v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) / MEMBERS’ EQUITY - USD ($)
$ in Thousands
Total
Class X Umbrella Units
Class X Umbrella Units and LTIP Units
Parent
Parent
Class X Umbrella Units
Parent
Class X Umbrella Units and LTIP Units
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Common Stock
Class B Common Stock
Class X Umbrella Units
Common Stock
Class B Common Stock
LTIP Units
Additional Paid-in-Capital
Additional Paid-in-Capital
Class X Umbrella Units
Additional Paid-in-Capital
Class X Umbrella Units and LTIP Units
Accumulated Deficit / Undistributed Earnings
Members' Equity
Noncontrolling Interest
Noncontrolling Interest
Class X Umbrella Units
Noncontrolling Interest
Class X Umbrella Units and LTIP Units
Stockholders' Equity                                    
Reclassification of redeemable noncontrolling interest from temporary equity into permanent equity $ 0                                  
Balance at Dec. 31, 2024 196,249                         $ 189,490 $ 6,759      
Members' Equity                                    
Net income (loss) (45,407)                         (45,407)        
Distributions (82,050)                         (82,050)        
Equity-based compensation 129,559                           129,559      
Balance at Jun. 30, 2025 198,351                         62,033 136,318      
Balance at Mar. 31, 2025 235,575                         228,816 6,759      
Members' Equity                                    
Net income (loss) (95,983)                         (95,983)        
Distributions (70,800)                         (70,800)        
Equity-based compensation 129,559                           129,559      
Balance at Jun. 30, 2025 198,351                         62,033 $ 136,318      
Beginning balance (in shares) at Dec. 31, 2025             12,650,000 99,166,563                    
Beginning balance at Dec. 31, 2025 (134,731)     $ (134,731)     $ 1 $ 10     $ 0     (134,742)   $ 0    
Stockholders' Equity                                    
Net loss (8,259)     (514)                   (514)   (7,745)    
Equity-based compensation 56,622     10,944             10,944         45,678    
Accretion to redemption value (651,114)     (651,114)             (4,861)     (646,253)        
Reclassification of redeemable noncontrolling interest from temporary equity into permanent equity 804,297                             804,297    
Distributions (35,427)                             (35,427)    
Issuance of LTIP units (in shares)               707,823                    
Issuance of Class A common stock in business combinations (in shares)             822,214                      
Forfeiture of Class X Umbrella Units and LTIP Units and corresponding cancellation of Class B common stock (in shares)               (459,218)                    
Forfeiture of Class X Umbrella Units and LTIP Units and corresponding cancellation of Class B common stock     $ 66     $ 132             $ 132         $ (66)
Ending balance (in shares) at Jun. 30, 2026             13,472,214 99,415,168                    
Ending balance at Jun. 30, 2026 31,454     (775,283)     $ 1 $ 10     6,215     (781,509)   806,737    
Members' Equity                                    
Net income (loss) 7,644                                  
Beginning balance (in shares) at Mar. 31, 2026             12,650,000 98,826,563                    
Beginning balance at Mar. 31, 2026 28,695     (780,086)     $ 1 $ 10     404     (780,501)   808,781    
Stockholders' Equity                                    
Net loss (10,094)     (1,008)                   (1,008)   (9,086)    
Equity-based compensation 48,280     5,745             5,745         42,535    
Distributions (35,427)                             (35,427)    
Issuance of LTIP units (in shares)               707,823                    
Issuance of Class A common stock in business combinations (in shares)             822,214                      
Forfeiture of Class X Umbrella Units and LTIP Units and corresponding cancellation of Class B common stock (in shares)                 (45,000) (74,218)                
Forfeiture of Class X Umbrella Units and LTIP Units and corresponding cancellation of Class B common stock   $ 0     $ 66             $ 66         $ (66)  
Ending balance (in shares) at Jun. 30, 2026             13,472,214 99,415,168                    
Ending balance at Jun. 30, 2026 31,454     $ (775,283)     $ 1 $ 10     $ 6,215     $ (781,509)   $ 806,737    
Members' Equity                                    
Net income (loss) $ (10,094)