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Equity-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Equity-Based Compensation |
Equity-Based Compensation | (9) Equity-Based Compensation
(a) | Summary of Equity-Based Compensation
The Company’s equity-based compensation includes costs related to its long term incentive plans. Antero Midstream’s equity-based compensation expense is included in general and administrative expenses, and recorded as a credit to additional paid-in capital. On June 5, 2024, the Company’s stockholders approved the Amended and Restated Antero Midstream Corporation Long Term Incentive Plan (the “AM LTIP”). The AM LTIP provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), dividend equivalents, other stock-based awards, cash awards and substitute awards. The terms and conditions of the awards granted are established by the compensation committee of the Board. As of September 30, 2025, a total of 15,146,254 shares were available for future grant under the AM LTIP. The Company’s equity-based compensation expense, by type of award, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​
(in thousands) | ​ | 2024 | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​
Restricted stock units | ​ | $ | 9,114 | ​ | ​ | 8,109 | ​ | ​ | 25,036 | ​ | ​ | 25,854 | ​
Performance share units | ​ | ​ | 2,582 | ​ | ​ | 2,632 | ​ | ​ | 7,087 | ​ | ​ | 8,137 | ​
Equity awards issued to directors | ​ | ​ | 249 | ​ | ​ | 285 | ​ | ​ | 748 | ​ | ​ | 844 | ​
Total expense | ​ | $ | 11,945 | ​ | ​ | 11,026 | ​ | ​ | 32,871 | ​ | ​ | 34,835 | ​
​
(b) | Restricted Stock Unit Awards
A summary of the RSU awards activity is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​
​ | ​ | Number | ​ | Grant Date | ​
​ |  | of Units |  | Fair Value | ​
Total awarded and unvested—December 31, 2024 | ​ | 5,642,261 | ​ | $ | 11.79 | ​
Granted | ​ | 2,110,599 | ​ | ​ | 16.46 | ​
Vested | ​ | (3,031,925) | ​ | ​ | 11.29 | ​
Forfeited | ​ | (103,550) | ​ | ​ | 14.16 | ​
Total awarded and unvested—September 30, 2025 | ​ | 4,617,385 | ​ | $ | 14.20 | ​
​ As of September 30, 2025, unamortized equity-based compensation expense of $47 million related to the unvested RSUs is expected to be recognized over a weighted average period of 1.9 years.
(c) | Performance Share Unit Awards
Performance Share Unit Awards Based on Return on Invested Capital In April 2022, the Company granted performance share units (“PSUs”) to certain of its employees and executive officers that vest based on the Company’s actual return on invested capital (“ROIC”) (as defined in the award agreement) over a three-year period as compared to a targeted ROIC (“2022 ROIC PSUs”). The number of shares of the Company’s common stock that could be earned with respect to the 2022 ROIC PSUs ranged from zero to 200% of the target number of 2022 ROIC PSUs originally granted. The performance condition for the 2022 ROIC PSUs was met at 200% of target as of December 31, 2024. As a result, during the first quarter of 2025 the 2022 ROIC PSUs vested and converted into approximately 0.9 million shares of the Company’s common stock. As of September 30, 2025, there were no 2022 ROIC PSUs outstanding. In March 2025, the Company granted PSUs to certain of its executive officers that vest based on the Company’s actual ROIC (as defined in the award agreement) over a three-year period concluding on December 31, 2027 as compared to a targeted ROIC (“2025 ROIC PSUs”). The number of shares of the Company’s common stock that can be earned with respect to the 2025 ROIC PSUs ranges from zero to 200% of the target number of 2025 ROIC PSUs originally granted. The grant date fair value of these awards was based on the closing price of the Company’s common stock on the date of the grant, assuming target achievement of the performance condition. Expense related to the 2025 ROIC PSUs is recognized based on the number of shares of the Company’s common stock that are expected to be issued at the end of the measurement period, and such expense is reversed if the likelihood of achieving the performance condition decreases. The likelihood of achieving the performance conditions related to 2025 ROIC PSU awards was probable as of September 30, 2025. Summary Information for Performance Share Unit Awards A summary of the PSU awards activity is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​
​ | ​ | Number | ​ | Grant Date | ​
​ |  | of Units |  | Fair Value | ​
Total awarded and unvested—December 31, 2024 | ​ | 1,302,338 | ​ | $ | 11.59 | ​
Granted | ​ | 300,029 | ​ | ​ | 16.46 | ​
Vested | ​ | (439,935) | ​ | ​ | 11.28 | ​
Total awarded and unvested—September 30, 2025 | ​ | 1,162,432 | ​ | $ | 12.96 | ​
​ As of September 30, 2025, unamortized equity-based compensation expense of $14 million related to the unvested PSUs is expected to be recognized over a weighted average period of 1.7 years.

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