XML 42 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay versus Performance
 
 
The following table details summary compensation and compensation actually paid to or earned by our NEOs during the years ended December 31, 2024, 2023, 2022, 2021 and 2020, along with a comparison to total shareholder return, net income/(loss) and total revenues.
 
 Year
 (a)
 
Summary
Compensation
Table Total for
PEO
($)(1)
(b)
 
Compensation
Actually Paid
to PEO
($)(2)(3)
(c)
 
Average
Summary
Compensation
Table Total for
Non-PEO

NEOs
($)(1)
(d)
 
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
($)(2)(3)
(e)
 
Value of Initial Fixed $100
Investment Based on:
 
Net
Income/
(Loss)
($)
(h)
 
Total
Revenues
($)
(i)
 
Total
Shareholder
Return
($)
(f)
 
 
Peer
Group Total
Shareholder
Return
($)(4)
(g)
 2024
  8,400,063   10,247,376   4,392,265   4,663,286    111.73    115.45   427,704,189   2,733,657,011
 2023
  9,075,696   12,045,399   4,631,341   5,540,994     95.42    113.49   614,621,739   2,684,976,931
 2022
  8,542,106    3,063,639   4,529,509   2,868,293     85.65    105.55   (97,023,569)   2,317,301,726
 2021
  9,148,993    7,043,334   4,854,198   3,539,016     96.70    128.48   436,631,102   2,088,388,782
 2020
  5,993,815    2,710,009   3,104,420   2,424,094     95.66     95.56   516,263,698   2,015,438,999
 
(1)
For the fiscal years ended December 31, 2024, 2023, 2022, 2021 and 2020 our PEO and remaining NEOs were as follows:
 
 Year
  
PEO
  
Non-PEO
NEOs
 2024
   Mr. Plueger   
Messrs. Udvar-Hazy, Levy, and Willis, and Ms. Forsyte
 2023
   Mr. Plueger    Messrs.
Udvar-Hazy,
Levy, and Willis, and Ms. Forsyte
 2022
   Mr. Plueger    Messrs.
Udvar-Hazy,
Levy, Willis, Korde and Chen
 2021
   Mr. Plueger    Messrs.
Udvar-Hazy,
Levy, Korde and Willis
 2020
   Mr. Plueger    Messrs.
Udvar-Hazy,
Levy, Willis and Chen
 
(2)
The amounts shown for compensation actually paid have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by our NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
 
(3)
The table below reflects the adjustments used to calculate the compensation actually paid to our PEO and average compensation actually paid to our
Non-PEO
NEOs:
 
   
       
PEO
   
  
 
Average Non-PEO

NEOs 
 
Adjustments
 
2024
 
Deduction of Grant Date Fair Value of Option Awards and Stock Awards Granted in 2024
  $ (4,786,970  
 
  $ (2,329,394
Addition of Fair Value at December 31, 2024 of Outstanding and Unvested Option Awards and Stock Awards Granted in 2024
  $ 5,812,946    
 
  $ 2,081,105  
Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years*
  $ 1,589,576    
 
  $ 769,211  
Fair Value at Vesting of Options and Stock Awards Granted in 2024 that Vested During 2024
       
 
     
Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During 2024
  $ (768,239  
 
  $ (249,901
Fair Value as of December 31, 2023 of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During 2024
       
 
     
Total 2024 Adjustments
  $ 1,847,313    
 
 
  $ 271,021  
*The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
 
(4)
Peer group total shareholder return for each year in the table is presented using the 2024 custom benchmark group disclosed in our Annual Report on Form
10-K
filed with the SEC for the year ended December 31, 2024 as shown below. Our 2024 custom benchmark group was updated from 2023 to remove Triton International Limited (TRTN), which was no longer in the same business or industry as a result of being acquired in 2023.
 
2024 Custom Benchmark Group
Affiliated Managers Group, Inc., Artisan Partners Asset Management, Inc., Digital Bridge Group, Inc., Federal Realty Investment Trust, Federated Hermes, Inc., Franklin Resources, Inc., GATX Corporation, H&E Equipment Services, Inc., Healthpeak Properties, Inc., Herc Holdings Inc., Host Hotels & Resorts, Inc., Invesco Ltd., Janus Henderson Group plc, Kennedy-Wilson Holdings, Inc., Kilroy Realty Corporation, and W.P. Carey Inc.
       
Company Selected Measure Name Total Revenues        
Named Executive Officers, Footnote
(1)
For the fiscal years ended December 31, 2024, 2023, 2022, 2021 and 2020 our PEO and remaining NEOs were as follows:
 
 Year
  
PEO
  
Non-PEO
NEOs
 2024
   Mr. Plueger   
Messrs. Udvar-Hazy, Levy, and Willis, and Ms. Forsyte
 2023
   Mr. Plueger    Messrs.
Udvar-Hazy,
Levy, and Willis, and Ms. Forsyte
 2022
   Mr. Plueger    Messrs.
Udvar-Hazy,
Levy, Willis, Korde and Chen
 2021
   Mr. Plueger    Messrs.
Udvar-Hazy,
Levy, Korde and Willis
 2020
   Mr. Plueger    Messrs.
Udvar-Hazy,
Levy, Willis and Chen
       
Peer Group Issuers, Footnote
(4)
Peer group total shareholder return for each year in the table is presented using the 2024 custom benchmark group disclosed in our Annual Report on Form
10-K
filed with the SEC for the year ended December 31, 2024 as shown below. Our 2024 custom benchmark group was updated from 2023 to remove Triton International Limited (TRTN), which was no longer in the same business or industry as a result of being acquired in 2023.
 
2024 Custom Benchmark Group
Affiliated Managers Group, Inc., Artisan Partners Asset Management, Inc., Digital Bridge Group, Inc., Federal Realty Investment Trust, Federated Hermes, Inc., Franklin Resources, Inc., GATX Corporation, H&E Equipment Services, Inc., Healthpeak Properties, Inc., Herc Holdings Inc., Host Hotels & Resorts, Inc., Invesco Ltd., Janus Henderson Group plc, Kennedy-Wilson Holdings, Inc., Kilroy Realty Corporation, and W.P. Carey Inc.
       
PEO Total Compensation Amount $ 8,400,063 $ 9,075,696 $ 8,542,106 $ 9,148,993 $ 5,993,815
PEO Actually Paid Compensation Amount $ 10,247,376 12,045,399 3,063,639 7,043,334 2,710,009
Adjustment To PEO Compensation, Footnote
(3)
The table below reflects the adjustments used to calculate the compensation actually paid to our PEO and average compensation actually paid to our
Non-PEO
NEOs:
 
   
       
PEO
   
  
 
Average Non-PEO

NEOs 
 
Adjustments
 
2024
 
Deduction of Grant Date Fair Value of Option Awards and Stock Awards Granted in 2024
  $ (4,786,970  
 
  $ (2,329,394
Addition of Fair Value at December 31, 2024 of Outstanding and Unvested Option Awards and Stock Awards Granted in 2024
  $ 5,812,946    
 
  $ 2,081,105  
Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years*
  $ 1,589,576    
 
  $ 769,211  
Fair Value at Vesting of Options and Stock Awards Granted in 2024 that Vested During 2024
       
 
     
Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During 2024
  $ (768,239  
 
  $ (249,901
Fair Value as of December 31, 2023 of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During 2024
       
 
     
Total 2024 Adjustments
  $ 1,847,313    
 
 
  $ 271,021  
*The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
 
       
Non-PEO NEO Average Total Compensation Amount $ 4,392,265 4,631,341 4,529,509 4,854,198 3,104,420
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,663,286 5,540,994 2,868,293 3,539,016 2,424,094
Adjustment to Non-PEO NEO Compensation Footnote
(3)
The table below reflects the adjustments used to calculate the compensation actually paid to our PEO and average compensation actually paid to our
Non-PEO
NEOs:
 
   
       
PEO
   
  
 
Average Non-PEO

NEOs 
 
Adjustments
 
2024
 
Deduction of Grant Date Fair Value of Option Awards and Stock Awards Granted in 2024
  $ (4,786,970  
 
  $ (2,329,394
Addition of Fair Value at December 31, 2024 of Outstanding and Unvested Option Awards and Stock Awards Granted in 2024
  $ 5,812,946    
 
  $ 2,081,105  
Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years*
  $ 1,589,576    
 
  $ 769,211  
Fair Value at Vesting of Options and Stock Awards Granted in 2024 that Vested During 2024
       
 
     
Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During 2024
  $ (768,239  
 
  $ (249,901
Fair Value as of December 31, 2023 of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During 2024
       
 
     
Total 2024 Adjustments
  $ 1,847,313    
 
 
  $ 271,021  
*The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
 
       
Compensation Actually Paid vs. Total Shareholder Return
The graph below reflects the relationship between the compensation actually paid to or earned by our NEOs and (i) the Company’s cumulative indexed total shareholder return, and (ii) the cumulative indexed total shareholder return of our custom benchmark group in 2024 (as disclosed above), in each case, assuming an initial fixed investment of $100 for the years ended December 31, 2024, 2023, 2022, 2021 and 2020:
 
LOGO
       
Compensation Actually Paid vs. Net Income
The graph below reflects the relationship between the compensation actually paid to or earned by our NEOs and the Company’s net income/(loss) for the years ended December 31, 2024, 2023, 2022, 2021 and 2020:
 
LOGO
       
Compensation Actually Paid vs. Company Selected Measure
The graph below reflects the relationship between the compensation actually paid to or earned by our NEOs and the Company’s total revenues for the years ended December 31, 2024, 2023, 2022, 2021 and 2020:
 
LOGO
       
Total Shareholder Return Vs Peer Group
The graph below reflects the relationship between the compensation actually paid to or earned by our NEOs and (i) the Company’s cumulative indexed total shareholder return, and (ii) the cumulative indexed total shareholder return of our custom benchmark group in 2024 (as disclosed above), in each case, assuming an initial fixed investment of $100 for the years ended December 31, 2024, 2023, 2022, 2021 and 2020:
 
LOGO
       
Tabular List, Table
Financial Performance Measures
The financial measures included in the table below represent an unranked list of the most important financial performance measures to link compensation actually paid to our NEOs for 2024. The target total compensation of our NEOs is heavily weighted towards short and long-term performance goals that align with our stockholders’ interests. Our annual bonus plan is 100% performance-based, with 80% of the target bonus opportunity for 2024 for each NEO tied to our total revenues and adjusted net income before income taxes and 50% of our NEOs’ long-term equity awards for 2024 tied to performance-based vesting conditions based on book value of our Class A Common Stock.
 
  Most Important Financial Performance Measures (1)
  Total Revenues
 
  Adjusted net income before income taxes (2)
 
  Book value of our Class A Common Stock
 
 
  (1)
The financial measures that we consider to be the most important measures to link compensation actually paid to our NEOs is evaluated on an ongoing basis and could change in future years.
  (2)
As defined and reported in our financial statements as filed with the SEC.
       
Total Shareholder Return Amount $ 111.73 95.42 85.65 96.7 95.66
Peer Group Total Shareholder Return Amount 115.45 113.49 105.55 128.48 95.56
Net Income (Loss) $ 427,704,189 $ 614,621,739 $ (97,023,569) $ 436,631,102 $ 516,263,698
Company Selected Measure Amount 2,733,657,011 2,684,976,931 2,317,301,726 2,088,388,782 2,015,438,999
PEO Name Mr. Plueger        
Measure:: 1          
Pay vs Performance Disclosure          
Name Total Revenues        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted net income before income taxes        
Measure:: 3          
Pay vs Performance Disclosure          
Name Book value of our Class A Common Stock        
PEO          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 1,847,313        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,786,970)        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,812,946        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,589,576        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (768,239)        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 271,021        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,329,394)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,081,105        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 769,211        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (249,901)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0