Insider Trading Arrangements |
3 Months Ended |
|---|---|
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Jun. 30, 2026
shares
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| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Mark S. Katz [Member] | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | During the quarter ended June 30, 2026, Mark S. Katz, Executive Vice President, General Counsel and Corporate Secretary, terminated, on June 3, 2026, a “Rule 10b5-1 trading arrangement” (as such term is defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). No sales of the Company’s Class A common stock occurred under the plan prior to its termination. Prior to its termination, the plan had provided for the sale of (i) up to 5,500 shares of the Company’s Class A common stock issuable upon conversion of LLC Common Units and (ii) a number of shares of Class A common stock issuable upon conversion of up to 70,000 Class C Incentive Units of New LLC (the “Class C Units”), between the first potential sale date of June 4, 2026, and the expiration of the 10b5-1 Plan on June 1, 2027. The Class C Units are profits interests with a participation threshold, as of March 31, 2026, of $23.08. Pursuant to the terms of the award agreement for the Class C Units, the participation threshold is adjusted downward for distributions that the LLC makes to the Company. When the value of the Class A common stock exceeds the participation threshold of the Class C Units, the vested profits interests may be exchanged for LLC Common Units of equal value where the value of each Class C Unit is equal to the difference between the 20-day volume weighted average price of the Class A common stock immediately preceding the date of exchange and the participation threshold. On exchange, the LLC Common Units are immediately redeemed on a one-for- one basis for Class A common stock of the Company. For more information regarding Class C Incentive Units of New LLC and applicable participation threshold information, see “Note 9, Equity-Based Compensation” of the unaudited quarterly consolidated financial statements included herein.
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| Name | Mark S. Katz |
| Title | Executive Vice President, General Counsel and Corporate Secretary |
| Rule 10b5-1 Arrangement Terminated | true |
| Termination Date | June 3, 2026 |
| Mark S. Katz Trading Arrangement, Upon Conversion Of LLC Common Units [Member] | Mark S. Katz [Member] | |
| Trading Arrangements, by Individual | |
| Aggregate Available | 5,500 |