v3.26.1
Condensed Consolidated Statements of Shareholders', Changes in Mezzanine Equity and Member's Equity (Unaudited) - USD ($)
$ in Thousands
Total
WBEF
Redeemable Series A Preferred Units
WBEF
Redeemable Series B Preferred Units
WBEF
Class A
Member's Equity
Common Stock
Class A
Common Stock
Class B
Retained Earnings
Non-controlling Interest
Beginning Balance at Dec. 31, 2024   $ 8,254       $ 663,049        
Mezzanine Equity, Beginning Balance at Dec. 31, 2024     $ 292,723 $ 95,000            
Preferred distributions accrued   (9,300) 9,300              
Preferred distributions paid     (4,436)              
Deemed non-cash contributions   1,621       324        
Net income (loss)   (14,214)       1,711        
Ending Balance at Mar. 31, 2025   (13,639)       665,084        
Mezzanine Equity, Ending Balance at Mar. 31, 2025     297,587 95,000            
Beginning Balance at Dec. 31, 2024   8,254       663,049        
Mezzanine Equity, Beginning Balance at Dec. 31, 2024     292,723 95,000            
Net income (loss) $ 8,836 (29,821)                
Ending Balance at Jun. 30, 2025   (32,893)       693,267        
Mezzanine Equity, Ending Balance at Jun. 30, 2025     302,564 95,000            
Beginning Balance at Mar. 31, 2025   (13,639)       665,084        
Mezzanine Equity, Beginning Balance at Mar. 31, 2025     297,587 95,000            
Preferred distributions accrued   (9,413) 9,413              
Preferred distributions paid     (4,436)              
Distribution to member   (10)                
Deemed non-cash contributions   5,776       1,058        
Net income (loss) 7,125 (15,607)                
Contribution from member 20,000                  
Ending Balance at Jun. 30, 2025   $ (32,893)       $ 693,267        
Mezzanine Equity, Ending Balance at Jun. 30, 2025     $ 302,564 $ 95,000            
Beginning Balance at Dec. 31, 2025 1,847,609           $ 606,843   $ (4,537) $ 1,245,303
Beginning Balance, Shares at Dec. 31, 2025             43,264,850 80,190,150    
Class A shares issued on vesting of RSUs, net of shares withheld for tax, Shares             1,209      
Redemption of Class B shares to Class A shares             3,750,000      
Redemption of Class B shares to Class A shares         (3,750,000)     3,750,000    
Class A shares issued on vesting of RSUs, net of shares withheld for tax 11           $ (11)      
RSU share-based compensation expense 1,759           635     1,124
Deemed non-cash contributions 825                 825
Net income (loss) 9,521               3,515 6,006
Dividends and distributions (6,173)               (2,163) (4,010)
RSU dividend equivalent (44)               (17) (27)
Changes in ownership interest adjustment             57,957     (57,957)
Tax impact of ownership interest adjustment (5,597)           (5,597)      
Offering costs 26           26      
Ending Balance at Mar. 31, 2026 1,847,915           $ 659,853   (3,202) 1,191,264
Ending Balance, Shares at Mar. 31, 2026             47,016,059 76,440,150    
Beginning Balance at Dec. 31, 2025 1,847,609           $ 606,843   (4,537) 1,245,303
Beginning Balance, Shares at Dec. 31, 2025             43,264,850 80,190,150    
Net income (loss) 24,076                  
Ending Balance at Jun. 30, 2026 1,828,289           $ 760,474   (551) 1,068,366
Ending Balance, Shares at Jun. 30, 2026             55,453,118 68,003,091    
Beginning Balance at Mar. 31, 2026 1,847,915           $ 659,853   (3,202) 1,191,264
Beginning Balance, Shares at Mar. 31, 2026             47,016,059 76,440,150    
Redemption of Class B shares to Class A shares             8,437,059      
Redemption of Class B shares to Class A shares         (8,437,059)     (8,437,059)    
RSU share-based compensation expense 1,748           $ 713     1,035
Deemed non-cash contributions 835                 835
Net income (loss) 14,555               5,109 9,446
Dividends and distributions (6,172)               (2,439) (3,733)
RSU dividend equivalent (43)               (19) (24)
Changes in ownership interest adjustment             130,457     (130,457)
Tax impact of ownership interest adjustment (30,173)           (30,173)      
Offering costs (376)           (376)      
Ending Balance at Jun. 30, 2026 $ 1,828,289           $ 760,474   $ (551) $ 1,068,366
Ending Balance, Shares at Jun. 30, 2026             55,453,118 68,003,091