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Stockholders' Equity and Stock-Based Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Outstanding Shares Of Common Stock
The following table details the movement in the Company’s outstanding shares of common stock during the period:
Class AClass BClass CClass DTotal
Balance at December 31, 2023115,090,787 96,933,192 18,000,000 5,077,973 235,101,952 
Issuance of common stock from equity incentive plans699,840 — — — 699,840 
Issuance of common stock for business acquisition (1)
374,601 — — — 374,601 
Balance at March 31, 2024116,165,228 96,933,192 18,000,000 5,077,973 236,176,393 
Activities related to exchanges of LLC Interests1,000 — — (1,000)— 
Issuance of common stock from equity incentive plans116,377 — — — 116,377 
Balance at June 30, 2024116,282,605 96,933,192 18,000,000 5,076,973 236,292,770 
(1)On January 19, 2024, the Corporation issued 374,601 unregistered shares of class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 closing date of the r8fin Acquisition. See Note 4 – Acquisitions for additional details on this acquisition.
Class AClass BClass CClass DTotal
Balance at December 31, 2022110,746,606 96,933,192 3,251,177 23,092,704 234,023,679 
Activities related to exchanges of LLC Interests8,733 — — (8,733)— 
Issuance of common stock from equity incentive plans986,090 — — — 986,090 
Share repurchases pursuant to share repurchase programs(313,311)— — — (313,311)
Balance at March 31, 2023111,428,118 96,933,192 3,251,177 23,083,971 234,696,458 
Activities related to exchanges of LLC Interests3,254,577 — (3,251,177)(3,400)— 
Issuance of common stock from equity incentive plans92,687 — — — 92,687 
Share repurchases pursuant to share repurchase programs(107,365)— — — (107,365)
Balance at June 30, 2023114,668,017 96,933,192 — 23,080,571 234,681,780 
Schedule of PSUs Granted, Valuation Assumptions The grant date fair value of PSUs granted on March 15, 2024 and 2023 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows:
March 15, 2024 PSU GrantMarch 15, 2023 PSU Grant
Maturity (years)2.82.8
Annualized Volatility26.63 %28.81 %
Risk-Free Interest Rate4.44 %3.77 %
Schedule of Total Stock-based Compensation Expense
A summary of the Company’s total stock-based compensation expense is presented below:
Three Months EndedSix Months Ended
June 30,June 30,

2024202320242023
(dollars in thousands)
Total stock-based compensation expense$23,715 $15,712 $40,117 $27,323