Quarterly report [Sections 13 or 15(d)]

Noncontrolling Interest

v3.25.3
Noncontrolling Interest
9 Months Ended
Sep. 30, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Noncontrolling Interest
As discussed in Note 2 Acquisition and Umbrella Partnership C Structure, the Company consolidates the financial results of Opco and reports a noncontrolling interest related to the Class B Opco units held by noncontrolling interest holders in its consolidated financial statements.

As of September 30, 2025, the Company holds 30,980 Class A Units in Opco and the existing direct and certain indirect equity holders of Omni (“Omni Holders”) hold 8,869 units of Opco designated as Class B Units (“Opco Class B Units”) and 8,869 corresponding Company Series B Preferred Units which together are exchangeable into 8,869 shares of Common Stock of the Company. The following tables provide the issuance and exchange activity of the Opco Class B Units for the nine months ended September 30, 2025 and 2024, and the corresponding fully diluted noncontrolling interest ownership percentage in the Company based on such exchange activity.
Opco Class B Units
Fully Diluted Ownership
Outstanding units at December 31, 2024
10,088  25.3  %
Exchanged into shares of common stock (585)
Outstanding units at March 31, 2025
9,503  23.8  %
Exchanged into shares of common stock (80)
Outstanding units at June 30, 2025 9,423  23.5  %
Exchanged into shares of common stock (554)
Outstanding units at September 30, 2025 8,869  22.1  %
Opco Class B Units
Opco Series C-2 Preferred Units
Fully Diluted Ownership
Outstanding units at December 31, 2023
—  —  0.0  %
Units issued in the Omni Acquisition
4,435  7,670 
Outstanding units at March 31, 2024
4,435  7,670  31.4  %
Conversion of Opco Series C-2 preferred units to Opco Class B units
7,670  (7,670)
Outstanding units at June 30, 2024 12,105  —  30.4  %
Exchanged into shares of common stock (967) — 
Outstanding units at September 30, 2024 11,138  —  28.0  %
As of September 30, 2025, there have been a total of 3,236 Opco Class B Units and corresponding Company Series B Preferred Units exchanged for 3,236 shares of common stock, and such actual exchanges and subsequent issuances represented 10.4% of the outstanding shares of common stock as of the end of such period. As of September 30, 2024, there had been a total of 967 Opco Class B Units and corresponding Company Series B Preferred Units exchanged for 967 shares of common stock, and such actual exchanges and subsequent issuances represented 3.3% of the outstanding shares of common stock as of the end of such period.