v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Deferred Shares
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Non-Controlling Interests
Treasury Interests
Class A Ordinary Shares
Class A Ordinary Shares
Common Stock
Class B Ordinary Shares
Common Stock
Class R Redeemable Shares
Common Stock
Beginning balance (in shares) at Dec. 31, 2022     371,325             443,166 164,058 50
Beginning balance at Dec. 31, 2022 $ 9,525,373   $ 0 $ 3,666,160 $ 1,964,689   $ 3,897,223 $ (2,806)   $ 44 $ 0 $ 63
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Contributions 11,855           11,855          
Distributions (487,721)           (487,721)          
Dividends (358,327)       (358,327)              
Other exchanges (in shares)     13,315             13,315 (13,315)  
Other exchanges 0     428,629     (428,808) 177   $ 2    
Share based compensation and related issuance of Class A ordinary shares (in shares)                   57    
Share-based compensation and related issuances of Class A ordinary shares 2,357     2,357                
Repurchases of Class A ordinary shares (in shares)                   (9,846)    
Repurchases of Class A ordinary shares (304,759)     (85,711) (219,047)         $ (1)    
Net income 1,700,088       1,134,834   565,254          
Purchase of non-controlling interest in RPCT (4,577)       (4,566)   (11)          
Ending balance (in shares) at Dec. 31, 2023     384,640             446,692 150,743 50
Ending balance at Dec. 31, 2023 10,084,289   $ 0 4,011,435 2,517,583   3,557,792 (2,629)   $ 45 $ 0 $ 63
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Contributions 9,038           9,038          
Distributions (476,632)           (476,632)          
Dividends (376,465)       (376,465)              
Other exchanges (in shares)     7,615             7,615 (7,615)  
Other exchanges 0     166,275     (166,243) (33)   $ 1    
Share based compensation and related issuance of Class A ordinary shares (in shares)                   81    
Share-based compensation and related issuances of Class A ordinary shares 2,344     2,344                
Repurchases of Class A ordinary shares (in shares)                 (8,400) (8,403)    
Repurchases of Class A ordinary shares (229,913)     (76,572) (153,340)       $ (229,900) $ (1)    
Net income 1,330,813       858,983   471,830          
Purchase of non-controlling interest in RPCT (1,108)       (1,108)              
Ending balance (in shares) at Dec. 31, 2024     392,255             445,985 143,128 50
Ending balance at Dec. 31, 2024 10,342,366 $ (12,000) $ 0 4,103,482 2,845,653 $ (12,000) 3,395,785 (2,662)   $ 45 $ 0 $ 63
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Contributions 9,983           9,983          
Distributions (541,262)           (541,262)          
Dividends (378,317)       (378,317)              
Other exchanges (in shares)     19,220             19,220 (19,220)  
Other exchanges 0     345,605     (345,657) 50   $ 2    
Share issuances for EPAs, Equity Incentive Plans and related share-based compensation (in shares)                   877    
Share issuances for EPAs, Equity Incentive Plans and related share-based compensation 136,283     27,889 (551)   108,945          
Shares and share-based awards issued for Internalization (in shares)                     24,530  
Shares and share-based awards issued for Internalization 60,778     3,778     57,000          
Repurchases of Class A ordinary shares (in shares)                 (37,400) (37,413)    
Repurchases of Class A ordinary shares (1,227,084)     (357,666) (869,414)       $ (1,200,000) $ (4)    
Net income 1,324,192       770,947   553,245          
Ending balance (in shares) at Dec. 31, 2025     411,475             428,669 148,438 50
Ending balance at Dec. 31, 2025 $ 9,714,939   $ 0 $ 4,123,088 $ 2,356,318   $ 3,238,039 $ (2,612)   $ 43 $ 0 $ 63