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Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

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

The following reflects the expense with respect to share-based incentive plans, which is primarily recorded within “compensation and benefits” expense in the Company’s accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022:

			Year Ended December 31,
			2024						2023						2022
Share-based incentive awards:
RSUs			$	221,298					$	192,370					$	151,820
PRSUs			1,110						2,488						2,011
PIPRs			55,335						55,712						86,810
Total			$	277,743					$	250,570					$	240,641

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 year ended December 31, 2024:

			Prepaid Compensation Asset						Compensation Liability
Balance, January 1, 2024			$	115,972					$	365,420
Granted			40,227						40,227
Settled			–						(143,718)
Amortization and the impact of forfeitures			(104,056)						(3,647)
Change in fair value of underlying investments			–						16,176
Other			(88)						(3,611)
Balance, December 31, 2024			$	52,055					$	270,847

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022:

			Year Ended December 31,
			2024						2023						2022
Amortization and the impact of forfeitures			$	100,409					$	164,357					$	154,878
Change in the fair value of underlying investments			16,176						41,463						(44,261)
Total			$	116,585					$	205,820					$	110,617

RSUs and 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 RSUs and PRSUs for the year ended December 31, 2024:

			RSUs												PRSUs
			Units						Weighted Average Grant Date Fair Value						Units						Weighted Average Grant Date Fair Value
Balance, January 1, 2024			12,633,027						$	36.16					125,465						$	41.07
Granted (including 748,876 RSUs relating to dividend participation)			9,130,484						$	38.87					–						$	–
Forfeited			(1,280,313)						$	36.10					–						$	–
Settled			(4,271,194)						$	38.52					(63,169)						$	46.63
Balance, December 31, 2024			16,212,004						$	37.07					62,296						$	35.44

PIPRs

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 all PIPRs during the year ended December 31, 2024:

			Ordinary PIPRs (a)												P-PIPRs												SP-PIPRs
			Units						Weighted Average Grant Date Fair Value						Units						Weighted Average Grant Date Fair Value						Units						Weighted Average Grant Date Fair Value
Balance, January 1, 2024			2,640,769						$	36.19					1,958,829						$	41.12					2,250,000						$	15.06
Granted			1,368,964						$	38.26					–						$	–					–						$	–
Forfeited			(76,737)						$	36.13					–						$	–					–						$	–
Settled			(601,433)						$	43.23					(995,169)						$	46.63					–						$	–
Balance, December 31, 2024			3,331,563						$	35.77					963,660						$	35.44					2,250,000						$	15.06

_____________________

(a)Includes PIPR awards with only service-based vesting conditions.

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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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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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