Insider Trading Arrangements |
3 Months Ended |
|---|---|
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Sep. 30, 2026
shares
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| Trading Arrangements, by Individual | |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | 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 September 30, 2026, Mark S. Katz, Executive Vice President, General Counsel and Corporate Secretary, adopted on August 14, 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”) to sell (i) up to 25,000 shares of the Company’s Class A common stock that are issuable upon conversion of LLC Common Units and (ii) a number of shares of Class A common stock issuable upon conversion of up to 130,000 Class C Incentive Units of New LLC (the “Class C Units”), between the first potential sale date of December 4, 2026, and the expiration of his 10b5-1 Plan on July 31, 2027. The Class C Units are profits interests with a participation threshold, as of September 30, 2026, of $22.96. 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 Adopted | true |
| Adoption Date | August 14, 2026 |
| Expiration Date | July 31, 2027 |
| Arrangement Duration | 239 days |
| Mark S. Katz Trading Arrangement, Upon Conversion Of LLC Common Units [Member] | Mark S. Katz [Member] | |
| Trading Arrangements, by Individual | |
| Aggregate Available | 25,000 |