v3.26.3
Condensed Consolidated Statements of Changes in Redeemable Senior Preferred Membership Interests and Stockholders'-Members' Equity - USD ($)
$ in Thousands
Members' Capital
Common Stock
Class A common stock
Common Stock
Class B common stock
Additional Paid-in Capital
Retained Earnings
Non-controlling Interest
Members' Capital
Non-controlling Interest
Class A common stock
Class B common stock
Total
Balance as of beginning (in shares) at Dec. 31, 2024                     150,000
Balance as of beginning at Dec. 31, 2024                     $ 203,839
Redeemable Senior Preferred Membership Interests                      
Accretion                     8,394
Balance as of end at Mar. 31, 2025                     $ 212,233
Balance as of end (in shares) at Mar. 31, 2025                     150,000
Balance as of beginning at Dec. 31, 2024             $ 573,654 $ 1,076     $ 574,730
Members' Equity                      
Distributions             (2,367) (26)     (2,393)
Accretion             (8,394)       (8,394)
Net income             (5,634)       (5,634)
Balance as of end at Mar. 31, 2025             557,259 1,050     558,309
Changes in Stockholder's Equity                      
Distributions             (2,367) (26)     (2,393)
Accretion             (8,394)       $ (8,394)
Balance as of beginning (in shares) at Dec. 31, 2024                     150,000
Balance as of beginning at Dec. 31, 2024                     $ 203,839
Redeemable Senior Preferred Membership Interests                      
Accretion                     26,216
Balance as of end at Sep. 30, 2025                     $ 229,476
Balance as of end (in shares) at Sep. 30, 2025                     150,000
Balance as of beginning at Dec. 31, 2024             573,654 1,076     $ 574,730
Members' Equity                      
Net income                     34,427
Balance as of end at Sep. 30, 2025             572,630 1,099     $ 573,729
Balance as of beginning (in shares) at Mar. 31, 2025                     150,000
Balance as of beginning at Mar. 31, 2025                     $ 212,233
Redeemable Senior Preferred Membership Interests                      
Distributions                     (579)
Accretion                     8,744
Balance as of end at Jun. 30, 2025                     $ 220,398
Balance as of end (in shares) at Jun. 30, 2025                     150,000
Balance as of beginning at Mar. 31, 2025             557,259 1,050     $ 558,309
Members' Equity                      
Distributions             (3,823)       (3,823)
Accretion             (8,744)       (8,744)
Net income             24,157       24,157
Balance as of end at Jun. 30, 2025             568,849 1,050     569,899
Changes in Stockholder's Equity                      
Distributions             (3,823)       (3,823)
Accretion             (8,744)       (8,744)
Accretion                     9,078
Balance as of end at Sep. 30, 2025                     $ 229,476
Balance as of end (in shares) at Sep. 30, 2025                     150,000
Members' Equity                      
Distributions             (3,003) 8     $ (2,995)
Accretion             (9,078)       (9,078)
Net income             15,862 41     15,903
Balance as of end at Sep. 30, 2025             572,630 1,099     573,729
Changes in Stockholder's Equity                      
Distributions             (3,003) $ 8     (2,995)
Accretion             $ (9,078)       $ (9,078)
Balance as of beginning (in shares) at Dec. 31, 2025                     150,000
Balance as of beginning at Dec. 31, 2025                     $ 239,628
Redeemable Senior Preferred Membership Interests                      
Distributions                     (743)
Accretion                     10,402
Balance as of end at Mar. 31, 2026                     $ 249,287
Balance as of end (in shares) at Mar. 31, 2026                     150,000
Members' Equity                      
Distributions $ (5,115)                   $ (5,115)
Accretion (10,402)                   (10,402)
Beginning balance at Dec. 31, 2025 582,070         $ 1,099         583,169
Beginning balance (in shares) at Dec. 31, 2025                 31,185,561 32,009,185  
Changes in Stockholder's Equity                      
Distributions (5,115)                   (5,115)
Accretion (10,402)                   (10,402)
Net income 30,236                   30,236
Ending balance at Mar. 31, 2026 596,789         1,099         $ 597,888
Balance as of beginning (in shares) at Dec. 31, 2025                     150,000
Balance as of beginning at Dec. 31, 2025                     $ 239,628
Redeemable Senior Preferred Membership Interests                      
Accretion                     12,638
Balance as of end at Sep. 30, 2026                     $ 0
Balance as of end (in shares) at Sep. 30, 2026                     0
Members' Equity                      
Net income                     $ 84,685
Beginning balance at Dec. 31, 2025 582,070         1,099         583,169
Beginning balance (in shares) at Dec. 31, 2025                 31,185,561 32,009,185  
Ending balance at Sep. 30, 2026   $ 3 $ 3 $ 394,457 $ 17,419 472,801         $ 884,683
Ending balance (in shares) at Sep. 30, 2026   31,185,561 32,009,185           31,185,561 32,009,185  
Balance as of beginning (in shares) at Mar. 31, 2026                     150,000
Balance as of beginning at Mar. 31, 2026                     $ 249,287
Redeemable Senior Preferred Membership Interests                      
Accretion                     2,236
Redemption of redeemable senior preferred membership interests                     $ (251,523)
Redemption of redeemable senior preferred membership interests (in shares)                     (150,000)
Members' Equity                      
Distributions (18,395)                   $ (18,395)
Accretion (2,236)                   (2,236)
Beginning balance at Mar. 31, 2026 596,789         1,099         597,888
Changes in Stockholder's Equity                      
Distributions (18,395)                   (18,395)
Accretion (2,236)                   (2,236)
Net income 9,717                   9,717
IPO offering costs       (7,338)             (7,338)
Recapitalization of Continuing Equity Owners $ (585,875) $ 1 $ 3 585,871              
Recapitalization of Continuing Equity Owners (in shares)   15,085,561 32,009,185                
Issuance of Class A units sold in IPO and greenshoe, net of discounts   $ 2   301,068             301,070
Issuance of Class A units sold in IPO and greenshoe, net of discounts (in shares)   16,100,000                  
Establishment of tax receivable agreement and corresponding deferred tax assets       (50,636)             (50,636)
Allocation of equity to non-controlling interests       (446,477)   446,477          
Net Income         6,574 13,363         19,937
Allocation of equity to non-controlling interests       30   (30)          
Equity-based compensation       4,708             4,708
Ending balance at Jun. 30, 2026   $ 3 $ 3 387,226 6,574 460,909         854,715
Ending balance (in shares) at Jun. 30, 2026   31,185,561 32,009,185                
Balance as of end at Sep. 30, 2026                     $ 0
Balance as of end (in shares) at Sep. 30, 2026                     0
Members' Equity                      
Net income                     $ 24,795
Changes in Stockholder's Equity                      
IPO offering costs       (65)             (65)
Allocation of equity to non-controlling interests       959   (959)          
Net Income         10,845 13,950         24,795
Equity-based compensation       6,337             6,337
Sale of investment with non-controlling interest           (1,099)         (1,099)
Ending balance at Sep. 30, 2026   $ 3 $ 3 $ 394,457 $ 17,419 $ 472,801         $ 884,683
Ending balance (in shares) at Sep. 30, 2026   31,185,561 32,009,185           31,185,561 32,009,185