The Company grants equity-based compensation awards in the form of restricted share units (“RSUs”) or performance restricted share units (“PRSUs”) for Class A Common Stock to its management, employees, consultants, and independent members of the Board under its 2023 Stock Incentive Plan (the “Plan”). The total number of shares of Class A Common Stock that may be issued under the Plan is 20,798,132, of which 3,157,641 remain available as of March 31, 2026. To the extent that an award expires or is canceled, forfeited, terminated, surrendered, exchanged or withheld to cover tax withholding obligations, the unissued awards will again be available for grant under the Plan.

The Company recognizes equity-based compensation expenses at the Company’s stock price as of the grant date. As of March 31, 2026, the Company has unrecognized equity-based compensation expense of $22.2 million, which is expected to be recognized over a weighted average period of 1.82 years.

The following table summarizes the equity-based compensation award activity for the three months ended March 31, 2026, and March 31, 2025:


	March 31, 2026			March 31, 2025
	Number of Awards	Weighted Average Grant Date Fair Value		Number of Awards	Weighted Average Grant Date Fair Value
Restricted common stock
Restricted common stock awards outstanding at beginning of period	11,428,887	$	4.23	6,216,514	$	4.86
Restricted common stock granted	2,820,485	4.05		2,772,576	3.45
Restricted common stock forfeited	(5,149)	3.86		(18,269)	4.76
Restricted common stock vested	(3,087,256)	4.21		(2,032,623)	4.60
Restricted common stock awards outstanding at end of period	11,156,967	$	4.19	6,938,198	$	4.38

The following table summarizes the equity-based compensation recognized, which is included in Compensation and employee benefits in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and March 31, 2025:


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
RSUs	$	7,838	$	3,382
PRSUs	600		1,396
Acquisition-related	665		1,517

Revenue share	120		271
Deferred compensation	1,795		870
Accrued compensation	2,619		—
Total	$	13,638	$	7,436