Equity-based compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Recognized and Unrecognized Equity Based Compensation Expenses |
As of September 30, 2023, 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:
|
|
|
|
|
|
|
|
|
|
Amount |
|
Weighted Average
Remaining Expense
Period (years) |
|
Restricted Stock |
|
$ |
4,496 |
|
|
0.9 |
|
IPO RSUs |
|
|
43,600 |
|
|
4.0 |
|
Incentive RSUs |
|
|
48,295 |
|
|
2.7 |
|
Reload Options |
|
|
3,092 |
|
|
1.4 |
|
Staking Options |
|
|
335 |
|
|
5.6 |
|
Incentive Options |
|
|
1,165 |
|
|
2.3 |
|
Restricted Common Units |
|
|
3,034 |
|
|
0.5 |
|
IPO RLUs |
|
|
23,079 |
|
|
5.1 |
|
Incentive RLUs |
|
|
15,186 |
|
|
2.3 |
|
Reload Class C Incentive Units |
|
|
3,492 |
|
|
1.5 |
|
Staking Class C Incentive Units |
|
|
13,698 |
|
|
4.7 |
|
Class C Incentive Units |
|
|
7,953 |
|
|
4.6 |
|
Total unrecognized equity-based compensation expense |
|
$ |
167,425 |
|
|
|
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, 2023 in the same view.
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|
|
|
|
Recognized |
|
Unrecognized |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
As of |
|
|
|
September 30, 2023 |
|
September 30, 2023 |
|
September 30, 2023 |
|
IPO awards |
|
|
|
|
|
|
|
IPO RSUs and Staking Options |
|
$ |
3,654 |
|
$ |
12,599 |
|
$ |
43,935 |
|
IPO RLUs and Staking Class C Incentive Units |
|
|
2,738 |
|
|
8,866 |
|
|
36,777 |
|
Incremental Restricted Stock and Reload Options |
|
|
1,156 |
|
|
3,723 |
|
|
5,340 |
|
Incremental Restricted Common Units and Reload Class C Incentive Units |
|
|
1,779 |
|
|
5,779 |
|
|
5,616 |
|
Pre-IPO incentive awards |
|
|
|
|
|
|
|
Restricted Stock |
|
|
646 |
|
|
2,144 |
|
|
2,248 |
|
Restricted Common Units |
|
|
308 |
|
|
1,224 |
|
|
910 |
|
Post-IPO incentive awards |
|
|
|
|
|
|
|
Incentive RSUs |
|
|
5,237 |
|
|
13,896 |
|
|
48,295 |
|
Incentive RLUs |
|
|
1,214 |
|
|
3,329 |
|
|
15,186 |
|
Incentive Options |
|
|
125 |
|
|
368 |
|
|
1,165 |
|
Class C Incentive Units |
|
|
521 |
|
|
1,385 |
|
|
7,953 |
|
Other expense |
|
|
|
|
|
|
|
Director Stock Grants |
|
|
230 |
|
|
823 |
|
N/A |
|
Total equity-based compensation expense |
|
$ |
17,608 |
|
$ |
54,136 |
|
$ |
167,425 |
|
|
| Restricted Stock and Restricted Common Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 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 |
|
|
(969,178 |
) |
|
|
21.15 |
|
|
|
(1,999,365 |
) |
|
|
23.84 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
1,015,761 |
|
|
$ |
21.15 |
|
|
|
1,239,232 |
|
|
$ |
23.84 |
|
|
| Restricted Stock Units (RSUs) [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
Upon vesting, RSUs automatically convert on a one-for-one basis into Class A common stock.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 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 |
|
|
— |
|
|
|
— |
|
|
|
871,823 |
|
|
|
41.19 |
|
Vested |
|
|
(372,466 |
) |
|
|
22.43 |
|
|
|
(68,325 |
) |
|
|
34.77 |
|
Forfeited |
|
|
(31,287 |
) |
|
|
22.56 |
|
|
|
(11,628 |
) |
|
|
34.39 |
|
Unvested at end of period |
|
|
3,367,871 |
|
|
$ |
23.07 |
|
|
|
1,776,309 |
|
|
$ |
37.85 |
|
|
| Restricted LLC Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 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 |
|
|
— |
|
|
|
— |
|
|
|
379,148 |
|
|
|
41.14 |
|
Vested |
|
|
(67,731 |
) |
|
|
24.41 |
|
|
|
(42,045 |
) |
|
|
34.86 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
(301 |
) |
|
|
34.85 |
|
Unvested at end of period |
|
|
1,448,127 |
|
|
$ |
25.09 |
|
|
|
482,329 |
|
|
$ |
39.80 |
|
|
| Class C Incentive Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 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 |
|
|
— |
|
|
|
(119,999 |
) |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,911,490 |
|
|
|
1,876,669 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 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 |
|
|
(6,555 |
) |
|
|
— |
|
|
|
(2,293 |
) |
|
|
34.39 |
|
Outstanding at end of period |
|
|
4,548,194 |
|
|
|
66,667 |
|
|
|
168,099 |
|
|
$ |
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.
|