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SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
In accordance with the Company’s stock incentive plans, the Company may grant stock option awards, restricted stock awards and restricted stock units to employees, consultants, non-employee members of the Company’s Board of Directors and members of the board of directors of the Company’s subsidiaries.
On May 16, 2022, the Company adopted the 2022 Equity Incentive Plan (“2022 Plan”) whereby the Company may grant up to 10,000,000 shares of the Company’s voting common stock. Commencing on the first day of each fiscal year beginning January 1, 2023 and ending January 1, 2032, the available shares under the 2022 Plan are to be increased by a number of shares of voting common stock of the Company equal to the lesser of (a) 5% of the aggregate number of shares outstanding on the final day of the immediately preceding fiscal year and (b) such smaller number of shares as determined by a committee as defined in the 2022 Plan. As a result, effective January 1, 2026, the available shares under the 2022 Plan were increased for a new total of 23,129,145 shares.
In addition to the 2022 Plan, the Company has outstanding stock awards that were granted under various employee and director stock incentive plans. These previous plans were terminated prior to the adoption of the 2022 Plan.
Stock Options
Share-based compensation payments related to stock options are recognized in the condensed consolidated financial statements based on the grant date fair value using the Black-Scholes option pricing model. Share-based compensation expense is recognized over the related service or vesting period, net of actual forfeitures. Stock options generally vest over a period of up to three years and expire after ten years. The following assumptions were used by the Company for determining the fair value of awards granted:
Six Months Ended June 30,
20262025
Weighted-average expected term (years)
5.1 – 6.0
5.3 – 6.3
Volatility (range)
22.2% – 22.7%
26.2% – 27.2%
Risk-free interest rate (range)
4.1% – 4.2%
4.1%
Dividend yield
0.00%0.00%
The weighted-average grant-date fair value of options granted during the six months ended June 30, 2026 and 2025 was $12.83 and $7.85, respectively. The total intrinsic value of options exercised during the six months ended June 30, 2026 and 2025 was $121.8 million and $6.0 million, respectively.
Stock-based compensation expense related to stock options, primarily included in compensation and benefits in the condensed consolidated statements of operations, was $3.1 million and $3.2 million for the three months ended June 30, 2026 and 2025, respectively, and $7.6 million and $6.0 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, there were $21.9 million in total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 2.08 years.
The following table summarizes information about the stock option activity during the six months ended June 30, 2026 (aggregate intrinsic value, in thousands):
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (in Years)Aggregate Intrinsic Value
Outstanding at December 31, 202522,037,914$16.43 5.10$616,036 
Granted518,980$40.24 
Exercised
(4,093,654)$14.53 
Cancelled, expired or forfeited
(263,127)$19.37 
Outstanding at June 30, 202618,200,113$17.50 5.16$359,883 
Exercisable at June 30, 202615,499,313$16.12 4.52$326,302 
Additional information regarding stock options outstanding as of June 30, 2026 is as follows (aggregate intrinsic value, in thousands):
Stock Options OutstandingStock Options Exercisable
Exercise PriceNumber of Options Outstanding
Weighted Average Remaining Contractual Life
(in Years)
Aggregate Intrinsic ValueNumber of Exercisable OptionsAggregate Intrinsic Value
$12.00 5,493,7902.09$138,224 5,493,790$138,224 
$13.50 155,2793.683,674 155,2793,674 
$14.00 688,5603.8315,947 688,56015,947 
$15.22 2,196,2544.4648,186 2,196,25448,186 
$15.50 126,9984.802,751 126,9982,751 
$16.14 2,046,2575.0343,012 2,046,25743,012 
$16.34 21,4995.39448 21,499448 
$19.84 1,644,5606.6728,484 1,644,56028,484 
$20.00 293,8407.555,042 230,4683,955 
$20.08 1,506,2887.9425,727 1,020,52817,431 
$20.60 13,9487.46231 13,948231 
$20.76 184,8307.123,031 107,2661,759 
$21.32 21,1488.25335 21,148335 
$22.34 139,7918.672,072 120,1261,780 
$22.40 2,102,6398.9631,035 644,0029,505 
$23.00 78,0009.121,104 —— 
$24.70 94,9996.251,184 94,9991,184 
$25.78 443,4235.725,046 443,4235,046 
$25.98 256,7805.652,871 256,7802,871 
$26.00 132,5006.301,479 132,5001,479 
$40.24 518,9809.96NA37,928NA
$44.07 3,0009.40NA3,000NA
$44.73 2509.42NA—NA
$48.94 36,5009.36NA—NA
18,200,1135.16$359,883 15,499,313$326,302 
Restricted Stock Awards
Prior to the IPO, the Company granted restricted stock awards (“RSAs”) to certain executives and other employees. The RSAs represent shares of common stock issued subject to forfeiture restrictions and generally vest upon the satisfaction of both time-based service and performance-based conditions. In certain cases, RSAs were granted with vesting contingent solely upon the satisfaction of performance-based conditions, including the consummation of a deemed liquidation event or the Company’s IPO.
The total fair value of RSAs vested during the six months ended June 30, 2026 and 2025, measured as of the respective vesting dates, was $43.6 million and $4.7 million, respectively. The amount for the six months ended June 30, 2026 includes $15.5 million of fair value related to 375,000 RSAs for which vesting was triggered upon the IPO, with the subsequent time-based service conditions satisfied during the period.
Total compensation expense related to the RSAs granted was $2.4 million and $6.1 million for the three months ended June 30, 2026 and 2025, respectively, and $6.7 million and $12.6 million for the six months ended June 30, 2026 and 2025, respectively. Included in compensation expense for the three and six months ended June 30, 2026 was $1.9 million and $3.9 million, respectively, related to certain awards for which vesting was triggered upon the IPO and remained subject to subsequent time-based service conditions. Compensation expense related to the RSAs is primarily included in
compensation and benefits on the condensed consolidated statements of operations and measured at the grant date fair value of the Company’s common stock.
As of June 30, 2026, there was $2.4 million of unrecognized compensation cost associated with the RSAs. Of this amount, $1.0 million relates to awards for which the time-based vesting condition is not fully satisfied and the weighted average period of unrecognized share-based compensation cost is 0.13 year. Unrecognized share-based compensation of $1.4 million relates to awards for which the performance-based vesting condition had not yet been satisfied.
The following table summarizes information about the unvested RSA activities during the six months ended June 30, 2026:
Number of SharesWeighted-Average Grant Date Fair Value
Outstanding at December 31, 20251,580,082 $18.73 
Vested
(1,066,378)$17.26 
Outstanding at June 30, 2026513,704 $21.80 


Restricted Stock Units
In June 2026, the Company granted restricted stock units (“RSUs”) to certain executives, non-employee members of the Board of Directors and other employees. Each RSU represents the right to receive one share of the Company’s common stock upon vesting. RSUs do not convey voting rights prior to settlement but holders are entitled to receive dividend equivalents, subject to certain conditions.
RSUs granted to executives and employees generally vest ratably over a three-year service period, subject to the holder’s continued employment through each applicable vesting date. Unvested RSUs are generally forfeited upon termination of employment prior to vesting, unless otherwise provided under the applicable award agreement. A change in control does not generally affect the vesting of these awards held by employees; however, certain executive awards provide for accelerated vesting upon the occurrence of a change in control.
RSUs granted to non-employee members of the Board of Directors either vested immediately upon the grant date or vest on the last business day immediately preceding the date of the next annual stockholders meeting, subject to the director’s continued service through the applicable vesting date. Unvested awards are generally forfeited upon termination of Board service prior to vesting. However, vesting accelerates upon the director’s death, disability or a change in control, as provided in the applicable award agreement.

Share-based compensation expense related to the RSUs is measured at the grant date fair value of the Company’s common stock. For the three and six months ended June 30, 2026, the Company recognized stock-based compensation expense related to employee RSUs of $0.4 million within compensation and benefits on the condensed consolidated statements of operations. Stock-based compensation expense related to the RSUs granted to non-employee members of the Board of Directors was $1.4 million for the three and six months ended June 30, 2026, included in general, administrative, and other on the condensed consolidated statements of operations.

The total fair value, measured as of the respective vesting dates, of RSUs vested during the six months ended June 30, 2026 was $1.3 million.
As of June 30, 2026, there were $32.5 million in total unrecognized compensation costs associated with the RSUs. These costs are expected to be recognized over a weighted average period of 2.79 years.
The following table summarizes RSU activity during the six months ended June 30, 2026:

Number of SharesWeighted-Average Grant Date Fair Value
Outstanding at December 31, 2025— $— 
Granted849,207 $40.37 
Vested(29,031)$44.11 
Outstanding at June 30, 2026820,176 $40.24