v3.26.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
P Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions for Estimated Fair value of Share-Based Compensation at Grant Date The following assumptions were used for the determination of grant date fair value for the P Units granted during the year ended December 31, 2023. There were no grants of P Units during the years ended December 31, 2025 or 2024.

 

 

For the Year Ended December 31,

 

 

2023

 

Risk-free interest rate

 

 

4.5

%

Expected volatility

 

 

40.0

%

Expected term (in years)

 

 

2.9

 

Threshold value

 

$

470,186,054

 

 
Summary of Vested and Nonvested Incentive Units

A summary of the Company’s vested and nonvested P Units for the years ended December 31, 2025 and 2024 is presented below:

 

 

P Units

 

 

Weighted
Average Grant-
Date Fair Value

 

Nonvested units at January 1, 2024

 

 

8,892,655

 

 

$

0.31

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(3,797,905

)

 

$

0.28

 

Forfeited

 

 

—

 

 

 

—

 

Nonvested units at December 31, 2024

 

 

5,094,750

 

 

$

0.32

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(5,094,750

)

 

$

0.32

 

Forfeited

 

 

—

 

 

 

—

 

Nonvested units at December 31, 2025

 

 

—

 

 

 

—

 
Phantom Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions for Estimated Fair value of Share-Based Compensation at Grant Date The following assumptions were used for the determination of grant date fair value for the Phantom Units granted during the year ended December 31, 2024. There were no grants of Phantom Units during the year ended December 31, 2025.

 

 

For the Year Ended December 31,

 

 

2024

 

Risk-free interest rate

 

 

3.5

%

Expected volatility

 

30.0%-32.5%

 

Expected term (in years)

 

0.5 to 2.7

 

Threshold value

 

$

470,186,054

 
Summary of Vested and Nonvested Incentive Units

A summary of the Phantom Unit activity during the years ended December 31, 2025 and 2024 is shown below (fair value is a weighted average per unit).

 

Phantom Units

 

Weighted Average Grant-Date Fair Value

 

Nonvested units as of January 1, 2024

 

—

 

 

—

 

Granted

 

463,162

 

$

3.04

 

Vested

 

—

 

 

—

 

Forfeited

 

—

 

 

—

 

Nonvested units at December 31, 2024

 

463,162

 

$

3.04

 

Granted

 

—

 

 

—

 

Vested

 

(463,162

)

$

3.04

 

Forfeited

 

—

 

 

—

 

Nonvested units at December 31, 2025

 

—

 

$

—