v3.26.1
CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity
Members' Equity
Common Stock
Preferred Stock
Capital in  Excess of Par Value
Accumulated Deficit
Shares Held by Consolidated Subsidiaries
Non-Controlling Interests
Non-Controlling Interests
Consolidated investments
Non-Controlling Interests
CMFH
Beginning balance at Dec. 31, 2024   $ 528,337             $ 15,907    
Members' Equity, beginning at Dec. 31, 2024     $ 512,430                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss)   24,791 24,435           356    
Equity-based compensation   814 814                
Distributions to members   (27,427) (27,000)           (427)    
Ending balance at Mar. 31, 2025   526,515             15,836    
Members' Equity, ending at Mar. 31, 2025     510,679                
Beginning balance at Dec. 31, 2024   528,337             15,907    
Members' Equity, beginning at Dec. 31, 2024     512,430                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) $ 0                    
Net income (loss) prior to Transactions 65,284                    
Ending balance at Jun. 30, 2025   539,954             15,612    
Members' Equity, ending at Jun. 30, 2025     524,342                
Beginning balance at Mar. 31, 2025   526,515             15,836    
Members' Equity, beginning at Mar. 31, 2025     510,679                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) 0 41,784 40,849           935    
Net income (loss) prior to Transactions 40,849                    
Equity-based compensation   814 814                
Distributions to members   (29,159) (28,000)           (1,159)    
Ending balance at Jun. 30, 2025   539,954             $ 15,612    
Members' Equity, ending at Jun. 30, 2025     524,342                
Beginning balance at Dec. 31, 2025 633,333 633,333 633,333 $ 0 $ 0 $ 0 $ 0 $ 0   $ 0 $ 0
Beginning balance (in shares) at Dec. 31, 2025       0              
Beginning balance (in shares) at Dec. 31, 2025         0            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) prior to Transactions 21,591 21,591 21,591                
Equity-based compensation 503 503 503                
Distributions to members (41,500) (41,500) (41,500)                
Ending balance at Mar. 31, 2026 613,927 613,927 613,927 $ 0 $ 0 0 0 0   0 0
Ending balance (in shares) at Mar. 31, 2026       0              
Ending balance (in shares) at Mar. 31, 2026         0            
Beginning balance at Dec. 31, 2025 633,333 633,333 633,333 $ 0 $ 0 0 0 0   0 0
Beginning balance (in shares) at Dec. 31, 2025       0              
Beginning balance (in shares) at Dec. 31, 2025         0            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) (30,127)                    
Net income (loss) prior to Transactions 39,697                    
Ending balance at Jun. 30, 2026 $ 2,141,239 565,301 0 $ 4,369 $ 9,074 588,214 (30,127) (6,229)   2,322 1,573,616
Ending balance (in shares) at Jun. 30, 2026 437,066,965     437,066,965              
Ending balance (in shares) at Jun. 30, 2026 907,376,074       907,376,074            
Beginning balance at Mar. 31, 2026 $ 613,927 613,927 613,927 $ 0 $ 0 0 0 0   0 0
Beginning balance (in shares) at Mar. 31, 2026       0              
Beginning balance (in shares) at Mar. 31, 2026         0            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) (30,127)                    
Net income (loss) prior to Transactions 18,106 18,106 18,106                
Equity-based compensation 503 503 503                
Distributions to members (106,500) (106,500) (106,500)                
Effects of reorganization and acquisition (in shares)       436,884,776 907,376,074            
Effects of Transactions 1,659,173 69,266 (526,036) $ 4,369 $ 9,074 588,088   (6,229)   2,236 1,587,671
Net (loss) income subsequent to Transactions (44,096) (30,127)         (30,127)     86 (14,055)
Equity-based compensation subsequent to Transactions (in shares)       182,189              
Equity-based compensation subsequent to Transactions 126 126       126          
Ending balance at Jun. 30, 2026 $ 2,141,239 $ 565,301 $ 0 $ 4,369 $ 9,074 $ 588,214 $ (30,127) $ (6,229)   $ 2,322 $ 1,573,616
Ending balance (in shares) at Jun. 30, 2026 437,066,965     437,066,965              
Ending balance (in shares) at Jun. 30, 2026 907,376,074       907,376,074