Equity-Based Compensation
The total compensation expense recognized for common stock options and time-based RSU awards during the years ended December 31, 2025, 2024 and 2023 was $19,160, $13,642 and $16,239, respectively. For the year ended December 31, 2025, equity-based compensation of $8,319 was included in General and administrative expense and $10,841 was included in Other expense, compared to $6,581 and $7,061, respectively, for the year ended December 31, 2024, and $6,509 and $9,730, respectively, for the year ended December 31, 2023.
Under the Company’s 2022 LTIP, the Company granted only RSUs to employees during the year ended December 31, 2025, while during the year ended December 31, 2024, employees were granted both RSUs and common stock options. Stock Options become exercisable, and RSUs vest, one-third after each year of consecutive service over the three year
period from the date of the award. New independent directors of the Company receive a one-time award that vests quarterly over three years, while the Company’s independent directors receive an annual award that vests quarterly over one year.
The Company measures the fair value of each stock option grant at the date of grant using a Black-Scholes option pricing model.
Stock Options
The following table summarizes the stock options activity as of and for the period ended December 31, 2025:
| | | | | | | | | | | | | | | | | | | | |
| | | | Weighted Average | | Aggregate |
| Stock Options | | Number of Shares | | Exercise Price | | Intrinsic Value |
| Outstanding at December 31, 2024 | | 6,365,141 | | | $ | 3.90 | | | $ | 89,280 | |
| Granted | | — | | | — | | | — | |
| Exercised | | (1,580,766) | | | 4.06 | | | 34,556 | |
| Forfeited | | (91,859) | | | 3.30 | | | — | |
| Expired | | (6,062) | | | 2.60 | | | — | |
| Outstanding at December 31, 2025 | | 4,686,454 | | | $ | 3.86 | | | $ | 48,295 | |
| Exercisable at December 31, 2025 | | 3,210,617 | | | $ | 4.17 | | | $ | 32,110 | |
| Vested and Expected to Vest at December 31, 2025 | | 4,686,454 | | | $ | 3.86 | | | $ | 48,295 | |
The total fair value of options that vested during 2025, 2024 and 2023 was $1,890, $1,063 and $3,213, respectively. The weighted average remaining contractual term for all options outstanding at December 31, 2025 was 5.3 years and the remaining weighted average contractual term of options exercisable was 4.0 years. The weighted-average grant date fair value of options granted for the year ended 2024 was $3.20, while no options were granted during the other years presented. Total unrecognized stock option expense as of December 31, 2025 was $2,739 with a weighted-average period over which it is expected to be recognized of 1.2 years.
The assumptions used in determining the fair value of stock options granted during 2024 are below: | | | | | | | | |
| | 2024 |
| Risk-free interest rate | | 4.26% |
| Expected dividend yield | | NA |
| Expected option life | | 6.00 years |
| Expected price volatility | | 75.37% |
Time-based RSUs
The following table summarizes the activity of our time-based RSUs as of and for the year ended, December 31, 2025:
| | | | | | | | | | | | | | |
| | | | Weighted Average |
| Time-based RSUs | | Number of RSUs | | Grant-Date Fair Value |
| Outstanding at December 31, 2024 | | 5,006,880 | | | $ | 4.95 | |
| Granted | | 1,588,052 | | | 17.95 | |
| Vested | | (2,092,608) | | | 6.13 | |
| Forfeited/Expired | | (317,836) | | | 8.96 | |
| Outstanding at December 31, 2025 | | 4,184,488 | | | $ | 8.99 | |
The fair value of the RSUs that vested during the year ended December 31, 2025, 2024 and 2023 totaled $12,836, $11,072 and $6,016, respectively. Total unrecognized RSU expense as of December 31, 2025, was $17,148 with a weighted-average period over which it is expected to be recognized of 1.0 year.