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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Option Activity

The summary of stock option activity for the year ended December 31, 2025 is presented below:

			Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value
WRL Omnibus Plan
Outstanding as of January 1, 2025			6,700						$	68.25
Granted			16,241						$	81.55
Exercised			(6,700)						$	68.25
Outstanding as of December 31, 2025			16,241						$	81.55					4.3						$	629,826
Fully vested and expected to vest as of December 31, 2025			16,241						$	81.55					4.3						$	629,826
Exercisable as of December 31, 2025			—
WML Share Option Plan
Outstanding as of January 1, 2025			41,559,400						$	1.40
Granted			4,856,000						$	0.84
Forfeited or expired			(1,014,400)						$	1.99
Outstanding as of December 31, 2025			45,401,000						$	1.32					6.1						$	807,371
Fully vested and expected to vest as of December 31, 2025			45,401,000						$	1.32					6.1						$	807,371
Exercisable as of December 31, 2025			29,821,800						$	1.61					4.8						$	463,932

The following is provided for stock options under the Company's stock-based compensation plans (in thousands, except weighted average grant date fair value):

			Year Ended December 31,
			2025						2024						2023
WRL Omnibus Plan(1)
Weighted average grant date fair value			$	23.09					$	—					$	—
Intrinsic value of stock options exercised			$	306					$	832					$	1,475
Cash received from the exercise of stock options			$	457					$	1,017					$	1,965
WML Share Option Plan(2)
Weighted average grant date fair value			$	0.26					$	0.25					$	0.25

(1)As of December 31, 2025, there was $0.1 million in unamortized compensation expense related to stock options.

(2)As of December 31, 2025, there was $3.8 million of unamortized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 3.46 years.

Valuation Assumptions

The fair value of stock options granted under the WRL Omnibus Plan was estimated on the date of grant using the following weighted average assumption:

			Year Ended December 31,
			2025						2024						2023
Expected dividend yield			1.2		%				—		%				—		%
Expected volatility			39.3		%				—		%				—		%
Risk-free interest rate			3.7		%				—		%				—		%
Expected term (years)			3.0						—						—

The fair value of stock options granted under WML's Share Option Plan was estimated on the date of grant using the following weighted average assumptions:

			Year Ended December 31,
			2025						2024						2023
Expected dividend yield			5.4		%				5.4		%				5.7		%
Expected volatility			51.9		%				54.2		%				53.8		%
Risk-free interest rate			2.6		%				3.1		%				3.6		%
Expected term (years)			6.5						6.5						6.5

The fair value of PSUs granted under the WRL Omnibus Plan was estimated on the date of grant using the following weighted average assumptions:

			Year Ended December 31,
			2025						2024
Expected volatility			40		%				45		%
Risk-free interest rate			4.3		%				4.1		%

Nonvested and Performance Nonvested Share Activity

The summary of nonvested and performance nonvested share activity under the Company's stock-based compensation plans for the year ended December 31, 2025 is presented below:

			Shares						Weighted Average Grant Date Fair Value
WRL Omnibus Plan
Nonvested as of January 1, 2025			1,018,971						$	95.52
Granted			1,248,597						$	83.53
Vested			(707,772)						$	112.43
Forfeited			(47,110)						$	86.68
Nonvested as of December 31, 2025			1,512,685						$	88.49
WML Share Award Plan
Nonvested as of January 1, 2025			24,522,449						$	0.89
Granted			9,913,368						$	0.74
Vested			(9,267,546)						$	0.82
Forfeited			(1,460,940)						$	0.87
Nonvested as of December 31, 2025			23,707,331						$	0.86

Schedule of Stock-Based Compensation Plans

The following is provided for the share awards under the Company's stock-based compensation plans (in thousands, except weighted average grant date fair value):

			Year Ended December 31,
			2025						2024						2023
WRL Omnibus Plan
Weighted average grant date fair value			$	83.53					$	93.12					$	94.13
Fair value of shares vested			$	55,636					$	49,544					$	56,689
WML Share Award Plan
Weighted average grant date fair value			$	0.74					$	0.90					$	1.08
Fair value of shares vested			$	6,736					$	4,422					$	3,941

Schedule of Performance Shares Activity

The summary of PSU activity during the year ended December 31, 2025 is provided below:

			Units (at target)						Weighted Average Grant Date Fair Value
Nonvested as of January 1, 2025			50,795						$	115.94
Granted			33,283						$	71.70
Vested			—						$	—
Forfeited			—						$	—
Nonvested as of December 31, 2025			84,078						$	98.43

Share-Based Compensation Allocated Costs

The total compensation cost for stock-based compensation plans was recorded as follows (in thousands):

			Year Ended December 31,
			2025						2024						2023
Casino			$	10,778					$	3,065					$	2,163
Rooms			6,663						1,028						800
Food and beverage			17,689						2,197						1,636
Entertainment, retail and other			2,362						1,108						8,230
General and administrative			54,435						51,631						51,686
Total stock-based compensation expense			91,927						59,029						64,515
Total stock-based compensation capitalized			5,589						5,242						5,268
Total stock-based compensation costs			$	97,516					$	64,271					$	69,783

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