v3.26.1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Thousands
Total
Class A Common Stock
Class B Common Stock
Preferred Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Loss
Noncontrolling Interest
Beginning balance at Dec. 31, 2024 $ 315,664       $ 1 $ 0 $ 954,469 $ (698,895) $ (276) $ 60,365
Beginning balance (in shares) at Dec. 31, 2024         9,934,449 15        
Class A LLC Units Beginning balance (in shares) at Dec. 31, 2024 13,891,768                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) $ 154,823             65,132   89,691
Noncontrolling interest distributions (288)                 (288)
Equity-based compensation, net 4,804           3,490     $ 1,314
Conversion of Class A LLC Units for Class A Common Stock pursuant to the Exchange Agreement) (in shares)         775,025         (775,025)
Conversion of Class A LLC Units for Class A Common Stock pursuant to the Exchange Agreement 0           5,114     $ (5,114)
Settlement of RSUs (in shares)         543,900          
Cancellation of shares to fund employee tax withholdings (in shares)         (176,736)          
Cancellation of shares to fund employee tax withholdings (3,767)           (3,767)      
Issuance of Class A LLC Units (in shares)                   102,611
Issuance of Class A LLC Units 2,196                 $ 2,196
Class B share retirement (in shares)           (1)        
Foreign currency translation adjustment (7)               (7)  
Ending balance at Jun. 30, 2025 $ 473,425       $ 1 $ 0 959,306 (633,763) (283) 148,164
Ending balance (in shares) at Jun. 30, 2025         11,076,638 14        
Class A LLC Units Ending balance (in shares) at Jun. 30, 2025 13,219,354                  
Beginning balance at Mar. 31, 2025 $ 394,886       $ 1 $ 0 961,044 (668,686) (285) 102,812
Beginning balance (in shares) at Mar. 31, 2025         10,711,674 14        
Class A LLC Units Beginning balance (in shares) at Mar. 31, 2025 13,219,379                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) $ 79,823             34,923   44,900
Noncontrolling interest distributions (205)                 (205)
Equity-based compensation, net 2,647           1,990     $ 657
Conversion of Class A LLC Units for Class A Common Stock pursuant to the Exchange Agreement) (in shares)         25         (25)
Settlement of RSUs (in shares)         540,275          
Cancellation of shares to fund employee tax withholdings (in shares)         (175,336)          
Cancellation of shares to fund employee tax withholdings (3,728)           (3,728)      
Foreign currency translation adjustment 2               2  
Ending balance at Jun. 30, 2025 $ 473,425       $ 1 $ 0 959,306 (633,763) (283) $ 148,164
Ending balance (in shares) at Jun. 30, 2025         11,076,638 14        
Class A LLC Units Ending balance (in shares) at Jun. 30, 2025 13,219,354                  
Beginning balance (in shares) at Dec. 31, 2025 50,000     50,000            
Beginning balance at Dec. 31, 2025 $ 395,627     $ 0 $ 1 $ 0 977,816 (653,660) (285) 71,755
Beginning balance (in shares) at Dec. 31, 2025   9,921,336 14   7,899,344 12        
Class A LLC Units Beginning balance (in shares) at Dec. 31, 2025 8,381,821                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) $ 6,312             19,559   (13,247)
Equity-based compensation, net 6,786           5,594     $ 1,192
Conversion of Class A LLC Units for Class A Common Stock pursuant to the Exchange Agreement) (in shares)         650,000         (650,000)
Conversion of Class A LLC Units for Class A Common Stock pursuant to the Exchange Agreement (1,291)           4,273     $ (5,564)
Settlement of RSUs (in shares)         599,760          
Cancellation of shares to fund employee tax withholdings (in shares)         (212,534)          
Cancellation of shares to fund employee tax withholdings (3,539)           (3,539)      
Issuance of Class A LLC Units (in shares)                   357,113
Issuance of Class A LLC Units 5,912                 $ 5,912
Repurchase agreement transaction costs (Note 15 - Related Party Transactions) (852)           (852)      
Dividends declared on Preferred Stock $ (2,250)           (2,250)      
Ending balance (in shares) at Jun. 30, 2026 50,000     50,000            
Ending balance at Jun. 30, 2026 $ 406,705     $ 0 $ 1 $ 0 981,042 (634,101) (285) 60,048
Ending balance (in shares) at Jun. 30, 2026   9,362,420 12   8,936,570 12        
Class A LLC Units Ending balance (in shares) at Jun. 30, 2026 8,088,934                  
Beginning balance (in shares) at Mar. 31, 2026       50,000            
Beginning balance at Mar. 31, 2026 $ 438,114     $ 0 $ 1 $ 0 984,134 (636,153) (285) 90,417
Beginning balance (in shares) at Mar. 31, 2026         8,551,931 12        
Class A LLC Units Beginning balance (in shares) at Mar. 31, 2026 8,088,934                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) $ (28,852)             2,052   (30,904)
Equity-based compensation, net 3,362           2,827     535
Conversion of Class A LLC Units for Class A Common Stock pursuant to the Exchange Agreement (1,291)                  
Settlement of RSUs (in shares)         595,691          
Cancellation of shares to fund employee tax withholdings (in shares)         (211,052)          
Cancellation of shares to fund employee tax withholdings (3,503)           (3,503)      
Dividends declared on Preferred Stock $ (1,125)           (1,125)      
Ending balance (in shares) at Jun. 30, 2026 50,000     50,000            
Ending balance at Jun. 30, 2026 $ 406,705     $ 0 $ 1 $ 0 $ 981,042 $ (634,101) $ (285) $ 60,048
Ending balance (in shares) at Jun. 30, 2026   9,362,420 12   8,936,570 12        
Class A LLC Units Ending balance (in shares) at Jun. 30, 2026 8,088,934