On November 4, 2025, the Company’s Board of Directors approved a program to repurchase and acquire up to $100 million of the Company’s common stock through December 31, 2026. During the six months ended June 30, 2026, the Company repurchased 1,221,938 shares of Happen, Inc. common stock on the open market at an average price of $16.68 per share and retired those shares upon repurchase.

The Company’s equity incentive plans provide for granting awards, including restricted stock units (RSUs), performance-based restricted stock units (PBRSUs), cash awards and stock options to employees, officers and directors.

Stock-based compensation expense, included in “Compensation and benefits” expense on the Income Statement, was as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
RSUs	$	6,708	$	9,236	$	14,237	$	18,310
PBRSUs	1,258		1,270		2,263		2,117

Stock-based compensation expense, gross	7,966		10,506		16,500		20,427
Less: Capitalized stock-based compensation expense	1,012		1,441		1,972		2,843
Stock-based compensation expense, net	$	6,954	$	9,065	$	14,528	$	17,584


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested at December 31, 2025	4,278,687	$	10.73
Granted	1,979,722	$	15.58
Vested	(1,867,714)	$	9.50
Forfeited	(510,128)	$	12.72
Unvested at June 30, 2026	3,880,567	$	13.53

As of June 30, 2026, there was $47.0 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.9 years, subject to any forfeitures.

The Company’s outstanding PBRSU awards consist of awards with a market-based metric and awards with an operating-based metric, all with a three-year performance period, following which any earned portion is immediately vested. With respect to PBRSU awards with a market-based metric, the compensation expense of the award is fixed at the time of grant (incorporating the probability of achieving the market-based metric) and expensed over the performance period. With respect to PBRSU awards with an operating-based metric, the compensation expense of the award is set at the time of grant (assuming a target level of achievement), subsequently adjusted for actual performance during the performance period and expensed over the performance/vesting period.


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested at December 31, 2025	1,160,819	$	8.86
Granted	641,982	$	14.72
Vested	(485,134)	$	7.62
Forfeited	(43,690)	$	12.88
Unvested at June 30, 2026	1,273,977	$	12.14

As of June 30, 2026, there was $10.0 million of unrecognized compensation cost related to unvested PBRSUs, which is expected to be recognized over a weighted-average period of approximately 1.8 years, subject to any forfeitures.