v3.26.1
Share-Based and Unit-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU Activity
The following tables summarize RSU and PSU activity for the three months ended March 31, 2026 and March 31, 2025 (in thousands, except per unit data):
RSUs and PSUsNumber of RSUs and PSUsWeighted Average Remaining Contractual Term (years)Weighted Average Grant Date Fair ValueAggregate Intrinsic Value
Outstanding as of December 31, 20241,421 1.36$18.17 
Granted730 $10.52 $7,678 
Forfeited(21)
Vested(242)
Outstanding as of March 31, 20251,888 1.54$14.80 
Outstanding as of December 31, 20251,536 0.80$10.41 
Granted52 $13.06 $675 
Forfeited(171)
Vested(28)
Outstanding as of March 31, 20261,389 0.81$13.06 
Schedule of PSU Activity
The following tables summarize RSU and PSU activity for the three months ended March 31, 2026 and March 31, 2025 (in thousands, except per unit data):
RSUs and PSUsNumber of RSUs and PSUsWeighted Average Remaining Contractual Term (years)Weighted Average Grant Date Fair ValueAggregate Intrinsic Value
Outstanding as of December 31, 20241,421 1.36$18.17 
Granted730 $10.52 $7,678 
Forfeited(21)
Vested(242)
Outstanding as of March 31, 20251,888 1.54$14.80 
Outstanding as of December 31, 20251,536 0.80$10.41 
Granted52 $13.06 $675 
Forfeited(171)
Vested(28)
Outstanding as of March 31, 20261,389 0.81$13.06 
Summary of Incentive Unit Activity The following table summarizes common incentive unit activity under the Opco Plan for the three months ended March 31, 2025 (in thousands, except per unit data):
Number of Common Incentive UnitsWeighted Average Remaining Contractual Term (years)Weighted Average Grant Date Fair ValueAggregate Intrinsic Value
Outstanding as of December 31, 2024287 0$166.75 $47,867 
Granted— 
Forfeited— 
Exchanged(1)
Outstanding as of March 31, 2025286 0$166.75 $47,024 
Schedule of Valuation Assumptions The assumptions noted in the table below were used to estimate the fair value of the PSUs with market conditions.
Initial stock price
$8.71 - $12.79
Expected term (years)
2 - 3 years
Risk free rate
3.79% - 3.98%
Volatility125%
Dividend yield0%
Schedule of Stock Options Roll Forward
The following table summarizes activity under the Option Plan for the three months ended March 31, 2026. There was no activity related to the Option Plan for the three months ended March 31, 2025.
Options
Shares ($000's)
Weighted Average Exercise Price (Per Share)Weighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value ($ 000's)
Outstanding and Exercisable at December 31, 2025
1,955 $10.00 1.75$78 
Granted— — — $— 
Exercised— — — $— 
Outstanding and Exercisable at March 31, 2026
1,955 $10.00 1.5$— 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The Assumptions noted in the table below were used to estimate the fair value of the stock options.
Exercise Price$10.00
Expected volatility95 %
Time to maturity (plus the time until the tranche becomes exercisable)
1 year
Risk-free rate3.6 %