v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Common Class A
Common Class B
Common Class D
Redeemable preferred non-controlling interests
Redeemable non-controlling interests
Common stock
Common Class A
Common stock
Common Class B
Common stock
Common Class D
Additional Paid-in capital
Additional Paid-in capital
Common Class A
Retained earnings (accumulated deficit)
Accumulated other comprehensive income (loss)
Non-redeemable non-controlling interests
Treasury Stock
Common Class A
Beginning balance at Dec. 31, 2024         $ 130,000 $ 482,863                  
Increase (Decrease) In Temporary Equity And Redeemable Noncontrolling Interest [Abstract]                              
Net (loss) income           1,006                  
Other comprehensive income (loss)           (469)                  
Stock-based compensation           1,458                  
Change in redemption value of Redeemable non-controlling interests           (205,959)                  
Payment of preferred dividend         (2,617)                    
Accretion of the redeemable preferred non-controlling interest to its redemption amount         2,617 2,180                  
Ending balance at Mar. 31, 2025         130,000 276,719                  
Beginning balance (in shares) at Dec. 31, 2024             30,065,260 71,500,000 72,899,037            
Beginning balance, treasury (in shares) at Dec. 31, 2024                             (1,635,783)
Beginning balance at Dec. 31, 2024 $ (147,831)           $ 3 $ 7 $ 7 $ 0   $ (137,004) $ 152 $ 618 $ (11,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net (loss) income 278                     202   76  
Other comprehensive income (loss) (94)                       (94)    
Issuance of Class A common stock for vesting of equity awards net of tax withholdings (in shares)             542,404                
Issuance of Class A common stock for vesting of equity awards net of tax withholdings   $ (382)                 $ (382)        
Stock-based compensation 293                 293          
Distributions to non-redeemable non-controlling interests (60)                         (60)  
Change in redemption value of redeemable non-controlling interests 205,959                 89   205,870      
Accretion of the redeemable preferred non-controlling interest to its redemption amount (437)                     (437)      
Ending balance (in shares) at Mar. 31, 2025             30,607,664 71,500,000 72,899,037            
Ending balance, treasury (in shares) at Mar. 31, 2025                             (1,635,783)
Ending balance at Mar. 31, 2025 57,726           $ 3 $ 7 $ 7 0   68,631 58 634 $ (11,614)
Beginning balance at Dec. 31, 2024         130,000 482,863                  
Increase (Decrease) In Temporary Equity And Redeemable Noncontrolling Interest [Abstract]                              
Change in redemption value of Redeemable non-controlling interests (5,234)                            
Ending balance at Jun. 30, 2025         130,000 365,548                  
Beginning balance (in shares) at Dec. 31, 2024             30,065,260 71,500,000 72,899,037            
Beginning balance, treasury (in shares) at Dec. 31, 2024                             (1,635,783)
Beginning balance at Dec. 31, 2024 (147,831)           $ 3 $ 7 $ 7 0   (137,004) 152 618 $ (11,614)
Ending balance (in shares) at Jun. 30, 2025             30,631,960 121,500,000 22,899,037            
Ending balance, treasury (in shares) at Jun. 30, 2025                             (1,635,783)
Ending balance at Jun. 30, 2025 (22,302)           $ 3 $ 12 $ 2 0   (13,442) 2 2,735 $ (11,614)
Beginning balance at Mar. 31, 2025         130,000 276,719                  
Increase (Decrease) In Temporary Equity And Redeemable Noncontrolling Interest [Abstract]                              
Net (loss) income           6,162                  
Other comprehensive income (loss)           (282)                  
Stock-based compensation           1,835                  
Change in redemption value of Redeemable non-controlling interests (2,617)         83,294                  
Payment of preferred dividend         (2,617)                    
Accretion of the redeemable preferred non-controlling interest to its redemption amount         2,617 2,180                  
Ending balance at Jun. 30, 2025         130,000 365,548                  
Beginning balance (in shares) at Mar. 31, 2025             30,607,664 71,500,000 72,899,037            
Beginning balance, treasury (in shares) at Mar. 31, 2025                             (1,635,783)
Beginning balance at Mar. 31, 2025 57,726           $ 3 $ 7 $ 7 0   68,631 58 634 $ (11,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net (loss) income 1,397                     1,237   160  
Other comprehensive income (loss) (56)                       (56)    
Issuance of Class A common stock under the ATM program (in shares)             17,104                
Issuance of Class A common stock under the ATM program 58                 58          
Shares conversion (in shares)               50,000,000 (50,000,000)            
Share conversion 0             $ 5 $ (5)            
Issuance of Class A common stock for vesting of equity awards net of tax withholdings (in shares)             7,192                
Issuance of Class A common stock for vesting of equity awards net of tax withholdings   $ (5)                 (5)        
Stock-based compensation 369                 369          
Distributions to non-redeemable non-controlling interests (50)                         (50)  
Change in redemption value of redeemable non-controlling interests (83,294)                 (422)   (82,872)      
Capital contribution from non-redeemable non-controlling interests 1,991                         1,991  
Accretion of the redeemable preferred non-controlling interest to its redemption amount (438)                     (438)      
Ending balance (in shares) at Jun. 30, 2025             30,631,960 121,500,000 22,899,037            
Ending balance, treasury (in shares) at Jun. 30, 2025                             (1,635,783)
Ending balance at Jun. 30, 2025 (22,302)           $ 3 $ 12 $ 2 0   (13,442) 2 2,735 $ (11,614)
Beginning balance at Dec. 31, 2025 [1]         130,000 377,898                  
Increase (Decrease) In Temporary Equity And Redeemable Noncontrolling Interest [Abstract]                              
Net (loss) income           (4,689)                  
Other comprehensive income (loss)           1,005                  
Stock-based compensation           1,698                  
Change in redemption value of Redeemable non-controlling interests           (24,567)                  
Payment of preferred dividend         (3,444)                    
Redeemable preferred non-controlling interest issuance, net of issuance costs and warrants         113,910                    
Redemption of redeemable preferred non‑controlling interest         (100,000)                    
Accretion of the redeemable preferred non-controlling interest to its redemption amount         9,534 7,878                  
Ending balance at Mar. 31, 2026         150,000 343,467                  
Beginning balance (in shares) at Dec. 31, 2025   28,997,378 121,500,000 22,899,037     30,633,161 121,500,000 22,899,037            
Beginning balance, treasury (in shares) at Dec. 31, 2025   (1,635,783)                         (1,635,783)
Beginning balance at Dec. 31, 2025 (10,141) [1]           $ 3 $ 12 $ 2 0   (1,307) (26) 2,789 $ (11,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net (loss) income (904)                     (986)   82  
Other comprehensive income (loss) 210                       210    
Issuance of Class A common stock for vesting of equity awards net of tax withholdings (in shares)             1,360,166                
Issuance of Class A common stock for vesting of equity awards net of tax withholdings   $ (1,343)                 (1,343)        
Stock-based compensation 357                 357          
Distributions to non-redeemable non-controlling interests (65)                         (65)  
Change in redemption value of redeemable non-controlling interests 24,567                 986   23,581      
Capital contribution from non-redeemable non-controlling interests 7,402                         7,402  
Accretion of the redeemable preferred non-controlling interest to its redemption amount (1,656)                     (1,656)      
Ending balance (in shares) at Mar. 31, 2026             31,993,327 121,500,000 22,899,037            
Ending balance, treasury (in shares) at Mar. 31, 2026                             (1,635,783)
Ending balance at Mar. 31, 2026 18,427           $ 3 $ 12 $ 2 0   19,632 184 10,208 $ (11,614)
Beginning balance at Dec. 31, 2025 [1]         130,000 377,898                  
Increase (Decrease) In Temporary Equity And Redeemable Noncontrolling Interest [Abstract]                              
Change in redemption value of Redeemable non-controlling interests (13,887)       (6,602)                    
Payment of preferred dividend         (7,285)                    
Ending balance at Jun. 30, 2026 [1]         158,400 320,053                  
Beginning balance (in shares) at Dec. 31, 2025   28,997,378 121,500,000 22,899,037     30,633,161 121,500,000 22,899,037            
Beginning balance, treasury (in shares) at Dec. 31, 2025   (1,635,783)                         (1,635,783)
Beginning balance at Dec. 31, 2025 (10,141) [1]           $ 3 $ 12 $ 2 0   (1,307) (26) 2,789 $ (11,614)
Ending balance (in shares) at Jun. 30, 2026   30,357,544 121,500,000 22,899,037     31,993,327 121,500,000 22,899,037            
Ending balance, treasury (in shares) at Jun. 30, 2026   (1,635,783)                         (1,635,783)
Ending balance at Jun. 30, 2026 37,899 [1]           $ 3 $ 12 $ 2 0   37,535 416 11,545 $ (11,614)
Beginning balance at Mar. 31, 2026         150,000 343,467                  
Increase (Decrease) In Temporary Equity And Redeemable Noncontrolling Interest [Abstract]                              
Net (loss) income           (3,539)                  
Other comprehensive income (loss)           1,095                  
Stock-based compensation           1,702                  
Change in redemption value of Redeemable non-controlling interests (4,353)         (19,075)                  
Payment of preferred dividend         (3,841)                    
Redeemable preferred non-controlling interest issuance, net of issuance costs and warrants 8,400       7,888                    
Accretion of the redeemable preferred non-controlling interest to its redemption amount         4,353 3,597                  
Ending balance at Jun. 30, 2026 [1]         $ 158,400 $ 320,053                  
Beginning balance (in shares) at Mar. 31, 2026             31,993,327 121,500,000 22,899,037            
Beginning balance, treasury (in shares) at Mar. 31, 2026                             (1,635,783)
Beginning balance at Mar. 31, 2026 18,427           $ 3 $ 12 $ 2 0   19,632 184 10,208 $ (11,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net (loss) income (608)                     (745)   137  
Other comprehensive income (loss) 232                       232    
Issuance of Class A common stock for vesting of equity awards net of tax withholdings   $ (29)                 $ (29)        
Stock-based compensation 358                 358          
Change in redemption value of redeemable non-controlling interests 19,075                 (329)   19,404      
Capital contribution from non-redeemable non-controlling interests 1,200                         1,200  
Accretion of the redeemable preferred non-controlling interest to its redemption amount (756)                     (756)      
Ending balance (in shares) at Jun. 30, 2026   30,357,544 121,500,000 22,899,037     31,993,327 121,500,000 22,899,037            
Ending balance, treasury (in shares) at Jun. 30, 2026   (1,635,783)                         (1,635,783)
Ending balance at Jun. 30, 2026 $ 37,899 [1]           $ 3 $ 12 $ 2 $ 0   $ 37,535 $ 416 $ 11,545 $ (11,614)
[1] Includes amounts related to consolidated VIEs, which are presented separately in the table below.