v3.26.1
Equity-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Nonvested Stock Units Activity
Six Months Ended June 30, 2026
IPO RSUs
Incentive RSUs
Restricted
Stock Units
Weighted Average
Grant Date
Fair Value
Restricted
Stock Units
Weighted Average
Grant Date
Fair Value
Unvested at beginning of period
2,046,961
$23.22
2,553,441
$49.49
Granted
—
—
2,506,554
39.66
Vested
(21,668)
23.25
(407,560)
42.75
Forfeited
(15,624)
23.09
(37,040)
48.39
Unvested at end of period
2,009,669
$23.23
4,615,395
$44.76
Six Months Ended June 30, 2026
IPO RLUs
Incentive RLUs
Restricted
LLC Units
Weighted Average
Grant Date
Fair Value
Restricted
LLC Units
Weighted Average
Grant Date
Fair Value
Unvested at beginning of period
1,138,946
$25.10
638,648
$44.89
Granted
—
—
—
—
Vested
—
—
(84,527)
40.39
Forfeited
—
—
—
—
Unvested at end of period
1,138,946
$25.10
554,121
$45.55
Six Months Ended June 30, 2026
PSUs
PLUs
Performance
Stock Units
Weighted Average
Grant Date
Fair Value
Performance
LLC Units
Weighted Average
Grant Date
Fair Value
Unvested at beginning of period
1,612,920
$27.73
487,218
$24.40
Granted
—
—
—
—
Vested
—
—
—
—
Forfeited
(22,743)
27.53
—
—
Unvested at end of period
1,590,177
$27.74
487,218
$24.40
Summary of Stock Options Outstanding
Six Months Ended June 30, 2026
Reload
Options1
Staking
Options1
Incentive
Options
Incentive Options
Weighted Average
Exercise Price
Outstanding at beginning of period
3,393,326
66,667
271,247
$44.34
Granted
—
—
1,787,446
29.66
Exercised
(137,174)
(13,332)
(2,553)
34.39
Forfeited or expired
(34,932)
—
(1,215)
34.39
Outstanding at end of period
3,221,220
53,335
2,054,925
$31.59
1 As the Reload and Staking Options were one-time grants at the IPO, the weighted-average exercise price for any
movements in these awards will perpetually be $23.50. As such, the values are not presented in the table above.
Six Months Ended June 30, 2026
Reload Class C
Incentive Units
Staking Class C
Incentive Units
Class C
Incentive Units
Class C Incentive
Units Weighted
Average
Participation
Threshold
Unvested at beginning of period
457,832
1,333,336
450,822
$36.86
Granted
—
—
—
—
Vested
—
—
(84,165)
36.94
Forfeited
—
—
—
—
Unvested at end of period
457,832
1,333,336
366,657
$36.69
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The fair value of Incentive Options granted during the six months ended June 30, 2026, was determined using the Black-
Scholes option pricing model with the following assumptions:
Incentive Options
Volatility
35.0%
Time to maturity (years)
7.0
Risk-free rate
4.2%
Dividend yield
1.8%
Fair value per option
$10.82
Summary of Aggregate Intrinsic Values and Weighted Average Remaining Contractual Terms of Stock Options Outstanding and Exercisable The aggregate intrinsic values and weighted-average remaining contractual terms of Stock
Options outstanding and exercisable as of June 30, 2026, were as follows:
Aggregate intrinsic value ($ in thousands):
Reload Options outstanding
$45,935
Reload Options exercisable
30,234
Staking Options outstanding
761
Staking Options exercisable
—
Incentive Options outstanding
14,874
Incentive Options exercisable
255
Weighted-average remaining contractual term (in years):
Reload Options outstanding
4.9
Reload Options exercisable
4.9
Staking Options outstanding
4.2
Staking Options exercisable
—
Incentive Options outstanding
9.1
Incentive Options exercisable
3.8
Summary of Recognized and Unrecognized Equity-Based Compensation Costs The following table includes the equity-based compensation the Company recognized by award type:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
IPO awards
IPO RSUs and Staking Options
$1,517
$2,415
$3,135
$5,081
IPO RLUs and Staking Class C Incentive Units
1,303
1,986
2,592
3,950
Incremental Restricted Stock and Reload Options
91
398
160
800
Incremental Restricted Common Units and Reload
Class C Incentive Units
67
275
133
546
Pre-IPO incentive awards
Restricted Stock
—
158
—
322
Restricted Common Units
—
49
—
97
Post-IPO incentive awards
Incentive RSUs
13,848
7,933
23,461
16,767
Incentive RLUs
1,587
1,863
3,430
3,876
Incentive Options
769
1,145
824
1,958
Class C Incentive Units
320
445
760
954
PSUs
1,687
2,355
3,443
3,438
PLUs
—
612
—
1,218
Other expense
Director Stock Grants
200
291
802
791
Total equity-based compensation expense
$21,389
$19,925
$38,740
$39,798
As of June 30, 2026, the unrecognized equity-based compensation expense and the related weighted-average remaining
expense period, as applicable, related to the types of equity-based compensation awards described above were as follows:
Amount
Weighted Average
Remaining Expense
Period (Years)
IPO RSUs
$14,477
4.0
Incentive RSUs
140,194
3.3
Reload Options
22
0.1
Incentive Options
18,657
4.0
PSUs
26,691
3.8
IPO RLUs
10,448
4.0
Incentive RLUs
8,205
2.0
Reload Class C Incentive Units
15
0.1
Staking Class C Incentive Units
2,963
4.0
Class C Incentive Units
2,749
2.8
Total unrecognized equity-based compensation expense
$224,421