v3.25.2
Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity
15. Equity
The Company has three classes of common stock outstanding, Class A common stock, nonvoting Class A common stock and Class B common stock. Class A common stock is traded on the Nasdaq Global Select Market. The Company is authorized to issue 2,240,000,000 shares of Class A common stock with a par value of $0.001 per share, 100,000,000 shares of nonvoting Class A common stock, 750,000,000 shares of Class B common stock with a par value of $0.001 per share, and 25,000,000 shares of preferred stock, with a par value of $0.001 per share. Each share of the Company’s Class A common stock entitles its holder to one vote, and each share of our Class B common stock entitles its holder to ten votes. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. The nonvoting Class A common stock have the same rights and privileges as, rank equally and share ratably with, and are identical in all respects as to all matters to, the Class A common stock, except that the nonvoting Class A common stock have no voting rights other than such rights as may be required by law. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock. As of June 30, 2025, 137,990,952 shares of Class A common stock and 6,605,963 shares of nonvoting Class A common stock were outstanding, 224,858,284 shares of Class B common stock were outstanding, and there were no shares of preferred stock outstanding.
Dividends and distributions
Dividends and distributions are reflected in the Condensed Consolidated Statements of Changes in Equity when declared by the board of directors. Dividends are made to Class A common stockholders and distributions are made to holders of non-controlling interests in subsidiaries.
The table below presents information regarding the quarterly dividends on the Class A common stock, which were made at the sole discretion of the Board of Directors of the Company.

Date DeclaredRecord DatePayment DateDividend per Class A Common Share
May 8, 2024May 20, 2024June 3, 2024$0.41 
August 6, 2024August 16, 2024August 30, 20240.42 
November 4, 2024November 14, 2024December 2, 20240.38 
February 11, 2025February 21, 2025March 7, 20250.53 
Total 2024 Dividend Year (through Q4 2024)
$1.74 
May 7, 2025May 19, 2025June 2, 2025$0.41 
August 6, 2025August 18, 2025September 2, 20250.59 
Total 2025 Dividend Year (through Q2 2025)$1.00 
Exchanges of Common Units
Pursuant to the Exchange Agreement, certain holders of Common Units, including certain partners and employees, are authorized to exchange Common Units for an equal number of shares of Class A common stock. During the six months ended June 30, 2025 and 2024, certain holders of Common Units exchanged Common Units for an equal number of shares of Class A common stock resulting in the issuance of shares of Class A common stock and the cancellation of an equal number of shares of Class B common stock for no additional consideration as follows:

Exchange Date
Class A Common Stock Issued
2024 Exchanges(a)
February 27, 202417,704,987
May 21, 20241,998,593
August 19, 20241,042,119
November 15, 20245,155,425
2025 Exchanges(a)
February 24, 20259,786,354
May 21, 202521,000,000
__________
(a)The issuance of the shares of Class A common stock to such holders of Common Units was registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024.
The supplemental non-cash financing activities related to equity for the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
Six Months Ended June 30,
20252024
Distributions to holders of other non-controlling interests$65,288 $6,564 
Deferred tax assets446,633 227,116 
Due to affiliates113,820 205,373 
Other liabilities286,083 — 
Additional paid-in-capital46,730 21,743 
Contributions from holders of other non-controlling interests67,449 — 
Distributions in-kind to holders of other non-controlling interests29,925 — 
Deconsolidation of previously consolidated entities20,208 —