v3.25.4
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized
The following table presents the aggregate share-based compensation expense, net of forfeitures, for the following periods:
Year Ended December 31,
$ in thousands20252024
Share-based compensation expense$46,434 $33,666 
Schedule of Nonvested Share Activity
The following table summarizes the activity of employee equity awards granted under previous programs comprised of Class A OpCo Units and the corresponding quantity of shares of Class B Common Stock for the year ended December 31, 2025:
$ in thousandsQuantityCalculated Value
Unvested, beginning of period241,670$5.66 
Vested(241,670)5.66 
Unvested, end of period—$— 
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions
The assumptions used to calculate the fair value of the PSUs awards were:
20252024
Weighted average expected life3 years3 years
Risk-free interest rates3.9 %4.4 %
Expected volatility80.0 %68.0 %
Share-Based Payment Arrangement, Performance Shares, Activity
The following table presents a summary of PSU activity as of December 31, 2025 and the changes during the year ended December 31, 2025:
In thousands, except per share dataQuantityWeighted-Average Grant Date Fair Value Per Share
Unvested, beginning of period128$16.24 
Granted5242.89 
Forfeited(330)5.03 
Unvested, end of period322$6.00 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of the Company’s stock option grants were estimated utilizing the following assumptions and range of assumptions using the Black-Scholes Merton model for the years below:
20252024
Weighted average expected life3 years3.35 years
Risk-free interest rates
3.58% - 3.87%
4.27 %
Expected volatility
86.0% - 89.6%
80.0 %
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table presents a summary of stock option activity during the year ended December 31, 2025:
In thousands, except per share dataQuantityWeighted-Average Exercise Price Per Share
Unvested, beginning of period2,460$11.30 
Granted4,1722.14 
Forfeited(141)2.13 
Unvested, end of period6,491$5.62 
The following table presents a summary of RSU activity during the year ended December 31, 2025:
In thousands, except per share dataQuantityWeighted-Average Grant Date Fair Value Per Share
Unvested, beginning of period2,132$11.54 
Granted2,1142.58 
Vested(383)8.04 
Forfeited(387)3.51 
Unvested, end of period3,476$7.35