Under the Equity Plan, the Company grants equity-based awards to employees. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award, which considers the public share price of AGM’s common stock subject to certain discounts, as applicable.

The Company grants both service-based and performance-based awards. The estimated total grant date fair value for service-based awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally one to five years from the date of grant. Performance-based awards are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance metrics are met or deemed probable. Equity-based awards that do not require future service are expensed immediately.

For the three months ended September 30, 2025 and 2024, the Company recorded compensation expense of $208 million and $136 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded compensation expense of $523 million and $478 million, respectively. As of September 30, 2025, there was $756 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.0 years.

During the nine months ended September 30, 2025 and 2024, the Company awarded 3.9 million and 3.5 million of service-based RSUs, with a grant date fair value of $588 million and $378 million, respectively. In connection with the Bridge acquisition, the Company converted certain outstanding Bridge equity awards into 0.2 million unvested service-based RSUs with a fair value of $26 million.

During the three months ended September 30, 2025 and 2024, the Company recorded compensation expense on service-based RSUs of $141 million and $95 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded compensation expense on service-based RSUs of $384 million and $296 million, respectively.

During the nine months ended September 30, 2025, there were no performance-based RSUs awarded. During the nine months ended September 30, 2024, the Company awarded 0.9 million of performance-based RSUs, with a grant date fair value of $89 million, which primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated compensation expense.

During the three months ended September 30, 2025 and 2024, the Company recorded compensation expense on performance-based awards of $15 million and $31 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded compensation expense on performance-based awards of $52 million and $138 million, respectively.

In December 2021, the Company awarded one-time grants to the then Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics. The Company records approximately $14 million and $6 million of compensation expense each quarter for these service-based and performance-based awards, respectively.


	Unvested	Weighted Average Grant Date Fair Value		Vested	Total Number of RSUs Outstanding
Balance at January 1, 2025	14,635,028	$	70.03	21,337,132	35,972,160

Granted 1	3,810,646	152.18		266,661	4,077,307
Forfeited	(172,923)	107.41		(44)	(172,967)
Vested	(2,869,383)	89.39		2,869,383	—
Issued	—	—		(8,084,808)	(8,084,808)
Balance at September 30, 2025	15,403,368	$	80.23	16,388,324	31,791,692

The Company also grants certain restricted stock awards tied to profit sharing arrangements. During the nine months ended September 30, 2025 and 2024, the Company awarded 0.2 million and 0.2 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $35 million and $25 million, respectively.

During the three months ended September 30, 2025 and 2024, the Company recorded compensation expense related to restricted stock awards from profit sharing arrangements of $12 million and $9 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded compensation expense related to restricted stock awards from profit sharing arrangements of $30 million and $31 million, respectively.

Additionally, in connection with the Bridge acquisition, the Company converted certain outstanding Bridge equity awards into 0.6 million unvested service-based restricted stock awards with a fair value of $83 million. During the three months ended September 30, 2025, the Company recognized $32 million of compensation expense for awards that do not require future service.