v3.26.3
Compensation and Benefits (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Components of Compensation Expense
Total compensation and benefits consist of the following:
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
2026202520262025
Salaries, incentive compensation and benefits (1)
$141,591 $136,049 $433,669 $406,561 
Long-term cash incentive compensation expense14,053 20,469 58,563 56,675 
Restricted share-based award compensation expense6,556 6,724 20,666 21,043 
Long-term incentive compensation expense20,609 27,193 79,229 77,718 
Total compensation and benefits$162,200 $163,242 $512,898 $484,279 
(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 nine months ended September 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 
Forfeited42.01 (12,230)
Vested44.21 (366,679)
Unvested at September 30, 2026
$39.65 5,043,121 
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 September 30, For the Nine Months Ended September 30,
Statement of Operations SectionStatement of Operations Line Item 2026202520262025
Operating expenses (benefit)Compensation and benefits$1,098 $7,277 $17,877 $19,714 
Non-operating income (expense) Net investment gain (loss) of nonconsolidated investment products(3,868)9,407 17,759 27,403 
Non-operating income (expense)Net investment gain (loss) of consolidated investment products(381)645 1,967 3,625