EQUITY-BASED COMPENSATION EXPENSE (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

The following table summarizes stock option activity during 2025, 2024, and 2023:


	Options Outstanding
(in thousands, except per share amounts)	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value(1)



Outstanding, December 31, 2022	2,042	$	3.29	4.4	$	—
Granted	3,195	0.85
Exercised	(219)	0.85			$	60
Forfeited	(726)	1.85
Expired	(282)	2.40
Outstanding, December 31, 2023	4,010	$	1.80	3.9	$	353
Exercised	(206)	0.85			$	8
Forfeited	(161)	1.17
Expired	(391)	2.74
Outstanding, December 31, 2024	3,252	$	1.78	3.0	$	—
Granted	9,936	0.36
Exercised	(347)	0.35			$	137
Forfeited	(281)	0.74
Expired	(113)	1.56
Outstanding, December 31, 2025	12,447	$	0.71	1.6	$	3,470
Exercisable at December 31, 2025	4,920	$	1.21	1.2	$	787

(1)Based on the amount by which the closing market price of our Class A common stock exceeds the exercise price on each date indicated.

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

We determine the fair value of stock options on the grant date using a Black-Scholes option pricing model. No options were granted during 2024. The fair value of stock options granted during 2025 and 2023 was calculated on the date of grant using the following weighted-average assumptions:


	Year Ended December 31,
	2025		2023
Risk-free interest rate	3.8	%	3.8	%
Expected term (years)	2.00		3.75
Dividend yield	0	%	0	%
Expected volatility	70.0	%	70.0	%

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the RSU activity during 2025, 2024, and 2023:


	Number of Shares (in thousands)	Weighted-Average Grant Date Fair Value per Share











Unvested, December 31, 2022	6,462	$	7.62
Granted	11,877	0.92
Vested(1)	(4,333)	6.04
Forfeited	(1,985)	4.11
Unvested, December 31, 2023	12,021	$	2.15
Granted	14,603	1.15
Vested(1)	(13,628)	2.08
Forfeited	(7,098)	1.13
Unvested, December 31, 2024	5,898	$	1.06
Granted	225	0.40
Vested(1)	(2,571)	0.92
Forfeited	(1,132)	1.18
Unvested, December 31, 2025	2,420	$	1.09

(1)Includes 926, 4,683, and 1,402, shares that vested during 2025, 2024, and 2023, respectively, that were withheld to cover tax obligations and were subsequently cancelled.

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The following table details the equity-based compensation expense by type of award during 2025, 2024, and 2023:


	Year Ended December 31,
(in thousands)	2025		2024		2023
RSUs(1)	$	1,876	$	16,923	$	18,627
Stock Options	570		1,691		1,034
Restricted Common Shares	—		—		115

Total equity-based compensation expense	$	2,446	$	18,614	$	19,776

(1)The 2023 expense amount includes $2,838 related to 2023 annual performance bonuses, which were subsequently issued in 2024 and were fully vested at issuance with a value of $3,304, with the difference reflected as a change in estimate that is included within “General and administrative expenses” on the Consolidated Statements of Operations for 2024.