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Share-Based Compensation (Notes) | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The Company has an Omnibus Incentive Plan (the “Omnibus Plan”) and a Partnership Inducement Award Plan (the “Inducement Plan” and, collectively with the Omnibus Plan, the “Plans”) to motivate and reward colleagues and certain other individuals to perform at the highest level and contribute significantly to the Company’s success, thereby furthering the best interests of Baldwin’s stockholders. The total number of shares of Class A common stock authorized for issuance under the Omnibus Plan and the Inducement Plan was 15,513,345 and 3,000,000, respectively, at June 30, 2026. During the six months ended June 30, 2026, the Company made awards of restricted stock awards (“RSAs”), performance-based restricted stock unit awards (“PSUs”), and fully vested shares under the Plans to its non-employee directors, officers, colleagues and consultants. Fully-vested shares issued to directors, officers and colleagues during the six months ended June 30, 2026 were vested upon issuance and PSUs issued to officers vest in the quarter following the end of a performance period of three years, while RSAs issued to colleagues, consultants and officers generally either cliff vest after three to four years or vest ratably over three to five years. The following table summarizes the activity for awards granted by the Company under the Plans:
|  | Shares |  | Weighted-Average Grant-Date Fair Value Per Share
Non-vested awards outstanding at December 31, 2025 |  | 3,094,268 |  |  | $ | 36.03 |
Granted |  | 4,165,527 |  |  | 23.30 |
Vested and settled |  | (2,209,742) |  |  | 25.72 |
Forfeited |  | (427,484) |  |  | 37.50 |
Non-vested awards outstanding at June 30, 2026 |  | 4,622,569 |  |  | 29.35 |
The total fair value of shares that vested and settled under the Plans was $56.8 million and $46.8 million for the six months ended June 30, 2026 and 2025, respectively. Share-based compensation is recognized ratably over the vesting period of the respective awards and includes expense related to issuances under the Plans and the portion of annual bonuses that are payable in fully-vested shares of Class A common stock. The Company recognizes share-based compensation expense for the Plans net of actual forfeitures. The Company recorded share-based compensation expense of $20.7 million and $17.0 million for the three months ended June 30, 2026 and 2025, respectively, and $33.5 million and $29.8 million for the six months ended June 30, 2026 and 2025, respectively. Share-based compensation expense is included in colleague compensation and benefits expense in the condensed consolidated statements of comprehensive income (loss).

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