Further information regarding the Company’s equity-based compensation awards is described in Note 10. “Equity-Based and Other Deferred Compensation” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The following table represents equity-based compensation expense and the related income tax benefit for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Equity-Based Compensation Expense	$	49,447	$	46,427	$	138,250	$	119,245
Income Tax Benefit	$	7,275	$	5,984	$	19,812	$	15,861

The following table summarizes activity related to unvested RSUs, including those that have fully achieved market conditions in prior periods and remain subject to service conditions, for the six months ended June 30, 2025:


	Restricted Stock Units
				Weighted-
				Average
				Grant Date
	Number of			Fair Value
	Units			(in dollars)
Balance, December 31, 2024		7,188,089		$	81.28
Granted		1,323,471			174.75
Dividends Reinvested on RSUs		(43,680	)		57.37
Forfeited		(32,802	)		112.74
Vested		(2,143,883	)		69.63
Balance, June 30, 2025		6,291,195		$	104.92

As of June 30, 2025, there was $372.1 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.7 years. The Company assumes a forfeiture rate of 4.0% to 7.0% annually based on expected turnover and periodically reassesses this rate. The balance as of December 31, 2024 includes 909,636 RSU awards that had fully achieved market conditions with a weighted-average grant date fair value of $42.87. The weighted-average grant date fair value with respect to RSUs granted for the six months ended June 30, 2024 was $98.90. There were no RSUs granted that contained both service and market conditions for the six months ended June 30, 2024.

The following table summarizes activity related to unvested Partnership Units, including those that have fully achieved market conditions in prior periods and remain subject to service conditions, for the six months ended June 30, 2025:


	Partnership Units
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2024		1,299,131		$	59.16
Granted		60,227			162.60
Vested		(273,831	)		45.44
Balance, June 30, 2025		1,085,527		$	68.36

As of June 30, 2025, there was $35.1 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 1.4 years. The Company assumes a forfeiture rate of 1.0% annually based on expected turnover and periodically reassesses this rate. The balance as of December 31, 2024 includes 664,655 Partnership Unit awards that had fully achieved market conditions with a weighted-average grant date fair value of $39.10. The weighted-average grant date fair value with respect to Partnership Units granted for the six months ended June 30, 2024 was $93.76. There were no Partnership Units granted that contained both service and market conditions for the six months ended June 30, 2024.

The following unvested units, after expected forfeitures, as of June 30, 2025, are expected to vest:


			Weighted- Average
			Service Period
	Units		in Years
Restricted Stock Units		6,119,999		1.7
Partnership Units		1,079,033		1.4
Total Equity-Based Awards		7,199,032		1.7

The Company has periodically issued deferred cash compensation in connection with annual incentive compensation as well as other hiring or retention related awards. These awards typically vest over a period of one to four years. Compensation expense related to deferred cash awards was $11.3 million and $22.5 million for the three and six months ended June 30, 2025, respectively, and $13.7 million and $27.9 million for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, there was $37.8 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 1.4 years.