v3.25.2
Employee Incentive Plans
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Employee Incentive Plans Employee Incentive Plans
The Company’s equity incentive plans provide for granting awards, including restricted stock units (RSUs), performance-based restricted stock units (PBRSUs), cash awards and stock options to employees, officers and directors.

Stock-based Compensation

Stock-based compensation expense, included in “Compensation and benefits” expense on the Income Statement, was as follows for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
RSUs
$9,236 $11,573 $18,310 $23,555 
PBRSUs1,270 (258)2,117 1,359 
Stock-based compensation expense, gross10,506 11,315 20,427 24,914 
Less: Capitalized stock-based compensation expense1,441 1,866 2,843 3,921 
Stock-based compensation expense, net$9,065 $9,449 $17,584 $20,993 

Restricted Stock Units

The following table summarizes the Company’s RSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
5,638,230 $8.78 
Granted2,413,696 $11.50 
Vested(1,770,595)$9.21 
Forfeited/expired(285,168)$9.78 
Unvested at June 30, 2025
5,996,163 $9.70 
During the first half of 2025, the Company granted 2,413,696 RSUs with an aggregate fair value of $27.8 million.

As of June 30, 2025, there was $50.0 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.7 years, subject to any forfeitures.

Performance-based Restricted Stock Units

The Company’s outstanding PBRSU awards consist of awards with a market-based metric and awards with an operating-based metric, all with a three-year performance period, following which any earned portion is immediately vested. With respect to PBRSU awards with a market-based metric, the compensation expense of the award is fixed at the time of grant (incorporating the probability of achieving the market-based metric) and expensed over the performance period. With respect to PBRSU awards with an operating-based metric, the compensation expense of the award is set at the time of grant (assuming a target level of achievement), subsequently adjusted for actual performance during the performance period and expensed over the performance/vesting period.

The following table summarizes the Company’s PBRSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
1,212,209 $8.68 
Granted325,472 $10.94 
Forfeited/expired(376,862)$10.09 
Unvested at June 30, 2025
1,160,819 $8.86 

During the first half of 2025, the Company granted 325,472 PBRSUs with an aggregate fair value of $3.6 million.

As of June 30, 2025, there was $5.9 million of unrecognized compensation cost related to unvested PBRSUs, which is expected to be recognized over a weighted-average period of approximately 1.3 years, subject to any forfeitures.