11.    Non-controlling Interests

Ultimate Parent

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On April 23, 2026, the Company used net proceeds from the IPO to indirectly redeem 16,100,000 LLC Interests from the existing LLC Interest owners. As of September 30, 2026, the Company owned 49.3% of Ultimate Parent.

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The following table summarizes the effects of the ownership changes in Ultimate Parent on the Company’s equity:

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Sale of RE Energy

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As of September 28, 2026, the Company sold its investment in RE Energy of $0 to the non-controlling interest holder for cash and the relief of obligations related to this investment. This eliminated the Company’s non-controlling interest of $1,099 and the Company recorded a gain of $2,309 at Gain on disposal of assets in the accompanying unaudited Condensed Consolidated Statements of Income.

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Issuance of additional LLC Interests

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Under the LLC Agreement, the Company is required to cause Ultimate Parent to issue additional LLC Interests to the Company when the Company issues additional shares of Class A common stock, such that, at all times, the number of LLC Interests held by the Company equals the number of outstanding shares of Class A common stock. The Company must contribute to Ultimate Parent net proceeds and property, if any, received by the Company with respect to the issuance of such additional shares of Class A common stock.

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Distributions

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As a limited liability company (treated as a partnership for income tax purposes), Ultimate Parent does not incur significant federal, state, or local income taxes, as these are primarily the obligations of its members. As authorized by the LLC Agreement, Ultimate Parent is required to distribute cash, to the extent that Ultimate Parent has available cash, on a pro rata basis, to its members to the extent necessary to cover the members’ tax liabilities, if any, with respect to each member’s share of Ultimate Parent taxable earnings. Ultimate Parent makes such tax distributions to its members quarterly, applied to projected year-to-date taxable income, with a final accounting once actual taxable income or loss has been determined. There were no tax distributions made to non-controlling LLC Interest holders during the three and nine months ended September 30, 2026.

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Other Distributions

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Pursuant to the LLC Agreement, the Company has the right to determine when distributions will be made to LLC Interest holders and the amount of any such distributions. If the Company authorizes a distribution, such distribution will be made to the LLC Interest holders (including the Company) pro rata in accordance with the percentages of their respective LLC Interests units.

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