The Company’s Equity Incentive Plan (the “2019 Equity Plan”) provided for restricted units, non-qualified incentive options and other unit-based awards for directors, officers and other employees. On June 10, 2025, the Company established the 2025 Incentive Plan (the “2025 Equity Plan”), under which various equity-based awards may be granted to directors, officers and other employees. No additional awards may be granted under the 2019 Equity Plan after the effectiveness of the 2025 Equity Plan; however, outstanding awards granted under the 2019 Equity Plan remain subject to their existing terms.

Total share-based compensation expense recognized was $222 thousand and $441 thousand for the three and six months ended June 30, 2026, respectively, and $357 thousand and $521 thousand for the three and six months ended June 30, 2025, respectively. The related tax benefit recognized was $47 thousand and $93 thousand for the three and six months ended June 30, 2026, respectively, and $75 thousand and $109 thousand for the three and six months ended June 30, 2025, respectively.

NQSOs generally have contractual terms of five to ten years, and vest over three- or five-year service periods. Certain awards include performance conditions in addition to service conditions, including awards that vested upon completion of the Company’s IPO.

For awards subject only to service conditions, compensation cost is recognized on a straight-line basis over the requisite service period. For awards subject to both service and performance conditions, compensation cost is recognized using a graded vesting attribution method when achievement of the performance condition is considered probable.


	Number of Options	Weighted-Average Exercise Price
Outstanding as of January 1, 2026	4,245,335	$	12.01
Granted	142,890	$	17.38
Exercised	—	—
Expired	—	—
Forfeited	(37,441)	$	10.66
Outstanding as of June 30, 2026	4,350,784	$	12.20


Options	Weighted‑Average Exercise Price		Weighted‑Average Remaining Term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding	$	12.20	7.7 years	$	51,506
Exercisable	$	17.84	7.6 years	$	3,111

The aggregate intrinsic value represents the total pre‑tax intrinsic value (the excess of the closing stock price over the exercise price) of in‑the‑money options as of June 30, 2026.

As of June 30, 2026, unrecognized compensation expense related to unvested NQSOs was $1.9 million and is expected to be recognized over a weighted-average period of 4.7 years.

RSUs represent the right to receive shares of the Company’s common stock upon vesting. Holders of unvested RSUs do not have voting rights and are not entitled to dividends prior to vesting. Accordingly, unvested RSUs are not considered participating securities for purposes of calculating earnings per share.

Outstanding RSUs generally vest over a three-year service period. Compensation expense is recognized on a straight-line basis over the applicable requisite service period.

Upon vesting of RSUs, the Company may settle awards using treasury shares. During the three months ended June 30, 2026, 2,940 shares of treasury stock were reissued in connection with the settlement of vested RSUs.


	Six Months Ended June 30, 2026
	Shares	Weighted Average Grant-Date Fair Value
Non-vested
Beginning of period	8,823	$	17.00
Granted	—	—
Vested	(2,940)	$	17.00
Forfeited	—	—
End of period	5,883	$	17.00

The total fair value of RSUs vested during the three months ended June 30, 2026 was $50 thousand. As of June 30, 2026, unrecognized compensation expense related to unvested RSUs was $98 thousand and is expected to be recognized over the remaining vesting period.