A summary of the Company’s aggregate share-based compensation expense is shown below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Restricted Share Units	$	4,088	$	—	$	4,088	$	—
IPO Stock-based Awards		57,350		—		57,350		—
Total share-based compensation expense	$	61,438	$	—	$	61,438	$	—

Under the LTIP, participants were granted RSUs which are subject to graded vesting generally ranging from one to three years. The RSUs were determined to be equity-classified awards. The fair value of the RSUs is based on the Company’s Class A share price on the date of grant, with compensation expense recognized on a straight-line basis over the applicable vesting period.

A summary of RSU activity during the six months ended June 30, 2026 is shown in the following table:


	RSUs			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2025		—		$	—
Granted		664,865			22.52
Forfeited		—
Vested		(135,136	)		20.46
Outstanding at June 30, 2026		529,729		$	23.04

As of June 30, 2026, remaining unrecognized compensation expense for the RSUs was $10.9 million which the Company expects to recognize over a weighted average remaining period of approximately 1.1 years.

Upon completion of the IPO, certain members of the Company’s management were granted Class A shares. The IPO stock-based awards were determined to be equity-classified awards.


	IPO Stock-based Awards			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2025		—		$	—
Granted		3,100,001			18.50
Forfeited		—			—
Vested		(3,100,001	)		18.50
Outstanding at June 30, 2026		—		$	—

As of June 30, 2026, there was no remaining unrecognized compensation expense for the IPO stock-based awards.