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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Class A Ordinary Shares
Class R Redeemable Shares
Common Stock
Class A Ordinary Shares
Common Stock
Class B Ordinary Shares
Common Stock
Class R Redeemable Shares
Deferred Shares
Additional Paid-in Capital
Additional Paid-in Capital
Class A Ordinary Shares
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Non-Controlling Interests
Treasury Interests
Beginning balance (in shares) at Dec. 31, 2024         445,985 143,128 50 392,255            
Beginning balance at Dec. 31, 2024 $ 10,342,366 $ (12,000)     $ 45 $ 0 $ 63 $ 0 $ 4,103,482   $ 2,845,653 $ (12,000) $ 3,395,785 $ (2,662)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Contributions 2,253                       2,253  
Distributions (171,443)                       (171,443)  
Dividends (95,357)                   (95,357)      
Other exchanges (in shares)         2,258 (2,258)   2,258            
Other exchanges 0               321,661       (321,669) 8
Share-based compensation and related issuances of Class A ordinary shares (in shares)         2                  
Share-based compensation and related issuances of Class A ordinary shares     $ 515             $ 515        
Repurchases of Class A ordinary shares (in shares)         (22,655)                  
Repurchases of Class A ordinary shares (723,110)       $ (2)       (215,127)   (507,981)      
Net income 434,433                   239,349   195,084  
Ending balance (in shares) at Mar. 31, 2025         425,590 140,870 50 394,513            
Ending balance at Mar. 31, 2025 9,777,657       $ 43 $ 0 $ 63 $ 0 4,210,531   2,469,664   3,100,010 (2,654)
Beginning balance (in shares) at Dec. 31, 2025         428,669 148,438 50 411,475            
Beginning balance at Dec. 31, 2025 9,714,939       $ 43 $ 0 $ 63 $ 0 4,123,088   2,356,318   3,238,039 (2,612)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Distributions (139,210)                       (139,210)  
Dividends (104,490)                   (104,490)      
Other exchanges (in shares)         15,737 (15,737)   15,737            
Other exchanges 0       $ 2       255,920       (255,825) (97)
Share-based compensation and share issuances for EPAs, Equity Incentive Plans and forfeiture of shares issued for Internalization (in shares)         343 (143)   143            
Share-based compensation and share issuances for EPAs, Equity Incentive Plans and forfeiture of shares issued for Internalization 47,483               16,017   (251)   31,717  
Repurchases of Class A ordinary shares (in shares)     (1,100)   (1,121)                  
Repurchases of Class A ordinary shares (50,145)   $ (50,100)           (10,969)   (39,176)      
Net income 468,256                   294,690   173,566  
Ending balance (in shares) at Mar. 31, 2026       50 443,628 132,558 50 427,355            
Ending balance at Mar. 31, 2026 $ 9,936,833       $ 45 $ 0 $ 63 $ 0 $ 4,384,056   $ 2,507,091   $ 3,048,287 $ (2,709)