v3.26.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Option Activity under Option Plan
Stock option activity under the 2005 Plan and 2015 Plan is summarized for the year ended December 31, 2025 below:
 
Options
Issued and
Outstanding
Weighted-
Average
Exercise
Price
Weighted-Average
Contractual Term
(in years)
Aggregate intrinsic value1
(in thousands)
Balance as of January 1, 202583,441,624 $0.16 4.98$36,174 
     Options granted5,468,950 $0.63  
     Options exercised (737,326)$0.06  
     Options forfeited(10,793,022)$0.35  
     Option expirations(493,645)$0.02 
Balance as of December 31, 202576,886,581 $0.17 3.94$46,042 
Options vested and expected to vest as of December 31, 202574,113,744 $0.17 3.94$45,314 
Options vested and exercisable at December 31, 202567,651,143 $0.13 3.29$43,617 
1. Aggregate intrinsic value represents the excess of the fair value of our Common Stock as of December 31, 2025 over the exercise price of the outstanding in-the-money options.
Schedule of Weighted Average Grant Date Fair Value of Options Granted
Additional information pertaining to PMI's Common Stock option activities is as follows:
Year ended December 31,
202520242023
Weighted-average grant date fair value of options granted (per share)$0.39 $0.23 $0.21 
Schedule of Fair Value of Stock Option Awards
The fair value of PMI’s stock option awards granted during the years ended December 31, 2025, 2024 and 2023 was estimated at the date of grant using the Black-Scholes model with the following weighted average assumptions:
December 31,
 202520242023
Volatility of common stock65.27 %66.08 %66.63 %
Risk-free interest rate3.95 %4.14 %3.55 %
Expected life6.0 years6.0 years6.0 years
Dividend yield— %— %— %
Schedule of Restricted Stock Unit
The following table summarizes the number of PMI’s RSU activity for the year ended December 31, 2025:
 Number of SharesWeighted-Average Grant Date Fair Value
Unvested at January 1, 20252,560,133 $1.03 
Forfeited(500)$2.14 
Unvested at December 31, 20252,559,633 $1.03 
Schedule of Stock Based Compensation Included in Consolidated Statements of Operations
The following table presents the amount of stock-based compensation related to stock-based awards granted to employees recognized in the Company’s Consolidated Statements of Operations for the periods presented (in thousands):
 Years Ended December 31,
 202520242023
Origination and Servicing$109 $86 $83 
Sales and Marketing68 446 304 
General and Administrative1,130 1,084 1,188 
Total Stock-Based Compensation$1,307 $1,616 $1,575