v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Non-Controlling Interests
Non-controlling interests represent the Class A Common Units of RSILP (the “RSILP Units”) held by holders other than the Company.
Non-controlling interests owned 50.18% and 56.46% of the RSILP Units outstanding as of June 30, 2026 and December 31, 2025, respectively. The table below illustrates a rollforward of the non-controlling interests’ ownership during the six months ended June 30, 2026:
Non-Controlling Interest %
Non-controlling interests ownership % as of December 31, 2025:
56.46 %
Issuance of Class A Common Stock upon RSILP Unit Exchanges(5.72)%
Issuance of Class A Common Stock and treasury stock under the equity compensation plan, net of shares withheld for employee taxes
(0.76)%
Issuance of Class A Common Stock in connection with the exercise of stock options
(0.05)%
Repurchase and retirement of Class A Common Stock0.25 %
Non-controlling interests ownership % as of June 30, 2026:
50.18 %
Non-controlling interests owned 58.31% and 60.00% of the RSILP Units outstanding as of June 30, 2025 and December 31, 2024, respectively. The table below illustrates a rollforward of the non-controlling interests’ ownership during the six months ended June 30, 2025:
Non-Controlling Interest %
Non-controlling interests ownership % as of December 31, 2024:
60.00 %
Issuance of Class A Common Stock upon RSILP Unit Exchanges(1.10)%
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes
(0.77)%
Repurchase of Class A Common Stock
0.18 %
Non-controlling interests ownership % as of June 30, 2025:
58.31 %
Stock Repurchases
Secondary Offering
On May 5, 2026, the Company and certain selling stockholders entered into an underwriting agreement with Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC, as representatives of the underwriters, in connection with the secondary public offering of the Company’s Class A Common Stock (the “Class A Common Stock”) beneficially owned by Neil Bluhm, the Company’s Executive Chairman, Richard Schwartz, the Company’s Chief Executive Officer, and Mattias Stetz, the Company’s Chief Operating Officer or their respective trusts (collectively, the “Selling Stockholders”). The Selling Stockholders exchanged certain of their RSILP Units and offered for sale 10.0 million shares of the Class A Common Stock at a price of $24.96 per share pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-252810). The Selling Stockholders also granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares of the Class A Common Stock, which the underwriters exercised in full. The Company did not receive any proceeds from the sale of shares by the selling stockholders. Following the offering, the Company was no longer considered a controlled company under applicable New York Stock Exchange rules.
In connection with the offering, the Company repurchased from the underwriters under the Stock Repurchase Program (as defined below) and immediately retired 1,153,846 shares of its Class A Common Stock at a purchase price of $24.96 per share, which was equal to the price paid by the underwriters to the selling stockholders in the offering, for an aggregate purchase price of approximately $28.8 million.
Upon the closing of this offering, the Stock Repurchase Program was replaced by a new stock repurchase program approved by the Board of Directors, pursuant to which the Company is authorized to repurchase up to an aggregate of $100 million of the Class A Common Stock through open market purchase, privately negotiated transactions or other transactions in accordance with applicable securities laws.
Treasury Stock
On October 24, 2024, the Board of Directors authorized the repurchase of an aggregate of up to $50 million of the Class A Common Stock (the “Stock Repurchase Program”) through open market purchases, privately negotiated transactions or other transactions in accordance with applicable securities laws.
During the three and six months ended June 30, 2025, the Company repurchased 234,397 and 733,019 shares, respectively, of Class A Common Stock pursuant to the Stock Repurchase Program. The aggregate purchase price was approximately $2.5 million during the three months ended June 30, 2025 and $7.6 million during the six months ended June 30, 2025, at an average price of $10.55 and $10.41, respectively. The repurchased shares were re-issued under the Company’s Equity Incentive Plan (as defined below) during the six months ended June 30, 2026. During the three and six months ended June 30, 2026, the Company repurchased 1,153,846 shares of Class A Common Stock pursuant to the Stock Repurchase Program. Class A Common Stock repurchased during the three and six months ended June 30, 2026 were immediately retired and were not held as treasury stock.
Net Share Settlement of Equity-based Awards
During the three and six months ended June 30, 2026, the Company withheld 14,449 and 1,533,732 shares, respectively, of its Class A Common Stock associated with the tax withholding obligations due from employees upon the vesting of equity-based awards, as compared to 14,640 and 1,718,906 shares for the same respective periods in 2025, The shares were withheld at an average price of $25.04 and $19.87 per share during the three and six months ended June 30, 2026, respectively, as compared to $13.11 for both respective periods in 2025. The total cost of the net shares withheld for employee taxes was approximately $0.4 million and $30.5 million during the three and six months ended June 30, 2026, respectively, as compared to $0.2 million and $22.5 million for the same respective periods in 2025, and was accounted for as a reduction in additional paid-in capital.
Tax Impact of Equity Transactions
During the three and six months ended June 30, 2026 and 2025, the tax impact of equity transactions in the condensed consolidated statement of changes in stockholders’ equity includes the tax impact of RSILP Unit exchanges completed during the period and the tax effects associated with the vesting of share-based compensation awards.