v3.26.1
Condensed Consolidated Statements of Shareholder’s Equity (Deficit) and Noncontrolling Interests (Unaudited) - USD ($)
$ in Millions
Total
IPO
Private Placement
Class A Common Stock
Class B Common Stock
Total Shareholders' Equity (Deficit)
Total Shareholders' Equity (Deficit)
IPO
Total Shareholders' Equity (Deficit)
Private Placement
Common Stock
Class A Common Stock
Common Stock
Class A Common Stock
IPO
Common Stock
Class B Common Stock
Common Stock
Class B Common Stock
Private Placement
Additional Paid-In Capital
Additional Paid-In Capital
IPO
Additional Paid-In Capital
Private Placement
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2024                 0   320,676,155              
Beginning balance at Dec. 31, 2024 $ (92.5)         $ (58.1)     $ 0.0   $ 0.0   $ 0.0     $ (17.4) $ (40.7) $ (34.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Contributions 157.5         157.5             157.5          
Distributions (13.9)         (13.9)             (13.9)          
Net Income (loss) 70.7         60.0                   60.0   10.7
Other comprehensive income (loss) 14.2         12.2                     12.2 2.0
Ending balance (in shares) at Jun. 30, 2025                 0   320,676,155              
Ending balance at Jun. 30, 2025 136.0         157.7     $ 0.0   $ 0.0   143.6     42.6 (28.5) (21.7)
Beginning balance at Dec. 31, 2024 437.2                                  
Redeemable Noncontrolling Interest                                    
Net Income (loss) 6.3                                  
Other comprehensive income (loss) 0.8                                  
Equity value attributable to noncontrolling interests in business acquisition 217.3                                  
Equity value attributable to noncontrolling interests in business acquisition 5.5                                  
Redemptions of noncontrolling interests 0.2                                  
Ending balance at Jun. 30, 2025 666.9                                  
Beginning balance (in shares) at Mar. 31, 2025                 0   320,676,155              
Beginning balance at Mar. 31, 2025 (43.0)         (13.8)     $ 0.0   $ 0.0   9.8     20.3 (43.9) (29.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Contributions 157.5         157.5             157.5          
Distributions (23.7)         (23.7)             (23.7)          
Net Income (loss) 27.5         22.3                   22.3   5.2
Other comprehensive income (loss) 17.7         15.4                     15.4 2.3
Ending balance (in shares) at Jun. 30, 2025                 0   320,676,155              
Ending balance at Jun. 30, 2025 136.0         157.7     $ 0.0   $ 0.0   143.6     42.6 (28.5) (21.7)
Beginning balance at Mar. 31, 2025 440.0                                  
Redeemable Noncontrolling Interest                                    
Net Income (loss) 3.3                                  
Other comprehensive income (loss) 1.0                                  
Equity value attributable to noncontrolling interests in business acquisition 217.3                                  
Equity value attributable to noncontrolling interests in business acquisition 5.3                                  
Ending balance at Jun. 30, 2025 666.9                                  
Beginning balance (in shares) at Dec. 31, 2025       0 324,379,859       0   320,676,155              
Beginning balance at Dec. 31, 2025 82.1         (37.0)     $ 0.0   $ 0.0   0.0     (6.3) (30.7) 119.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Distributions 31.0         31.0             31.0          
Net Income (loss) 108.6         102.8                   102.8   5.8
Other comprehensive income (loss) 0.0         (0.4)                       0.4
Increased value of redeemable noncontrolling interests (1.5)         (1.5)             (1.5)          
Issuance of stock (in shares)                   95,096,154   3,703,704            
Issuance of stock   $ 2,475.3 $ 100.0       $ 2,475.3 $ 100.0   $ 0.0   $ 0.0   $ 2,475.3 $ 100.0      
Remeasurement and exchange of noncontrolling interests for Class A common stock (in shares)                 81,791,959                  
Remeasurement and exchange of noncontrolling interests for Class A common stock 887.8         1,025.2     $ 0.0       1,028.0       (2.8) (137.4)
Tax attribution to Holdings from reorganization transaction (41.1)         (41.1)             (41.1)          
Equity Appreciation Rights expense 23.4         11.3             11.3         12.1
Issuance of Class A common stock upon vesting of EAR units (in shares)                 399,945                  
Issuance of Class A common stock upon vesting of EAR units 0.0         0.0     $ 0.0                  
Net share settlement of EAR awards (15.9)         (15.9)             (15.9)          
Ending balance (in shares) at Jun. 30, 2026       177,288,058 324,379,859       177,288,058   324,379,859              
Ending balance at Jun. 30, 2026 3,649.7         3,649.7     $ 0.0   $ 0.0   3,587.1     96.5 (33.9) 0.0
Beginning balance at Dec. 31, 2025 882.9                                  
Redeemable Noncontrolling Interest                                    
Net Income (loss) 4.9                                  
Other comprehensive income (loss) (0.6)                                  
Increased value of redeemable noncontrolling interests 1.5                                  
Remeasurement and exchange of noncontrolling interests for Class A common stock (887.8)                                  
Ending balance at Jun. 30, 2026 0.9                                  
Beginning balance (in shares) at Mar. 31, 2026                 0   320,676,155              
Beginning balance at Mar. 31, 2026 143.3         11.1     $ 0.0   $ 0.0   12.8     27.3 (29.0) 132.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Distributions (16.7)         (16.7)             (16.7)          
Net Income (loss) 69.9         69.2                   69.2   0.7
Other comprehensive income (loss) (1.6)         (2.1)                       0.5
Issuance of stock (in shares)                   95,096,154   3,703,704            
Issuance of stock   $ 2,475.3 $ 100.0       $ 2,475.3 $ 100.0   $ 0.0   $ 0.0   $ 2,475.3 $ 100.0      
Remeasurement and exchange of noncontrolling interests for Class A common stock (in shares)                 81,791,959                  
Remeasurement and exchange of noncontrolling interests for Class A common stock 887.8         1,025.2     $ 0.0       1,028.0       (2.8) (137.4)
Tax attribution to Holdings from reorganization transaction (41.1)         (41.1)             (41.1)          
Equity Appreciation Rights expense 15.3         11.3             11.3         4.0
Issuance of Class A common stock upon vesting of EAR units (in shares)                 399,945                  
Issuance of Class A common stock upon vesting of EAR units 0.0         0.0     $ 0.0                  
Net share settlement of EAR awards (15.9)         (15.9)             (15.9)          
Ending balance (in shares) at Jun. 30, 2026       177,288,058 324,379,859       177,288,058   324,379,859              
Ending balance at Jun. 30, 2026 3,649.7         $ 3,649.7     $ 0.0   $ 0.0   $ 3,587.1     $ 96.5 $ (33.9) $ 0.0
Beginning balance at Mar. 31, 2026 888.7                                  
Redeemable Noncontrolling Interest                                    
Net Income (loss) 0.6                                  
Other comprehensive income (loss) (0.6)                                  
Remeasurement and exchange of noncontrolling interests for Class A common stock (887.8)                                  
Ending balance at Jun. 30, 2026 $ 0.9