v3.25.2
INCENTIVE PLANS (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense
The following reflects the expense with respect to share-based incentive plans, which is primarily recorded within “compensation and benefits” expense in the Company’s accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Share-based incentive awards:
RSUs$82,752 $67,419 $151,584 $128,539 
PRSUs– 314 (44)719 
PIPRs24,205 21,614 32,585 30,287 
Total$106,957 $89,347 $184,125 $159,545 
Schedule of LFI and Other Similar Deferred Compensation Arrangements
The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the six month period ended June 30, 2025:
Prepaid
Compensation
Asset		Compensation
Liability
Balance, January 1, 2025$52,055 $270,847 
Granted40,478 40,478 
Settled– (145,551)
Amortization and the impact of forfeitures(38,334)(2,937)
Change in fair value of underlying investments– 15,752 
Other7 4,033 
Balance, June 30, 2025$54,206 $182,622 
The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Amortization and the impact of forfeitures$16,916 $22,406 $35,397 $58,105 
Change in the fair value of underlying investments10,509 (1,201)15,752 8,172 
Total$27,425 $21,205 $51,149 $66,277 
RSUs and PRSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Activity Relating to Share-based Awards
The following is a summary of activity relating to RSUs and PRSUs during the six month period ended June 30, 2025:
RSUsPRSUs
UnitsWeighted
Average
Grant Date
Fair Value		UnitsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 202516,212,004 $37.07 62,296 $35.44 
Granted (including 394,800 RSUs relating to dividend participation)
6,522,672 $53.28 – $– 
Forfeited(610,626)$43.51 – $– 
PRSUs performance units earned (a)48,342 $21.92 
Settled(4,680,290)$34.63 (110,638)$29.53 
Balance, June 30, 202517,443,760 $43.56 –
_________________________________
(a)Represents PRSUs earned during the six month period ended June 30, 2025 under the performance conditions of previously-granted PRSU awards in excess of the target payout levels of such awards.
PIPRs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Activity Relating to Share-based Awards
The following is a summary of activity relating to all PIPRs during the six month period ended June 30, 2025:
Ordinary PIPRs (a)P-PIPRsSP-PIPRs
UnitsWeighted
Average
Grant Date
Fair Value		UnitsWeighted
Average
Grant Date
Fair Value		UnitsWeighted
Average
Grant Date
Fair Value
Balance, January 1, 20253,331,563 $35.77 963,660 $35.44 2,250,000$15.06 
Granted1,444,345 $44.93 – $– –$– 
Forfeited(212,968)$36.41 – $– –$– 
Performance units earned (b)747,800 $21.92  
Settled(478,646)$32.95 (1,711,460)$29.53 –$– 
Balance, June 30, 20254,084,294$39.31 –2,250,000$15.06 
__________________________
(a)Includes PIPR awards with only service-based vesting conditions.
(b)Represents P-PIPRs earned during the six month period ended June 30, 2025 under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards.