General and Administrative Expenses

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

General and Administrative Expenses

General and Administrative Expenses

Components of our general and administrative expenses for the three months ended March 31, 2026 and 2025 are presented in the following table.

Table 22.1 – Components of General and Administrative Expenses

	Three Months Ended March 31,
(In Thousands)	2026		2025
Fixed compensation expense (1)	$	22,576	$	15,989
Long-term incentive award expense (2)	8,418		5,669
Systems and consulting	5,497		3,784
Annual variable compensation expense	4,979		5,936
Accounting and legal	1,933		1,599
Corporate costs	1,755		738
Office costs	1,659		1,979
Other	2,541		1,777
Total General and Administrative Expenses	$	49,358	$	37,471

(1)Includes $5 million of severance and transition-related expenses for the three months ended March 31, 2026.

(2)For the three months ended March 31, 2026 and 2025, long-term incentive award expense included $8 million and $6 million of expense, respectively, with $6 million and $5 million awards settleable in shares of our common stock, and $2 million and $1 million awards settleable in cash. For the three months ended March 31, 2026, includes $2 million of organizational realignment costs.

For additional information related to cash-settled long-term incentive awards, see Note 15 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.