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Compensation and Benefits (Tables)

6 Months Ended

Jun. 30, 2025

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,
			2025						2024						2025						2024
Salaries, incentive compensation and benefits (1)			$	136,533					$	129,365					$	270,512					$	258,463
Long-term cash incentive compensation expense			22,479						9,644						36,206						22,147
Restricted share-based award compensation expense			6,864						7,781						14,319						16,060
Long-term incentive compensation expense			29,343						17,425						50,525						38,207
Total compensation and benefits			$	165,876					$	146,790					$	321,037					$	296,670
(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, 2025:

			Weighted-Average Grant Date Fair Value						Restricted Stock Awards and Restricted Stock Units
Unvested at January 1, 2025			$	39.26					5,276,480
Granted			44.14						436,213
Forfeited			52.93						(2,446)
Vested			39.30						(530,138)
Unvested at June 30, 2025			$	39.66					5,180,109

Nonvested Restricted Stock Shares Activity

			Weighted-Average Grant Date Fair Value						Performance Share Units
Unvested at January 1, 2025			$	37.86					176,192
Granted			—						—
Forfeited			—						—
Adjustment for performance results achieved (1)			29.40						47,970
Vested (1)			35.67						(71,955)
Unvested at June 30, 2025 (2)			$	38.90					152,207
(1) During the six months ended June 30, 2025, the 95,940 PSUs granted in 2022 met the requisite three-year performance conditions for the potential delivery of 143,910 shares (47,970 additional shares for results achieved). 71,955 shares of Class A common stock underlying one-half of the total PSUs were delivered in the six months ended June 30, 2025, while the remaining 71,955 units remain subject to the qualified retirement provision.
(2)At June 30, 2025, all 152,207 outstanding PSUs have met the required 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			2025						2024						2025						2024
Operating expenses (benefit)			Compensation and benefits			$	9,925					$	666					$	12,437					$	4,591
Non-operating income (expense)			Net investment gain (loss) of nonconsolidated investment products			15,919						(586)						17,996						9,028
Non-operating income (expense)			Net investment gain (loss) of consolidated investment products			2,468						291						2,980						1,122

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+ 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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