The Sitio Royalties Corp. Long Term Incentive Plan (the "Plan") is administered by the Compensation Committee of the Board (the “Compensation Committee”). As of June 30, 2025, a total of 5,053,561 shares of Class A Common Stock remain available for future grant under the Plan.

Share-based compensation expense is included in general and administrative expense in the accompanying unaudited condensed consolidated statements of operations. The following table summarizes the share-based compensation expense recorded for each type of award for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
RSUs	$	2,170	$	1,565	$	4,292	$	2,893
PSUs	4,115		3,375		7,733		5,912
DSUs	616		614		1,219		1,205
Sitio OpCo Restricted Stock Awards	561		561		1,117		1,122
RSUs Converted in the Brigham Merger	—		62		53		123
PSUs Converted in the Brigham Merger	—		26		22		52
Total	$	7,462	$	6,203	$	14,436	$	11,307

The following table summarizes activity related to unvested restricted stock units ("RSUs") for the six months ended June 30, 2025.


	Restricted Stock Units
	Number of Shares	Grant Date Fair Value
Total awarded and unvested at January 1, 2025	653,542	$	22.34
Granted	225,331	19.92
Forfeited	—	—
Vested	(208,320)	23.61
Total awarded and unvested at June 30, 2025	670,553	$	21.08

As of June 30, 2025, there was approximately $11.5 million of unamortized equity-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of approximately 1.5 years.

The following table summarizes activity related to unvested deferred share units ("DSUs") for the six months ended June 30, 2025.


	Deferred Share Units
	Number of Shares	Grant Date Fair Value
Total awarded and unvested at January 1, 2025	50,720	$	24.12
Granted	129,728	18.82
Forfeited	—	—
Vested	(50,720)	24.12
Total awarded and unvested at June 30, 2025	129,728	$	18.82

As of June 30, 2025, there was approximately $2.1 million of unamortized equity-based compensation expense related to unvested DSUs, which is expected to be recognized over a weighted average period of 0.9 years.

The following table summarizes the assumptions used to determine the fair values of the performance stock units ("PSUs"):


Grant Year	Average Expected Volatility	Risk-Free Interest Rate	Expected Dividend Yield
2024	38.38% - 41.09%	4.23% - 4.48%	0.00%
2025	37.10%	3.95%	0.00%

The following table summarizes activity related to unvested PSUs for the six months ended June 30, 2025.


	Performance Stock Units
	Number of Shares	Grant Date Fair Value
Total awarded and unvested at January 1, 2025	1,405,463	$	28.20
Granted	632,691	21.18
Forfeited	(16,647)	25.13
Vested	(167,965)	39.11
Cancelled (unearned)	(132,948)	39.11
Total awarded and unvested at June 30, 2025	1,720,594	23.74

As of June 30, 2025, there was approximately $22.8 million of unamortized equity-based compensation expense related to unvested PSUs, which is expected to be recognized over a weighted average period of 2.1 years.

The following table summarizes activity related to unvested Sitio OpCo restricted stock awards ("RSAs") for the six months ended June 30, 2025.


	Sitio OpCo Restricted Stock Awards
	Number of Shares	Grant Date Fair Value
Total awarded and unvested at January 1, 2025	154,763	$	29.12
Granted	—	—
Forfeited	—	—
Vested	(77,382)	29.12
Total awarded and unvested at June 30, 2025	77,381	$	29.12

As of June 30, 2025, there was approximately $2.1 million of unamortized equity-based compensation expense related to the unvested Sitio OpCo RSAs, which is expected to be recognized over a weighted average period of approximately 0.9 years.