During the six months ended June 30, 2026, the Company granted 3.0 million equity-classified RSUs and 1.1 million liability-classified RSUs with aggregate grant date fair values of $35.3 million and $12.8 million, respectively, to certain employees.

The liability-classified RSUs are either classified as liabilities because they are required to be settled in cash or because the Company has the right to and intends to (as of the grant date or June 30, 2026, as applicable) settle the RSUs partially or wholly in cash. During the six months ended June 30, 2026, the Company reclassified 2.0 million RSUs from liability-classified to equity-classified based on management’s intent to settle the awards in shares of Class A common stock. The majority of liability-classified awards outstanding as of December 31, 2025 were granted in November 2025, vested on March 1, 2026 and were delivered on April 15, 2026.

Other awards generally vest either (a) over a one to three year period, or (b) over a three to seven year period. Upon delivery, the Company may withhold the number of shares to satisfy the statutory withholding tax obligation and deliver the net number of resulting shares vested.


	Number of RSUs	Weighted-Average Grant-Date Fair Value Per RSU
Balance as of December 31, 2025	5,650,997	$	11.57
Granted	3,046,918	11.57
Reclassified from liability-classified RSUs	2,011,503	11.24
Vested	(3,576,274)	10.93
Forfeited	(1,302)	14.12
Balance as of June 30, 2026	7,131,842	$	11.79


	Number of RSUs	Weighted-Average Grant-Date Fair Value Per RSU
Balance as of December 31, 2025	1,648,898	$	11.08
Granted	1,096,121	11.66
Reclassified to equity-classified RSUs	(2,011,503)	11.24
Vested	(684,764)	11.49

Balance as of June 30, 2026	48,752	$	11.63

The total grant-date fair value of RSUs that vested during the three months ended June 30, 2026 and 2025 was $27.6 million and $21.8 million, respectively, and $47.0 million and $38.7 million for the six months ended June 30, 2026 and 2025, respectively. For the three months ended June 30, 2026 and 2025, $10.7 million and $6.8 million, respectively, of compensation expense related to RSUs was recorded within employee compensation and benefits in the Condensed Consolidated Statements of Income (Loss). For the six months ended June 30, 2026 and 2025, $33.6 million and $27.1 million, respectively, of compensation expense related to RSUs was recorded within employee compensation and benefits in the Condensed Consolidated Statements of Income (Loss). As of June 30, 2026, total unrecognized compensation expense related to unvested RSUs was $73.0 million and is expected to be recognized over the remaining weighted average period of 3.7 years.