v3.25.2
Equity-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes the outstanding RSUs for Service Awards as of June 30, 2025 (in millions, including share data):
Units Outstanding as of June 30, 2025Compensation Expense for the Three Months Ended,Compensation Expense for the Six Months Ended,Unrecognized Compensation Expense as of June 30, 2025
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Restricted Stock Units
Ordinary Service Awards9.7$44.1 $21.4 $86.9 $42.3 $382.0 
Special Purpose Service Awards 11.530.6 33.5 62.7 67.8 261.1 
Total Service Award RSUs21.2$74.7 $54.9 $149.6 $110.1 $643.1 
The following table summarizes the outstanding RSUs for Market and Performance Condition Awards as of June 30, 2025 (in millions, including share data):
Units Outstanding as of June 30, 2025Compensation Expense for the Three Months Ended,Compensation Expense for the Six Months Ended,Unrecognized Compensation Expense as of June 30, 2025
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Restricted Stock Units
Ordinary Performance Condition Awards1.0$4.6 $— $6.1 $(1.7)$33.0 
Special Purpose Market Condition Awards3.7 6.1 7.8 17.2 13.0 38.1 
Total Market and Performance Condition Award RSUs4.7 $10.7 $7.8 $23.3 $11.3 $71.1 
The following table summarizes all outstanding restricted stock unit awards as of June 30, 2025 (in millions, including share data):
Units Outstanding as of June 30, 2025Compensation Expense for the Three Months Ended,Compensation Expense for the Six Months Ended,Unrecognized Compensation Expense as of June 30, 2025
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Restricted Stock Units
Ordinary Awards:
Ordinary Service Awards9.7$44.1 $21.4 $86.9 $42.3 $382.0 
Ordinary Performance Condition Awards1.04.6 — 6.1 (1.7)33.0 
Special Purpose Awards:
Special Purpose Service Awards 11.530.6 33.5 62.7 67.8 261.1 
Special Purpose Market Condition Awards3.76.1 7.8 17.2 13.0 38.1 
Total Restricted Stock Units25.9$85.4 $62.7 $172.9 $121.4 $714.2 
The following table summarizes the outstanding Other Awards as of June 30, 2025 (in millions, including share data):
Unvested Units/Shares Outstanding as of June 30, 2025Compensation Expense for the Three Months Ended,Compensation Expense for the Six Months Ended,Unrecognized Compensation Expense as of June 30, 2025
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
TPH and RPH Units
TPH units25.6$61.1 $72.6 $114.6 $147.3 $490.2 
RPH units0.28.4 14.1 13.6 28.8 55.3 
Total TPH and RPH Units25.8$69.5 $86.7 $128.2 $176.1 $545.5 
Common Units and Class A Common Stock
Common Units35.6$47.7 $58.8 $100.0 $121.9 $659.4 
Class A Common Stock——4.40.4 8.8 — 
Total Common Units and Class A Common Stock35.6$47.7 $63.2 $100.4 $130.7 $659.4 
Schedule of Nonvested Share Activity
The following table presents the rollforward of the Company’s unvested Service Awards for the six months ended June 30, 2025 (awards in millions):

Service AwardsWeighted-Average Grant Date Fair Value
Balance at December 31, 202425.3$34.30 
Granted3.560.74
Vested(7.1)32.66
Forfeited(0.5)32.89
Balance at June 30, 202521.239.29 
The following table presents the roll forwards of the Company’s unvested Special Purpose Market Condition Awards for the six months ended June 30, 2025 (awards in millions):
Market Condition Awards
Weighted Average Grant Date Fair Value
Balance at December 31, 20244.6$20.41 
Granted——
Vested
(0.2)16.58
Vested, unsettled(0.6)22.01
Forfeited(0.1)16.59
Balance at June 30, 20253.720.45
The following table presents the roll forwards of the Company’s unvested TPH Units and RPH Units for the six months ended June 30, 2025 (units in millions):
TPH UnitsRPH Units
Partnership UnitsGrant Date Fair ValuePartnership UnitsGrant Date Fair Value
Balance at December 31, 202426.1$26.74 0.2$457.10 
Reallocated0.057.90 —— 
Vested(0.4)27.54 —— 
Forfeited(0.1)25.13 —— 
Balance at June 30, 202525.626.79 0.2457.10 
The following table presents the roll forwards of the Company’s unvested TOG Units and Class A Common Stock Awards for the six months ended June 30, 2025 (awards in millions):
Common UnitsClass A Common Stock
Partnership UnitsGrant Date Fair ValuePartnership UnitsGrant Date Fair Value
Balance at December 31, 202436.0$25.50 0.3$29.50 
Reallocated—— —— 
Vested(0.4)27.29 (0.3)29.50 
Forfeited—— —— 
Balance at June 30, 202535.625.48 ——