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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Revenues $ 863,460 $ 685,912 $ 2,288,066 $ 1,865,786
Expenses:        
Compensation and employee benefits 510,216 392,277 1,364,771 1,097,994
Equity-based compensation and allocations of net income to limited partnership units and FPUs 81,124 48,749 215,610 125,678
Total compensation and employee benefits 591,340 441,026 1,580,381 1,223,672
Operating, administrative and other 175,340 151,942 480,326 437,622
Fees to related parties 8,185 7,638 25,549 21,847
Depreciation and amortization 45,460 44,576 134,429 129,430
Total operating expenses 820,325 645,182 2,220,685 1,812,571
Other income (loss), net 42,024 321 43,004 5,944
Income (loss) from operations 85,159 41,051 110,385 59,159
Interest expense, net (7,974) (7,863) (25,480) (23,341)
Income (loss) before income taxes and noncontrolling interests 77,185 33,188 84,905 35,818
Provision (benefit) for income taxes 18,731 8,847 12,887 14,378
Consolidated net income (loss) 58,454 24,341 72,018 21,440
Less: Net income (loss) attributable to noncontrolling interests 12,300 6,547 13,809 5,620
Net income (loss) available to common stockholders 46,154 17,794 58,209 15,820
Basic earnings per share        
Net income (loss) available to common stockholders $ 46,154 $ 17,794 $ 58,209 $ 15,820
Basic earnings per share (in dollars per share) $ 0.26 $ 0.10 $ 0.33 $ 0.09
Basic weighted-average shares of common stock outstanding (in shares) 177,230 170,088 177,717 172,767
Fully diluted earnings per share        
Net income (loss) for fully diluted shares $ 63,983 $ 26,151 $ 80,085 $ 22,968
Fully diluted earnings per share (in dollars per share) $ 0.25 $ 0.10 $ 0.32 $ 0.09
Fully diluted weighted-average shares of common stock outstanding (in shares) 251,674 254,970 253,179 255,376
Management Services, Servicing Fees and Other        
Revenues:        
Revenues $ 318,127 $ 282,623 $ 900,417 $ 802,335
Leasing and Other Commissions        
Revenues:        
Revenues 244,008 214,581 689,344 581,937
Capital Markets        
Revenues:        
Revenues $ 301,325 $ 188,708 $ 698,305 $ 481,514