Following the IPO, the Company has made awards under its 2024 Incentive Award Plan (the “2024 Incentive Plan”), which have generally consisted of nonqualified stock options (“stock options”) and restricted stock units (“RSUs”). Additionally, certain employees and directors have received restricted stock awards (“RSAs”), which were made in respect of pre-IPO equity awards originally granted to them under the Dynasty Parent Holdings, L.P. and Dynasty Parent Co., Inc. 2019 Long-Term Incentive Plan.

Stock options granted under the 2024 Incentive Plan generally vest in three equal annual installments, subject to the participant’s continued employment with the Company, and expire ten years from the date of grant. The Company uses a Black-Scholes pricing model to estimate the grant-date fair value of the stock options awarded. The Black-Scholes pricing model requires assumptions regarding the expected volatility of shares of the Company’s Common Stock, the risk-free interest rate, the expected term of the stock option award and the Company’s dividend yield.

The following table indicates the assumptions used in the Black-Scholes pricing model to estimate the grant-date fair value of the stock options awarded during the six months ended June 30, 2026 and during the year ended December 31, 2025:


	2026			2025
Risk free interest rate		3.99	%		4.07	%
Expected volatility		42.50	%		40.00	%
Expected term (in years)	6.0 years			6.0 years
Expected dividend yield		0.00	%		0.00	%

Expected Volatility. The Company’s Common Stock has been publicly traded since October 2, 2024, followed by additional secondary offerings in 2025 and 2026. As a result, the Company has limited trading data to calculate meaningful volatility for stock options it has granted. As such, for stock options granted in 2026 the Company used a weighted average of Company-specific volatility and peer group volatility, and for stock options granted in 2025, the Company relied solely on peer group volatility.

The following is a summary of the activity for stock option awards:


	Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		1,143,122		$	19.50	7.39	$	10,497
Granted		1,334,257		$	27.29
Exercised		—			—
Forfeited		(10,488	)	$	26.20
Outstanding at June 30, 2026		2,466,891		$	23.68	8.48	$	15,360

Stock Options Exercisable at June 30, 2026		275,624		$	22.75	7.67	$	1,972


	Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024		463,194		$	10.51	5.75	$	6,600
Granted		737,354		$	25.62
Exercised		—			—
Forfeited		(9,692	)	$	25.62
Outstanding at June 30, 2025		1,190,856		$	19.74	8.03	$	14,179

Stock Options Exercisable at June 30, 2025		50,347		$	9.93	4.23	$	1,094

The RSUs granted in 2025 under the 2024 Incentive Plan generally vest in three equal annual installments, subject to the participant’s continued employment with the Company. The fair value of RSUs granted is estimated using the closing price of the Company’s Common Stock on the grant date.

The following is a summary of the activity for RSUs:


	Shares			Weighted Average Grant Date Fair Value per Share
Nonvested at December 31, 2025		670,143		$	27.10
Granted		791,439		$	27.32
Vested		(183,519	)	$	26.63
Forfeited		(26,467	)	$	26.29
Nonvested at June 30, 2026		1,251,596		$	27.32


	Shares			Weighted Average Grant Date Fair Value per Share
Nonvested at December 31, 2024		238,540		$	29.81
Granted		533,918		$	25.97
Vested		(8,634	)	$	32.02
Forfeited		(8,713	)	$	25.62
Nonvested at June 30, 2025		755,111		$	27.12

The following is a summary of the activity for RSAs:


	Shares			Weighted Average Grant Date Fair Value per Share
Nonvested at December 31, 2025		5,840,568		$	4.96
Granted		—			—
Vested		(5,903	)	$	3.98
Forfeited		(11,111	)	$	5.72
Nonvested at June 30, 2026		5,823,554		$	4.96

As of June 30, 2026, 5,823,554 RSAs were outstanding and included in the Company’s 330,910,687 shares of Common Stock outstanding.

As of June 30, 2025, 5,950,306 RSAs were outstanding and included in the Company’s 334,470,264 shares of Common Stock outstanding.

The Company recorded $6.3 million and $9.7 million in stock-based compensation expense during the three and six months ended June 30, 2026, respectively, and $3.8 million and $5.9 million in stock-based compensation during the three and six months ended June 30, 2025 respectively. The Company will continue to recognize stock-based compensation expense ratably over the requisite remaining service period for the awards. As of June 30, 2026, there was $48.6 million of unrecognized stock-based compensation costs.