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Compensation and Benefits (Tables) | 9 Months Ended
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Sep. 30, 2025
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Salaries, incentive compensation and benefits (1) | $ | 136,049 |  |  | $ | 128,604 |  |  | $ | 406,561 |  |  | $ | 387,067 |
Long-term cash incentive compensation expense | 20,469 |  |  | 12,941 |  |  | 56,675 |  |  | 35,088 |
Restricted share-based award compensation expense | 6,724 |  |  | 7,489 |  |  | 21,043 |  |  | 23,549 |
Long-term incentive compensation expense | 27,193 |  |  | 20,430 |  |  | 77,718 |  |  | 58,637 |
Total compensation and benefits | $ | 163,242 |  |  | $ | 149,034 |  |  | $ | 484,279 |  |  | $ | 445,704 |
(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, 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 | 48.40 |  |  | (12,289) |
Vested | 39.30 |  |  | (530,138) |
Unvested at September 30, 2025 | $ | 39.65 |  |  | 5,170,266 |
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 September 30, 2025 (2) | $ | 38.90 |  |  | 152,207 |
(1) During the nine months ended September 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 nine months ended September 30, 2025, while the remaining 71,955 units remain subject to the qualified retirement provision.
(2)At September 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 September 30, |  | For the Nine Months Ended September 30,
Statement of Operations Section | Statement of Operations Line Item | 2025 |  | 2024 |  | 2025 |  | 2024
Operating expenses (benefit) | Compensation and benefits | $ | 7,277 |  |  | $ | 4,596 |  |  | $ | 19,714 |  |  | $ | 9,187 |
Non-operating income (expense) | Net investment gain (loss) of nonconsolidated investment products | 9,407 |  |  | 8,800 |  |  | 27,403 |  |  | 17,828 |
Non-operating income (expense) | Net investment gain (loss) of consolidated investment products | 645 |  |  | 848 |  |  | 3,625 |  |  | 1,970 |

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