Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average common stock outstanding during the respective period. The impact from potential shares of common stock on the diluted earnings per common share calculation are included only when dilutive.


	Successor				Predecessor
	Three Months Ended September 30, 2026		Period From September 12, 2025 to September 30, 2025		Period From July 1, 2025 to September 11, 2025
Numerator:
Net income (loss)	$	509,032	$	(192,287)	$	(14,366)
Dividends on preferred stock	(34,231)		—		—
Net income (loss) attributable to common stockholders - Basic	$	474,801	$	(192,287)	$	(14,366)

Denominator:
Basic weighted average shares of common stock outstanding	89,080,303		43,617,459		2,325,783
Effect of dilutive shares	1,454,495		—		—
Diluted weighted average shares of common stock outstanding	90,534,798		43,617,459		2,325,783

Income (loss) per common share:
Basic income (loss) per common share	$	5.33	$	(4.41)	$	(6.18)
Diluted income (loss) per common share	$	5.24	$	(4.41)	$	(6.18)

	Successor				Predecessor
	Nine Months Ended September 30, 2026		Period From September 12, 2025 to September 30, 2025		Period From January 1, 2025 to September 11, 2025
Numerator:
Net loss	$	(14,477)	$	(192,287)	$	(26,990)
Dividends on preferred stock	(73,894)		—		—
Net loss attributable to common stockholders - Basic	$	(88,371)	$	(192,287)	$	(26,990)

Denominator:
Basic and diluted weighted average shares of common stock outstanding	75,429,254		43,617,459		2,299,243

Income (loss) per common share:
Basic income (loss) per common share	$	(1.17)	$	(4.41)	$	(11.74)
Diluted income (loss) per common share	$	(1.17)	$	(4.41)	$	(11.74)

During the three and nine months ended September 30, 2026, 27.0 million and 28.4 million, respectively, weighted-average shares of potential common stock related to outstanding warrants, convertible notes, and stock awards were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive.

During the period from September 12, 2025 to September 30, 2025, 16.5 million weighted-average shares of potential common stock related to outstanding warrants and stock awards were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive.

During the period from July 1, 2025 to September 11, 2025, 1.2 million weighted-average shares of potential common stock were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive and certain performance-contingent RSUs were excluded from the diluted EPS calculation because the contractual contingencies were not met.

During the period from January 1, 2025 to September 11, 2025, 1.2 million weighted-average shares of potential common stock were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive and certain performance-contingent RSUs were excluded from the diluted EPS calculation because the contractual contingencies were not met.