Annual report [Section 13 and 15(d), not S-K Item 405]

SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)

v3.25.0.1
SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Compensation And Profits Interest [Abstract]  
Schedule of Restricted Stock Activities
The following table summarizes Restricted Stock activity for the year ended December 31, 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 (1,312,557) 15.44 
Forfeited (386,014) 14.61 
Balance as of December 31, 2024 8,524,846  $ 15.02 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions 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 consolidated statements of operations and comprehensive income (in thousands):
Year Ended December 31,
2024 2023 2022
Profits interests award shares $ 11,209  $ 12,363  $ 9,208 
Restricted Stock and RSUs 36,270  28,465  22,936 
Total share-based compensation $ 47,479  $ 40,828  $ 32,144 
Schedule of Unrecognized Compensation Cost
As of December 31, 2024, unrecognized share-based compensation on Restricted Stock, RSUs and profits interests awards is expected to be recognized as follows (in thousands):
As of December 31, 2024
Total Restricted Stock
and RSUs
Profits Interests
Awards
2025 $ 34,391  $ 24,959  $ 9,432 
2026 18,510  12,232  6,278 
2027 6,540  3,439  3,101 
2028 698  61  637 
Total $ 60,139  $ 40,691  $ 19,448