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Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense

The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, RSAs and profits interest participation rights, including PRPUs) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2023 and 2022:

		Three Months Ended
		March 31,
		2023				2022
Share-based incentive awards:
RSUs		$	43,576			$	26,659
PRSUs			789				245
RSAs			6,926				4,936
Profits interest participation rights			19,062				21,448
DSUs			181				149
Total		$	70,534			$	53,437

Summary of LFI and Other Similar Deferred Compensation Arrangements

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the three month period ended March 31, 2023:

		Prepaid Compensation Asset				Compensation Liability
Balance, January 1, 2023		$	112,124			$	326,282
Granted			159,981				159,981
Settled			-				(137,633	)
Forfeited			2,510				(1,018	)
Amortization			(34,942	)			-
Change in fair value related to:
Change in fair value of underlying    investments			-				16,453
Adjustment for estimated forfeitures			-				3,114
Other			72				355
Balance, March 31, 2023		$	239,745			$	367,534

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2023 and 2022:

		Three Months Ended
		March 31,
		2023				2022
Amortization, net of forfeitures		$	34,528			$	35,625
Change in the fair value of underlying investments			16,453				(14,323	)
Total		$	50,981			$	21,302

Restricted Stock Units and Deferred Stock Units [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to RSUs and DSUs during the three month period ended March 31, 2023:

		RSUs								DSUs
		Units				Weighted Average Grant Date Fair Value				Units				Weighted Average Grant Date Fair Value
Balance, January 1, 2023			9,022,917			$	37.97				400,820			$	37.66
Granted (including 169,034 RSUs relating to dividend    participation)			4,228,611			$	37.44				4,774			$	37.85
Forfeited			(10,572	)		$	38.91				-			$	-
Settled			(2,753,616	)		$	42.55				-			$	-
Balance, March 31, 2023			10,487,340			$	36.55				405,594			$	37.66

Restricted Stock Awards Class A [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity related to RSAs associated with compensation arrangements during the three month period ended March 31, 2023:

		RSAs				Weighted Average Grant Date Fair Value
Balance, January 1, 2023			1,266,424			$	36.99
Granted (including 25,258 relating to dividend participation)			600,922			$	37.75
Forfeited			(3,401	)		$	41.41
Settled			(297,142	)		$	42.95
Balance, March 31, 2023			1,566,803			$	36.14

PRSUs [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to PRSUs during the three month period ended March 31, 2023:

		PRSUs				Weighted Average Grant Date Fair Value
Balance, January 1, 2023			94,690			$	39.27
Balance, March 31, 2023			94,690			$	39.27

Profits Interest Participation Rights [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the three month period ended March 31, 2023:

		Profits Interest Participation Rights				Weighted Average Grant Date Fair Value
Balance, January 1, 2023			4,131,628			$	40.15
Granted			1,238,074			$	35.94
Settled			(1,521,620	)		$	42.17
Balance, March 31, 2023 (a)			3,848,082			$	38.00

(a) Table includes 1,474,002 PRPUs as of March 31, 2023. This includes 2,447,224 PRPUs as of January 1, 2023, net of 973,222 PRPUs settled during the three month period ended March 31, 2023. The balance as of March 31, 2023 reflects the target number of PRPUs granted in February 2021 and March 2022. There were no PRPUs granted during the three month period ended March 31, 2023. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2023 were $40.29 and $39.96, respectively. The weighted average grant date fair values for other profits interest participation rights granted during the three month period ended March 31, 2023 was $35.94. The weighted average grant date fair values for PRPUs and other profits interest participation rights settled during the three month period ended March 31, 2023 were $41.76 and $42.89, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of March 31, 2023 were $39.31 and $37.19, respectively.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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