v3.26.1
Share-Based and Unit-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU Activity
The following tables summarize RSU and PSU activity for the six months ended June 30, 2026 and June 30, 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 
Granted2,682 $9.92 $26,384 
Forfeited(287)
Vested(601)
Outstanding as of June 30, 20253,215 1.23$11.27 
Outstanding as of December 31, 20251,536 0.80$10.41 
Granted283 $9.68 $2,755 
Forfeited(54)
Vested(508)
Outstanding as of June 30, 20261,257 1.08$10.60 
Schedule of PSU Activity
The following tables summarize RSU and PSU activity for the six months ended June 30, 2026 and June 30, 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 
Granted2,682 $9.92 $26,384 
Forfeited(287)
Vested(601)
Outstanding as of June 30, 20253,215 1.23$11.27 
Outstanding as of December 31, 20251,536 0.80$10.41 
Granted283 $9.68 $2,755 
Forfeited(54)
Vested(508)
Outstanding as of June 30, 20261,257 1.08$10.60 
Summary of Incentive Unit Activity The following table summarizes common incentive unit activity under the Opco Plan for the six months ended June 30, 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 June 30, 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 - $12.79
Expected term (years)
2 - 3 years
Risk free rate
3.79% - 3.98%
Volatility125%
Dividend yield0%
Schedule of Stock Options Roll Forward
The following table summarizes activity under the Option Plan for the six months ended June 30, 2026. There was no activity related to the Option Plan for the six months ended June 30, 2025.
Options
Options (000's)Weighted Average Exercise Price (Per Share)Weighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value ($ 000's)
Outstanding and Exercisable at December 31, 2025
1,955 $10.00 1.75$78 
Granted— — — $— 
Forfeitures(13)— — $— 
Exercised(45)10.00 — $— 
Outstanding and Exercisable at June 30, 20261,897 $10.00 1.25$— 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
ParameterIssuance Date
Stock Price$8.55
Risk-free Rate3.92 %
Volatility105 %
Probability of $25.00 Price Hurdle20 %
Probability of $250M Volume Threshold80 %
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 %