v3.26.3
Members Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Management Incentive Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of outstanding award activity excluding option

The following table summarizes the MIU activity:

 

 

Units

 

 

Weighted-
average grant
date fair value

 

Unvested MIUs outstanding as of December 31, 2024

 

‎11,954,575‎

 

 

$

2.20

 

Granted ‎

 

‎3,049,909‎

 

 

‎15.45‎

 

Vested

 

‎(2,138,122‎

)

 

‎4.23‎

 

Forfeited

 

‎(1,035,494‎

)

 

‎2.84‎

 

Unvested MIUs outstanding as of December 31, 2025

 

‎11,830,868‎

 

 

$

5.19

 
Summary of key assumptions used in the determination of the grant date fair value

The range of key assumptions used in the determination of the grant date fair value for the MIUs issued were as follows:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Expected annual dividend

 

 

—

 

 

 

—

 

 

 

—

 

Expected volatility rate

 

30.0% - 33.0%

 

 

25.8% - 55.0%

 

 

26.0% - 50.0%

 

Risk-free rate of return

 

3.6% - 4.0%

 

 

2.7% - 4.7%

 

 

4.1% - 4.9%

 

Expected term (years)

 

0.3 - 1.2

 

 

2.0 - 5.0

 

 

2.0 - 5.0

 

Discount for lack of marketability

 

4.0% - 8.0%

 

 

27.4% - 31.8%

 

 

N/A

 
Growth Participation Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of outstanding award activity excluding option

The following table summarizes the GPU activity:

 

 

Units

 

 

Weighted
average grant
date fair value

 

Unvested GPUs outstanding as of December 31, 2024

 

 

36,411,500

 

 

$

0.29

 

Granted

 

 

22,496,050

 

 

 

2.16

 

Vested

 

 

—

 

 

 

—

 

Forfeited

 

 

(4,223,000

)

 

 

0.31

 

Unvested GPUs outstanding as of December 31, 2025

 

 

54,684,550

 

 

$

1.05

 
Summary of key assumptions used in the determination of the grant date fair value

The range of key assumptions used in the determination of the grant date fair value for the GPUs issued were as follows:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Expected annual dividend

 

 

—

 

 

 

—

 

 

 

—

 

Expected volatility rate

 

30.0% - 33.0%

 

 

25.8% - 55.0%

 

 

26.0%

 

Risk-free rate of return

 

3.6% - 4.0%

 

 

2.7% - 4.3%

 

 

4.1%

 

Expected term (years)

 

0.3 - 1.2

 

 

4.5 - 5.0

 

 

5.0

 

Discount for lack of marketability

 

4.0% - 8.0%

 

 

27.4% - 31.8%

 

 

N/A

 
Value Creation Bonus Plan  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of outstanding award activity excluding option

The following table summarizes the VCB unit activity:

 

 

Units

 

 

Weighted-

average grant

date fair value

 

Unvested VCB units outstanding as of December 31, 2024

 

‎274,473‎

 

 

$

2.10

 

Granted

 

129,832‎

 

 

‎18.38‎

 

Vested

 

‎—‎

 

 

‎—‎

 

Forfeited

 

‎(52,086‎

)

 

‎2.10‎

 

Unvested VCB units outstanding as of December 31, 2025

 

‎352,219‎

 

 

$

8.10