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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Revenues $ 759,112 $ 633,375 $ 1,424,606 $ 1,179,874
Expenses:        
Compensation and employee benefits 455,044 377,523 854,556 705,717
Equity-based compensation and allocations of net income to limited partnership units and FPUs 60,140 25,486 134,486 76,929
Total compensation and employee benefits 515,184 403,009 989,042 782,646
Operating, administrative and other 151,010 147,737 304,987 285,680
Fees to related parties 7,794 6,668 17,364 14,209
Depreciation and amortization 42,611 40,879 88,969 84,854
Total operating expenses 716,599 598,293 1,400,362 1,167,389
Other income (loss), net 230 5,637 980 5,623
Income (loss) from operations 42,743 40,719 25,224 18,108
Interest expense, net (9,023) (8,258) (17,506) (15,478)
Income (loss) before income taxes and noncontrolling interests 33,720 32,461 7,718 2,630
Provision (benefit) for income taxes 4,209 9,046 (5,844) 5,530
Consolidated net income (loss) 29,511 23,415 13,562 (2,900)
Less: Net income (loss) attributable to noncontrolling interests 8,692 9,135 1,509 (927)
Net income (loss) available to common stockholders 20,819 14,280 12,053 (1,973)
Basic earnings per share        
Net income (loss) available to common stockholders $ 20,819 $ 14,280 $ 12,053 $ (1,973)
Basic earnings per share (in dollars per share) $ 0.12 $ 0.08 $ 0.07 $ (0.01)
Basic weighted-average shares of common stock outstanding (in shares) 179,560 173,469 177,965 174,121
Fully diluted earnings per share        
Net income (loss) for fully diluted shares $ 28,773 $ 20,582 $ 16,101 $ (1,973)
Fully diluted earnings per share (in dollars per share) $ 0.11 $ 0.08 $ 0.06 $ (0.01)
Fully diluted weighted-average shares of common stock outstanding (in shares) 252,614 255,604 253,670 174,121
Management Services, Servicing Fees and Other        
Revenues:        
Revenues $ 298,397 $ 262,778 $ 582,290 $ 519,712
Leasing and Other Commissions        
Revenues:        
Revenues 237,262 208,557 445,336 367,356
Capital Markets        
Revenues:        
Revenues $ 223,453 $ 162,040 $ 396,980 $ 292,806