
	Number of RSUs	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	3,298,513	$	13.69
Granted	2,279,353	$	9.02
Forfeited	(71,174)	$	13.98
Vested	(1,235,795)	$	9.48
Balance as of March 31, 2026	4,270,897	$	12.41

As of March 31, 2026, the total unrecognized compensation expense related to unvested RSUs was $39.8 million and is expected to be recognized over the remaining weighted-average service period of 1.6 years using the straight-line method and graded-vesting methods, as appropriate, net of estimated forfeitures.

On March 26, 2026, the Company granted Performance Stock Units ("PSUs") to certain employees under the 2024 Omnibus Incentive Plan. The vesting of PSUs is subject to a market condition based on the Company's total shareholder return ("TSR") relative to a custom peer group over the performance period from January 1, 2026, through December 31, 2028, and the recipient's continued service with the Company.

The PSUs are eligible to be earned and vest from 0% to 200% of the target number of shares granted, depending on the Company's relative TSR percentile ranking among the peer group at the end of the performance period. The grant-date fair value of the PSU awards was estimated using a Monte Carlo simulation model, resulting in a weighted-average grant-date fair value of $13.27 per target share. The simulation was performed using an expected volatility of 69.8%, a risk-free interest rate of 3.9%, and an expected dividend yield of 0%.


	Number of PSUs	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	—	$	—
Granted	267,720	$	13.27
Forfeited	—	$	—
Vested	—	$	—
Balance as of March 31, 2026	267,720	$	13.27

As of March 31, 2026, total unrecognized compensation expense related to unvested PSU awards was $3.3 million, which is expected to be recognized over a weighted-average remaining service period of approximately 2.94 years using the straight-line method.

The following table summarizes the Company's Phantom Unit activity for the three months ended March 31, 2026:


	Number of Phantom Units	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	328,748	$	9.04
Granted	—	$	—
Forfeited	(3,152)	$	9.04
Vested	(198,941)	$	9.04
Balance as of March 31, 2026	126,655	$	9.04

The following table summarizes the effects of all stock-based compensation in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the periods presented: