Options

During the six months ended June 30, 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 six months ended June 30, 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 stock options were granted during the quarters ended June 30, 2025 or 2024. No unvested stock options were forfeited during the quarters and six months ended June 30, 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 issued to Fox Paine & Company, LLC.

Restricted Shares / Restricted Stock Units

There were no restricted class A common shares or restricted stock units granted to key employees during the quarters and six months ended June 30, 2025 and 2024. There were no restricted class A common shares or restricted stock units forfeited during the quarters and six months ended June 30, 2025 and 2024.

There were no restricted stock units that vested during the quarter and six months ended June 30, 2025. There were 51,293 and 65,182 restricted stock units that vested during the quarter and six months ended June 30, 2024, respectively. Upon vesting, the restricted stock units converted to restricted class A common shares.

During the quarters ended June 30, 2025 and 2024, the Company granted 21,640 and 25,145 class A common shares, respectively, at a weighted average grant date value of $29.73 and $31.23 per share, respectively, to non-employee directors of the Company under the Plan. During the six months ended June 30, 2025 and 2024, the Company granted 38,129 and 50,590 class A common shares, respectively, at a weighted average grant date value of $32.05 and $30.55 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.