v3.26.1
Stockholders' Equity and Stock-Based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Outstanding Shares Of Common Stock
The following table details the movement in the Company’s outstanding shares of common stock during the period:
Class AClass BClass CClass DTotal
Balance at December 31, 2025115,502,689 96,933,192 18,000,000 5,056,868 235,492,749 
Issuance of common stock from equity incentive plans1,015,893 — — — 1,015,893 
Share repurchases pursuant to share repurchase programs(482,621)— — — (482,621)
Balance at March 31, 2026116,035,961 96,933,192 18,000,000 5,056,868 236,026,021 

Class AClass BClass CClass DTotal
Balance at December 31, 2024115,977,551 96,933,192 18,000,000 5,073,538 235,984,281 
Activities related to exchanges of LLC Interests7,000 — — (7,000)— 
Issuance of common stock from equity incentive plans454,830 — — — 454,830 
Balance at March 31, 2025116,439,381 96,933,192 18,000,000 5,066,538 236,439,111 
Schedule of PSUs Granted, Valuation Assumptions The grant date fair value of PSUs granted in March 2026 and 2025 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows:
March 15, 2026 PSU Grant
March 17, 2025 PSU Grant
Maturity (years)2.82.8
Annualized Volatility25.33 %25.04 %
Risk-Free Interest Rate3.67 %3.95 %
Schedule of Total Stock-based Compensation Expense
A summary of the Company’s total stock-based compensation expense is presented below:
Three Months Ended
March 31,

20262025
(dollars in thousands)
Total stock-based compensation expense$25,060 $22,187