Equity-based compensation (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Recognized and Unrecognized Equity Based Compensation Expenses |
As of June 30, 2023, the unrecognized equity-based compensation costs related to each equity-based compensation award described above and the related weighted-average remaining expense period were as follows:
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
|
Weighted Average
Remaining Expense
Period (years) |
|
Restricted Stock |
|
$ |
5,788 |
|
|
|
1.0 |
|
IPO RSUs |
|
|
47,524 |
|
|
|
4.2 |
|
Incentive RSUs |
|
|
51,531 |
|
|
|
2.8 |
|
Reload Options |
|
|
3,602 |
|
|
|
1.6 |
|
Staking Options |
|
|
356 |
|
|
|
5.7 |
|
Incentive Options |
|
|
1,292 |
|
|
|
2.6 |
|
Restricted Common Units |
|
|
4,060 |
|
|
|
0.5 |
|
IPO RLUs |
|
|
24,669 |
|
|
|
5.4 |
|
Incentive RLUs |
|
|
15,200 |
|
|
|
2.4 |
|
Reload Class C Incentive Units |
|
|
4,298 |
|
|
|
1.7 |
|
Staking Class C Incentive Units |
|
|
14,771 |
|
|
|
4.9 |
|
Class C Incentive Units |
|
|
8,474 |
|
|
|
4.8 |
|
Total unrecognized equity-based compensation expense |
|
$ |
181,565 |
|
|
|
|
The following table includes the equity-based compensation the Company recognized by expense 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 June 30, 2023 in the same view.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized |
|
|
Unrecognized |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
As of |
|
|
|
June 30, 2023 |
|
|
June 30, 2023 |
|
|
June 30, 2023 |
|
IPO awards |
|
|
|
|
|
|
|
|
|
IPO RSUs and Staking Options |
|
$ |
4,261 |
|
|
$ |
8,945 |
|
|
$ |
47,880 |
|
IPO RLUs and Staking Class C Incentive Units |
|
|
2,978 |
|
|
|
6,128 |
|
|
|
39,440 |
|
Incremental Restricted Stock and Reload Options |
|
|
1,313 |
|
|
|
2,567 |
|
|
|
6,496 |
|
Incremental Restricted Common Units and Reload Class C Incentive Units |
|
|
1,906 |
|
|
|
4,000 |
|
|
|
7,140 |
|
Pre-IPO incentive awards |
|
|
|
|
|
|
|
|
|
Restricted Stock |
|
|
747 |
|
|
|
1,498 |
|
|
|
2,894 |
|
Restricted Common Units |
|
|
365 |
|
|
|
916 |
|
|
|
1,218 |
|
Post-IPO incentive awards |
|
|
|
|
|
|
|
|
|
Incentive RSUs |
|
|
5,023 |
|
|
|
8,659 |
|
|
|
51,531 |
|
Incentive RLUs |
|
|
1,159 |
|
|
|
2,115 |
|
|
|
15,200 |
|
Incentive Options |
|
|
125 |
|
|
|
243 |
|
|
|
1,292 |
|
Class C Incentive Units |
|
|
515 |
|
|
|
864 |
|
|
|
8,474 |
|
Other expense |
|
|
|
|
|
|
|
|
|
Director Stock Grants |
|
|
257 |
|
|
|
593 |
|
|
N/A |
|
Total equity-based compensation expense |
|
$ |
18,649 |
|
|
$ |
36,528 |
|
|
$ |
181,565 |
|
|
| Restricted Stock and Restricted Common Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023 |
|
|
|
Restricted Stock |
|
|
Weighted Average Grant Date
Fair Value |
|
|
Restricted
Common Units |
|
|
Weighted Average Grant Date
Fair Value |
|
Unvested at beginning of period |
|
|
1,984,939 |
|
|
$ |
21.15 |
|
|
|
3,238,597 |
|
|
$ |
23.84 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Vested |
|
|
(544,771 |
) |
|
|
21.15 |
|
|
|
(1,756,753 |
) |
|
|
23.84 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
1,440,168 |
|
|
$ |
21.15 |
|
|
|
1,481,844 |
|
|
$ |
23.84 |
|
|
| Restricted Stock Units (RSUs) [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023 |
|
|
|
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 |
|
|
3,771,624 |
|
|
$ |
23.00 |
|
|
|
984,439 |
|
|
$ |
34.64 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
825,571 |
|
|
|
41.01 |
|
Vested |
|
|
(17,864 |
) |
|
|
22.66 |
|
|
|
(64,577 |
) |
|
|
34.51 |
|
Forfeited |
|
|
(18,497 |
) |
|
|
22.42 |
|
|
|
(10,175 |
) |
|
|
34.39 |
|
Unvested at end of period |
|
|
3,735,263 |
|
|
$ |
23.01 |
|
|
|
1,735,258 |
|
|
$ |
37.68 |
|
|
| Restricted LLC Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023 |
|
|
|
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 |
|
|
1,515,858 |
|
|
$ |
25.06 |
|
|
|
145,527 |
|
|
$ |
34.86 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
352,073 |
|
|
|
40.90 |
|
Vested |
|
|
— |
|
|
|
— |
|
|
|
(41,064 |
) |
|
|
34.86 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
(301 |
) |
|
|
34.85 |
|
Unvested at end of period |
|
|
1,515,858 |
|
|
$ |
25.06 |
|
|
|
456,235 |
|
|
$ |
39.52 |
|
|
| Class C Incentive Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023 |
|
|
|
Reload Class C Incentive Units1 |
|
|
Staking Class C Incentive Units1 |
|
|
Class C
Incentive Units |
|
|
Class C Incentive Units Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
3,911,490 |
|
|
|
1,996,668 |
|
|
|
300,000 |
|
|
$ |
34.39 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
195,822 |
|
|
|
40.90 |
|
Vested |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,911,490 |
|
|
|
1,996,668 |
|
|
|
495,822 |
|
|
$ |
36.96 |
|
1 As the Reload and Staking Class C Incentive Units were one-time grants at the IPO, the weighted average participation threshold for any movements in these awards will perpetually be $23.50. As such, the values are not presented in the table above.
|
| Employee Stock Option |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023 |
|
|
|
Reload Options1 |
|
|
Staking Options1 |
|
|
Incentive Options |
|
|
Incentive Options
Weighted Average
Exercise Price |
|
Outstanding at beginning of period |
|
|
4,554,749 |
|
|
|
66,667 |
|
|
|
170,392 |
|
|
$ |
34.39 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
(2,110 |
) |
|
|
34.39 |
|
Outstanding at end of period |
|
|
4,554,749 |
|
|
|
66,667 |
|
|
|
168,282 |
|
|
$ |
34.39 |
|
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.
|