v3.26.1
SHARE-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Class A and Class C Shares Activities
The table below summarizes Class A Share and Class C Share activities for the three months ended March 31, 2026:
Number of Shares
Weighted Avg Grant-Date Fair Market Value Per Unit
Outstanding and unvested shares at December 31, 2025
3,040,628 $28.58 
Vested(1)
2,845,395 31.18 
Outstanding and unvested shares at March 31, 2026(2)
195,233 $— 
(1)Represented vesting of 2,519,829 shares of Class A Shares and 325,566 shares of Class C Shares. All the vested shares were issued and outstanding and held in escrow upon the closing of the Altus Merger in 2022.
(2)Represented Class A shares that were issued in connection with the closing of the Altus Merger in 2022, which had zero grant date fair value as the vesting of such shares was contingent upon the sale of the Company’s Class A Common Stock by a certain third party. The likelihood and timing of this event could not be reasonably estimated as of March 31, 2026. If there is no additional sale of the Company’s Class A Common Stock made by the certain third party, all outstanding unvested shares will vest on February 25, 2028.
Schedule of Aggregate Intrinsic Value (Market Value At Vesting Date)
The table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of vested Class A Shares and Class C Shares for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
20262025
(In thousands)
Aggregate intrinsic value of vested Class A Shares and Class C Shares
$133,734 $134,139 
Grant-date fair value of vested Class A Shares and Class C Shares
$88,705 $73,545 
Schedule of Nonvested Restricted Stock Shares Activity
The table below summarizes RSUs activities for the three months ended March 31, 2026:
Number of Shares
Weighted Avg Grant-Date Fair Market Value Per Unit
Outstanding and unvested shares at December 31, 2025
931,507 $40.98 
Granted
761,836 44.50 
Vested
705,945 38.60 
Forfeited
11,181 44.99 
Outstanding and unvested shares at March 31, 2026
976,217 $44.10 
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of RSUs for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
20262025
(In thousands)
Aggregate intrinsic value of vested RSUs$27,950 $12,837 
Grant-date fair value of vested RSUs$27,214 $11,335 
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity
The table below summarizes PSU activities for the three months ended March 31, 2026:
Number of Shares
Weighted Avg Grant-Date Fair Market Value Per Unit
Outstanding and unvested shares at December 31, 2025347,497 $41.41 
Granted 171,756 56.27 
Outstanding and unvested shares at March 31, 2026
519,253 $46.32 
Schedule of Share-Based Payment Award, Other Than Options, Valuation Assumptions
The table below presents a summary of the grant-date fair value assumptions used to value the PSUs granted during 2026:
February 2026
Grant-date fair value per unit$45.56
Beginning average price$35.34
Risk-free interest rate3.44%
Volatility factor34%
Expected term2.86 years