Equity Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Nonvested Stock Units Activity |
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Nine Months Ended September 30, 2024 |
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Weighted Average
Grant Date
Fair Value
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Weighted Average
Grant Date
Fair Value
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Unvested at beginning of period |
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Unvested at end of period |
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Nine Months Ended September 30, 2024 |
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Weighted Average
Grant Date
Fair Value
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Weighted Average
Grant Date
Fair Value
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Unvested at beginning of period |
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Unvested at end of period |
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Nine Months Ended September 30, 2024 |
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Weighted Average
Grant Date
Fair Value
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Weighted Average
Grant Date
Fair Value
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Unvested at beginning of period |
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Unvested at end of period |
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Nine Months Ended September 30, 2024 |
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Weighted Average
Grant Date
Fair Value
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Weighted Average
Grant Date
Fair Value
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Unvested at beginning of period |
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Unvested at end of period |
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| Stock Options Outstanding |
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Nine Months Ended September 30, 2024 |
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Incentive Options
Weighted Average
Exercise Price
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Outstanding at beginning of period |
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Outstanding at end of period |
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1As 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.
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Nine Months Ended September 30, 2024 |
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Reload Class C
Incentive Units
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Staking Class C
Incentive Units
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Class C Incentive
Units Weighted
Average
Participation
Threshold
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Unvested at beginning of period |
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Unvested at end of period |
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| Incentive Options, Valuation Assumptions |
The fair value of Incentive Options granted during the nine months ended September 30, 2024, was determined using the Black-Scholes option pricing model with the following assumptions:
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| Performance-Based Awards, Valuation Assumptions |
The fair value of the performance-based awards granted during the nine months ended September 30, 2024, was determined using the Monte Carlo simulation valuation model with the following assumptions:
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| Recognized and Unrecognized Equity-Based Compensation Costs |
As of September 30, 2024, the unrecognized equity-based compensation costs related to each type of equity-based compensation award described above and the related weighted-average remaining expense period were as follows:
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Weighted Average
Remaining Expense
Period (Years)
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Reload Class C Incentive Units |
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Staking Class C Incentive Units |
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Total unrecognized equity-based compensation expense |
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The following table includes the equity-based compensation the Company recognized by award type from the view of
expense related to pre-IPO and post-IPO awards. The table also presents the unrecognized equity-based compensation
expense as of September 30, 2024, in the same view.
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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IPO RSUs and Staking Options |
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IPO RLUs and Staking Class C
Incentive Units
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Incremental Restricted Stock and
Reload Options
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Incremental Restricted Common
Units and Reload Class C
Incentive Units
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Post-IPO incentive awards |
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Total equity-based compensation
expense
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| 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, 2024, were as follows:
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Aggregate intrinsic value ($ in thousands) |
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Reload Options outstanding |
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Reload Options exercisable |
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Staking Options outstanding |
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Staking Options exercisable |
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Incentive Options outstanding |
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Incentive Options exercisable |
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Weighted-average remaining contractual term (in years) |
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Reload Options outstanding |
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Reload Options exercisable |
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Staking Options outstanding |
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Staking Options exercisable |
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Incentive Options outstanding |
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Incentive Options exercisable |
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