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INCENTIVE PLANS (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule 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 and six month periods ended June 30, 2023 and 2022:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Share-based incentive awards: |  |  |  |  |  |  |  |  |  |  |
RSUs | $ | 52,111 |  |  | $ | 34,292 |  |  | $ | 95,687 |  |  | $ | 60,951 |  |  |  |  |
PRSUs | 562 |  |  | 644 |  |  | 1,351 |  |  | 889 |  |  |  |  |
RSAs | 8,449 |  |  | 7,841 |  |  | 15,375 |  |  | 12,777 |  |  |  |  |
Profits interest participation rights | 18,200 |  |  | 28,244 |  |  | 37,262 |  |  | 49,692 |  |  |  |  |
DSUs | 1,412 |  |  | 1,728 |  |  | 1,593 |  |  | 1,877 |  |  |  |  |
Total | $ | 80,734 |  |  | $ | 72,749 |  |  | $ | 151,268 |  |  | $ | 126,186 |  |  |  |  |
Schedule 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 six month period ended June 30, 2023:
| Prepaid Compensation Asset |  | Compensation Liability
Balance, January 1, 2023 | $ | 112,124 |  |  | $ | 326,282 |
Granted | 159,981 |  |  | 159,981 |
Settled | - |  |  | (144,964) |
Forfeited | 2,752 |  |  | (2,622) |
Amortization | (89,660) |  |  | - |
Change in fair value related to: |  |  |
Change in fair value of underlying investments | - |  |  | 26,128 |
Adjustment for estimated forfeitures | - |  |  | 7,800 |
Other | 137 |  |  | 305 |
Balance, June 30, 2023 | $ | 185,334 |  |  | $ | 372,910 |
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 and six month periods ended June 30, 2023 and 2022:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Amortization, net of forfeitures | $ | 57,558 |  |  | $ | 47,629 |  |  | $ | 92,086 |  |  | $ | 83,254 |  |  |  |  |
Change in the fair value of underlying investments | 9,675 |  |  | (35,098) |  |  | 26,128 |  |  | (49,421) |  |  |  |  |
Total | $ | 67,233 |  |  | $ | 12,531 |  |  | $ | 118,214 |  |  | $ | 33,833 |  |  |  |  |
RSUs and DSUs |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to RSUs and DSUs during the six month period ended June 30, 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 352,254 RSUs relating to dividend participation) | 4,996,312 |  | $ | 36.75 |  |  | 53,997 |  | $ | 29.50 |
Forfeited | (35,473) |  | $ | 37.06 |  |  | - |  | $ | - |
Settled | (2,833,196) |  | $ | 42.48 |  |  | (74,363) |  | $ | 35.85 |
Balance, June 30, 2023 | 11,150,560 |  | $ | 36.28 |  |  | 380,454 |  | $ | 36.85 |
RSAs |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity related to RSAs associated with compensation arrangements during the six month period ended June 30, 2023:
| RSAs |  | Weighted Average Grant Date Fair Value
Balance, January 1, 2023 | 1,266,424 |  | $ | 36.99 |
Granted (including 50,754 relating to dividend participation) | 625,833 |  | $ | 37.69 |
Forfeited | (10,173) |  | $ | 38.68 |
Settled | (473,359) |  | $ | 39.87 |
Balance, June 30, 2023 | 1,408,725 |  | $ | 36.32 |
PRSUs |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to PRSUs during the six month period ended June 30, 2023:
| PRSUs |  | Weighted Average Grant Date Fair Value
Balance, January 1, 2023 | 94,690 |  | $ | 39.27 |
Balance, June 30, 2023 | 94,690 |  | $ | 39.27 |
Profits interest participation rights |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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 six month period ended June 30, 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 |
Forfeited | (16,695) |  | $ | 43.23 |
Settled | (1,521,620) |  | $ | 42.17 |
Balance, June 30, 2023 (a) | 3,831,387 |  | $ | 37.98 |
__________________________ (a)Table includes 1,474,002 PRPUs as of June 30, 2023. This includes 2,447,224 PRPUs as of January 1, 2023, net of 973,222 PRPUs settled during the six month period ended June 30, 2023. The balance as of June 30, 2023 reflects the target number of PRPUs granted in February 2021 and March 2022. There were no PRPUs granted during the six month period ended June 30, 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 six month period ended June 30, 2023 was $35.94. The weighted average grant date fair values for other profits interest participation rights forfeited during the six month period ended June 30, 2023 was $43.23. The weighted average grant date fair values for PRPUs and other profits interest participation rights settled during the six month period ended June 30, 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 June 30, 2023 were $39.31 and $37.14, respectively.

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