v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Class A Ordinary Shares
Class R Redeemable Shares
Common Stock
Class A Ordinary Shares
Common Stock
Class B Ordinary Shares
Common Stock
Class R Redeemable Shares
Deferred Shares
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Non-Controlling Interests
Treasury Interests
Beginning balance (in shares) at Dec. 31, 2024         445,985 143,128 50 392,255            
Beginning balance at Dec. 31, 2024 $ 10,342,366 $ (12,000)     $ 45 $ 0 $ 63 $ 0 $ 4,103,482   $ 2,845,653 $ (12,000) $ 3,395,785 $ (2,662)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Contributions 7,551                       7,551  
Distributions (308,373)                       (308,373)  
Dividends (188,667)                   (188,667)      
Other exchanges (in shares)         16,777 (16,777)   16,777            
Other exchanges 0       $ 2       296,474       (296,526) 50
Share-based compensation and share issuances for EPAs, Equity Incentive Plans and forfeiture of shares issued for Internalization (in shares)         680                  
Share-based compensation and share issuances for EPAs, Equity Incentive Plans and forfeiture of shares issued for Internalization 65,261               21,629   (418)   44,050  
Shares and share-based awards issued for Internalization (in shares)           24,530                
Shares and share-based awards issued for Internalization 60,778               3,778       57,000  
Repurchases of Class A ordinary shares (in shares)         (31,154)                  
Repurchases of Class A ordinary shares (1,000,044)       $ (3)       (297,698)   (702,343)      
Net income 527,068                   271,525   255,543  
Ending balance (in shares) at Jun. 30, 2025         432,288 150,881 50 409,032            
Ending balance at Jun. 30, 2025 9,493,940       $ 44 $ 0 $ 63 $ 0 4,127,665   2,213,750   3,155,030 (2,612)
Beginning balance (in shares) at Mar. 31, 2025         425,590 140,870 50 394,513            
Beginning balance at Mar. 31, 2025 9,777,657       $ 43 $ 0 $ 63 $ 0 4,210,531   2,469,664   3,100,010 (2,654)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Contributions 5,298                       5,298  
Distributions (136,929)                       (136,929)  
Dividends (93,310)                   (93,310)      
Other exchanges (in shares)         14,519 (14,519)   14,519            
Other exchanges 0       $ 2       (25,186)       25,142 42
Share-based compensation and share issuances for EPAs, Equity Incentive Plans and forfeiture of shares issued for Internalization (in shares)         678                  
Share-based compensation and share issuances for EPAs, Equity Incentive Plans and forfeiture of shares issued for Internalization 64,746               21,114   (418)   44,050  
Shares and share-based awards issued for Internalization (in shares)           24,530                
Shares and share-based awards issued for Internalization 60,778               3,778       57,000  
Repurchases of Class A ordinary shares (in shares)         (8,499)                  
Repurchases of Class A ordinary shares (276,935)       $ (1)       (82,572)   (194,362)      
Net income 92,635                   32,176   60,459  
Ending balance (in shares) at Jun. 30, 2025         432,288 150,881 50 409,032            
Ending balance at Jun. 30, 2025 9,493,940       $ 44 $ 0 $ 63 $ 0 4,127,665   2,213,750   3,155,030 (2,612)
Beginning balance (in shares) at Dec. 31, 2025         428,669 148,438 50 411,475            
Beginning balance at Dec. 31, 2025 9,714,939       $ 43 $ 0 $ 63 $ 0 4,123,088   2,356,318   3,238,039 (2,612)
Ending balance (in shares) at Mar. 31, 2026         443,628 132,558 50 427,355            
Ending balance at Mar. 31, 2026 $ 9,936,833       $ 45 $ 0 $ 63 $ 0 4,384,056 $ (39,176) 2,507,091 39,176 3,048,287 (2,709)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2025-12 [Member]                          
Beginning balance (in shares) at Dec. 31, 2025         428,669 148,438 50 411,475            
Beginning balance at Dec. 31, 2025 $ 9,714,939       $ 43 $ 0 $ 63 $ 0 4,123,088   2,356,318   3,238,039 (2,612)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Contributions 1,030                       1,030  
Distributions (270,963)                       (270,963)  
Dividends (209,406)                   (209,406)      
Other exchanges (in shares)         18,334 (18,334)   18,334            
Other exchanges 0       $ 2       316,048       (315,938) (112)
Share-based compensation and share issuances for EPAs, Equity Incentive Plans and forfeiture of shares issued for Internalization (in shares)         735 (380)   380            
Share-based compensation and share issuances for EPAs, Equity Incentive Plans and forfeiture of shares issued for Internalization 95,952               32,709   (395)   63,638  
Repurchases of Class A ordinary shares (in shares)     (2,000)   (1,993)                  
Repurchases of Class A ordinary shares (95,579)   $ (95,600)           (95,579)          
Net income 549,741                   312,572   237,169  
Ending balance (in shares) at Jun. 30, 2026       50 445,745 129,724 50 430,189            
Ending balance at Jun. 30, 2026 9,785,714       $ 45 $ 0 $ 63 $ 0 4,376,266   2,459,089   2,952,975 (2,724)
Beginning balance (in shares) at Mar. 31, 2026         443,628 132,558 50 427,355            
Beginning balance at Mar. 31, 2026 9,936,833       $ 45 $ 0 $ 63 $ 0 4,384,056 $ (39,176) 2,507,091 $ 39,176 3,048,287 (2,709)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Contributions 1,030                       1,030  
Distributions (131,754)                       (131,754)  
Dividends (104,916)                   (104,916)      
Other exchanges (in shares)         2,597 (2,597)   2,597            
Other exchanges 0               60,128       (60,113) (15)
Share-based compensation and share issuances for EPAs, Equity Incentive Plans and forfeiture of shares issued for Internalization (in shares)         392 237   (237)            
Share-based compensation and share issuances for EPAs, Equity Incentive Plans and forfeiture of shares issued for Internalization 48,469               16,692   (145)   31,922  
Repurchases of Class A ordinary shares (in shares)         (872)                  
Repurchases of Class A ordinary shares (45,434)               (45,434)          
Net income 81,486                   17,883   63,603  
Ending balance (in shares) at Jun. 30, 2026       50 445,745 129,724 50 430,189            
Ending balance at Jun. 30, 2026 $ 9,785,714       $ 45 $ 0 $ 63 $ 0 $ 4,376,266   $ 2,459,089   $ 2,952,975 $ (2,724)