v3.26.1
Equity-Based and Other Deferred Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Equity-Based Compensation Expense and Related Income Tax Benefit

The following table represents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2026 and 2025:

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Equity-Based Compensation Expense

 

$

85,132

 

 

$

88,803

 

Income Tax Benefit

 

$

10,877

 

 

$

12,537

 

Summary of Activity Related to Unvested Restricted Stock Units

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 three months ended March 31, 2026:

 

 

Restricted Stock Units

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

Number of

 

 

Fair Value

 

 

 

Units

 

 

(in dollars)

 

Balance, December 31, 2025

 

 

6,283,555

 

 

$

105.37

 

Granted

 

 

1,462,338

 

 

 

162.08

 

Dividends Reinvested on RSUs

 

 

(39,647

)

 

 

68.40

 

Forfeited

 

 

(3,941

)

 

 

149.89

 

Vested

 

 

(2,285,894

)

 

 

81.32

 

Balance, March 31, 2026

 

 

5,416,411

 

 

$

131.06

 

Summary of Activity Related to Unvested Partnership Units

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 three months ended March 31, 2026:

 

 

Partnership Units

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Partnership

 

 

Fair Value

 

 

 

Units

 

 

(in dollars)

 

Balance, December 31, 2025

 

 

1,032,935

 

 

$

68.85

 

Granted

 

 

56,618

 

 

 

150.84

 

Vested

 

 

(356,141

)

 

 

53.73

 

Balance, March 31, 2026

 

 

733,412

 

 

$

82.53

 

 

Summary of Unvested Units After Expected Forfeitures which are Expected to Vest

The following unvested units, after expected forfeitures, as of March 31, 2026, are expected to vest:

 

 

 

 

 

Weighted-
Average

 

 

 

 

 

 

Service Period

 

 

 

Units

 

 

in Years

 

Restricted Stock Units

 

 

5,075,946

 

 

 

1.9

 

Partnership Units

 

 

728,798

 

 

 

1.3

 

Total Equity-Based Awards

 

 

5,804,744

 

 

 

1.8