Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table


Year	Summary Compensation Table Total for PEO		Compensation “Actually Paid” to PEO		Average Summary Compensation Table Total for Non-PEO NEOs (4)		Average Compensation “Actually Paid” to Non-PEO NEOs (3)(5)			Value of Initial Fixed $100 Investment Based On:
Year	Peter R. Orszag (1)	Kenneth M. Jacobs (2)	Peter R. Orszag (3)	Kenneth M. Jacobs (3)			Average Compensation “Actually Paid” to Non-PEO NEOs (3)(5)		Total Shareholder Return (6)		Peer Group Total Shareholder Return (7)		Net Income US GAAP (millions) (8)		Share Price (9)
2025	$13,723,452	—	$10,068,024	—		$8,831,511		$6,303,201		$146.59		$202.86		$237		$48.56
2024	$11,395,756	—	$62,218,118	—		$6,999,823		$24,158,637		$149.04		$176.45		$280		$51.48
2023	$30,834,841	$10,883,187	$34,445,932	$11,846,936		$12,107,938		$13,125,354		$96.25		$135.21		$(75)		$34.80
2022	—	$10,888,560	—	$16,756,607		$6,345,221		$8,782,919		$90.10		$120.61		$358		$34.67
2021	—	$11,777,331	—	$26,276,748		$7,916,113		$14,177,208		$107.44		$134.87		$528		$43.63

Company Selected Measure Name

share price

Named Executive Officers, Footnote

Reflects amounts of total compensation reported for Mr. Orszag in the Summary Compensation Table for 2025, 2024 and 2023.Reflects amounts of total compensation reported for Mr. Jacobs as CEO in the Summary Compensation Table for each applicable year.

Adjustment To PEO Compensation, Footnote

Represents the amount of compensation “actually paid” to our NEOs, as computed in accordance with Item 402(v) of Regulation S-K and

shown in the table below. The dollar amounts do not in all cases reflect the actual amount of compensation earned by or paid to our NEOs

during the applicable year, and are not indicative of future amounts that may be paid or become payable to our NEOs pursuant to certain

awards. In particular, grants of performance-based awards to our NEOs are based on three-year forward-looking performance metrics, or

the achievement of the Minimum Value Condition. The table below sets forth the adjustments made during each year in the table to

calculate the compensation “actually paid” to our NEOs during each year in the table, even though many of these amounts were not

actually paid:


Adjustments to Determine Compensation “Actually Paid”	PEOs						Non-PEO NEOs (Average)
Year	2025 (Orszag)	2024 (Orszag)	2023 (Orszag)	2023 (Jacobs)	2022 (Jacobs)	2021 (Jacobs)	2025	2024	2023	2022	2021
Changes in performance award estimates during year at end of covered year fair value	$—	$(179,583)	$—	$1,145,825	$9,885,195	$11,937,874	$—	$(148,479)	$309,050	$3,896,661	$4,991,563
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table	(8,666,548)	(6,435,562)	(25,799,438)	(7,907,734)	(9,750,997)	(7,676,604)	(6,144,317)	(4,420,128)	(7,605,559)	(4,769,405)	(4,185,435)
Fair value of awards granted during year that remain outstanding as of covered year end	9,366,738	8,659,245	28,980,885	7,656,905	10,923,318	7,961,443	5,907,392	5,924,190	8,219,409	5,313,810	4,317,322
Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to covered year that vested during covered year	(1,283,863)	1,401,145	128,020	833,794	(3,258,154)	(563,308)	(423,470)	601,008	174,035	(1,204,694)	(265,914)
Increase/deduction for change in fair value from prior year-end to covered year-end of awards granted prior to covered year that were outstanding and unvested at the end of the covered year	(5,655,114)	43,998,188	(729,998)	(2,807,722)	(4,379,578)	536,540	(2,402,962)	13,667,043	(703,195)	(1,768,681)	357,053


Adjustments to Determine Compensation “Actually Paid”	PEOs						Non-PEO NEOs (Average)
Year	2025 (Orszag)	2024 (Orszag)	2023 (Orszag)	2023 (Jacobs)	2022 (Jacobs)	2021 (Jacobs)	2025	2024	2023	2022	2021
Increase based on dividends or other earnings paid or earned during covered year based on actual performance or performance estimates at the end of the covered year	2,583,358	3,378,928	1,031,622	2,042,682	2,448,263	2,303,472	535,045	1,535,180	623,677	970,007	1,046,505
Total Equity Award Adjustments	$(3,655,429)	$50,822,362	$3,611,090	$963,750	$5,868,047	$14,499,417	$(2,528,312)	$17,158,814	$1,017,416	$2,437,698	$6,261,094
Changes in Pension Value Reflected in Summary Compensation Table	—	—	—	—	—	—	—	—	—	—	—
Total Adjustments	$3,655,429	$50,822,362	$3,611,090	$963,750	$5,868,047	$14,499,417	$2,528,312	$17,158,814	$1,017,416	$2,437,698	$6,261,094

Non-PEO NEO Average Total Compensation Amount

$ 8,831,511

$ 6,999,823

$ 12,107,938

$ 6,345,221

$ 7,916,113

Non-PEO NEO Average Compensation Actually Paid Amount

$ 6,303,201

24,158,637

13,125,354

8,782,919

14,177,208

Adjustment to Non-PEO NEO Compensation Footnote

Represents the amount of compensation “actually paid” to our NEOs, as computed in accordance with Item 402(v) of Regulation S-K and

shown in the table below. The dollar amounts do not in all cases reflect the actual amount of compensation earned by or paid to our NEOs

during the applicable year, and are not indicative of future amounts that may be paid or become payable to our NEOs pursuant to certain

awards. In particular, grants of performance-based awards to our NEOs are based on three-year forward-looking performance metrics, or

the achievement of the Minimum Value Condition. The table below sets forth the adjustments made during each year in the table to

calculate the compensation “actually paid” to our NEOs during each year in the table, even though many of these amounts were not

actually paid:


Adjustments to Determine Compensation “Actually Paid”	PEOs						Non-PEO NEOs (Average)
Year	2025 (Orszag)	2024 (Orszag)	2023 (Orszag)	2023 (Jacobs)	2022 (Jacobs)	2021 (Jacobs)	2025	2024	2023	2022	2021
Changes in performance award estimates during year at end of covered year fair value	$—	$(179,583)	$—	$1,145,825	$9,885,195	$11,937,874	$—	$(148,479)	$309,050	$3,896,661	$4,991,563
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table	(8,666,548)	(6,435,562)	(25,799,438)	(7,907,734)	(9,750,997)	(7,676,604)	(6,144,317)	(4,420,128)	(7,605,559)	(4,769,405)	(4,185,435)
Fair value of awards granted during year that remain outstanding as of covered year end	9,366,738	8,659,245	28,980,885	7,656,905	10,923,318	7,961,443	5,907,392	5,924,190	8,219,409	5,313,810	4,317,322
Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to covered year that vested during covered year	(1,283,863)	1,401,145	128,020	833,794	(3,258,154)	(563,308)	(423,470)	601,008	174,035	(1,204,694)	(265,914)
Increase/deduction for change in fair value from prior year-end to covered year-end of awards granted prior to covered year that were outstanding and unvested at the end of the covered year	(5,655,114)	43,998,188	(729,998)	(2,807,722)	(4,379,578)	536,540	(2,402,962)	13,667,043	(703,195)	(1,768,681)	357,053


Adjustments to Determine Compensation “Actually Paid”	PEOs						Non-PEO NEOs (Average)
Year	2025 (Orszag)	2024 (Orszag)	2023 (Orszag)	2023 (Jacobs)	2022 (Jacobs)	2021 (Jacobs)	2025	2024	2023	2022	2021
Increase based on dividends or other earnings paid or earned during covered year based on actual performance or performance estimates at the end of the covered year	2,583,358	3,378,928	1,031,622	2,042,682	2,448,263	2,303,472	535,045	1,535,180	623,677	970,007	1,046,505
Total Equity Award Adjustments	$(3,655,429)	$50,822,362	$3,611,090	$963,750	$5,868,047	$14,499,417	$(2,528,312)	$17,158,814	$1,017,416	$2,437,698	$6,261,094
Changes in Pension Value Reflected in Summary Compensation Table	—	—	—	—	—	—	—	—	—	—	—
Total Adjustments	$3,655,429	$50,822,362	$3,611,090	$963,750	$5,868,047	$14,499,417	$2,528,312	$17,158,814	$1,017,416	$2,437,698	$6,261,094

Reflects the average of the amounts reported for our non-PEO NEOs as a group in the “Total” column of the Summary Compensation

Table in each applicable year. The names of each of the NEOs included for purposes of calculating the average amounts in each

applicable year are as follows: (i) for 2025, Mses. Betsch and Soto and Messrs. Hogbin, Russo, and Weideman; (ii) for 2024,

Mses. Betsch and Soto and Messrs. Jacob and Russo; (ii) for 2023, Mses. Betsch and Soto and Mr. Russo; (iii) for 2022, Ms. Betsch and

Messrs. Orszag, Russo, Bhutani, and Stern; and (iv) for 2021, Messrs. Orszag, Russo, Bhutani, and Stern.

Represents the average amount of compensation “actually paid” to the non-PEO NEOs as a group, as computed in accordance with

Item 402(v) of Regulation S-K, in accordance with the methodology reflected in footnote (2) to this Pay Versus Performance table.

Compensation Actually Paid vs. Total Shareholder Return

For 2021 to 2022, our TSR reflected modest correlation to compensation “actually paid” due to both our record performance

for 2021, which more than offset the prior inverse correlation, and the change in 2022 of the mix of cash and equity-based

compensation for certain of our NEOs as the value of the shares underlying equity-based awards decreased at a slower pace

than the S&P Financial Index. For 2022 to 2023, our TSR continued showing a direct correlation to compensation “actually

paid” as we continued our compensation practice of having equity-based compensation make up a significant proportion of our

NEOs’ total compensation mix. For 2023 to 2024, our TSR showed a more direct correlation to compensation “actually paid”

due to our strong performance for 2024. For 2024 to 2025, our TSR showed a direct correlation to compensation “actually

paid” due to our solid performance for 2025.

Compensation Actually Paid vs. Net Income

Net Income also reflected a modest correlation in 2021 to 2022 as we posted record results for 2021 and the change in the mix

of cash and equity-based compensation for certain of our NEOs in 2022 as the value of shares of our common stock

underlying equity-based awards decreased. In light of challenging macroeconomic conditions, Net Income showed an inverse

correlation to compensation “actually paid” in 2022 to 2023. Net Income showed a more direct correlation in 2023 to 2024 and

2024 to 2025 as we posted strong results for 2024 and 2025, respectively.

Compensation Actually Paid vs. Company Selected Measure

Share price was positively correlated with compensation “actually paid” for 2021 to 2022, 2023 to 2024, and 2024 to 2025. For

2022 to 2023, while share price remained relatively flat, compensation “actually paid” generally increased, reflecting the impact

of our management transition, including special grants to certain of our NEOs during 2023.

Total Shareholder Return Vs Peer Group

For 2021 to 2022, our TSR reflected modest correlation to compensation “actually paid” due to both our record performance

for 2021, which more than offset the prior inverse correlation, and the change in 2022 of the mix of cash and equity-based

compensation for certain of our NEOs as the value of the shares underlying equity-based awards decreased at a slower pace

than the S&P Financial Index. For 2022 to 2023, our TSR continued showing a direct correlation to compensation “actually

paid” as we continued our compensation practice of having equity-based compensation make up a significant proportion of our

NEOs’ total compensation mix. For 2023 to 2024, our TSR showed a more direct correlation to compensation “actually paid”

due to our strong performance for 2024. For 2024 to 2025, our TSR showed a direct correlation to compensation “actually

paid” due to our solid performance for 2025.

Tabular List, Table

Share price

•Adjusted net revenue

•Adjusted operating margin

•Return of capital

Total Shareholder Return Amount

$ 146.59

149.04

96.25

90.10

107.44

Peer Group Total Shareholder Return Amount

202.86

176.45

135.21

120.61

134.87

Net Income (Loss)

$ 237,000,000

$ 280,000,000

$ (75,000,000)

$ 358,000,000

$ 528,000,000

Company Selected Measure Amount | shares

48.56

51.48

34.80

34.67

43.63

Additional 402(v) Disclosure

Cumulative TSR is calculated by dividing the difference between our share price at the end and the beginning of the measurement period

by our share price at the beginning of the measurement period, plus the amount of dividends paid on our common stock during the

measurement period (assuming the reinvestment of such dividends when they are paid).

Reflects the value of a fixed $100 investment made on December 31, 2020. With respect to each of 2025, 2024, 2023, 2022, and 2021,

Peer Group Total Shareholder Return reflects the total shareholder return of the S&P 500 Financials Index.

The dollar amounts reported represent the amount of net income reflected in our audited financial statements for the applicable year. To comply with the SEC’s requirements, we have chosen our closing share price at the last trading day of each calendar year as our Company Selected Measure, as described further below.

Measure:: 1

Pay vs Performance Disclosure

Name

Share price

Measure:: 2

Pay vs Performance Disclosure

Name

Adjusted net revenue

Measure:: 3

Pay vs Performance Disclosure

Name

Adjusted operating margin