v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Class A Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Total
Beginning balance at Dec. 31, 2024 $ 2 $ 648,761 $ (465,719) $ 4,951 $ 187,995
Beginning balance (in shares) at Dec. 31, 2024 21,675,837        
Stockholders' equity          
Stock-based compensation expense $ 0 520     520
Issuance of shares under stock award plan, net of shares withheld for cash taxes paid $ 0 498     498
Issuance of shares under stock award plan, net of shares withheld for cash taxes paid (in shares) 148,750        
Net Income (Loss) $ 0   38,024   38,024
Other comprehensive income (loss), net of tax benefit (expense) 0     364 364
Ending balance at Mar. 31, 2025 $ 2 649,779 (427,695) 5,315 227,401
Ending balance (in shares) at Mar. 31, 2025 21,824,587        
Beginning balance at Dec. 31, 2024         $ 777,388
Beginning balance (in shares) at Dec. 31, 2024         962,632
Ending balance at Mar. 31, 2025         $ 777,388
Ending balance (in shares) at Mar. 31, 2025         962,632
Beginning balance at Dec. 31, 2024 $ 2 648,761 (465,719) 4,951 $ 187,995
Beginning balance (in shares) at Dec. 31, 2024 21,675,837        
Stockholders' equity          
Net Income (Loss)         118,785
Other comprehensive income (loss), net of tax benefit (expense)         653
Ending balance at Jun. 30, 2025 $ 2 650,596 (346,934) 5,604 309,268
Ending balance (in shares) at Jun. 30, 2025 21,814,054        
Beginning balance at Dec. 31, 2024         $ 777,388
Beginning balance (in shares) at Dec. 31, 2024         962,632
Ending balance at Jun. 30, 2025         $ 777,388
Ending balance (in shares) at Jun. 30, 2025         962,632
Beginning balance at Mar. 31, 2025 $ 2 649,779 (427,695) 5,315 $ 227,401
Beginning balance (in shares) at Mar. 31, 2025 21,824,587        
Stockholders' equity          
Stock-based compensation expense $ 0 902     902
Repurchase of common stock $ 0 (86)     (86)
Repurchase of common stock (in shares) (10,533)        
Issuance of shares under stock award plan, net of shares withheld for cash taxes paid $ 0 1     1
Net Income (Loss) 0   80,761   80,761
Other comprehensive income (loss), net of tax benefit (expense) 0     289 289
Ending balance at Jun. 30, 2025 $ 2 650,596 (346,934) 5,604 309,268
Ending balance (in shares) at Jun. 30, 2025 21,814,054        
Beginning balance at Mar. 31, 2025         $ 777,388
Beginning balance (in shares) at Mar. 31, 2025         962,632
Ending balance at Jun. 30, 2025         $ 777,388
Ending balance (in shares) at Jun. 30, 2025         962,632
Beginning balance at Dec. 31, 2025 $ 2 456,466 (259,492) 7,179 $ 204,155
Beginning balance (in shares) at Dec. 31, 2025 22,096,835        
Stockholders' equity          
Redemption of redeemable preferred stock $ 0 (97,323)     (97,323)
Stock-based compensation expense 0 (91)     (91)
Net Income (Loss) 0   106,336   106,336
Other comprehensive income (loss), net of tax benefit (expense) 0     (408) (408)
Ending balance at Mar. 31, 2026 $ 2 359,052 (153,156) 6,771 212,669
Ending balance (in shares) at Mar. 31, 2026 22,096,835        
Beginning balance at Dec. 31, 2025         $ 445,140
Beginning balance (in shares) at Dec. 31, 2025         551,212
Redeemable Preferred Stock          
Redemption of redeemable preferred stock         $ (152,671)
Redemption of redeemable preferred stock (in shares)         (189,050)
Ending balance at Mar. 31, 2026         $ 292,469
Ending balance (in shares) at Mar. 31, 2026         362,162
Beginning balance at Dec. 31, 2025 $ 2 456,466 (259,492) 7,179 $ 204,155
Beginning balance (in shares) at Dec. 31, 2025 22,096,835        
Stockholders' equity          
Net Income (Loss)         78,058
Other comprehensive income (loss), net of tax benefit (expense)         243
Ending balance at Jun. 30, 2026 $ 5 963,270 (181,434) 7,422 789,263
Ending balance (in shares) at Jun. 30, 2026 54,021,711        
Beginning balance at Dec. 31, 2025         $ 445,140
Beginning balance (in shares) at Dec. 31, 2025         551,212
Ending balance (in shares) at Jun. 30, 2026         0
Beginning balance at Mar. 31, 2026 $ 2 359,052 (153,156) 6,771 $ 212,669
Beginning balance (in shares) at Mar. 31, 2026 22,096,835        
Stockholders' equity          
Redemption of redeemable preferred stock $ 0 (192,548)     (192,548)
Stock-based compensation expense 0 132,602     132,602
Issuance of shares under stock award plan, net of shares withheld for cash taxes paid $ 0 72     72
Issuance of shares under stock award plan, net of shares withheld for cash taxes paid (in shares) 9,983        
Issuance of warrants to purchase common stock $ 0 685,716     685,716
Issuance of common stock on initial public offering, net of underwriting discounts and commissions, and offering-related expenses of $31.9 million $ 3 446,789     446,792
Issuance of common stock on initial public offering, net of underwriting discounts and commissions, and offering-related expenses of $31.9 million (in shares) 31,914,893        
Execution of tax receivable agreement $ 0 (468,413)     (468,413)
Net Income (Loss) 0   (28,278)   (28,278)
Other comprehensive income (loss), net of tax benefit (expense) 0     651 651
Ending balance at Jun. 30, 2026 $ 5 $ 963,270 $ (181,434) $ 7,422 789,263
Ending balance (in shares) at Jun. 30, 2026 54,021,711        
Beginning balance at Mar. 31, 2026         $ 292,469
Beginning balance (in shares) at Mar. 31, 2026         362,162
Redeemable Preferred Stock          
Redemption of redeemable preferred stock         $ (292,469)
Redemption of redeemable preferred stock (in shares)         (362,162)
Ending balance (in shares) at Jun. 30, 2026         0