v3.25.3
Condensed Consolidated Statements of Shareholders' Equity and Mezzanine Shareholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Class A Common Stock
Class B Common Stock
Total Shareholders' Equity
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income
Accumulated Deficit
Non-controlling Interests - Mezzanine Equity
Common stock, beginning balance (in shares) at Dec. 31, 2023         71,278 141,788        
Equity, beginning balance at Dec. 31, 2023       $ 785,009 $ 7 $ 14 $ 851,841 $ 0 $ (66,853) $ 1,545,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Redemption of Class B Common Stock (in shares)         680 680        
Redemption of Class B Common Stock       74     74     (74)
Issuance of Class A Common Stock and reallocation of book value (in shares)         12          
Issuance of Class A Common Stock and reallocation of book value       4,032     4,032     (4,005)
Increase in Tax Receivable Agreement liability from qualifying exchanges       (567)     (567)      
Unrealized gain (loss) on investments       224       224   438
Amortization of share based payments (in shares)           694        
Amortization of share-based payments       647     647     5,622
Adjustment of redeemable non-controlling interest to redemption/book value, net of deferred taxes       (118,225)     (118,225)     118,225
Net loss       (11,421)         (11,421) (30,211)
Common stock, ending balance (in shares) at Mar. 31, 2024         71,970 14        
Equity, ending balance at Mar. 31, 2024       659,773 $ 7 $ 141,802 737,802 224 (78,274) 1,635,900
Common stock, beginning balance (in shares) at Dec. 31, 2023         71,278 141,788        
Equity, beginning balance at Dec. 31, 2023       785,009 $ 7 $ 14 851,841 0 (66,853) 1,545,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss $ (65,662)                  
Common stock, ending balance (in shares) at Sep. 30, 2024         75,244 14        
Equity, ending balance at Sep. 30, 2024       767,475 $ 7 $ 140,171 849,066 112 (81,724) 1,478,236
Common stock, beginning balance (in shares) at Mar. 31, 2024         71,970 14        
Equity, beginning balance at Mar. 31, 2024       659,773 $ 7 $ 141,802 737,802 224 (78,274) 1,635,900
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Redemption of Class B Common Stock (in shares)         611 611        
Redemption of Class B Common Stock       708     708     (708)
Issuance of Class A Common Stock and reallocation of book value (in shares)         2          
Issuance of Class A Common Stock and reallocation of book value       29     29     (3)
Exercise of Warrants (in shares)         1          
Exercise of Warrants       10     10      
Increase in Tax Receivable Agreement liability from qualifying exchanges       674     674      
Unrealized gain (loss) on investments       (291)       (291)   (568)
Amortization of share based payments (in shares)           650        
Amortization of share-based payments       1,114     1,114     7,417
Adjustment of redeemable non-controlling interest to redemption/book value, net of deferred taxes       72,746     72,746     (118,225)
Net loss       (4,268)         (4,268) (12,949)
Common stock, ending balance (in shares) at Jun. 30, 2024         72,584 14        
Equity, ending balance at Jun. 30, 2024       730,495 $ 7 $ 141,841 813,083 (67) (82,542) 1,510,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Redemption of Class B Common Stock (in shares)         2,612 2,612        
Redemption of Class B Common Stock       28,447     28,447     (28,447)
Issuance of Class A Common Stock and reallocation of book value (in shares)         48          
Issuance of Class A Common Stock and reallocation of book value       425     425     (529)
Increase in Tax Receivable Agreement liability from qualifying exchanges       5,803     5,803      
Tax-related partnership distribution payable                   (4,130)
Unrealized gain (loss) on investments       179       179   349
Amortization of share based payments (in shares)           942        
Amortization of share-based payments       1,308     1,308     7,761
Net loss (6,814)     818         818 (7,632)
Common stock, ending balance (in shares) at Sep. 30, 2024         75,244 14        
Equity, ending balance at Sep. 30, 2024       767,475 $ 7 $ 140,171 849,066 112 (81,724) 1,478,236
Common stock, beginning balance (in shares) at Dec. 31, 2024   76,760 139,691   76,760 139,691        
Equity, beginning balance at Dec. 31, 2024 655,604     655,604 $ 8 $ 14 771,594 32 (116,044) 1,506,584
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Redemption of Class B Common Stock (in shares)         300 300        
Redemption of Class B Common Stock       1,489     1,489     (1,489)
Issuance of Class A Common Stock and reallocation of book value (in shares)         3          
Issuance of Class A Common Stock and reallocation of book value       41     41     (14)
Increase in Tax Receivable Agreement liability from qualifying exchanges       (343)     (343)      
Unrealized gain (loss) on investments       6       6   10
Amortization of share based payments (in shares)           1,175        
Amortization of share-based payments       1,172     1,172     9,053
Adjustment of redeemable non-controlling interest to redemption/book value, net of deferred taxes       98,592     98,592     (98,592)
Net loss       (119,350)         (119,350) (254,236)
Common stock, ending balance (in shares) at Mar. 31, 2025         77,063 140,566        
Equity, ending balance at Mar. 31, 2025       637,211 $ 8 $ 14 872,545 38 (235,394) 1,161,316
Common stock, beginning balance (in shares) at Dec. 31, 2024   76,760 139,691   76,760 139,691        
Equity, beginning balance at Dec. 31, 2024 655,604     655,604 $ 8 $ 14 771,594 32 (116,044) 1,506,584
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (1,615,439)                  
Common stock, ending balance (in shares) at Sep. 30, 2025   77,883 142,902   77,883 142,902        
Equity, ending balance at Sep. 30, 2025 143,762     143,762 $ 8 $ 14 818,655 119 (675,034) 438,726
Common stock, beginning balance (in shares) at Mar. 31, 2025         77,063 140,566        
Equity, beginning balance at Mar. 31, 2025       637,211 $ 8 $ 14 872,545 38 (235,394) 1,161,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Redemption of Class B Common Stock (in shares)         473 474        
Redemption of Class B Common Stock       2,148     2,148     (2,148)
Issuance of Class A Common Stock and reallocation of book value (in shares)         343          
Issuance of Class A Common Stock and reallocation of book value       1,553     1,553     (1,559)
Unrealized gain (loss) on investments       23       23   43
Amortization of share based payments (in shares)           1,248        
Amortization of share-based payments       3,407     3,407     10,532
Net loss       (28,142)         (28,142) (53,905)
Common stock, ending balance (in shares) at Jun. 30, 2025         77,879 141,340        
Equity, ending balance at Jun. 30, 2025       616,200 $ 8 $ 14 879,653 61 (263,536) 1,114,279
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Redemption of Class B Common Stock (in shares)         0          
Redemption of Class B Common Stock       0     0     0
Issuance of Class A Common Stock and reallocation of book value (in shares)         4          
Issuance of Class A Common Stock and reallocation of book value       (875)     (875)     870
Unrealized gain (loss) on investments       58       58   105
Amortization of share based payments (in shares)           1,562        
Amortization of share-based payments       2,511     2,511     9,146
Adjustment of redeemable non-controlling interest to redemption/book value, net of deferred taxes       (62,634)     (62,634)     62,634
Net loss (1,159,806)     (411,498)         (411,498) (748,308)
Common stock, ending balance (in shares) at Sep. 30, 2025   77,883 142,902   77,883 142,902        
Equity, ending balance at Sep. 30, 2025 $ 143,762     $ 143,762 $ 8 $ 14 $ 818,655 $ 119 $ (675,034) $ 438,726