Under the Equity Plan, the Company grants equity-based awards to employees. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award, which considers the public share price of AGM’s common stock subject to certain discounts, as applicable.

The Company grants both service-based and performance-based awards. The estimated total grant date fair value for service-based awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally one to five years from the date of grant. Performance-based awards are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance metrics are met or deemed probable. Equity-based awards that do not require future service are expensed immediately.

For the three months ended March 31, 2026 and 2025, the Company recorded equity-based compensation expense of $232 million and $149 million, respectively. As of March 31, 2026, there was $1.3 billion of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.4 years.

During the three months ended March 31, 2026 and 2025, the Company awarded 6.6 million and 3.0 million of service-based RSUs, with a grant date fair value of $847 million and $481 million, respectively.

During the three months ended March 31, 2026 and 2025, the Company recorded equity-based compensation expense on service-based RSUs of $169 million and $118 million, respectively.

During the three months ended March 31, 2026 and 2025, the Company recorded compensation expense on performance-based awards of $17 million and $16 million, respectively. These awards primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense.

In December 2021, the Company awarded one-time grants to the then Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics. The Company records approximately $14 million and $6 million of compensation expense each quarter for these service-based awards and performance-based awards, respectively.


	Unvested	Weighted Average Grant Date Fair Value		Vested	Total Number of RSUs Outstanding
Balance at January 1, 2026	13,047,189	$	81.72	19,437,942	32,485,131

Granted	6,573,132	127.53		70,746	6,643,878
Forfeited	(30,456)	136.71		(51)	(30,507)
Vested	(1,581,123)	99.30		1,581,123	—
Issued	—	—		(4,119,590)	(4,119,590)
Balance at March 31, 2026	18,008,742	$	88.01	16,970,170	34,978,912

The Company also grants certain restricted stock awards tied to profit sharing arrangements. During the three months ended March 31, 2026 and 2025, the Company awarded 0.1 million and 0.1 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $16 million and $6 million, respectively.

During the three months ended March 31, 2026 and 2025, the Company recorded compensation expense related to restricted stock awards from profit sharing arrangements of $27 million and $9 million, respectively.