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Equity | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
Equity | 15. Equity The Company has three classes of common stock outstanding, Class A common stock, nonvoting Class A common stock and Class B common stock. Class A common stock is traded on the Nasdaq Global Select Market. The Company is authorized to issue 2,240,000,000 shares of Class A common stock with a par value of $0.001 per share, 100,000,000 shares of nonvoting Class A common stock, 750,000,000 shares of Class B common stock with a par value of $0.001 per share, and 25,000,000 shares of preferred stock with a par value of $0.001 per share. Each share of the Company’s Class A common stock entitles its holder to one vote, and each share of our Class B common stock entitles its holder to ten votes. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. The nonvoting Class A common stock have the same rights and privileges as, rank equally and share ratably with, and are identical in all respects as to all matters to, the Class A common stock, except that the nonvoting Class A common stock have no voting rights other than such rights as may be required by law. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock. As of June 30, 2026, 159,896,089 shares of Class A common stock and 6,605,963 shares of nonvoting Class A common stock were outstanding, 217,809,708 shares of Class B common stock were outstanding, and there were no shares of preferred stock outstanding. In connection with the Transaction described in Note 4, the Company issued 2,279,109 shares of Class A common stock to a subsidiary of Jackson. The Company determined that the Class A shares issued were not in exchange for a distinct good or service and therefore determined that the shares issued to the customer represent a reduction of transaction price associated with the investment management agreement. Accordingly, the Company recognized the issuance of the Class A shares within other assets on the Company’s Condensed Consolidated Statements of Financial Condition which will be amortized as a reduction of fees and other in the Company’s Condensed Consolidated Statements of Operations. Dividends and distributions Dividends and distributions are reflected in the Condensed Consolidated Statements of Changes in Equity when declared by the board of directors. Dividends are made to Class A common stockholders and distributions are made to holders of non-controlling interests in subsidiaries. The table below presents information regarding the quarterly dividends on the Class A common stock, which were made at the sole discretion of the Board of Directors of the Company.
Date Declared |  | Record Date |  | Payment Date |  | Dividend per Class A Common Share
May 7, 2025 |  | May 19, 2025 |  | June 2, 2025 |  | $ | 0.41 |
August 6, 2025 |  | August 18, 2025 |  | September 2, 2025 |  | 0.59 |
November 4, 2025 |  | November 14, 2025 |  | December 1, 2025 |  | 0.45 |
February 5, 2026 |  | February 19, 2026 |  | March 5, 2026 |  | 0.61 |
Total 2025 Dividend Year (through Q4 2025) |  |  |  |  |  | $ | 2.06 |
May 1, 2026 |  | May 11, 2026 |  | May 26, 2026 |  | $ | 0.59 |
August 4, 2026 |  | August 14, 2026 |  | August 28, 2026 |  | 0.59 |
Total 2026 Dividend Year (through Q2 2026) |  |  |  |  |  | $ | 1.18 |
Exchanges of Common Units Pursuant to the Exchange Agreement, certain holders of Common Units, including certain partners and employees, are authorized to exchange Common Units for an equal number of shares of Class A common stock. During the years ended December 31, 2025 and 2024, certain holders of Common Units exchanged Common Units for an equal number of shares of Class A common stock resulting in the issuance of shares of Class A common stock and the cancellation of an equal number of shares of Class B common stock for no additional consideration. Such issuances of shares of Class A common stock to such holders of Common Units were registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024. For the periods ended June 30, 2026 and December 31, 2025, the following Common Units were exchanged for Class A common stock:
Exchange Date |  | Class A Common Stock Issued
2025 Exchanges(a) |  |
February 24, 2025 |  | 9,786,354
May 21, 2025 |  | 21,000,000
August 19, 2025 |  | 5,153,040
2026 Exchange(a) |  |
May 29, 2026 |  | 6,042,619
_________________ (a)The issuances of shares of Class A common stock to such holders of Common Units were registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024. The supplemental non-cash financing activities related to equity for the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
|  | Six Months Ended June 30, |  |
|  | 2026 |  | 2025 |  |
Distributions to holders of non-controlling interests |  | $ | 23,939 |  |  | $ | 65,288 |  |  |
Deferred tax assets |  | 76,540 |  |  | 446,633 |  |  |
Due to affiliates |  | 32,486 |  |  | 113,820 |  |  |
Other liabilities |  | 33,534 |  |  | 286,083 |  |  |
Additional paid-in-capital |  | 10,520 |  |  | 46,730 |  |  |
Contributions from holders of other non-controlling interests |  | 85,299 |  |  | 67,449 |  |  |
Distributions in-kind to holders of other non-controlling interests |  | — |  |  | 29,925 |  |  |
Deconsolidation of previously consolidated entities |  | 804,839 |  |  | 20,208 |  |  |
Shares issued in connection with Jackson Transaction |  | 113,203 |  |  | — |  |  |

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