The Company has a Long Term Incentive Plan (as most recently amended and restated in 2025, the “LTIP”) that provides for grants of a variety of stock-based awards to employees and non-employees for providing services to the Company. These awards currently include incentive stock options qualified as such under U.S. federal income tax laws, stock options that do not qualify as incentive stock options, stock appreciation rights, restricted stock awards, RSUs, PSUs, cash incentive awards, and other stock-based awards. The Company has reserved a total of 10,000,000 shares of Class A-1 common stock for issuance pursuant to the LTIP, subject to certain adjustments set forth therein.

Stock-based awards are valued on the date of grant and are expensed over the required service period. Total stock-based compensation expense recognized during the years ended December 31, 2025, 2024 and 2023, was $12.2 million, $12.2 million and $9.4 million, respectively. As of December 31, 2025, and 2024, there was approximately $13.8 million and $13.9 million, respectively, of unrecognized compensation expense related to stock-based awards, which is expected to be recognized through 2028.

During the years ended December 31, 2025, 2024 and 2023, the Company recognized gross excess tax expense from stock-based compensation of $0.5 million, $0.1 million, and $0.9 million, respectively. Excess tax benefits reflect the total realized value of the Company’s tax deductions from individual stock option exercise transactions and the vesting of restricted stock awards in excess of the deferred tax assets that were previously recorded.

The Company issued 1,183,398 RSUs to eligible employees and Directors of the Company during the year ended December 31, 2025, which will vest over a period of 1 to 4 years for employees and a period of 1 year for Directors. The RSUs are valued using the stock price on the grant date and had an estimated grant date fair value of $9.8 million.


Non-vested RSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	1,418,709	$	11.94
Granted	937,738	$	9.36
Vested (1)	(652,767)	$	11.11
Forfeited	(150,014)	$	11.07
Nonvested at December 31, 2023	1,553,666	$	10.81
Granted	918,103	$	10.67
Vested (2)	(765,463)	$	11.12
Forfeited	(155,269)	$	10.10
Nonvested at December 31, 2024	1,551,037	$	10.65
Granted	1,183,398	$	10.74
Vested (3)	(934,766)	$	10.82
Forfeited	(150,485)	$	10.57
Nonvested at December 31, 2025	1,649,184	$	10.62

The Company issued 159,105 PSUs to eligible employees during the year ended December 31, 2025. The PSUs are valued using the stock price and a performance expense factor on the grant date and had an estimated grant date fair value of $1.6 million. Performance-based shares vest based upon the passage of time and the achievement of performance conditions, in an amount ranging from 0% to 200% of the grant amount, as determined by the Compensation Committee prior to the date of the award. The vesting period for these awards is 3 years, with each year weighted equally in determining the final performance condition. The Company reviews the progress toward the attainment of the performance condition for each quarter during the vesting period. When it is probable the minimum performance condition for an award will be achieved, the Company will begin

recognizing the expense equal to the proportionate share of the total fair value of the Class A-1 stock price on the grant date. The total expense recognized over the duration of performance awards will equal the Class A-1 stock price on the date of grant multiplied by the number of shares ultimately awarded based on the level of attainment of the performance condition. For grants with a market condition and a service condition, the fair value is determined on the grant date and is calculated using the average implied multiple using the Company’s internal forecast along with weighting of probability of award, with a service condition of three years, which was extended approximately four months to August 7, 2026. The total expense recognized over the duration of the award will equal the fair value, regardless if the market performance criteria is met. If the service condition is not met the stock-based compensation would be reversed.


Non-vested PSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	—	$	—
Granted	702,741	$	8.62
Adjustments for performance measures	(236,399)	$	8.68
Vested	—	$	—
Forfeited	—	$	—
Nonvested at December 31, 2023	466,342	$	8.62
Granted	149,381	$	11.34
Adjustments for performance measures	466,342	$	9.33
Vested	—	$	—
Forfeited	—	$	—
Nonvested at December 31, 2024	1,082,065	$	9.09
Granted	159,105	$	10.00
Adjustments for performance measures	(229,943)	$	9.24
Vested	—	$	—
Forfeited	(54,849)	$	—
Nonvested at December 31, 2025	956,378	$	9.19

Stock options generally vest over a three to five-year period and the term of the options are a maximum of 10 years from the grant date. The exercise price of stock options shall not be less than 100% of the fair market value per share of common stock on the grant date.

The Company used the Black-Scholes formula to estimate the fair value of its stock-based payments. The volatility assumption used in the Black-Scholes formula were based on the volatility of comparable public companies. The Company determined the share price at grant date used in the Black-Scholes formula based on an internal valuation model for options granted prior to the Company going public. Upon going public, the Company used the closing market stock price on the date of grant.

The fair value assigned to each option was estimated on the date of grant using a Black-Scholes-based option valuation model. The expected term of each option granted represented the period of time that each option granted is expected to be outstanding. The risk-free rate for periods within the contractual life of the unit is based on U.S. Treasury yields in effect at the time of grant.

Starting on January 1, 2023, the Company discontinued the use of stock options as part of the LTIP. The following table sets forth the activities of the Company’s outstanding stock options for the years ended December 31, 2025, 2024, and 2023.


Outstanding options	Shares	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price
Outstanding at January 1, 2023	1,298,409	$	7.25	$	11.18
Granted	—	$	—	$	—
Exercised	(80,315)	$	1.65	$	4.67
Forfeited/expired	(58,717)	$	5.25	$	12.10
Outstanding at December 31, 2023	1,159,377	$	5.60	$	11.58
Granted	—	$	—	$	—
Exercised	(55,173)	$	1.84	$	5.24
Forfeited/expired	(37,451)	$	6.04	$	12.06
Outstanding at December 31, 2024	1,066,753	$	5.60	$	11.58
Granted	—	$	—	$	—
Exercised	—	$	—	$	—
Forfeited/expired	(104,527)	$	6.66	$	12.15
Outstanding at December 31, 2025	962,226	$	5.60	11.58


Nonvested options	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	1,091,068	$	5.65
Granted	—	$	—
Vested	(393,550)	$	5.54
Forfeited	(54,717)	$	5.27
Nonvested at December 31, 2023	642,801	$	5.75
Granted	—	$	—
Vested	(330,292)	$	5.69
Forfeited	—	$	—
Nonvested at December 31, 2024	312,509	$	5.76
Granted	—	$	—
Vested	(264,539)	$	5.64
Forfeited	(21,934)	$	7.37
Nonvested at December 31, 2025	26,036	$	5.77

As of December 31, 2025, and 2024, a total of 532,902 and 524,739 options with a weighted-average remaining contractual term of 3.7 and 4.8 years, respectively, granted to employees were vested. The fair value of options that vested during 2025, 2024 and 2023 was $1.5 million, $1.9 million, and $2.2 million, respectively. As of December 31, 2025, and 2024, the weighted-average exercise price of the non-vested awards was $11.91 and $11.92, respectively. As of December 31, 2025, and 2024, the weighted-average remaining contractual term of the outstanding awards was 4.0 years and 5.5 years, respectively. The total intrinsic value of options that were exercised during the years ended December 31, 2024 and 2023 was approximately $0.3

million and $0.5 million, respectively. There were no options exercised during the year ended December 31, 2025. The aggregate intrinsic value of options outstanding as of December 31, 2025 is $0.6 million.