v3.26.3
Equity-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Nonvested Stock Units Activity
Nine Months Ended September 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
—
—
2,793,410
39.66
Vested
(498,732)
22.89
(594,627)
41.15
Forfeited
(28,960)
23.20
(86,348)
46.75
Unvested at end of period
1,519,269
$23.34
4,665,876
$44.72
Nine Months Ended September 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
(154,598)
25.05
(84,527)
40.39
Forfeited
(97,111)
25.11
—
—
Unvested at end of period
887,237
$25.11
554,121
$45.55
Nine Months Ended September 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
(26,797)
27.53
(25,310)
24.40
Unvested at end of period
1,586,123
$27.74
461,908
$24.40
Summary of Stock Options Outstanding
Nine Months Ended September 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
—
—
2,071,654
31.58
Exercised
(390,244)
(13,332)
(2,835)
34.39
Forfeited or expired
(40,613)
—
(24,899)
49.81
Outstanding at end of period
2,962,469
53,335
2,315,167
$32.87
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.
Nine Months Ended September 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
(457,832)
(271,667)
(84,165)
36.94
Forfeited
—
(70,000)
—
—
Unvested at end of period
—
991,669
366,657
$36.63
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The fair values of Incentive Options granted during the nine months ended September 30, 2026, were determined using the
Black-Scholes option pricing model with the following assumptions:
Incentive Options
Volatility
32.5% - 35.0%
Time to maturity (years)
7.0
Risk-free rate
4.2% - 4.4%
Dividend yield
1.2% - 1.8%
Fair value per option
$10.82 - $16.45
Summary of Aggregate Intrinsic Values and Weighted Average Remaining Contractual Terms of Stock Options Outstanding and Exercisable The aggregate intrinsic values and weighted-average remaining contractual terms of Stock Options
outstanding and exercisable as of September 30, 2026, were as follows:
Aggregate intrinsic value ($ in thousands):
Reload Options outstanding and exercisable
$39,993
Staking Options outstanding
720
Staking Options exercisable
90
Incentive Options outstanding
13,418
Incentive Options exercisable
195
Weighted-average remaining contractual term (in years):
Reload Options outstanding and exercisable
4.7
Staking Options outstanding
3.9
Staking Options exercisable
0.8
Incentive Options outstanding
9.1
Incentive Options exercisable
4.2
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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
IPO awards
IPO RSUs and Staking Options
$1,082
$1,706
$4,217
$6,787
IPO RLUs and Staking Class C Incentive Units
(996)
1,633
1,596
5,583
Incremental Restricted Stock and Reload Options
22
246
182
1,046
Incremental Restricted Common Units and Reload
Class C Incentive Units
15
172
148
718
Pre-IPO incentive awards
Restricted Stock
—
114
—
436
Restricted Common Units
—
36
—
133
Post-IPO incentive awards
Incentive RSUs
17,809
8,266
41,270
25,033
Incentive RLUs
1,604
1,884
5,034
5,760
Incentive Options
1,989
44
2,813
2,002
Class C Incentive Units
324
450
1,084
1,404
PSUs
(9,221)
(646)
(5,778)
2,792
PLUs
—
(3,276)
—
(2,058)
Other expense
Director Stock Grants
600
561
1,402
1,352
Total equity-based compensation expense
$13,228
$11,190
$51,968
$50,988
As of September 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
$13,085
3.8
Incentive RSUs
131,481
3.2
Incentive Options
22,374
3.5
PSUs
377
3.5
IPO RLUs
8,661
3.8
Incentive RLUs
6,601
2.0
Staking Class C Incentive Units
2,394
3.9
Class C Incentive Units
2,425
2.6
Total unrecognized equity-based compensation expense
$187,398