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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 3,294,024 $ 2,738,502 $ 2,470,368
Expenses:      
Compensation and employee benefits 1,947,473 1,598,400 1,489,138
Equity-based compensation and allocations of net income to limited partnership units and FPUs 282,045 185,398 139,747
Total compensation and employee benefits 2,229,518 1,783,798 1,628,885
Operating, administrative and other 658,940 597,594 536,697
Fees to related parties 33,310 26,446 27,204
Depreciation and amortization 181,303 174,299 166,221
Total operating expenses 3,103,071 2,582,137 2,359,007
Other income (loss), net 43,049 6,677 13,854
Income (loss) from operations 234,002 163,042 125,215
Interest expense, net (32,482) (31,768) (21,737)
Income (loss) before income taxes and noncontrolling interests 201,520 131,274 103,478
Provision (benefit) for income taxes 46,074 45,783 41,103
Consolidated net income (loss) 155,446 85,491 62,375
Less: Net income (loss) attributable to noncontrolling interests 29,260 24,257 19,800
Net income (loss) available to common stockholders 126,186 61,234 42,575
Basic earnings per share      
Net income (loss) available to common stockholders $ 126,186 $ 61,234 $ 42,575
Basic earnings per share (in dollars per share) $ 0.71 $ 0.36 $ 0.25
Basic weighted-average shares of common stock outstanding (in shares) 178,456 172,179 173,475
Fully diluted earnings per share      
Net income (loss) for fully diluted shares $ 172,994 $ 61,234 $ 42,575
Fully diluted earnings per share (in dollars per share) $ 0.68 $ 0.34 $ 0.24
Fully diluted weighted-average shares of common stock outstanding (in shares) 253,450 177,691 176,382
Management Services, Servicing Fees and Other      
Revenues:      
Total revenues $ 1,244,233 $ 1,106,699 $ 970,877
Leasing and Other Commissions      
Revenues:      
Total revenues 1,002,562 857,617 839,595
Capital Markets      
Revenues:      
Total revenues $ 1,047,229 $ 774,186 $ 659,896