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Shareholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
Summary of Balance of Non-controlling Interests | The changes in the balances of our non-controlling interests are as follows (in thousands):
| Legacy Investors Partnerships |  | Continuing Investors Partnerships |  | Founder’s Equity |  | RP Holdings Class E Interests Holders |  | Total
December 31, 2025 | $ | 1,083,319 |  |  | $ | 1,799,783 |  |  | $ | — |  |  | $ | 354,937 |  |  | $ | 3,238,039 |
Distributions | (92,180) |  |  | (25,422) |  |  | (15,894) |  |  | (5,714) |  |  | (139,210) |
Other exchanges | — |  |  | (222,050) |  |  | — |  |  | (33,775) |  |  | (255,825) |
Share-based compensation | — |  |  | — |  |  | — |  |  | 31,717 |  |  | 31,717 |
Net income | 63,213 |  |  | 78,049 |  |  | 15,894 |  |  | 16,410 |  |  | 173,566 |
March 31, 2026 | $ | 1,054,352 |  |  | $ | 1,630,360 |  |  | $ | — |  |  | $ | 363,575 |  |  | $ | 3,048,287 |
| Legacy Investors Partnerships |  | Continuing Investors Partnerships |  | Founder’s Equity(1) |  | Total
December 31, 2024 | $ | 1,188,340 |  |  | $ | 2,207,445 |  |  | $ | — |  |  | $ | 3,395,785 |
Contributions | 1,264 |  |  | 989 |  |  | — |  |  | 2,253 |
Distributions | (97,906) |  |  | (32,061) |  |  | (41,476) |  |  | (171,443) |
Other exchanges | — |  |  | (321,669) |  |  | — |  |  | (321,669) |
Net income | 76,850 |  |  | 76,758 |  |  | 41,476 |  |  | 195,084 |
March 31, 2025 | $ | 1,168,548 |  |  | $ | 1,931,462 |  |  | $ | — |  |  | $ | 3,100,010 |
(1)Amounts represent the entirety of the EPAs prior to the Internalization.
Summary of Deferred Compensation Share-Based Payment Liability | The table below summarizes the components of total EPAs earned (in thousands):
| For the Three Months Ended March 31, |  | Location Recorded in Condensed Consolidated Financial Statements
| 2026 |  | 2025 |
Founder’s Equity(1) | $ | 15,894 |  |  | $ | 41,476 |  |  | Net income attributable to non-controlling interests
Employee EPAs | 17,624 |  |  | — |  |  | Accrued compensation liabilities (reduction of Employee EPAs liability)
Total | $ | 33,518 |  |  | $ | 41,476 |  |  |
Form of Settlement |  |  |  |  |
Cash | $ | 18,440 |  |  | $ | 21,772 |  |  | Distributions to continuing non-controlling interests (Founder’s Equity) Payments for Employee EPAs (Employee EPAs)
Shares(2) | 15,078 |  |  | 19,704 |  |  |
Total | $ | 33,518 |  |  | $ | 41,476 |  |  |
(1)For the first quarter of 2025, Founder’s Equity includes $19.7 million for Mr. Legorreta’s retained EPAs and $21.8 million attributable to employees’ participation in the EPAs, which were considered part of Founder’s Equity prior to the closing of the Internalization. (2)Amounts represent shares earned during the respective quarter that are payable at each quarter end. As of March 31, 2026, $15.1 million is expected to be settled in shares in the second quarter of 2026. As of March 31, 2025, $19.7 million was settled in shares in the second quarter of 2025.

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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2 + Details
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