Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF STOCKHOLDERS??? EQUITY (DEFICIT) AND MEZZANINE EQUITY

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) AND MEZZANINE EQUITY - USD ($)
$ in Thousands
Total
Class A Common Stock
Class V Common Stock
Common Stock
Class A Common Stock
Common Stock
Class V Common Stock
Additional Paid in Capital
Additional Paid in Capital
Class V Common Stock
Accumulated Deficit
Non-controlling Interest
Increase (Decrease) in Stockholders' Equity                  
Beginning balance $ 75,936     $ 0 $ 0 $ 579,129   $ (503,193)  
Beginning balance at Dec. 31, 2024 73,593                
Increase (Decrease) in Temporary Equity                  
Net income 8,002                
Net loss (23,766)                
Ending balance at Mar. 31, 2025 57,829                
Beginning balance (in shares) at Dec. 31, 2024       3,257,000 3,919,000        
Increase (Decrease) in Stockholders' Equity                  
Issuance of Class A common stock upon settlement of RSUs, net of shares withheld for tax (in shares)       6,000          
Issuance of Class A common stock upon settlement of restricted stock units, net of shares withheld for tax 0         0      
Equity-based compensation     $ 1,808       $ 1,808    
Private placement, net of offering costs (in shares)       0          
Private placement, net of offering costs 13,988     $ 0   13,988      
Net income (8,002)         (8,002)      
Class A common stock warrants issued           14,000      
Net loss (20,480)             (20,480)  
Ending balance (in shares) at Mar. 31, 2025       3,263,000 3,919,000        
Ending balance at Mar. 31, 2025 63,250     $ 0 $ 0 586,923   (523,673)  
Increase (Decrease) in Stockholders' Equity                  
Beginning balance 63,250     0 0 586,923   (523,673)  
Beginning balance (155,232)     $ 0 $ 0 495,909   (651,141) $ 0
Beginning balance at Dec. 31, 2025 14,997                
Increase (Decrease) in Temporary Equity                  
Net income 28,668                
Reclassification of non-controlling interest upon consolidation (1,000)                
Fair value adjustments to redeemable non-controlling interest (33,741)                
Net loss 1,457                
Ending balance at Mar. 31, 2026 10,381                
Beginning balance (in shares) at Dec. 31, 2025   3,286,000 3,919,000 3,286,000 3,919,000        
Increase (Decrease) in Stockholders' Equity                  
Fair value adjustments to redeemable non-controlling interest 33,741     $ 0   33,741      
Equity-based compensation 1,051         1,051      
Vesting of Class V common stock awards (in shares)         0        
Exchanges of redeemable non-controlling interests for Class A common stock (in shares)       8,000          
Reclassification of non-controlling interest upon consolidation 1,000               1,000
Net income (28,668)         (28,668)      
Class A common stock warrants issued 2,977         2,977      
Net loss 1,583             1,223 360
Ending balance (in shares) at Mar. 31, 2026   3,294,000   3,294,000 3,919,000        
Ending balance at Mar. 31, 2026 (143,548)     $ 0 $ 0 505,010   (649,918) 1,360
Increase (Decrease) in Stockholders' Equity                  
Beginning balance $ (143,548)     $ 0 $ 0 $ 505,010   $ (649,918) $ 1,360