Basic and Diluted Earnings (Loss) per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Basic and diluted earnings (loss) per common share are calculated as follows (in thousands, except for share and per share data):


	Successor		Predecessor
	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Numerator:
Net loss	$	(265,906)	$	(3,749)
Dividends on preferred stock	(13,454)		—
Net loss attributable to common stockholders - Basic	$	(279,360)	$	(3,749)

Denominator:
Basic and diluted weighted average shares of common stock outstanding	61,630,003		2,275,940

Income (loss) per common share:
Basic income (loss) per common share	$	(4.53)	$	(1.65)
Diluted income (loss) per common share	$	(4.53)	$	(1.65)