Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Under the Omnibus Incentive Plan, 4,294,976 shares of common stock are reserved for issuance and, as of December 31, 2025, 3,389,881 shares of common stock were available for future issuance under the Omnibus Incentive Plan. The Omnibus Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted shares, RSUs, long-term incentive plan units, dividend equivalent rights, and other share-based, share-related, or cash-based awards, including performance-based awards, to employees, directors, and consultants, with each grant evidenced by an award agreement providing the terms of the award. The Omnibus Incentive Plan is administered by the Compensation Committee of the Board of Directors.

As of December 31, 2025, the only stock-based compensation granted by the Company were RSUs. The total amount of stock-based compensation costs recognized in general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss was $5.9 million, $5.7 million, and $4.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. All awards of unvested restricted stock units are expected to fully vest within the next one to five years.

Performance-Based RSUs (effectiveness of Initial Public Offering)

Pursuant to the Omnibus Incentive Plan, the Company made performance-based RSUs to certain employees and non-employee directors. The performance condition required the Company to effectively file a resale registration statement. Up until the point of filing the registration statement, performance was not deemed probable and accordingly, no RSUs had the capability of vesting and no stock-based compensation expense was recorded. As a result of the Company’s initial public offering in August 2020, the performance condition was satisfied, and the Company recorded a stock-based compensation expense catch-up adjustment of $1.4 million. The vesting terms of these grants were specific to the individual grant and were fully vested as of December 31, 2024.

The following table summarizes performance-based RSU activity for the periods indicated below. There was no activity during the year ended December 31, 2025 as the awards were fully vested as of December 31, 2024.


	2024		2023
		Shares	Weighted Average Grant Date Fair Value per Share		Shares	Weighted Average Grant Date Fair Value per Share
Unvested RSU grants outstanding, beginning of year		30,379	$	19.75	61,391	$	19.75


Vested during the period		(30,379)	19.75		(31,012)	19.75
Unvested RSU grants outstanding, end of year		—	$	—	30,379	$	19.75

For the years ended December 31, 2024 and 2023, the Company recognized $0.1 million and $0.3 million, respectively, in stock-based compensation expense associated with performance-based RSUs. As of December 31, 2024, there was no remaining unamortized stock-based compensation expense. These units were subject to graded vesting and stock-based compensation expense was recognized ratably over the requisite service period for each vesting tranche in the award.

The grant date fair value of unvested RSUs was calculated as the per share price in the private offering that closed on December 23, 2019.

Service-Based RSUs

Pursuant to the Omnibus Incentive Plan, the Company has made service-based RSU grants to certain employees and non-employee directors. The vesting terms of these grants are specific to the individual grant and vest in equal annual installments over the next one to five years.

The following table summarizes service-based RSU activity for the periods indicated below:


	2025			2024			2023
	Shares	Weighted Average Grant Date Fair Value per Share		Shares	Weighted Average Grant Date Fair Value per Share		Shares	Weighted Average Grant Date Fair Value per Share
Unvested RSU grants outstanding, beginning of year	326,987	$	18.25	298,108	$	19.79	247,079	$	19.86
Granted during the period	294,067	14.76		210,733	17.17		161,757	19.79
Forfeited during the period	(2,963)	17.01		(12,138)	18.67		(2,213)	20.18
Vested during the period	(165,445)	18.65		(169,716)	19.58		(108,515)	19.93
Unvested RSU grants outstanding, end of year	452,646	$	15.85	326,987	$	18.25	298,108	$	19.79

For the years ended December 31, 2025, 2024, and 2023, the Company recognized $3.4 million, $3.3 million and $2.8 million, respectively, in stock-based compensation expense associated with service-based RSUs. As of December 31, 2025 and December 31, 2024, the remaining unamortized stock-based compensation expense totaled $3.9 million and $3.3 million, respectively, and as of December 31, 2025, these awards are expected to be recognized over a remaining weighted average period of 2.0 years. Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award.

The grant date fair value of service-based unvested RSUs is calculated as the per share price determined in the initial public offering for awards granted in 2020, and as the per share price of the Company’s stock on the date of grant for those granted in years subsequent to 2020.

Performance-Based RSUs (total shareholder return)

Pursuant to the Omnibus Incentive Plan, the Company has made performance-based RSU grants to certain employees. These grants are subject to the participant’s continued service over a three year period with 40% of the award based on the Company’s total shareholder return (“TSR”) as compared to the TSR of identified peer companies and 60% of the award based on total absolute TSR over the cumulative three year period. The performance period of these grants runs through February 28, 2026, December 31, 2026, and December 31, 2027. Grant date fair value of the performance-based share awards was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the performance period. Significant inputs for the current period calculation were expected volatility of the Company of 24.4% and expected volatility of the Company’s peers, ranging from 19.5% to 98.2%, with an average volatility of 29.9%, and a risk-free interest rate of 4.00%. The fair value per share on the grant date specific to the target TSR relative to the Company’s peers was $15.86 and the target absolute TSR was $14.28 for a weighted average grant date fair value of $14.91 per share. Stock-based compensation expense associated with unvested performance-based share awards is recognized on a straight-line basis over the minimum required service period of three years.

The following table summarizes performance-based RSU activity for the periods indicated below:


	2025			2024			2023
	Shares	Weighted Average Grant Date Fair Value per Share		Shares	Weighted Average Grant Date Fair Value per Share		Shares	Weighted Average Grant Date Fair Value per Share
Unvested RSU grants outstanding, beginning of year	290,442	$	18.75	258,558	$	20.38	177,350	$	19.83
Granted during the period	170,213	14.91		169,002	16.05		81,751	21.57
Forfeited during the period	(68,525)	22.38		(90,458)	17.55		(543)	19.36
Vested during the period	—	—		(46,660)	20.36		—	—
Unvested RSU grants outstanding, end of year	392,130	$	16.45	290,442	$	18.75	258,558	$	20.38

For the years ended December 31, 2025, 2024, and 2023, the Company recognized $2.1 million, $1.9 million, and $1.7 million, respectively, in stock-based compensation expense associated with performance-based RSUs. As of December 31, 2025 and December 31, 2024, the remaining unamortized stock-based compensation expense totaled $2.8 million and $2.4 million, respectively, and as of December 31, 2025, these awards are expected to be recognized over a remaining weighted average period of 1.7 years.

Alignment of Interest Program

Under the Alignment of Interest Program (the “Program”), the Company allows employees to elect to receive a portion of their annual bonus in RSUs in the first quarter of the following year, that vest from one to four years based on the terms of the grant agreement. Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award, which begins in the period the bonus relates to. The Program is deemed to be a liability-classified award (accounted for as an equity-classified award as the service date precedes the grant date and the award would otherwise be classified as equity on grant date), which will be fair-valued and accrued over the applicable service period. The total estimated fair value of the elections made for 2025 under the Program was approximately $1.2 million as of December 31, 2025. The award will be remeasured to fair value each reporting period until the unvested RSUs are granted. For the years ended December 31, 2025, 2024, and 2023, the Company recognized approximately $0.3 million, $0.3 million, and $0.1 million, respectively, of stock-based compensation expense associated with these awards. Previous awards under the Program that have been granted are included within service-based RSUs above.