v3.25.4
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option
The table below summarizes Class A Shares and Class C Shares activity for the year ended December 31, 2025:
Number of Shares
Weighted Avg Grant-Date Fair Market Value Per Unit
Outstanding and unvested units as of December 31, 2024
5,399,730 $28.89 
Vested
2,359,102 31.18 
Outstanding and unvested units as of December 31, 2025
3,040,628 $28.58 
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options Than Options, Grants in Period, Grant Date Intrinsic Value
The table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of vested Class A Shares for the years ended December 31, 2025 and 2024. No vesting or forfeitures occurred for Class C Shares during 2025 or 2024.
Year Ended December 31,
20252024
(In thousands)
Aggregate intrinsic value of vested Class A Shares
$134,139 $1,756 
Grant-date fair value of vested Class A Shares
$73,545 $1,346 
Schedule of Nonvested Restricted Stock Shares Activity
The table below summarizes RSUs activity for the year ended December 31, 2025:
Number of Shares
Weighted Avg Grant-Date Fair Market Value Per Unit
Outstanding and unvested units as of December 31, 2024
698,595 $33.11 
Granted604,518 49.08 
Vested347,250 45.49 
Forfeited24,356 41.62 
Outstanding and unvested units as of December 31, 2025(1)
931,507 $40.98 
(1)The weighted average grant-date fair market value per unit of outstanding and unvested shares at December 31, 2025 includes modifications made during 2025.
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of vested RSUs for the years ended December 31, 2025 and 2024.
Year Ended December 31,
20252024
(In thousands)
Aggregate intrinsic value of vested RSUs
$17,091 $21,104 
Grant-date fair value of vested RSUs
$15,796 $20,667 
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity
The table below summarizes PSU activities for the year ended December 31, 2025:
Number of Shares
Weighted Avg Grant-Date Fair Market Value Per Unit
Outstanding and unvested units as of December 31, 2024
198,703 $36.76 
Granted
148,794 40.66 
Outstanding and unvested units as of December 31, 2025(1)
347,497 $41.41 
(1)The weighted average grant-date fair market value per unit of outstanding and unvested shares at December 31, 2025 includes modifications made during 2025
Schedule of Share-Based Payment Award, Other Than Options, Valuation Assumptions
The table below presents a summary of the grant-date fair value assumptions used to value the PSUs on the grant date:
March 2025
Grant-date fair value per unit$42.10
Beginning average price
$55.95
Risk-free interest rate3.93%
Volatility factor33%
Expected term
2.82 years