COMMON SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

The company recognized total compensation expense of $65.3 million and $38.9 million related to equity-settled common share-based compensation for the six months ended June 30, 2026 and 2025, respectively.

Movements on employee common share awards during the six months ended June 30, 2026 and 2025 are detailed below:


	Six months ended June 30, 2026				Six months ended June 30, 2025
(in millions of common shares, except fair values)	Time- Vested	Performance- Vested	Weighted Average Grant Date Fair Value		Time- Vested	Performance- Vested
Unvested at the beginning of period	9.9	2.0	$	17.12	9.8	1.4
Granted	4.3	0.8	27.12		4.3	1.0
Forfeited/Canceled due to performance measures	(0.2)	—	18.64		(0.2)	(0.3)
Vested and distributed	(3.3)	(0.3)	17.43		(3.3)	(0.1)
Unvested at the end of the period	10.7	2.5	20.85		10.6	2.0

The total fair value of common shares that vested during the six months ended June 30, 2026 was $91.0 million (six months ended June 30, 2025: $56.4 million). The weighted average grant date fair value of the U.S. dollar share awards that were granted during the six months ended June 30, 2026 was $27.12 (six months ended June 30, 2025: $17.66).

At June 30, 2026, there was $177.2 million of total unrecognized compensation cost related to non-vested common share awards; that cost is expected to be recognized over a weighted average period of 2.5 years.