Options

During the quarter ended March 31, 2025, the Company granted 50,000 Time-Based Stock Options at a strike price of $36.25. These Time-Based Stock Options will vest on December 31, 2028. During the quarter ended March 31, 2024, the Company granted 550,000 Time-Based Stock Options at an average strike price of $30.73. Of this amount, 200,000 Time-Based Stock Options vested in four equal tranches of 25% on the first business day of each quarter in 2024. Of the remaining 350,000 Time-Based Stock Options, one-third vested on March 6, 2025, one-third will vest on March 6, 2026, and one-third will vest on March 6, 2027. No unvested stock options were forfeited during the quarters ended March 31, 2025 or 2024.

Advisory Fee related to Internal Reorganization

See Note 7 and 8 for additional information regarding the 550,000 class A common shares designated as class A-2 common shares.

Restricted Shares / Restricted Stock Units

There were no restricted class A common shares or restricted stock units granted to key employees during the quarters ended March 31, 2025 and 2024. There were no restricted class A common shares or restricted stock units forfeited during the quarters ended March 31, 2025 and 2024.

There were no restricted stock units that vested during the quarter ended March 31, 2025. There were 13,889 restricted stock units that vested during the quarter ended March 31, 2024. Upon vesting, the restricted stock units converted to restricted class A common shares.

During the quarters ended March 31, 2025 and 2024, the Company granted 16,489 and 25,445 class A common shares, respectively, at a weighted average grant date value of $35.09 and $29.88 per share, respectively, to non-employee directors of the Company under the Plan. All shares granted to non-employee directors of the Company are fully vested but are subject to certain restrictions.