v3.25.4
Consolidated Statements of Shareholders' Equity and Mezzanine Shareholders' Equity - USD ($)
$ 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         71,278,000 141,787,000        
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 Common Stock (in shares)         5,413,000 5,413,000        
Redemption of Common Stock       1 $ 1          
Remeasurement adjustment to redeemable non-controlling interest resulting from ownership changes       47,335     47,335     (47,335)
Exercise of Warrants (in shares)         2,000          
Exercise of Warrants       25     25      
Distributions to members                   (4,751)
Increase in Tax Receivable Agreement liability from qualifying exchanges, net of deferred taxes       (12,037)     (12,037)      
Unrealized gain on investments       55       55   107
Share-based compensation (in shares)         67,000 3,317,000        
Share-based compensation       4,212     4,212     29,519
Adjustment of redeemable non-controlling interest to redemption/book value       (98,592)     (98,592)     98,592
Tax impact of equity transactions       (21,213)     (21,190) (23)    
Net loss $ (164,644)     (49,191)         (49,191) (115,453)
Common stock, ending balance (in shares) at Dec. 31, 2024   76,760,000 139,691,000   76,760,000 139,691,000        
Equity, ending 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 Common Stock (in shares)         6,870,000 6,870,000        
Issuance of Class A Common Stock (in shares)         65,000          
Issuance of Class A Common Stock       141     141      
Remeasurement adjustment to redeemable non-controlling interest resulting from ownership changes       18,921     18,921     (18,921)
Increase in Tax Receivable Agreement liability from qualifying exchanges, net of deferred taxes       (343)     (343)      
Unrealized gain on investments       97       97   176
Share-based compensation (in shares)         285,000 5,909,000        
Share-based compensation       9,520     9,520     36,853
Adjustment of redeemable non-controlling interest to redemption/book value       98,592     98,592     (98,592)
Net loss (1,673,427)     (578,628)         (578,628) (1,094,799)
Common stock, ending balance (in shares) at Dec. 31, 2025   83,980,000 138,730,000   83,980,000 138,730,000        
Equity, ending balance at Dec. 31, 2025 $ 203,904     $ 203,904 $ 8 $ 14 $ 898,425 $ 129 $ (694,672) $ 331,301