Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)

v3.24.0.1
SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Compensation And Profits Interest [Abstract]  
Summary of Restricted Stock Activities
The following table summarizes Restricted Stock activity for the year ended December 31, 2023:
Restricted
Stock
Weighted-Average
 Fair Value per Share
Balance as of December 31, 2022 5,013,796  $ 20.54 
Issued 3,643,474  11.93 
Vested (699,789) 17.43 
Forfeited (401,105) 14.64 
Balance as of December 31, 2023 7,556,376  $ 16.99 
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  %
Summary 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 and combined statements of operations and comprehensive income (in thousands):
Year Ended December 31,
2023 2022 2021
Antidilutive profits interests awards $ —  $ —  $ 13,609 
Profits interests award shares 12,363  9,208  3,785 
Restricted Stock and RSUs 28,465  22,936  4,114 
Total share-based compensation $ 40,828  $ 32,144  $ 21,508 
Summary of Unrecognized Compensation Cost
As of December 31, 2023, 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, 2023
Total Restricted Stock
and RSUs
Profits Interests
Awards
2024 38,418  27,774  10,644 
2025 27,825  18,709  9,116 
2026 14,821  8,869  5,952 
2027 4,804  1,886  2,918 
2028 562  556 
Total $ 86,430  $ 57,244  $ 29,186