Basic and Diluted Earnings (Loss) per Common Share (Tables)

Basic and diluted earnings (loss) per common share are calculated as follows (in thousands, except for share and per share data):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	Successor		Predecessor		Successor		Predecessor
Numerator:
Net loss	$	(257,603)	$	(8,875)	$	(523,509)	$	(12,624)
Dividends on preferred stock	(26,209)		—		(39,663)		—
Net loss attributable to common stockholders - Basic	$	(283,812)	$	(8,875)	$	(563,172)	$	(12,624)

Denominator:
Basic and diluted weighted average shares of common stock outstanding	75,275,806		2,300,998		68,490,600		2,288,538

Income (loss) per common share:
Basic income (loss) per common share	$	(3.77)	$	(3.86)	$	(8.22)	$	(5.52)
Diluted income (loss) per common share	$	(3.77)	$	(3.86)	$	(8.22)	$	(5.52)