The Company has issued profits interests in Bridge and certain Fund Managers to certain members of management to participate in the growth of Bridge and the respective Fund Managers. A holding company was formed for each of the Fund Managers to hold these profits interests. The holding company’s ownership equates to 5% to 40% of the related Fund Managers above a certain valuation threshold. The Company issued two types of profits interests: (i) award shares and (ii)

The fair value of these awards was determined using a Monte Carlo Valuation model. Each of the awards has an earnings threshold for distributions and equity appreciation. The grant date fair value of the profits interest is expensed over the vesting period. The awards shares are subject to graded vesting with 33.3% vesting on the third, fourth and fifth anniversaries of the grant date. The Company also issued anti-dilutive awards to active partners. As the anti-dilutive awards are fully vested, the Company records 100% of the fair value as amortization expense in the year the antidilutive shares are granted, which represents $13.6 million, for the three and six months ended June 30, 202.

If the recipient leaves after the awards vest, the Company has the option to repurchase the shares at fair value. If the recipient leaves prior to vesting, the awards are forfeited. During the six months ended June 30, 2021 and 2020, the Company did not reverse any share-based compensation related to forfeitures.

At June 30, 2021, the aggregate unrecognized compensation cost for all unvested equity awards was $13.0 million, which is expected to be recognized over a weighted average period of 2.7 years. As of June 30, 2021, the unrecognized compensation cost will be recognized as follows (in thousands):