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Equity-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Equity-Based Compensation | Equity-Based Compensation 2020 Incentive Award Plan During February 2021, the Company adopted the 2020 Incentive Award Plan. The 2020 Incentive Award Plan, as amended and restated, allows for the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock or cash based awards or dividend equivalent awards to employees, directors and consultants. Restricted Stock Units In March 2021, the Company granted 4.8 million RSUs to certain employees and directors in connection with the Transaction. The RSUs had an aggregate grant date fair value of $62.1 million. In addition to the March 2021 grant, an additional 0.4 million RSUs with an aggregate grant date fair value o f $4.1 million were granted to certain employees during the year ended December 31, 2021. In the year ended December 31, 2022, the Company granted 1.3 million equity-classified RSUs and 3.2 million liability-classified RSUs with aggregate grant date fair values of $12.3 million and $27.2 million, respectively, to certain employees. In the year ended December 31, 2023, the Company granted 1.9 million equity-classified RSUs and 4.0 million liability-classified RSUs with aggregate grant date fair values o f $15.8 million and $31.0 million, respectively, to certain employees. In the year ended December 31, 2024, the Company granted 2.0 million equity-classified RSUs and 3.0 million liability-classified RSUs with aggregate grant date fair values of $17.7 million and $29.6 million, respectively, to certain employees. Liability-classified RSUs are either classified as liabilities because they are required to be settled in cash or because the Company has the right to and intends to (as of the grant date or December 31, 2024, as applicable) settle the RSUs partially or wholly in cash. During the year ended December 31, 2024, the Company reclassified 2.0 million RSUs from liability-classified to equity-classified based on management’s intent to settle (or actual settlement of) the awards in shares of Class A common stock. The majority of liability-classified awards outstanding at December 31, 2024 were granted in October 2024 and vest on March 1, 2025. Other than RSUs granted in October 2024, outstanding awards generally vest either (a) one-third at the grant date with the remainder over two years in equal annual installments or (b) over a one to three year period. Upon delivery, the Company may withhold the number of shares to satisfy the statutory withholding tax obligation and deliver the net number of resulting shares vested. See Note 11 for additional information regarding GCMH Equityholders Awards and Holdings Awards. A summary of non-vested equity-classified RSU activity for the year ended December 31, 2024 is as follows:
| Number of RSUs |  | Weighted-Average Grant-Date Fair Value Per RSU
Balance as of December 31, 2023 | 2,164,163 |  |  | $ | 8.51 |
Granted | 2,044,825 |  |  | 8.66 |
Reclassified from liability-classified RSUs | 1,976,452 |  |  | 8.10 |
Vested | (2,768,356) |  |  | 8.44 |
Forfeited | (166,016) |  |  | 8.85 |
Balance as of December 31, 2024 | 3,251,068 |  |  | $ | 8.40 |
A summary of non-vested liability-classified RSU activity for the year ended December 31, 2024 is as follows:
| Number of RSUs |  | Weighted-Average Grant-Date Fair Value Per RSU
Balance as of December 31, 2023 | 3,550,186 |  |  | $ | 7.73 |
Granted | 2,972,068 |  |  | 9.95 |
Reclassified to equity-classified RSUs | (1,976,452) |  |  | 8.10 |
Vested | (2,693,675) |  |  | 7.98 |
Forfeited | (38,878) |  |  | 11.26 |
Balance as of December 31, 2024 | 1,813,249 |  |  | $ | 10.50 |
The total grant-date fair value of RSUs that vested during the years ended December 31, 2024, 2023 and 2022 was $44.9 million, $51.0 million and $24.2 million, respectively. For the years ended December 31, 2024, 2023 and 2022, $48.2 million, $50.7 million and $30.7 million, respectively, of compensation expense related to RSUs was recorded within employee compensation and benefits in the Consolidated Statements of Income (Loss). As of December 31, 2024, total unrecognized compensation expense related to non-vested RSUs was $28.1 million and is expected to be recognized over the remaining weighted average period of 1.8 years. The total tax benefit recognized related to the delivered RSUs for the years ended December 31, 2024, 2023 and 2022, was $3.0 million, $2.2 million and $0.9 million, respectively. On January 15, 2025, the Company granted 0.6 million liability-classified RSUs that vest on April 15, 2025

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