v3.25.4
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Discounts for Plan Grants, Bonus Grants and Performance Grants
The following table summarizes the weighted average discounts for service-based grants and performance-based grants:

Years ended December 31,
202520242023
Service-Based Grants:
Marketability discount for transfer restrictions1
5.6 %3.1 %4.1 %
Performance-Based Grants:
Discount for the lack of distributions until vested2
0.1 %— %0.2 %
Marketability discount for transfer restrictions1
16.6 %11.0 %9.7 %
1 Based on the Finnerty Model calculation.
2 Based on the present value of a growing annuity calculation.
Schedule of RSU Activity
The following table summarizes RSU activity:
UnvestedWeighted Average Grant Date Fair ValueVestedTotal Number of RSUs Outstanding
Balance at January 1, 202514,635,028$70.03 21,337,13235,972,160
Granted 1
4,836,147145.46 484,3175,320,464
Forfeited(336,104)103.87 (14,566)(350,670)
Vested(6,087,882)99.06 6,087,882—
Issued—— (8,456,823)(8,456,823)
Balance at December 31, 202513,047,189$81.72 19,437,942 32,485,131
1 Includes 0.2 million unvested RSUs with a fair value of $26 million converted as part of the Bridge acquisition.
Schedule of Restricted Stock Award Activity
The following table summarizes restricted stock award activity:

UnvestedWeighted Average Grant Date Fair ValueVestedTotal Shares of Restricted Stock Outstanding
Balance at January 1, 2025
707,801$85.48 474,9221,182,723
Granted1
1,013,465136.96—1,013,465
Forfeited(14,804)118.26—(14,804)
Vested(359,771)95.84359,771—
Issued2
—(359,771)(359,771)
Balance at December 31, 2025
1,346,691$111.81 474,9221,821,613
1 Includes 0.6 million RSAs with a fair value of $83 million converted in connection with the Bridge acquisition.
2 Refers to issued shares that became freely transferable in 2025.