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v3.26.1

Equity-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2026
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, 2026 (in millions, including share data):
| Units Outstanding as of June 30, 2026 |  | Compensation Expense for the Three Months Ended, |  | Compensation Expense for the Six Months Ended, |  | Unrecognized Compensation Expense as of June 30, 2026
|  | June 30, 2026 |  | June 30, 2025 |  | June 30, 2026 |  | June 30, 2025 |
Restricted Stock Units |  |  |  |  |  |  |  |  |  |  |
Ordinary Service Awards | 13.2 |  | $ | 61.2 |  |  | $ | 44.1 |  |  | $ | 115.2 |  |  | $ | 86.9 |  |  | $ | 598.9 |
Special Purpose Service Awards | 7.8 |  | 24.9 |  |  | 30.6 |  |  | 55.7 |  |  | 62.7 |  |  | 214.0 |
Total Service Award RSUs | 21.0 |  | $ | 86.1 |  |  | $ | 74.7 |  |  | $ | 170.9 |  |  | $ | 149.6 |  |  | $ | 812.9 |
The following table summarizes the outstanding RSUs for Market and Performance Condition Awards as of June 30, 2026 (in millions, including share data):
| Units Outstanding as of June 30, 2026 |  | Compensation Expense for the Three Months Ended, |  | Compensation Expense for the Six Months Ended, |  | Unrecognized Compensation Expense as of June 30, 2026
|  | June 30, 2026 |  | June 30, 2025 |  | June 30, 2026 |  | June 30, 2025 |
Restricted Stock Units |  |  |  |  |  |  |  |  |  |  |
Ordinary Performance Condition Awards | 0.8 |  |  | $ | 2.2 |  |  | $ | 4.6 |  |  | $ | 5.5 |  |  | $ | 6.1 |  |  | $ | 13.8 |
Special Purpose Market Condition Awards | 3.4 |  |  | 5.7 |  |  | 6.1 |  |  | 11.5 |  |  | 17.2 |  |  | 30.1 |
Total Market and Performance Condition Award RSUs | 4.2 |  |  | $ | 7.9 |  |  | $ | 10.7 |  |  | $ | 17.0 |  |  | $ | 23.3 |  |  | $ | 43.9 |
The following table summarizes all outstanding restricted stock unit awards as of June 30, 2026 (in millions, including share data):
| Units Outstanding as of June 30, 2026 |  | Compensation Expense for the Three Months Ended, |  | Compensation Expense for the Six Months Ended, |  | Unrecognized Compensation Expense as of June 30, 2026
|  | June 30, 2026 |  | June 30, 2025 |  | June 30, 2026 |  | June 30, 2025 |
Restricted Stock Units |  |  |  |  |  |  |  |  |  |  |
Ordinary Awards: |  |  |  |  |  |  |  |  |  |  |
Ordinary Service Awards | 13.2 |  |  | $ | 61.2 |  |  | $ | 44.1 |  |  | $ | 115.2 |  |  | $ | 86.9 |  |  | $ | 598.9 |
Ordinary Performance Condition Awards | 0.8 |  |  | 2.2 |  |  | 4.6 |  |  | 5.5 |  |  | 6.1 |  |  | 13.8 |
Special Purpose Awards: |  |  |  |  |  |  |  |  |  |  |
Special Purpose Service Awards | 7.8 |  |  | 24.9 |  |  | 30.6 |  |  | 55.7 |  |  | 62.7 |  |  | 214.0 |
Special Purpose Market Condition Awards | 3.4 |  |  | 5.7 |  |  | 6.1 |  |  | 11.5 |  |  | 17.2 |  |  | 30.1 |
Total Restricted Stock Units | 25.2 |  |  | $ | 94.0 |  |  | $ | 85.4 |  |  | $ | 187.9 |  |  | $ | 172.9 |  |  | $ | 856.8 |
The following table summarizes the outstanding Other Awards as of June 30, 2026 (in millions, including share data):
| Unvested Units/Shares Outstanding as of June 30, 2026 |  | Compensation Expense for the Three Months Ended, |  | Compensation Expense for the Six Months Ended, |  | Unrecognized Compensation Expense as of June 30, 2026
|  | June 30, 2026 |  | June 30, 2025 |  | June 30, 2026 |  | June 30, 2025 |
TPH and RPH Units |  |  |  |  |  |  |  |  |  |  |
TPH units | 16.3 |  |  | $ | 54.6 |  |  | $ | 61.1 |  |  | $ | 113.3 |  |  | $ | 114.6 |  |  | $ | 298.7 |
RPH units | 0.1 |  |  | 4.9 |  |  | 8.4 |  |  | 10.6 |  |  | 13.6 |  |  | 26.2 |
Total TPH and RPH Units | 16.4 |  |  | $ | 59.5 |  |  | $ | 69.5 |  |  | $ | 123.9 |  |  | $ | 128.2 |  |  | $ | 324.9 |
Acquisition-Related Common Units and Class A Common Stock |  |  |  |  |  |  |  |  |  |  |
Common Units | 30.2 |  |  | $ | 65.1 |  |  | $ | 47.7 |  |  | $ | 150.6 |  |  | $ | 100.0 |  |  | $ | 648.8 |
Class A Common Stock | — |  |  | — |  | — |  | — |  |  | 0.4 |  |  | — |
Total Acquisition-Related Common Units and Class A Common Stock | 30.2 |  |  | $ | 65.1 |  |  | $ | 47.7 |  |  | $ | 150.6 |  |  | $ | 100.4 |  |  | $ | 648.8 |
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, 2026 (awards in millions):
| Service Awards |  | Weighted-Average Grant Date Fair Value
Balance at December 31, 2025 | 21.6 |  |  | $ | 40.10 |
Granted | 7.6 |  |  | 57.83 |
Vested | (7.9) |  |  | 36.00 |
Forfeited | (0.3) |  |  | 34.37 |
Balance at June 30, 2026 | 21.0 |  |  | 48.07 |
The following table presents the roll forward of the Company’s unvested Special Purpose Market Condition Awards for the six months ended June 30, 2026 (awards in millions):
| Market Condition Awards |  | Weighted Average Grant Date Fair Value
Balance at December 31, 2025 | 4.2 |  |  | $ | 22.49 |
Granted | — |  |  | — |
Vested | (0.2) |  |  | 16.58 |
Vested, unsettled | (0.6) |  |  | 22.01 |
Forfeited | — |  |  | — |
Balance at June 30, 2026 | 3.4 |  |  | 22.97 |
The following table presents the roll forwards of the Company’s unvested TPH Units and RPH Units for the six months ended June 30, 2026 (units in millions):
| TPH Units |  | RPH Units
| Partnership Units |  | Grant Date Fair Value |  | Partnership Units |  | Grant Date Fair Value
Balance at December 31, 2025 | 17.3 |  |  | $ | 29.50 |  |  | 0.1 |  |  | $ | 457.10 |
Granted | — |  | — |  |  | — |  |  | — |
Reallocated | 0.8 |  |  | 47.18 |  |  | — |  |  | — |
Vested | (1.0) |  |  | 42.64 |  |  | — |  |  | — |
Forfeited | (0.8) |  |  | 29.68 |  |  | (0.0) |  |  | 457.10 |
Balance at June 30, 2026 | 16.3 |  |  | 29.55 |  |  | 0.1 |  |  | 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, 2026 (awards in millions):
| Common Units |  |
| Partnership Units |  | Grant Date Fair Value |  |  |  |
Balance at December 31, 2025 | 31.2 |  |  | $ | 29.28 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Reallocated | 0.7 |  |  | 45.57 |  |  |  |  |
Vested | (0.5) |  |  | 41.76 |  |  |  |  |
Forfeited | (1.2) |  |  | 25.45 |  |  |  |  |
Balance at June 30, 2026 | 30.2 |  |  | 29.62 |  |  |  |  |

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