Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Financial Statement Presentation. The accompanying unaudited condensed consolidated financial statements are presented in accordance with United States Securities and Exchange Commission ("SEC") interim reporting requirements. Accordingly, the condensed consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for full financial statements and should be read in conjunction with the audited consolidated financial statements included in the prospectus (the "Prospectus") of the Company filed pursuant to Rule 424(b)(4) with the SEC on April 17, 2026. The Organizational Transactions resulted in a new corporate and capital structure and a change in the reporting entity, which was accounted for as a transfer of entities under common control. Accordingly, the condensed consolidated financial statements for all periods reflect the financial position, results of operations, and cash flows of the Predecessor as if it had been a wholly-owned subsidiary of the Company for all periods presented. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to fairly state the condensed consolidated results for interim periods presented. The results of operations and cash flows of all discontinued operations have been separately reported as discontinued operations for all periods presented. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale or are sold. The unaudited condensed consolidated financial statements include the results of the Company and its majority-owned subsidiaries. The minority shareholders’ interest in majority-owned subsidiaries is reflected as redeemable noncontrolling interest and noncontrolling interest. All intercompany balances and transactions have been eliminated in the consolidated financial statements. Reclassifications. Certain items previously reported in other operating expenses, including equity appreciation rights expense, have been reclassified from other operating expenses to selling, general, and administrative expenses. In addition, items within the statements of cash flows previously presented as separate gain and loss line items have been aggregated and presented as “Other (gains) losses, net,” with the exception of the loss on extinguishment of debt, which continues to be presented separately due to its materiality. Further, prior period financial statements have been recast to reflect the Company's current equity structure resulting from the IPO and related Organizational Transactions. These reclassification and equity recasts have been made to conform to the current period presentation. Recently Issued Accounting Pronouncements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) (“ASU 2024-03”), which requires public entities to disclose disaggregated information about expenses by nature on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact of this ASU on its consolidated financial statements.

Financial Statement Presentation. The accompanying unaudited condensed consolidated financial statements are presented in accordance with United States Securities and Exchange Commission ("SEC") interim reporting requirements. Accordingly, the condensed consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for full financial statements and should be read in conjunction with the audited consolidated financial statements included in the prospectus (the "Prospectus") of the Company filed pursuant to Rule 424(b)(4) with the SEC on April 17, 2026.

The Organizational Transactions resulted in a new corporate and capital structure and a change in the reporting entity, which was accounted for as a transfer of entities under common control. Accordingly, the condensed consolidated

financial statements for all periods reflect the financial position, results of operations, and cash flows of the Predecessor as if it had been a wholly-owned subsidiary of the Company for all periods presented.

The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to fairly state the condensed consolidated results for interim periods presented.

The results of operations and cash flows of all discontinued operations have been separately reported as discontinued operations for all periods presented. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale or are sold.

The unaudited condensed consolidated financial statements include the results of the Company and its majority-owned subsidiaries. The minority shareholders’ interest in majority-owned subsidiaries is reflected as redeemable noncontrolling interest and noncontrolling interest. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

Reclassifications. Certain items previously reported in other operating expenses, including equity appreciation rights expense, have been reclassified from other operating expenses to selling, general, and administrative expenses. In addition, items within the statements of cash flows previously presented as separate gain and loss line items have been aggregated and presented as “Other (gains) losses, net,” with the exception of the loss on extinguishment of debt, which continues to be presented separately due to its materiality.

Further, prior period financial statements have been recast to reflect the Company's current equity structure resulting from the IPO and related Organizational Transactions. These reclassification and equity recasts have been made to conform to the current period presentation.

Recently Issued Accounting Pronouncements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) (“ASU 2024-03”), which requires public entities to disclose disaggregated information about expenses by nature on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact of this ASU on its consolidated financial statements.