v3.25.4
Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes the outstanding RSUs for Service Awards as of December 31, 2025 (in millions, including share data):
Units Outstanding as of December 31, 2025Compensation Expense for the Year Ended December 31,Unrecognized Compensation Expense as of December 31, 2025
20252024
Restricted Stock Units
Ordinary Service Awards9.7$174.6 $94.2 $326.1 
Special Purpose Service Awards 11.9125.5 135.4 227.6 
Total Service Award RSUs21.6$300.1 $229.6 $553.7 
The following table summarizes the outstanding RSUs for Market and Performance Condition Awards as of December 31, 2025 (in millions, including share data):
Units Outstanding as of December 31, 2025Compensation Expense for the Year Ended December 31,Unrecognized Compensation Expense as of December 31, 2025
20252024
Restricted Stock Units
Ordinary Performance Condition Awards1.0 $13.6 $3.1 $22.4 
Special Purpose Market Condition Awards4.2 32.2 29.2 41.6 
Total Market and Performance Condition Award RSUs5.2 $45.8 $32.3 $64.0 
The following table summarizes all outstanding restricted stock unit awards as of December 31, 2025 (in millions, including share data):
Units Outstanding as of December 31, 2025Compensation Expense for the Year Ended December 31,Unrecognized Compensation Expense as of December 31, 2025
20252024
Restricted Stock Units
Ordinary Awards:
Ordinary Service Awards9.7 $174.6 $94.2 $326.1 
Ordinary Performance Condition Awards1.0 13.6 3.1 22.4 
Special Purpose Awards:
Special Purpose Service Awards 11.9 125.5 135.4 227.6 
Special Purpose Market Condition Awards4.2 32.2 29.2 41.6 
Total Restricted Stock Units26.8 $345.9 $261.9 $617.7 
The following table summarizes the outstanding Other Awards as of December 31, 2025 (in millions, including share data):
Unvested Units/Shares Outstanding as of December 31, 2025Compensation Expense for the Year Ended December 31,Unrecognized Compensation Expense as of December 31, 2025
20252024
TPH and RPH Units
TPH units17.3 $253.8 $289.6 $381.4 
RPH units0.1 34.3 55.1 37.3 
Total TPH and RPH Units17.4 $288.1 $344.7 $418.7 
Common Units and Class A Common Stock
Common Units31.2 $227.8 $324.1 $787.0 
Class A Common Stock— 0.4 17.2 — 
Total Common Units and Class A Common Stock31.2 $228.2 $341.3 $787.0 
Schedule of Nonvested Share Activity
The following table presents the rollforward of the Company’s unvested Service Awards for the year ended December 31, 2025 (awards in millions):

Service AwardsWeighted-Average Grant Date Fair Value
Balance at December 31, 202425.3 $34.30 
Granted4.7 60.20 
Vested(7.8)33.93 
Forfeited(0.6)33.07 
Balance at December 31, 202521.6 40.10 
The following table presents the roll forward of the Company’s unvested Special Purpose Market Condition Awards for the year ended December 31, 2025 (awards in millions):
Market Condition Awards
Weighted Average Grant Date Fair Value
Balance at December 31, 20244.6 $20.41 
Granted0.5 38.27 
Vested
(0.2)16.58 
Vested, unsettled(0.6)22.01 
Forfeited(0.1)16.59 
Balance at December 31, 20254.2 22.49 
The following table presents the roll forwards of the Company’s unvested TPH Units and RPH Units for the year ended December 31, 2025 (units in millions):
TPH UnitsRPH Units
Partnership UnitsGrant Date Fair ValuePartnership UnitsGrant Date Fair Value
Balance at December 31, 202426.1 $26.74 0.2 $457.10 
Reallocated0.9 57.88 — — 
Vested(8.6)24.58 (0.1)457.10 
Forfeited(1.1)24.36 — 457.10 
Balance at December 31, 202517.3 29.50 0.1 457.10 
The following table presents the roll forwards of the Company’s unvested TOG Units and Class A Common Stock Awards for the year ended December 31, 2025 (awards in millions):
Common UnitsClass A Common Stock
Partnership UnitsGrant Date Fair ValuePartnership UnitsGrant Date Fair Value
Balance at December 31, 202436.0 $25.50 0.3 $29.50 
Granted5.4 47.56 — — 
Reallocated— — — — 
Vested(9.6)25.43 (0.3)29.50 
Forfeited(0.6)27.29 — — 
Balance at December 31, 202531.2 29.28 0.0 29.50