Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)

v3.24.3
SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Compensation and Profits Interest [Abstract]  
Schedule of Restricted Stock activities
The following table summarizes Restricted Stock activity for the nine months ended September 30, 2024:
Restricted
Stock
Weighted-Average
 Fair Value per Share
Balance as of December 31, 2023 7,556,376  $ 16.99 
Issued 2,667,041  9.60 
Vested (1,290,619) 17.02 
Forfeited (344,914) 14.53 
Balance as of September 30, 2024 8,587,884  $ 14.79 
Schedule of Assumptions Used In Monte Carlo Simulation Valuation The following assumptions were used in the Monte Carlo simulation valuation:
Weighted Average
Risk free rate 3.6  %
Volatility 40.0  %
Expected cost of equity 16.8  %
Discount rate 17.1  %
Schedule of Share Based Compensation Expense
The following table summarizes our share-based compensation expense associated with our profits interests awards, Restricted Stock, and RSUs, which is recorded in employee compensation and benefits on the condensed consolidated statements of operations and comprehensive income (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Profits interests award shares $ 2,728  $ 3,202  $ 8,607  $ 9,135 
Restricted Stock and RSUs 7,896  7,453  26,559  21,999 
Total share-based compensation $ 10,624  $ 10,655  $ 35,166  $ 31,134 
Schedule of Unrecognized Compensation Cost
As of September 30, 2024, unrecognized share-based compensation on Restricted Stock, RSUs and profits interests awards is expected to be recognized as follows (in thousands):
As of September 30, 2024
Total Restricted Stock
and RSUs
Profits Interests
Awards
Remainder of 2024 $ 12,066  $ 9,477  $ 2,589 
2025 34,317  24,883  9,434 
2026 18,621  12,343  6,278 
2027 6,740  3,639  3,101 
2028 841  204  637 
Total $ 72,585  $ 50,546  $ 22,039