| Share-Based Payment Arrangement, Restricted Stock Unit, Activity |
The following represents a summary of outstanding RSUs: | | | | | | | | | | | | | | | | | | | | | | | | | Time-based RSUs | | Weighted average grant date fair value per unit | | Performance-based RSUs | | Weighted average grant date fair value per unit | | Unvested as of December 31, 2024 | 1,461,789 | | | $ | 84.78 | | | 127,946 | | | $ | 89.85 | | | Awards granted | 1,467,453 | | | 56.21 | | | 405,819 | | | 58.01 | | | Awards vested | (506,864) | | | 84.46 | | | — | | | — | | | Awards forfeited | (171,596) | | | 76.00 | | | (5,649) | | | 89.85 | | | Unvested as of June 30, 2025 | 2,250,782 | | $ | 66.89 | | | 528,116 | | $ | 65.38 | |
The following represents a summary of outstanding LTIP Units: | | | | | | | | | | | | | | | | | | | | | | | | | Time-based LTIP Units | | Weighted average grant date fair value per unit | | Performance-based LTIP Units | | Weighted average grant date fair value per unit | | Unvested as of December 31, 2024 | 1,218,732 | | | $ | 87.86 | | | 1,776,421 | | | $ | 89.85 | | | Awards granted | 149,433 | | | 56.21 | | | 466,557 | | | 59.50 | | | Awards vested | (406,238) | | | 87.86 | | | — | | | — | | | | | | | | | | | Unvested as of June 30, 2025 | 961,927 | | $ | 82.95 | | | 2,242,978 | | $ | 83.54 | |
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| Schedule of Stock-Based Compensation Expense |
The following table summarizes the Company’s stock-based compensation expense by line item in the condensed consolidated statements of operations and comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | | 2024 | | 2025 | | 2024 | | | | Cost of operations | $ | 4 | | | $ | — | | | $ | 5 | | | $ | — | | | | | General and administrative expense | 23 | | | 6 | | | 59 | | | 11 | | | | | Acquisition, transaction, and other expense | 2 | | | — | | | 5 | | | — | | | | | Total stock-based compensation expense | $ | 29 | | | $ | 6 | | | $ | 69 | | | $ | 11 | | | |
The following table summarizes the Company’s stock-based compensation expense by award type: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | | 2024 | | 2025 | | 2024 | | Restricted Stock Units: | | | | | | | | | Time-based | $ | 19 | | | $ | 1 | | | $ | 35 | | | $ | 1 | | | Performance-based | 3 | | | — | | | 5 | | | — | | | LTIP Units: | | | | | | | | | Time-based | 9 | | | — | | | 23 | | | — | | | Performance-based | (2) | | | — | | | 6 | | | — | | | | | | | | | | | BGLH Restricted Class B units | — | | | 3 | | | — | | | 6 | | | Management Profits Interests Class C units | — | | | 2 | | | — | | | 4 | | | | | | | | | | | Total stock-based compensation expense | $ | 29 | | | $ | 6 | | | $ | 69 | | | $ | 11 | |
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