v3.26.1
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Common Stock
Additional Paid In Capital
Additional Paid In Capital
Common Stock
Accumulated Deficit
Accumulated Other Comprehensive Loss
Non-Controlling Interest in Equity of Consolidated Subsidiaries
Beginning balance at Dec. 31, 2024 $ 75,138   $ 1,139 $ 764,381   $ (405,818) $ (157,051) $ (127,513)
Increase (Decrease) in Partners' Capital [Roll Forward]                
Net loss 120,164         131,565   (11,401)
Other comprehensive income 157,994           157,994  
Total comprehensive (loss) income 278,158   0 0   131,565 157,994 (11,401)
Settlement of equity-based compensation (545)             (545)
Issuance of common shares   $ 10 9   $ 1      
Issuance of warrants 1,014     1,014        
Issuance of Manager options 7,358     7,358        
Dividends declared on common stock (3,443)     (3,443)        
Dividends and accretion of redeemable preferred stock (21,841)     (21,841)        
Equity-based compensation 1,253     895       358
Ending balance at Mar. 31, 2025 337,102   1,148 748,365   (274,253) 943 (139,101)
Beginning balance at Dec. 31, 2024 75,138   1,139 764,381   (405,818) (157,051) (127,513)
Increase (Decrease) in Partners' Capital [Roll Forward]                
Net loss 50,205              
Total comprehensive (loss) income 190,172              
Ending balance at Jun. 30, 2025 225,626   1,151 724,514   (333,112) (17,084) (149,843)
Beginning balance at Mar. 31, 2025 337,102   1,148 748,365   (274,253) 943 (139,101)
Increase (Decrease) in Partners' Capital [Roll Forward]                
Net loss (69,959)         (58,859)   (11,100)
Other comprehensive income (18,027)           (18,027)  
Total comprehensive (loss) income (87,986)   0 0   (58,859) (18,027) (11,100)
Issuance of common shares 0   3 (3)        
Dividends declared on common stock (3,443)     (3,443)        
Dividends and accretion of redeemable preferred stock (20,957)     (20,957)        
Equity-based compensation 910     552       358
Ending balance at Jun. 30, 2025 225,626   1,151 724,514   (333,112) (17,084) (149,843)
Beginning balance at Dec. 31, 2025 (146,237)   1,163 623,771   (512,992) (90,618) (167,561)
Increase (Decrease) in Partners' Capital [Roll Forward]                
Net loss (127,211)         (112,951)   (14,260)
Other comprehensive income 3,323           3,323  
Total comprehensive (loss) income (123,888)   0 0   (112,951) 3,323 (14,260)
Settlement of equity-based compensation (2,823)     (2,340)       (483)
Issuance of common shares   $ 0 19   $ (19)      
Distributions to non-controlling interest (360)             (360)
Dividends declared on common stock (3,545)     (3,545)        
Dividends and accretion of redeemable preferred stock (37,221)     (37,221)        
Equity-based compensation 10,978     8,947       2,031
Ending balance at Mar. 31, 2026 (303,096)   1,182 589,593   (625,943) (87,295) (180,633)
Beginning balance at Dec. 31, 2025 (146,237)   1,163 623,771   (512,992) (90,618) (167,561)
Increase (Decrease) in Partners' Capital [Roll Forward]                
Net loss (266,654)              
Total comprehensive (loss) income (306,575)              
Ending balance at Jun. 30, 2026 (518,723)   1,182 553,590   (754,009) (130,539) (188,947)
Beginning balance at Mar. 31, 2026 (303,096)   1,182 589,593   (625,943) (87,295) (180,633)
Increase (Decrease) in Partners' Capital [Roll Forward]                
Net loss (139,443)         (128,066)   (11,377)
Other comprehensive income (43,244)           (43,244)  
Total comprehensive (loss) income (182,687)   0 0   (128,066) (43,244) (11,377)
Settlement of equity-based compensation (80)     0       (80)
Distributions to non-controlling interest (888)             (888)
Dividends declared on common stock (3,545)     (3,545)        
Dividends and accretion of redeemable preferred stock (33,887)     (33,887)        
Equity-based compensation 5,460     1,429       4,031
Ending balance at Jun. 30, 2026 $ (518,723)   $ 1,182 $ 553,590   $ (754,009) $ (130,539) $ (188,947)