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EQUITY-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
 
Grants of Restricted Stock Units
 
The following table summarizes the activity related to the Company's restricted stock units (“RSUs”) for the for the nine months ended September 30, 2025:
Number of RSUsWeighted average grant date fair value
Balance as of December 31, 2024, unvested
3,847,636 $4.29 
Granted1,765,939 $1.56 
Vested(1,595,492)$4.73 
Forfeited(104,619)$4.22 
Balance as of September 30, 2025, unvested
3,913,464 $2.88 

Total compensation expense for RSUs was $2.3 million and $6.8 million for the three and nine months ended September 30, 2025, respectively, and $2.4 million and $7.0 million for the three and nine months ended September 30, 2024, respectively, and is included in general and administrative expenses in the unaudited condensed consolidated statements of operations.

As of September 30, 2025, total compensation cost related to unvested RSUs not yet recognized is $9.8 million and is expected to be recognized over a weighted-average period of approximately 2.0 years.