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v3.25.1

Equity-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes the outstanding RSUs for Service Awards as of March 31, 2025 (in millions, including share data):
| Units Outstanding as of March 31, 2025 |  | Compensation Expense for the Three Months Ended |  |  |  | Unrecognized Compensation Expense as of March 31, 2025
|  | March 31, 2025 |  | March 31, 2024 |  |  |  |  |
Restricted Stock Units |  |  |  |  |  |  |  |  |  |  |
Ordinary Service Awards | 9.7 |  | $ | 42.8 |  |  | $ | 20.9 |  |  |  |  |  |  | $ | 419.4 |
Special Purpose Service Awards | 11.7 |  | 32.1 |  |  | 34.3 |  |  |  |  |  |  | 296.1 |
Total Service Award RSUs | 21.4 |  | $ | 74.9 |  | $ | 55.2 |  |  |  |  |  |  | $ | 715.5 |
The following table summarizes the outstanding RSUs for Market and Performance Condition Awards as of March 31, 2025 (in millions, including share data):
| Units Outstanding as of March 31, 2025 |  | Compensation Expense for the Three Months Ended |  |  |  | Unrecognized Compensation Expense as of March 31, 2025
|  | March 31, 2025 |  | March 31, 2024 |  |  |  |  |
Restricted Stock Units |  |  |  |  |  |  |  |  |  |  |
Ordinary Performance Condition Awards | 0.7 |  |  | $ | 1.5 |  |  | $ | (1.7) |  |  |  |  |  |  | $ | 17.5 |
Special Purpose Market Condition Awards | 3.7 |  |  | 11.1 |  |  | 5.2 |  |  |  |  |  |  | 44.2 |
Total Market and Performance Condition Award RSUs | 4.4 |  | $ | 12.6 |  | $ | 3.5 |  |  |  |  |  |  | $ | 61.7 |
The following table summarizes all outstanding RSU awards as of March 31, 2025 (in millions, including share data):
| Units Outstanding as of March 31, 2025 |  | Compensation Expense for the Three Months Ended |  |  |  | Unrecognized Compensation Expense as of March 31, 2025
|  | March 31, 2025 |  | March 31, 2024 |  |  |  |  |
Restricted Stock Units |  |  |  |  |  |  |  |  |  |  |
Ordinary Awards: |  |  |  |  |  |  |  |  |  |  |
Ordinary Service Awards | 9.7 |  | $ | 42.8 |  |  | $ | 20.9 |  |  |  |  |  |  | $ | 419.4 |
Ordinary Performance Condition Awards | 0.7 |  | 1.5 |  |  | (1.7) |  |  |  |  |  |  | 17.5 |
Special Purpose Awards: |  |  |  |  |  |  |  |  |  |  |
Special Purpose Service Awards | 11.7 |  | 32.1 |  |  | 34.3 |  |  |  |  |  |  | 296.1 |
Special Purpose Market Condition Awards | 3.7 |  | 11.1 |  |  | 5.2 |  |  |  |  |  |  | 44.2 |
Total Restricted Stock Units | 25.8 |  | $ | 87.5 |  | $ | 58.7 |  |  |  |  |  | $ | 777.2 |
The following table summarizes the outstanding Other Awards as of March 31, 2025 (in millions, including share data):
| Unvested Units/Shares Outstanding as of March 31, 2025 |  | Compensation Expense for the Three Months Ended |  |  |  | Unrecognized Compensation Expense as of March 31, 2025
|  | March 31, 2025 |  | March 31, 2024 |  |  |  |  |
TPH and RPH Units |  |  |  |  |  |  |  |  |  |  |
TPH units | 25.7 |  | $ | 53.5 |  | $ | 74.7 |  |  |  |  |  | $ | 553.2 |
RPH units | 0.2 |  | 5.2 |  | 14.7 |  |  |  |  |  | 63.6 |
Total TPH and RPH Units | 25.9 |  | $ | 58.7 |  | $ | 89.4 |  |  |  |  |  | $ | 616.8 |
Common Units and Class A Common Stock |  |  |  |  |  |  |  |  |  |  |
Common Units | 35.6 |  | $ | 52.3 |  | $ | 63.1 |  |  |  |  |  | $ | 711.8 |
Class A Common Stock | — |  |  | 0.4 |  | 4.4 |  |  |  |  |  | — |
Total Common Units and Class A Common Stock | 35.6 |  | $ | 52.7 |  | $ | 67.5 |  |  |  |  |  | $ | 711.8 |
Schedule of Nonvested Share Activity | The following table presents the rollforward of the Company’s unvested Service Awards for the three months ended March 31, 2025 (awards in millions):
| Service Awards |  | Weighted-Average Grant Date Fair Value
Balance at December 31, 2024 | 25.3 |  | $ | 34.30 |
Granted | 3.4 |  | 61.66 |
Vested | (7.0) |  | 32.64 |
Forfeited | (0.3) |  | 33.31 |
Balance at March 31, 2025 | 21.4 |  | $ | 39.16 |
The following table presents the roll forwards of the Company’s unvested Special Purpose Market Condition Awards for the three months ended March 31, 2025 (awards in millions):
| Market Condition Awards |  | Weighted Average Grant Date Fair Value
Balance at December 31, 2024 | 4.6 |  | $ | 20.41 |
Granted | — |  |  | — |
Vested | (0.2) |  |  | 16.58 |
Vested, unsettled | (0.6) |  |  | 22.01 |
Forfeited | (0.1) |  |  | 16.59 |
Balance at March 31, 2025 | 3.7 |  | $ | 20.45 |
The following table presents the roll forwards of the Company’s unvested TPH Units and RPH Units for the three months ended March 31, 2025 (units in millions):
| TPH Units |  | RPH Units
| Partnership Units |  | Grant Date Fair Value |  | Partnership Units |  | Grant Date Fair Value
Balance at December 31, 2024 | 26.1 |  |  | $ | 26.74 |  |  | 0.2 |  |  | $ | 457.10 |
Reallocated | 0.0 |  |  | 57.90 |  |  | — |  |  | — |
Vested | (0.4) |  |  | 27.54 |  |  | — |  |  | — |
Forfeited | (0.0) |  |  | 25.27 |  |  | — |  |  | — |
Balance at March 31, 2025 | 25.7 |  |  | $ | 26.78 |  |  | 0.2 |  |  | $ | 457.10 |
The following table presents the roll forwards of the Company’s unvested TOG Units and Class A Common Stock Awards for the three months ended March 31, 2025 (awards in millions):
| Common Units |  | Class A Common Stock
| Partnership Units |  | Grant Date Fair Value |  | Partnership Units |  | Grant Date Fair Value
Balance at December 31, 2024 | 36.0 |  |  | $ | 25.50 |  |  | 0.3 |  |  | $ | 29.50 |
Reallocated | — |  |  | — |  |  | — |  |  | — |
Vested | (0.4) |  |  | 27.29 |  |  | (0.3) |  |  | 29.50 |
Forfeited | — |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2025 | 35.6 |  |  | $ | 25.48 |  |  | — |  |  | $ | — |

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