| Summary of stock based compensation |
A summary of the Company’s equity-based awards and activity for the three and six months ended June 30, 2026 and 2025 is presented below: | | | | | | | | | | Outstanding | | Weighted-Average | | Restricted | | Grant Date | | Shares | | Fair Value | Balance at March 31, 2025 | — | | $ | | Granted | 6,418,775 | | | 15.00 | Vested | — | | | | Exercised | — | | | | Forfeited, expired or canceled | — | | | | Balance at June 30, 2025 | 6,418,775 | | $ | 15.00 | | | | | | Balance December 31, 2024 | — | | | | Granted | 6,418,775 | | | 15.00 | Vested | — | | | | Exercised | — | | | | Forfeited, expired or canceled | — | | | | Balance at June 30, 2025 | 6,418,775 | | $ | 15.00 | | | | | | Balance March 31, 2026 | 6,242,825 | | $ | 15.00 | Granted | — | | | | Vested | (2,063,595) | | | | Forfeited, expired or canceled | (19,158) | | | | Balance June 30, 2026 | 4,160,072 | | $ | 15.00 | | | | | | Balance December 31, 2025 | 6,330,304 | | $ | 15.00 | Granted | — | | | | Vested | (2,136,663) | | | | Forfeited, expired or canceled | (33,569) | | | | Balance June 30, 2026 | 4,160,072 | | $ | 15.00 |
| | | | | | | | | | | | | | | Weighted-Average | | | | | | | Weighted-Average | | Remaining | | Aggregate | | Stock Options | | Grant | | Contractual Term | | Intrinsic Value | | Outstanding | | Exercise Price | | (Years) | | (in thousands) | Balance at March 31, 2025 | — | | $ | — | | | | $ | — | Granted | 457,542 | | | 24.81 | | 10.0 | | | | Vested | | | | | | | | | | Exercised | | | | | | | | | | Forfeited, expired or canceled | | | | | | | | | | Balance at June 30, 2025 | 457,542 | | $ | 24.81 | | 10.0 | | $ | 97.7 | | | | | | | | | | | Balance December 31, 2024 | — | | $ | — | | | | $ | — | Granted | 457,542 | | | 24.81 | | 10.0 | | | | Vested | | | | | | | | | | Exercised | | | | | | | | | | Forfeited, expired or canceled | | | | | | | | | | Balance at June 30, 2025 | 457,542 | | $ | 24.81 | | 10.0 | | $ | 97.7 | | | | | | | | | | | Balance March 31, 2026 | 947,542 | | $ | 26.28 | | 9.4 | | $ | 181.1 | Granted | | | | | | | | | | Vested | | | | | | | | | | Exercised | | | | | | | | | | Forfeited, expired or canceled | (10,000) | | | 27.78 | | 10.0 | | | | Balance June 30, 2026 | 937,542 | | $ | 26.21 | | 9.2 | | $ | 205.8 | | | | | | | | | | | Balance December 31, 2025 | 477,542 | | $ | 24.84 | | 9.2 | | $ | 580.2 | Granted | 470,000 | | | 27.75 | | 10.0 | | | | Vested | | | | | | | | | | Exercised | | | | | | | | | | Forfeited, expired or canceled | (10,000) | | | 27.78 | | 10.0 | | | | Balance June 30, 2026 | 937,542 | | $ | 26.21 | | 9.2 | | $ | 205.8 |
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