v3.26.3
SHARE-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation and Benefits
The Company recognized total share-based compensation in Compensation and benefits on the condensed consolidated statements of operations for the following categories of awards as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Service-based RSUs$13,607 $6,690 $49,467 $23,040 
Performance-based RSUs13,027 2,384 34,741 5,696 
Total share-based compensation expense$26,634 $9,074 $84,208 $28,736 
Schedule of Unvested RSU Activity
A summary of the Company's unvested Service-Based RSU activity for the nine months ended September 30, 2026 is shown below:
Number of Shares
Weighted Average Grant Date Fair Value
Unvested at December 31, 202510,642,732$3.95 
Granted3,779,115$17.01 
Forfeited(18,530)$11.08 
Vested
(4,902,606)$4.24 
Unvested at September 30, 20269,500,711$8.98 
Schedule of Grant Date Fair Value of 2025 Performance-Based RSUs
The grant date fair value of the Performance-Based RSUs was measured using a Monte Carlo simulation model based on the following assumptions:
Risk-free interest rateExpected volatility
2026 Executive Officer PSU Agreement3.60%113.1%
2025 Performance-Based RSUs4.14%111.5%