v3.26.1
Equity-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Components of Profit-Sharing Partner Compensation Expense

The following table summarizes the components of profit-sharing partner compensation expense as well as the total distributions resulting from permanent profits-interests:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

2025

 

 

2026

 

2025

 

New grants of permanent profits-interests

$

60,966,153

 

$

 

 

$

60,966,153

 

$

 

Profit-sharing partner compensation

 

6,178,821

 

 

8,084,727

 

 

 

17,759,933

 

 

23,175,047

 

CompCo 2025 Subordinated Performance Fee

 

1,541,400

 

 

 

 

 

1,541,400

 

 

 

Amortization of unvested grants of permanent profits-interests

 

567,551

 

 

361,881

 

 

 

752,958

 

 

719,785

 

Total profit-sharing partner compensation

$

69,253,925

 

$

8,446,608

 

 

$

81,020,444

 

$

23,894,832

 

 

 

 

 

 

 

 

 

 

 

LTIP permanent profits-interest distributions

$

3,377,897

 

$

4,718,610

 

 

$

9,718,641

 

$

11,455,031

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Non-cash Amortization Expense Related to Equity Based Compensation

The following table summarizes the non-cash amortization expense related to the Company’s equity-based compensation for the six months ended June 30, 2026. Amortization expense related to equity-based compensation for employees is recorded in employee compensation and benefits. The amortization expense for the three months ended June 30, 2026 is the same as the amounts presented in this table.

 

Stock Compensation Amortization

M Units

 

RSUs

 

Total

 

Unamortized as of December 31, 2025

$

 

$

 

$

 

Granted

 

2,287,364,213

 

 

67,766,202

 

 

2,355,130,415

 

Amortized

 

(43,298,384

)

 

(1,474,395

)

 

(44,772,779

)

Forfeited

 

 

 

(110,993

)

 

(110,993

)

Unamortized as of June 30, 2026

$

2,244,065,829

 

$

66,180,814

 

$

2,310,246,643

 

M Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Rollforward of Unvested Units

The following table presents a rollforward of the Company’s unvested M Units for the six months ended June 30, 2026:

 

 

M Units

 

Weighted-Average Grant Date Fair Value

 

Unvested as of December 31, 2025

 

 

$

 

Granted

 

97,796,162

 

 

23.39

 

Vested

 

 

 

 

Forfeited

 

 

 

 

Unvested as of June 30, 2026

 

97,796,162

 

$

23.39

 

RSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Rollforward of Unvested Units

The following table presents a rollforward of the Company’s unvested RSU Awards for the six months ended June 30, 2026:

 

 

RSUs

 

Weighted-Average Grant Date Fair Value

 

Unvested as of December 31, 2025

 

 

$

 

Granted

 

3,216,800

 

 

21.07

 

Vested

 

 

 

 

Forfeited

 

(4,800

)

 

23.12

 

Unvested as of June 30, 2026

 

3,212,000

 

$

21.06