v3.25.4
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Performance-Based Non-Qualified Stock Options Activity
The table below summarizes the PBNQSO activity:
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 
Granted3,113,000 $12.20 
Exercised(3,575,439)$9.73 
Forfeited(777,000)$7.71 
Cancelled/Expired(38,647)$10.00 
Outstanding at December 31, 2025
14,156,085 $8.98 7.6$262,578 
Options vested and exercisable5,379,959 $9.11 6.9$99,116 
Schedule of Stock Option Valuation Assumptions
The assumptions used to fair value the PBNQSO granted during the year ended December 31, 2025 using the Hull-White model were as follows:
Year Ended December 31, 2025
Dividend yield—%
Risk-free interest rate
4.06% to 4.57%
Expected volatility
49.00% to 50.00%
Expected life (years)10.00
Suboptimal exercise multiple2.5
Drift rate
4.06% to 4.57%
Weighted average exercise price of options granted$12.20 
Weighted average fair value of options granted$7.09 
Schedule of Award Valuation Assumptions
The key inputs into the Monte Carlo simulation model for the Variable Annual Advisory Amounts were as follows at December 31, 2025, 2024 and 2023:
December 31, 2025December 31, 2024December 31, 2023
Dividend yield—%—%—%
Risk-free interest rate3.80%4.43%3.84%
Expected volatility50.00%49.50%48.10%
Expected life (years)6.007.008.00
10-day volume weighted average share price$27.89 $12.85 $4.51