6.2 | | | 1.2 | | | 1.0 | | | Total share-based compensation expense | $ | 71.6 | | | $ | 15.1 | | | $ | 15.1 | |
|
| Summary of RSU Activity |
The following table summarizes RSU and PSU activity under the 2021 Incentive Plan for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 (in thousands, except per unit data): | | | | | | | | | | | | | | | | | | | | | | | | | RSUs and PSUs | Number
of Shares | | Weighted
Average
Remaining
Contractual
Term
(years) | | Weighted
Average
Grant Date
Fair Value | | Aggregate
Intrinsic
Value | | Outstanding as of December 31, 2022 | 551 | | | 2.05 | | $ | 101.25 | | | | | Granted | 338 | | | | | $ | 37.25 | | | $ | 12,596 | | | Forfeited | (152) | | | | | $ | 70.75 | | | | | Vested | (216) | | | | | $ | 95.50 | | | | Outstanding as of December 31, 2023 | 521 | | | 1.38 | | $ | 69.75 | | | | | Granted | 1,511 | | | | | $ | 14.32 | | | $ | 21,951 | | | Forfeited | (227) | | | | | $ | 51.10 | | | | | Vested | (385) | | | | | $ | 54.04 | | | | Outstanding as of December 31, 2024 | 1,421 | | | 1.36 | | $ | 18.17 | | | | | Granted | 2,794 | | | | | $ | 9.98 | | | $ | 27,642 | | | Forfeited | (438) | | | | | $ | 13.04 | | | | | Vested | (2,241) | | | | | $ | 18.76 | | | | Outstanding as of December 31, 2025 | 1,536 | | | 0.80 | | $ | 10.41 | | | |
|
| Summary of PSU Activity |
The following table summarizes RSU and PSU activity under the 2021 Incentive Plan for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 (in thousands, except per unit data): | | | | | | | | | | | | | | | | | | | | | | | | | RSUs and PSUs | Number
of Shares | | Weighted
Average
Remaining
Contractual
Term
(years) | | Weighted
Average
Grant Date
Fair Value | | Aggregate
Intrinsic
Value | | Outstanding as of December 31, 2022 | 551 | | | 2.05 | | $ | 101.25 | | | | | Granted | 338 | | | | | $ | 37.25 | | | $ | 12,596 | | | Forfeited | (152) | | | | | $ | 70.75 | | | | | Vested | (216) | | | | | $ | 95.50 | | | | Outstanding as of December 31, 2023 | 521 | | | 1.38 | | $ | 69.75 | | | | | Granted | 1,511 | | | | | $ | 14.32 | | | $ | 21,951 | | | Forfeited | (227) | | | | | $ | 51.10 | | | | | Vested | (385) | | | | | $ | 54.04 | | | | Outstanding as of December 31, 2024 | 1,421 | | | 1.36 | | $ | 18.17 | | | | | Granted | 2,794 | | | | | $ | 9.98 | | | $ | 27,642 | | | Forfeited | (438) | | | | | $ | 13.04 | | | | | Vested | (2,241) | | | | | $ | 18.76 | | | | Outstanding as of December 31, 2025 | 1,536 | | | 0.80 | | $ | 10.41 | | | |
|
| Schedule of Share-Based Payment Award, Equity Instruments Other than Options, 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% |
|
| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
| | | | | | | Exercise Price | $10.00 | | Expected volatility | 95 | % | Time to maturity (plus the time until the tranche becomes exercisable) | 1 year | | Risk-free rate | 3.6 | % |
|
| Schedule of Stock Options Roll Forward |
The following table summarizes activity under the Option Plan for the year ended December 31, 2025. There was no activity related to the Option Plan in the years ended December 31, 2024, and December 31, 2023. | | | | | | | | | | | | | | | | | | | | | | | | Options | Shares | | Weighted Average Exercise Price (Per Share) | | Weighted Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value ($ 000's) | | Outstanding January 1, 2025 | — | | | $ | — | | | — | | | $ | — | | | Granted | 2,000,000 | | | 10.00 | | | — | | | $ | — | | | Exercised | (45,134) | | | 10.00 | | | — | | | $ | 315 | | | Outstanding and Exercisable at December 31, 2025 | 1,954,866 | | | $ | 10.00 | | | 1.75 | | $ | 78 | | | | | | | | | |
|
| Summary of Unit-Based Compensation Expense |
Unit-based compensation expense for the years ended December 31, 2023 was as follows (in thousands): | | | | | | | | | Type of unit | Year Ended December 31, 2023 | | | | Common incentive unit | $ | 1,345 | | | | | Participation unit | (49) | | | | | Total | $ | 1,296 | | | |
|
| Summary of Incentive Unit Activity |
The following table summarizes incentive unit activity under the Opco Plan for the years ended December 31, 2025 and December 31, 2024 (in thousands, except per unit data): | | | | | | | | | | | | | | | | Incentive Units | Number of
Incentive
Units | Weighted
Average
Remaining
Contractual
Term
(years) | Weighted
Average Grant
Date Fair
Value | Aggregate
Intrinsic
Value | | Outstanding as of December 31, 2022 | 332 | | 0.79 | $ | 157.50 | | $ | 67,635 | | | Granted | — | | | | | | Forfeited | — | | | | | | Exchanged | (23) | | | | | | Outstanding as of December 31, 2023 | 309 | | — | | $ | 166.75 | | $ | 51,467 | | | Granted | — | | | | | | Forfeited | — | | | | | | Exchanged | (22) | | | | | Outstanding as of December 31, 2024 | 287 | | — | | $ | 166.75 | | $ | 47,867 | | | Granted | — | | | | | | Forfeited | — | | | | | | Exchanged | (3) | | | | | | Up-C Collapse | (284) | | | | | Outstanding as of December 31, 2025 | — | | — | | $ | — | | $ | — | |
|
| Summary of Valuation Assumptions |
The inputs used in the models to estimate the fair value of the common incentive units and participation units granted in 2023 are summarized as follows: | | | | | | | Dividend yield | —% | | Risk-free interest rate | 0.06% - 0.36% | | Expected volatility | 51.00% - 53.00% | | Expected term (years) | 0.50 - 2.00 | | Discount for lack of marketability | 0.082 |
|