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Compensation and Benefits (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Components of Compensation Expense | Total compensation and benefits consist of the following:
| For the Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Salaries, incentive compensation and benefits (1) | $ | 129,098 |  |  | $ | 115,550 |  |  |  |  |
Long-term cash incentive compensation expense | 12,503 |  |  | 6,984 |  |  |  |  |
Restricted share-based award compensation expense | 8,279 |  |  | 8,978 |  |  |  |  |
Long-term incentive compensation expense | 20,782 |  |  | 15,962 |  |  |  |  |
Total compensation and benefits | $ | 149,880 |  |  | $ | 131,512 |  |  |  |  |
(1) Excluding long-term incentive compensation expense
Restricted Share-Based Award Activity | The following tables summarize the restricted share-based award activity for the three months ended March 31, 2024:
| Weighted-Average Grant Date Fair Value |  | Restricted Stock Awards and Restricted Stock Units
Unvested at January 1, 2024 | $ | 38.84 |  |  | 5,351,492 |
Granted | 41.96 |  |  | 497,053 |
Forfeited | 43.60 |  |  | (15,325) |
Vested | 37.58 |  |  | (499,385) |
Unvested at March 31, 2024 | $ | 39.23 |  |  | 5,333,835 |
Nonvested Restricted Stock Shares Activity |
| Weighted-Average Grant Date Fair Value |  | Performance Share Units
Unvested at January 1, 2024 (2) | $ | 54.89 |  |  | 216,170 |
Granted | — |  |  | — |
Forfeited | — |  |  | — |
Adjustment for performance results achieved (1) | 45.72 |  |  | 3 |
Vested (1) | 50.52 |  |  | (39,981) |
Unvested at March 31, 2024 (2) | $ | 37.86 |  |  | 176,192 |
(1) During the three months ended March 31, 2024, the 75,230 PSUs granted in 2021 met the requisite three-year performance conditions for the potential delivery of 75,233 shares (3 additional shares for results achieved). 39,981 shares of Class A Common Stock were delivered in the three months ended March 31, 2024 while the remaining 35,252 shares remain subject to the qualified retirement provision.
(2) 80,252 and 45,000 PSUs at March 31, 2024 and December 31, 2023, respectively, had met the requisite three-year performance conditions for vesting but remain outstanding subject to a qualifying retirement vesting condition.
Change in Value of Investments | The change in value of the investments had the following impact on the unaudited consolidated statements of operations:
|  | For the Three Months Ended March 31, |  |
Statement of Operations Section | Statement of Operations Line Item | 2024 |  | 2023 |  |  |  |
Operating expenses (benefit) | Compensation and benefits | $ | 3,925 |  |  | $ | 1,732 |  |  |  |  |
Non-operating income (expense) | Net investment gain (loss) of nonconsolidated investment products | 9,614 |  |  | 7,018 |  |  |  |  |
Non-operating income (expense) | Net investment gain (loss) of consolidated investment products | 831 |  |  | 188 |  |  |  |  |

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