v3.25.3
STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Performance-based Non-qualified Stock Options Activity
The table below summarizes the PBNQSO activity for the nine months ended September 30, 2025:
Number of Options
Weighted-Average
Exercise/ Conversion
Price
Weighted-Average
Remaining Contractual
Life (years)
Aggregate
Intrinsic Value
(in thousands)
Outstanding at December 31, 2024
15,434,171$8.44 
Granted3,010,500$11.76 
Exercised(2,055,834)$9.61 
Forfeited(777,000)$7.71 
Cancelled/Expired(38,647)$10.00 
Outstanding at September 30, 2025
15,573,190$8.96 7.63$209,108 
Options vested and exercisable3,790,023$9.09 6.72$50,407 
Summary of Stock Option Valuation Assumptions
The assumptions used to fair value the PBNQSO granted during the nine months ended September 30, 2025 using the Monte Carlo model were as follows:
September 30, 2025
Dividend yield— %
Risk-free interest rate
4.21% to 4.57%
Expected volatility
49.00% to 50.00%
Expected term (years)10.00
Suboptimal exercise multiple2.50
Weighted average exercise price of options granted$11.76 
Weighted average fair value of options granted$5.38