v3.26.1
Equity-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Equity-Based Compensation
Stock Options
During the six months ended June 30, 2026, the Company granted stock options under the 2025 Plan to purchase shares of Class A common stock at an exercise price equal to the Company's closing stock price on the grant date. The stock options will vest on May 14, 2029, subject to continued service through such date.
The following table summarizes the stock option activity for the six months ended June 30, 2026:
Stock Options OutstandingWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025647,862 20.00 9.7$1,458 
Granted95,240 $7.16 
Forfeited (25,406)20.00 
Outstanding as of June 30, 2026717,696 $18.30 9.3$108 
As of June 30, 2026, no options were vested or exercisable. The total unrecognized equity-based compensation related to the stock options was approximately $4.7 million, which is expected to be recognized over a weighted-average period of 2.1 years.
The grant date fair value of stock options granted during the six months ended June 30, 2026 was determined using the Black-Scholes model with the following assumptions:
Dividend yield(1)
None
Volatility(2)
50.3 %
Risk-free interest rate(3)
4.17 %
Expected term (years)(4)
6.5
Weighted-average grant date fair value per share$3.93
(1) The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock in the foreseeable future.
(2) Volatility was based on a group of industry peers with sufficient history.
(3) The risk-free interest rate is based on the implied yield currently available on U.S. Treasury issues with terms approximately equal to the expected term of the options.
(4) Because the Company does not yet have sufficient historical exercise data to provide a reasonable basis for estimating future exercise patterns,
the expected term was calculated using a simplified method averaging the contractual term and the vesting period of the option.
Restricted Stock Units
During the six months ended June 30, 2026, the Company granted restricted stock units ("RSUs") to employees and directors under the 2025 Plan. RSUs represent the right to receive shares of the Company's Class A common stock at a specified future date. RSUs under the 2025 Plan are generally subject to a service condition. The service condition for the employee grants is satisfied over 3 years, whereby one-third of the RSUs vest on each annual anniversary of the grant date, subject to continued service through the applicable vesting date. The service condition for directors is satisfied on the date of the annual meeting of shareholders to be held in 2027, or, if earlier, the first anniversary of the grant date, subject to continued service through the applicable vesting date.
The activity for RSUs for the six months ended June 30, 2026 was as follows:
Number of RSUsWeighted-Average Grant Date Fair Value
Nonvested as of December 31, 2025
341,246 $20.00 
Granted
113,228 $7.82 
Vested
(16,872)20.00 
Forfeited
(18,124)20.00 
Nonvested as of June 30, 2026
419,478 $16.71 
As of June 30, 2026, unrecognized compensation cost related to RSUs was approximately $5.3 million, which is expected to be recognized over a weighted-average period of 2.3 years.
Equity-Based Compensation
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Selling, general and administrative expenses$1,140 $— $2,327 $—