Prior to the Company's IPO in September 2025, the Company had three classes of common units (collectively referred to as the “Common Units”), including profits interest units, which were considered participating securities for purposes of calculating net loss per unit. Upon the consummation of the Company's IPO, all of the Company's pre-IPO Common Units were reclassified to Class A common stock and Class B common stock. The Company has retroactively adjusted the weighted average shares outstanding prior to the IPO to reflect this reclassification. Accordingly, the condensed consolidated financial statements present all references to common stock and per share data as if the conversion of Common Units into common stock had occurred at the beginning of all periods presented.


	Three Months Ended March 31,
	2026				2025
	Class A common stock		Class B common stock		Class A common stock		Class B common stock
Numerator:
Net loss attributable to common stockholders	$	(38,751)	$	(70,227)	$	(9,744)	$	(139,520)

Denominator:
Weighted average common stock outstanding, basic and diluted(1)(2)	41,455		75,127		321		4,599

Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.93)	$	(0.93)	$	(30.34)	$	(30.34)
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(1) Prior to the IPO, the Common Units outstanding excludes 43,715,038 Common Units and 9,417,233 Catch Up Common Units that were issued and outstanding as profits interest units as of March 31, 2025. Vested Incentive Units and Convertible Preferred Units are considered as participating securities. However, these participating securities do not contractually require the holders to fund loss and were excluded from basic net loss per unit calculation for the three months ended March 31, 2025. Upon the consummation of the IPO, these units were fully converted into Class A common stock and Class B common stock and no longer outstanding.
(2) Prior to the IPO, weighted average common units outstanding includes only Capital Common Units A and certain Basic Common Units granted directly to individuals. The rights, including the liquidation and dividend rights, of the holders of these certain Basic Common Units and Capital Common Units A are identical and as a result, the undistributed losses are allocated on a proportionate basis and the resulting loss per share is the same. Upon the IPO, these units were fully reclassified into Class A common stock and Class B common stock and no longer outstanding. The effect of this reclassification is retroactively applied in the periods prior to the IPO.

When calculating diluted net loss per share, the Company determined no adjustments to basic net loss per share were required. Prior to the Company's IPO, potentially dilutive securities included Convertible Preferred Units and Convertible Notes which could be settled in the Company's Common Units. Following the IPO, potentially dilutive securities that may be settled in the Company's Class A common stock include stock-based awards. For the periods presented, these potentially dilutive securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive, as the Company reported a net loss. Accordingly, the Company did not apply the if-converted method to outstanding Convertible Preferred Units and Convertible Notes or the treasury stock method to the outstanding stock-based awards. For additional information, please refer to Note 14. Related Party Loans and Convertible Notes, Note 17. Preferred Units & Capital Stock and Note 18. Stock-Based Compensation.

As of March 31, 2025, the Company had Convertible Notes with a fair value of $259.7 million, which were convertible, at the option of the holder upon maturity, into Series B Units at a price equal to 80% of the lowest original issue price per unit of the Series B Units. The underlying Series B Units were convertible into Common Units on a one-for-one basis. Please refer to Note 14. Related Party Loans and Convertible Notes for additional