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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
2025 Incentive Award Plan
In connection with the IPO on June 12, 2025 (“effective date”), the Company adopted the 2025 Incentive Award Plan (“2025 Plan”), under which the Company may grant cash and equity-based incentive awards which include, but are not limited to, Restricted Stock Awards (“RSAs”), Restricted Stock Units (“RSUs”) and Stock Options to employees, directors and consultants to the Company or its subsidiaries.
The aggregate number of shares of Class A common stock or Class B common stock, if determined by the plan administrator, available for issuance under the 2025 Plan as of the effective date of the 2025 Plan was 5.4 million shares. The amount of shares available for issuance is eligible to increase on the first day of each calendar year beginning January 1, 2026 and ending on and including January 1, 2035 by the lesser of (i) 5% of the shares of Class A common stock and Class B common stock outstanding on an as-converted basis on the last day of the immediately preceding fiscal year and (ii) such lesser amount as determined by the Company’s Board of Directors. As of March 31, 2026, approximately 6.6 million shares were available for future grants under the 2025 Plan.
RSAs and RSUs
The following table presents the Company's employee and non-employee RSA activity:
RSA AwardsWeighted-Average Grant Date Fair Value
Nonvested RSAs outstanding as of December 31, 2025879,782 $30.70 
Issued3,000 28.66 
Vested(28,576)23.08 
Forfeited(17,750)31.00 
Nonvested RSAs outstanding as of March 31, 2026836,456 $30.89 
The RSAs granted during the three months ended March 31, 2026 have service-only vesting conditions and vest over a three-year service period beginning after the first year of service. All RSAs granted to employees are considered legally issued and outstanding for voting purposes. However, for accounting and dilution purposes, only vested awards are considered issued and outstanding.
Stock-based compensation expense related to RSAs for the three months ended March 31, 2026 was $1.7 million.
The following table presents the Company’s employee RSU activity:
RSU AwardsWeighted-Average Grant Date Fair Value
Nonvested RSUs outstanding as of December 31, 2025168,624 $22.42 
Issued173,976 30.24 
Vested(19,130)26.41 
Forfeited— — 
Nonvested RSUs outstanding as of March 31, 2026323,470 $26.34 
The RSUs have service-only vesting conditions and primarily vest annually over a three year service period beginning after the first year of service.
Stock-based compensation expense related to RSUs for the three months ended March 31, 2026 was $0.6 million.
2020 and 2025 Incentive Award Plan - Options
The Company has granted options under the 2020 Incentive Award Plan; however, following the effectiveness of the 2025 Plan, no further grants will be made under the 2020 Plan. During the three months ended March 31, 2026, the Company issued additional stock options under the 2025 Plan with terms materially consistent with those previously issued under the 2020 Plan.
Number of SharesWeighted-Average Exercise PriceWeighted-Average Grant Date Fair valueWeighted-Average Remaining Contractual Term (Years)
Outstanding as of December 31, 20254,595,417$15.34 $8.68 7.6
Granted
353,05030.5320.60 10
Forfeited
(44,063)21.5716.43 
Exercised
(325,037)11.216.33 
Outstanding as of March 31, 20264,579,36715.3610.85 7.2
Options vested and exercisable as of March 31, 20263,199,09410.697.44 6.4
Nonvested as of March 31, 20261,380,27326.2018.79 9.2
Stock-based compensation expense for options outstanding was $1.8 million and $1.7 million for the three months ended March 31, 2026 and March 31, 2025