v3.26.1
Condensed Consolidated Statements of Stockholders' and Members' Equity - USD ($)
$ in Thousands
Total
Members' Equity
Common Stock
Treasury Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2024 $ 2,977,127            
Net income (loss) (4,324)            
Other comprehensive income (loss) 17,987            
Issuance of notes receivable [1] (3,000)            
Contributions 385,000            
Distributions (350,257)            
Share-based compensation 2,330            
Ending balance at Mar. 31, 2025 3,024,863            
Beginning balance at Dec. 31, 2024 2,977,127            
Net income (loss) (33,580)            
Other comprehensive income (loss) 49,118            
Ending balance at Jun. 30, 2025 3,028,082            
Beginning balance at Mar. 31, 2025 3,024,863            
Net income (loss) (29,256)            
Other comprehensive income (loss) 31,131            
Distributions (862)            
Share-based compensation 2,206            
Ending balance at Jun. 30, 2025 3,028,082            
Beginning balance at Dec. 31, 2025 3,124,058            
Beginning balance at Dec. 31, 2025 3,124,058            
Net income (loss) 53,309            
Other comprehensive income (loss) (15,033)            
Issuance of members' units and common stock sold in initial public offering, net of offering costs 2,500            
Settlement of notes receivable [2] 4,361            
Contributions 11,344            
Distributions (307)            
Share-based compensation 3,042            
Ending balance at Mar. 31, 2026 3,183,274            
Ending balance at Mar. 31, 2026 3,183,274            
Beginning balance at Dec. 31, 2025 3,124,058            
Beginning balance at Dec. 31, 2025 3,124,058            
Net income (loss) 48,400            
Other comprehensive income (loss) (18,809)            
Ending balance at Jun. 30, 2026 4,467,558   $ 4,184 $ (34,639) $ 4,512,250 $ (16,112) $ 1,875
Ending balance, shares at Jun. 30, 2026     418,389,519        
Ending balance at Jun. 30, 2026 0            
Beginning balance at Mar. 31, 2026 3,183,274            
Beginning balance at Mar. 31, 2026 3,183,274            
Effect of the Reorganization [3] 72,654 $ (3,183,274) $ 3,718   3,257,762 (11,203) 5,651
Effect of the Reorganization, shares [3]     371,806,575        
Net income (loss) (4,909)         (4,909)  
Common stock withheld related to net share settlement of equity awards (34,639)     (34,639)      
Other comprehensive income (loss) (3,776)           (3,776)
Issuance of members' units and common stock sold in initial public offering, net of offering costs 1,227,753   $ 466   1,227,287    
Issuance of common stock sold in initial public offering, net of offering costs, shares     46,575,000        
Issuance of common stock under share-based arrangements, shares     7,944        
Settlement of notes receivable [2] 1,065       1,065    
Share-based compensation 26,136       26,136    
Ending balance at Jun. 30, 2026 4,467,558   $ 4,184 $ (34,639) $ 4,512,250 $ (16,112) $ 1,875
Ending balance, shares at Jun. 30, 2026     418,389,519        
Ending balance at Jun. 30, 2026 $ 0            
[1] Refer to “Note 18. Related Party Transactions” for further information on related party arrangements.
[2] Refer to “Note 18. Related Party Transactions” for further information on related party arrangements.
[3] Includes share-based compensation related to the modified equity awards as a result of the Reorganization. See "Note 15. Share-Based Arrangements" for further details.