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Compensation and Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Components of Compensation Expense

Total compensation and benefits consist of the following:

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
			2024						2023						2024						2023
Salaries, incentive compensation and benefits (1)			$	129,365					$	116,326					$	258,463					$	231,876
Long-term cash incentive compensation expense			9,644						6,360						22,147						13,344
Restricted share-based award compensation expense			7,781						7,747						16,060						16,725
Long-term incentive compensation expense			17,425						14,107						38,207						30,069
Total compensation and benefits			$	146,790					$	130,433					$	296,670					$	261,945
(1) Excluding long-term incentive compensation expense

Restricted Share-Based Award Activity

The following tables summarize the restricted share-based award activity for the six months ended June 30, 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						499,413
Forfeited			42.79						(20,707)
Vested			37.56						(543,045)
Unvested at June 30, 2024			$	39.25					5,287,153

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 June 30, 2024 (2)			$	37.86					176,192
(1) During the six months ended June 30, 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 six months ended June 30, 2024, while the remaining 35,252 units remain subject to the qualified retirement provision.
(2) 80,252 and 45,000 PSUs at June 30, 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 June 30,												For the Six Months Ended June 30,
Statement of Operations Section			Statement of Operations Line Item			2024						2023						2024						2023
Operating expenses (benefit)			Compensation and benefits			$	666					$	714					$	4,591					$	2,446
Non-operating income (expense)			Net investment gain (loss) of nonconsolidated investment products			(586)						3,563						9,028						10,581
Non-operating income (expense)			Net investment gain (loss) of consolidated investment products			291						375						1,122						563

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Tabular disclosure of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense.

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Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org//321/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
-SubTopic 10
-Topic 718
-Publisher FASB
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