Restricted Stock Units (“RSUs”)

In February 2026, the Company granted time-based RSUs to certain employees, consultants, and non-employee directors under the Company’s 2022 Incentive Award Plan. 1,015,450 time-based awards were granted at a grant date fair value of $8.97, which will vest ratably over a four-year period beginning on the first anniversary of the grant date and ending on February 18, 2030.

During the three and six months ended June 30, 2026, the Company recognized stock compensation expense of approximately $1.4 million and $2.7 million, respectively, associated with all RSU awards. During the three and six months ended June 30, 2025, the Company recognized stock compensation expense of approximately $1.1 million and $2.1 million, respectively, associated with all RSU awards. The Company recognizes expense associated with RSU awards within employee compensation and benefits within the statement of operations. As of June 30, 2026, there are 1,558,859 unvested RSUs outstanding with a weighted average grant date fair value of $9.54. The unrecognized compensation costs associated with all unvested RSUs at June 30, 2026 was approximately $13.5 million that is expected to be recognized over a weighted-average future period of 3.1 years.

Non-qualified Stock Options (“NSOs”)

In February 2026, the Company granted to certain employees options to purchase 1,187,443 shares of Class A Common Stock at an exercise price of $8.85 under the Company’s 2022 Incentive Award Plan. The NSOs vest ratably over a four-year period beginning on the sixth anniversary of the grant date and have a term of 10 years. The options were valued at $5.19 using a Black-Scholes pricing model.

During the three and six months ended June 30, 2026, the Company recognized stock compensation expense of approximately $0.4 million and $0.7 million, respectively, associated with all NSO awards. During the three and six months ended June 30, 2025, the Company recognized stock compensation expense of approximately $0.2 million and $0.4 million, respectively, associated with all NSO awards. The unrecognized compensation costs associated with all unvested NSOs at June 30, 2026 was approximately $12.0 million that is expected to be recognized over a weighted-average future period of 7.9 years.