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v3.25.2

Equity-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025 (in millions, including share data):
| Units Outstanding as of June 30, 2025 |  | Compensation Expense for the Three Months Ended, |  | Compensation Expense for the Six Months Ended, |  | Unrecognized Compensation Expense as of June 30, 2025
|  | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024 |
Restricted Stock Units |  |  |  |  |  |  |  |  |  |  |
Ordinary Service Awards | 9.7 |  | $ | 44.1 |  |  | $ | 21.4 |  |  | $ | 86.9 |  |  | $ | 42.3 |  |  | $ | 382.0 |
Special Purpose Service Awards | 11.5 |  | 30.6 |  |  | 33.5 |  |  | 62.7 |  |  | 67.8 |  |  | 261.1 |
Total Service Award RSUs | 21.2 |  | $ | 74.7 |  |  | $ | 54.9 |  |  | $ | 149.6 |  |  | $ | 110.1 |  |  | $ | 643.1 |
The following table summarizes the outstanding RSUs for Market and Performance Condition Awards as of June 30, 2025 (in millions, including share data):
| Units Outstanding as of June 30, 2025 |  | Compensation Expense for the Three Months Ended, |  | Compensation Expense for the Six Months Ended, |  | Unrecognized Compensation Expense as of June 30, 2025
|  | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024 |
Restricted Stock Units |  |  |  |  |  |  |  |  |  |  |
Ordinary Performance Condition Awards | 1.0 |  | $ | 4.6 |  |  | $ | — |  |  | $ | 6.1 |  |  | $ | (1.7) |  |  | $ | 33.0 |
Special Purpose Market Condition Awards | 3.7 |  |  | 6.1 |  |  | 7.8 |  |  | 17.2 |  |  | 13.0 |  |  | 38.1 |
Total Market and Performance Condition Award RSUs | 4.7 |  |  | $ | 10.7 |  |  | $ | 7.8 |  |  | $ | 23.3 |  |  | $ | 11.3 |  |  | $ | 71.1 |
The following table summarizes all outstanding restricted stock unit awards as of June 30, 2025 (in millions, including share data):
| Units Outstanding as of June 30, 2025 |  | Compensation Expense for the Three Months Ended, |  | Compensation Expense for the Six Months Ended, |  | Unrecognized Compensation Expense as of June 30, 2025
|  | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024 |
Restricted Stock Units |  |  |  |  |  |  |  |  |  |  |
Ordinary Awards: |  |  |  |  |  |  |  |  |  |  |
Ordinary Service Awards | 9.7 |  | $ | 44.1 |  |  | $ | 21.4 |  |  | $ | 86.9 |  |  | $ | 42.3 |  |  | $ | 382.0 |
Ordinary Performance Condition Awards | 1.0 |  | 4.6 |  |  | — |  |  | 6.1 |  |  | (1.7) |  |  | 33.0 |
Special Purpose Awards: |  |  |  |  |  |  |  |  |  |  |
Special Purpose Service Awards | 11.5 |  | 30.6 |  |  | 33.5 |  |  | 62.7 |  |  | 67.8 |  |  | 261.1 |
Special Purpose Market Condition Awards | 3.7 |  | 6.1 |  |  | 7.8 |  |  | 17.2 |  |  | 13.0 |  |  | 38.1 |
Total Restricted Stock Units | 25.9 |  | $ | 85.4 |  |  | $ | 62.7 |  |  | $ | 172.9 |  |  | $ | 121.4 |  |  | $ | 714.2 |
The following table summarizes the outstanding Other Awards as of June 30, 2025 (in millions, including share data):
| Unvested Units/Shares Outstanding as of June 30, 2025 |  | Compensation Expense for the Three Months Ended, |  | Compensation Expense for the Six Months Ended, |  | Unrecognized Compensation Expense as of June 30, 2025
|  | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024 |
TPH and RPH Units |  |  |  |  |  |  |  |  |  |  |
TPH units | 25.6 |  | $ | 61.1 |  |  | $ | 72.6 |  |  | $ | 114.6 |  |  | $ | 147.3 |  |  | $ | 490.2 |
RPH units | 0.2 |  | 8.4 |  |  | 14.1 |  |  | 13.6 |  |  | 28.8 |  |  | 55.3 |
Total TPH and RPH Units | 25.8 |  | $ | 69.5 |  |  | $ | 86.7 |  |  | $ | 128.2 |  |  | $ | 176.1 |  |  | $ | 545.5 |
Common Units and Class A Common Stock |  |  |  |  |  |  |  |  |  |  |
Common Units | 35.6 |  | $ | 47.7 |  |  | $ | 58.8 |  |  | $ | 100.0 |  |  | $ | 121.9 |  |  | $ | 659.4 |
Class A Common Stock | — |  | — |  | 4.4 |  | 0.4 |  |  | 8.8 |  |  | — |
Total Common Units and Class A Common Stock | 35.6 |  | $ | 47.7 |  |  | $ | 63.2 |  |  | $ | 100.4 |  |  | $ | 130.7 |  |  | $ | 659.4 |
Schedule of Nonvested Share Activity | The following table presents the rollforward of the Company’s unvested Service Awards for the six months ended June 30, 2025 (awards in millions):
| Service Awards |  | Weighted-Average Grant Date Fair Value
Balance at December 31, 2024 | 25.3 |  | $ | 34.30 |
Granted | 3.5 |  | 60.74
Vested | (7.1) |  | 32.66
Forfeited | (0.5) |  | 32.89
Balance at June 30, 2025 | 21.2 |  | 39.29 |
The following table presents the roll forwards of the Company’s unvested Special Purpose Market Condition Awards for the six months ended June 30, 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 June 30, 2025 | 3.7 |  | 20.45
The following table presents the roll forwards of the Company’s unvested TPH Units and RPH Units for the six months ended June 30, 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 | (0.1) |  | 25.13 |  |  | — |  | — |
Balance at June 30, 2025 | 25.6 |  | 26.79 |  |  | 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 six months ended June 30, 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 June 30, 2025 | 35.6 |  | 25.48 |  |  | — |  | — |

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