Quarterly report [Sections 13 or 15(d)]

SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)

v3.25.1
SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Compensation and Profits Interest [Abstract]  
Schedule of Restricted Stock activities
The following table summarizes Restricted Stock activity for the three months ended March 31, 2025:
Restricted
Stock
Weighted-Average
 Fair Value per Share
Balance as of December 31, 2024 8,524,846  $ 15.02 
Issued 2,500,051  8.40 
Vested (1,628,738) 16.59 
Forfeited (55,576) 11.75 
Balance as of March 31, 2025 9,340,583  $ 12.99 
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 March 31,
2025 2024
Profits interests award shares $ 2,333  $ 3,158 
Restricted Stock and RSUs 8,917  8,652 
Total share-based compensation $ 11,250  $ 11,810 
Schedule of Unrecognized Compensation Cost
As of March 31, 2025, unrecognized share-based compensation on Restricted Stock, RSUs and profits interests awards is expected to be recognized as follows (in thousands):
As of March 31, 2025
Total Restricted Stock
and RSUs
Profits Interests
Awards
Remainder of 2025 $ 33,727  $ 26,631  $ 7,096 
2026 24,200  17,922  6,278 
2027 9,618  6,517  3,101 
2028 2,028  1,391  637 
2029 — 
Total $ 69,576  $ 52,464  $ 17,112