v3.26.1
Compensation and Benefits (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Components of Compensation Expense
Total compensation and benefits consist of the following:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026202520262025
Salaries, incentive compensation and benefits (1)
$145,279 $136,533 $292,078 $270,512 
Long-term cash incentive compensation expense29,832 22,479 44,510 36,206 
Restricted share-based award compensation expense6,874 6,864 14,110 14,319 
Long-term incentive compensation expense36,706 29,343 58,620 50,525 
Total compensation and benefits$181,985 $165,876 $350,698 $321,037 
(1) Excluding long-term incentive compensation expense
Restricted Share-Based Award Activity
The following tables summarize the Class A restricted share-based award activity for the six months ended June 30, 2026:
Weighted-Average Grant Date Fair ValueRestricted Stock Awards and Restricted Stock Units
Unvested at January 1, 2026
$39.58 4,949,507 
Granted43.97 472,523 
Forfeited41.88 (8,403)
Vested44.21 (366,679)
Unvested at June 30, 2026
$39.65 5,046,948 
Change in Value of Investments
The change in value of the investments had the following impact on the unaudited consolidated statements of operations:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
Statement of Operations SectionStatement of Operations Line Item 2026202520262025
Operating expenses (benefit)Compensation and benefits$16,777 $9,925 $16,779 $12,437 
Non-operating income (expense) Net investment gain (loss) of nonconsolidated investment products28,050 15,919 21,627 17,996 
Non-operating income (expense)Net investment gain (loss) of consolidated investment products2,220 2,468 2,348 2,980