Equity-Based Compensation (Tables)

Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation, with the following assumptions.


	2026 Grant		2025 Grant		2024 Grant
Expected volatility(1)	30.5	%	35.7	%	35.6	%
Risk free rate(2)	4.0	%	4.0	%	4.3	%
Expected dividend yield(3)	—		—		—

_________________________________________

(1)Based upon the Company’s historical stock volatility.

(2)Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date.

(3)Based upon award holders being entitled to dividends paid during the measurement period on any shares earned.

The table below summarizes the Company’s awards granted, forfeited or vested under the 2022 Plan during the nine months ended September 30, 2026 and 2025:


	Number of Shares			Weighted Average Grant Date Fair Value
	Restricted Stock	PSUs	Total	Restricted Stock		PSUs



























Unvested shares at December 31, 2024	2,742,917	918,434	3,661,351	$	6.92	$	8.60
Granted	1,618,509	542,789	2,161,298	5.97		6.78
Vested	(1,428,999)	—	(1,428,999)	7.21		—
Unvested shares at March 31, 2025	2,932,427	1,461,223	4,393,650	6.25		7.93
Granted	92,940	—	92,940	5.27		—
Vested	(79,495)	—	(79,495)	5.27		—
Unvested shares at June 30, 2025	2,945,872	1,461,223	4,407,095	6.25		7.93


Forfeited	(80,473)	—	(80,473)	5.54		—
Unvested shares at September 30, 2025	2,865,399	1,461,223	4,326,622	6.27		7.93

Unvested shares at December 31, 2025	2,865,399	1,461,223	4,326,622	$	6.27	$	7.93
Granted	1,907,157	588,839	2,495,996	5.61		7.08
Vested	(1,222,270)	(384,378)	(1,606,648)	6.50		9.69

Unvested shares at March 31, 2026	3,550,286	1,665,684	5,215,970	5.83		7.22
Granted	88,340	—	88,340	5.70		—
Vested	(92,940)	—	(92,940)	5.38		—
Unvested shares at June 30, 2026	3,545,686	1,665,684	5,211,370	5.84		7.22

Vested	(138,640)	—	(138,640)	5.59		—
Unvested shares at September 30, 2026	3,407,046	1,665,684	5,072,730	5.85		7.22