Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

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.