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Compensation and Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Components of Compensation Expense

Total compensation and benefits consist of the following:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Salaries, incentive compensation and benefits (1)			$	128,604					$	118,271					$	387,067					$	350,147
Long-term cash incentive compensation expense			12,941						4,625						35,088						17,969
Restricted share-based award compensation expense			7,489						7,752						23,549						24,477
Long-term incentive compensation expense			20,430						12,377						58,637						42,446
Total compensation and benefits			$	149,034					$	130,648					$	445,704					$	392,593
(1) Excluding long-term incentive compensation expense

Restricted Share-Based Award Activity

The following tables summarize the restricted share-based award activity for the nine months ended September 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			41.97						504,055
Forfeited			40.26						(36,022)
Vested			37.56						(543,045)
Unvested at September 30, 2024			$	39.26					5,276,480

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 September 30, 2024 (2)			$	37.86					176,192
(1) During the nine months ended September 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 nine months ended September 30, 2024, while the remaining 35,252 units remain subject to the qualified retirement provision.
(2) 80,252 and 45,000 PSUs at September 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 September 30,												For the Nine Months Ended September 30,
Statement of Operations Section			Statement of Operations Line Item			2024						2023						2024						2023
Operating expenses (benefit)			Compensation and benefits			$	4,596					$	(1,230)					$	9,187					$	1,216
Non-operating income (expense)			Net investment gain (loss) of nonconsolidated investment products			8,800						(4,454)						17,828						6,127
Non-operating income (expense)			Net investment gain (loss) of consolidated investment products			848						148						1,970						711

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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.

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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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-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
-SubTopic 10
-Topic 718
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