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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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:

						Three Months Ended September 30,												Nine Months Ended September 30,
$ in thousands						2025						2024						2025						2024
Share-based compensation expense						$	11,656					$	8,995					$	35,759					$	23,795

Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

The assumptions used to calculate the fair value of these awards were:

Weighted average expected life						3 years
Risk-free interest rates						3.9		%
Expected volatility						80.0		%

Share-Based Payment Arrangement, Performance Shares, Activity

The following table presents a summary of PSU activity as of September 30, 2025 and the changes during the

nine months ended September 30, 2025:

In thousands, except per share data						Quantity						Weighted-Average Grant Date Fair Value Per Share
Unvested, beginning of period						128						$	16.24
Granted						524						2.89
Forfeited						(330)						5.03
Unvested, end of period						322						$	6.00

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair value of the Company’s stock option grants was estimated utilizing the following range of assumptions using the Black-Scholes Merton model:

Weighted average expected life						3 years
Risk-free interest rates						3.58% - 3.87%
Expected volatility						86.0% - 89.6%

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table presents a summary of stock option activity during the nine months ended September 30, 2025:

In thousands, except per share data						Quantity						Weighted-Average Exercise Price Per Share
Unvested, beginning of period						2,460												$	11.30
Granted						4,163												2.14
Forfeited						(141)												2.13
Unvested, end of period						6,482												$	5.62

The following table presents a summary of RSU activity during the nine months ended September 30, 2025:

In thousands, except per share data						Quantity						Weighted-Average Grant Date Fair Value Per Share
Unvested, beginning of period						2,132						$	11.54
Granted						2,114						2.58
Vested						(383)						8.04
Forfeited						(387)						3.51
Unvested, end of period						3,476						$	7.35

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- Definition

Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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-Topic 718
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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares.

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