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Compensation and Benefits (Tables)

9 Months Ended

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

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-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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-Section 50
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-Topic 718
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