Equity-based Awards (Tables)

12 Months Ended

Dec. 31, 2024

Equity-based Awards

Summary of amount of recognized compensation expense

The following table summarizes the amount of recognized compensation expense associated with these awards that are reflected in the accompanying statements of operations for the periods presented (in thousands):

	For the Year Ended
	December 31,
	2024		2023
Share-based compensation costs
TSUs	$	4,877	$	4,336
PRSUs		1,922		944
	$	6,799	$	5,280

TSUs

Equity-based Awards

Summary of information regarding restricted stock unit awards

		Weighted-
		Average Grant-
	Number of	Date Fair Value
	Units	per Unit (1)
TSUs outstanding at December 31, 2022	1,502,556	$	3.82
Granted (2)	713,689	$	8.07
Forfeited	(72,095)	$	6.05
Vested	(812,694)	$	4.16
TSUs outstanding at December 31, 2023	1,331,456	$	5.77
Granted (3)	858,314	$	6.37
Forfeited	(5,922)	$	5.04
Vested	(804,492)	$	5.29
TSUs outstanding at December 31, 2024	1,379,356	$	6.43

(1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2) The aggregate grant date fair value of TSUs issued for the year ended December 31, 2023 was $5.8 million based on a grant date market price ranging from $6.52 to $8.91 per share.

(3) The aggregate grant date fair value of TSUs issued for the year ended December 31, 2024 was $5.5 million based on a grant date market price ranging from $6.26 to $6.72 per share.

PSUs

Equity-based Awards

Schedule of ranges for the assumptions used in the Monte Carlo model

	Modification Date: May 2024		Date of Grant: February 2024		April 2023		February 2023
Expected volatility	63.2	%	75.8	%	92.5	%	119.2	%
Dividend yield	0.00	%	0.00	%	0.00	%	0.00	%
Risk-free interest rate	4.72	%	4.19	%	3.78	%	3.74	%

PRSUs

Equity-based Awards

Summary of information regarding restricted stock unit awards

		Weighted-
		Average Grant-
	Number of	Date Fair Value
	Units	per Unit (1)
PRSUs outstanding at December 31, 2022	380,512	$	4.28
Granted (2)	321,436	$	10.59
Forfeited	(144,567)	$	6.55
Vested	(154,680)	$	2.20
PRSUs outstanding at December 31, 2023	402,701	$	9.31
Granted (3)	312,843	$	7.55
Forfeited	—	$	—
Vested	(107,044)	$	2.63
PRSUs outstanding at December 31, 2024	608,500	$	9.58

(1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2) The aggregate grant date fair value of PRSUs issued for the year ended December 31, 2023 was $3.4 million based on a calculated fair value price ranging from $1.27 to $15.04 per share.

(3) The aggregate grant date fair value of PRSUs issued for the year ended December 31, 2024 was $2.4 million based on a calculated fair value price ranging from $2.63 to $8.33 per share.