v3.25.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Dividends Declared
The table below presents information regarding the quarterly dividends on the Class A common stock, which were made at the sole discretion of the Board of Directors of the Company.

Date DeclaredRecord DatePayment DateDividend per Class A Common Share
May 8, 2024May 20, 2024June 3, 2024$0.41 
August 6, 2024August 16, 2024August 30, 20240.42 
November 4, 2024November 14, 2024December 2, 20240.38 
February 11, 2025February 21, 2025March 7, 20250.53 
Total 2024 Dividend Year (through Q4 2024)
$1.74 
May 7, 2025May 19, 2025June 2, 2025$0.41 
August 6, 2025August 18, 2025September 2, 20250.59 
November 4, 2025November 14, 2025December 1, 20250.45 
February 5, 2026February 19, 2026March 5, 20260.61 
Total 2025 Dividend Year (through Q4 2025)$2.06 
Schedule of Common Stock Exchanged During the years ended December 31, 2025 and 2024, certain holders of Common Units exchanged Common Units for an equal number of shares of Class A common stock resulting in the issuance of shares of Class A common stock and the cancellation of an equal number of shares of Class B common stock for no additional consideration as follows:
Exchange Date
Class A Common Stock Issued
2024 Exchanges(a)
February 27, 202417,704,987
May 21, 20241,998,593
August 19, 20241,042,119
November 15, 20245,155,425
2025 Exchanges(a)
February 24, 20259,786,354
May 21, 202521,000,000
August 19, 20255,153,040
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(a)The issuance of the shares of Class A common stock to such holders of Common Units was registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024.
Schedule of Supplemental Non-Cash Financing Activities Related to Equity for the Condensed Consolidated Statements of Cash Flows
Pursuant to the disclosure requirements of ASU 2023-09, the following table summarizes income taxes paid (net of refunds) exceeding 5 percent of total income taxes paid (net of refunds) in the following jurisdictions (in thousands):
Year Ended December 31, 2025
US Federal$4,783 
 
US State and Local
California1,693 
New York City10,125 
Texas1,692 
Other3,611 
 
Foreign
India1,611 
Singapore3,666 
Other3,105 
Total income taxes paid (net of refunds)$30,286 
The supplemental non-cash financing activities related to equity for the Consolidated Statements of Cash Flows are as follows (in thousands):
Year Ended December 31,
202520242023
Distributions to holders of other non-controlling interests$462 $13,504 $17,779 
Deferred tax assets540,201 335,529 — 
Due to affiliates189,935 297,085 — 
Other liabilities286,131 — — 
Additional paid-in-capital64,135 38,444 — 
Contributions from holders of other non-controlling interests280,636 — — 
Distributions in-kind to holders of other non-controlling interests75,000 — — 
Deconsolidation of previously consolidated entities258,359 — —