Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)

v3.23.3
SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)
9 Months Ended
Sep. 30, 2023
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, 2023:
Restricted
Stock
Weighted-Average
 Fair Value per Share
Balance as of December 31, 2022 5,013,796  $ 20.54 
Issued 3,641,582  11.93 
Vested (598,495) 17.67 
Forfeited (147,806) 17.28 
Balance as of September 30, 2023 7,909,077  $ 16.85 
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,
2023 2022 2023 2022
Profits interests award shares $ 3,202  $ 3,875  9,135  6,331 
Restricted Stock and RSUs 7,453  5,749  21,999  17,111 
Total share-based compensation $ 10,655  $ 9,624  $ 31,134  $ 23,442 
Schedule of Unrecognized Compensation Cost
As of September 30, 2023, 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, 2023
Total Restricted Stock
and RSUs
Profits Interests
Awards
Remainder of 2023 $ 10,789  $ 7,615  $ 3,174 
2024 39,206  28,509  10,697 
2025 28,391  19,254  9,137 
2026 15,095  9,143  5,952 
2027 4,881  1,963  2,918 
2028 562  556 
Total $ 98,924  $ 66,490  $ 32,434