| Category | Shares | % | Value | Status |
|---|---|---|---|---|
| Circulating | 24.13M | 68.0% | $3.87B | Estimated |
| Free float | - | - | - | Unavailable |
| Insider-held, unrestricted | - | - | - | Unavailable |
| Locked team funds | - | - | - | Unavailable |
| Other restricted (unlisted classes only) | 11.33M | 32.0% | $1.82B | Verified |
| Total outstanding | 35.46M | 100.0% | $5.69B | Verified |
| Ownership views (overlap the categories above, never added) | ||||
| Institutional holdings (13F) | 23.55M | 66.4% | $3.78B | Estimated |
| Insider-held, all (Forms 3, 4, 5) | - | - | - | Unavailable |
Institutional and insider holdings can include both tradable and locked shares, so they are shown for reference and never added to the total. Check: no class has more shares deducted than it has outstanding, and the review found no shares that may be counted twice: reconciles.
Class B (not listed on any exchange)
11,329,625 shares
32.0% of total · $1.82B
Class B shares are not listed on any exchange and cannot be traded as they are. A holder must first convert them into Class A shares, which can then be sold. FloatCap counts them outside circulating supply until converted.
Verified10-Q, Cover page: shares outstanding by class; the class has no trading symbolApplied automatically to every unlisted class.
| Holder | Shares | % of total |
|---|---|---|
| BlackRock, Inc. | 2.65M | 7.46% |
| PRINCIPAL FINANCIAL GROUP INC | 1.61M | 4.53% |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 1.49M | 4.20% |
| Ashe Capital Management, LP | 1.05M | 2.96% |
| VANGUARD CAPITAL MANAGEMENT LLC | 1.04M | 2.94% |
| STATE STREET CORP | 766.1K | 2.16% |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | 721.8K | 2.04% |
| LONDON CO OF VIRGINIA | 703.2K | 1.98% |
| PRICE T ROWE ASSOCIATES INC /MD/ | 700.4K | 1.98% |
| Nellore Capital Management LLC | 654.9K | 1.85% |
Sum of long share positions in Form 13F reports for the quarter. 13F covers managers with over $100M in US equities; some positions are reported by more than one filer.
Form 4 aggregation pending
| Class | Listing | Shares outstanding | As of |
|---|---|---|---|
| Class A | APPF on Nasdaq | 24,126,151 | Oct 15, 2026 |
| Class B | Not listed (valued at APPF) | 11,329,625 | Oct 15, 2026 |