v3.25.1
Stockholders' Equity and Stock-Based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Outstanding Shares Of Common Stock
The following table details the movement in the Company’s outstanding shares of common stock during the period:
Class AClass BClass CClass DTotal
Balance at December 31, 2024115,977,551 96,933,192 18,000,000 5,073,538 235,984,281 
Activities related to exchanges of LLC Interests7,000 — — (7,000)— 
Issuance of common stock from equity incentive plans454,830 — — — 454,830 
Balance at March 31, 2025116,439,381 96,933,192 18,000,000 5,066,538 236,439,111 

Class AClass BClass CClass DTotal
Balance at December 31, 2023115,090,787 96,933,192 18,000,000 5,077,973 235,101,952 
Issuance of common stock from equity incentive plans699,840 — — — 699,840 
Issuance of common stock for business acquisition (1)
374,601 — — — 374,601 
Balance at March 31, 2024116,165,228 96,933,192 18,000,000 5,077,973 236,176,393 
(1)On January 19, 2024, the Corporation issued 374,601 unregistered shares of Class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 acquisition date of the r8fin Acquisition.
Schedule of PSUs Granted, Valuation Assumptions The grant date fair value of PSUs granted in March 2025 and 2024 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows:
March 17, 2025 PSU Grant
March 15, 2024 PSU Grant
Maturity (years)2.82.8
Annualized Volatility25.04 %26.63 %
Risk-Free Interest Rate3.95 %4.44 %
Schedule of Total Stock-based Compensation Expense
A summary of the Company’s total stock-based compensation expense is presented below:
Three Months Ended
March 31,

20252024
(dollars in thousands)
Total stock-based compensation expense$22,187 $16,402