v3.25.1
Equity-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Incentive Plan
A summary of the activity under the 2024 Incentive Plan for the three months ended March 31, 2025 is presented below.
 
    
Number of
Units
     
Weighted
Average Per
Share Grant
Date Fair Value
  
Nonvested at December 31, 2024
      3,175,150      $ 55.74  
Granted - Phantom Units
      30,000        55.74  
Vested
      —         —   
Forfeited
      —         —   
  
 
 
     
 
 
  
Nonvested at March 31, 2025
      3,205,150      $ 55.74  
  
 
 
     
Summary of Valuation of Performance Unit Awards Granted The weighted-average assumptions used in the valuation of performance unit awards granted for the three months ended March 31, 2025, are presented in the table below:
 
    
2025
  
Dividend yield
(a)
      —  % 
Risk-free interest rate
(b)
      4.38 % 
Expected volatility
(c)
      57.50 % 
Expected term (in years)
(d)
      5.0  
Discount for lack of marketability
(e)
      30.00 % 
 
(a)
The Company has no history or expectation of paying cash dividends on its awards.
(b)
The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant.
(c)
Volatility was estimated based on the different interests being appraised, leveraging historical volatility for comparable publicly traded organizations within its industry. The Company lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies within the industry with chara
ct
eristics similar to the Company.
(d)
The expected term represents the estimated period, in years, until a liquidity event occurs.
(e)
Discount for lack of marketability was determined using the Restricted Stock Studies, Chaffee Put Option, Finnerty’s Put Option, and Qualitative Mandelbaum Factor approaches.