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INCENTIVE PLANS (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule 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 condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2025 and 2024:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Share-based incentive awards:
RSUs$74,546 $57,611 $226,130 $186,150 
PRSUs– 318 (44)1,037 
PIPRs21,577 17,655 54,162 47,942 
Total$96,123 $75,584 $280,248 $235,129 
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 nine month period ended September 30, 2025:
Prepaid
Compensation
Asset
Compensation
Liability
Balance, January 1, 2025$52,055 $270,847 
Granted40,478 40,478 
Settled– (148,727)
Amortization and the impact of forfeitures(53,441)(2,247)
Change in fair value of underlying investments– 20,575 
Other(40)4,218 
Balance, September 30, 2025$39,052 $185,144 
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 nine month periods ended September 30, 2025 and 2024:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Amortization and the impact of forfeitures$15,797 $22,997 $51,194 $81,102 
Change in the fair value of underlying investments4,823 16,732 20,575 24,904 
Total$20,620 $39,729 $71,769 $106,006 
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 during the nine month period ended September 30, 2025:
RSUsPRSUs
UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 202516,212,004 $37.07 62,296 $35.44 
Granted (including 550,976 RSUs relating to dividend participation)
6,933,955 $53.01 – $– 
Forfeited(651,750)$43.37 – $– 
PRSUs performance units earned (a)48,342 $21.92 
Settled(5,426,230)$35.69 (110,638)$29.53 
Balance, September 30, 202517,067,979 $43.74 
_________________________________
(a)Represents PRSUs earned during the nine month period ended September 30, 2025 under the performance conditions of previously-granted PRSU awards in excess of the target payout levels of such awards.
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 nine month period ended September 30, 2025:
Ordinary PIPRs (a)P-PIPRsSP-PIPRs (c)
UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 20253,331,563 $35.77 963,660 $35.44 2,250,000$15.06 
Granted1,444,345 $44.93 – $– $– 
Forfeited(212,968)$36.41 – $– $– 
Performance units earned (b)747,800 $21.92 
Settled(478,646)$32.95 (1,711,460)$29.53 $– 
Balance, September 30, 20254,084,294$39.31 2,250,000$16.12 
__________________________
(a)Includes PIPR awards with only service-based vesting conditions.
(b)Represents P-PIPRs earned during the nine month period ended September 30, 2025 under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards.
(c)The change in the weighted average grant date fair value of SP-PIPRs as of September 30, 2025 reflects a modification of certain awards.