v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) $ 97,422 $ 100,530
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Bad debt expense (benefit) 2,209 236
Depreciation and amortization 7,696 5,539
Equity-based compensation 117,687 127,843
Deferred tax provision (benefit) 24,021 6,662
Other 1,987 (845)
Changes in assets and liabilities:    
Accounts receivable 11,992 (3,529)
Accrued and other receivables (13,029) (23,771)
Prepaid expenses and other assets (15,463) (1,070)
Deferred compensation (33,033) (17,491)
Compensation payable (246,913) (158,436)
Accounts payable, accrued expenses and other liabilities (9,875) (90)
Deferred revenue 4,691 1,486
Dividends received from equity method investment 1,336 1,623
Net cash provided by (used in) operating activities (49,272) 38,687
Cash flows from investing activities    
Purchases of investments (315,988) (256,737)
Proceeds from sales of investments 381,782 151,398
Note payments (issued to) employees (8,186) (112)
Note payments received from employees 4,402 250
Purchases of equipment and leasehold improvements (26,458) (7,856)
Net cash provided by (used in) investing activities 35,552 (113,057)
Cash flows from financing activities    
Payments for dividends and tax distributions (112,757) (104,212)
Payments for treasury stock purchases (140,771) (13,270)
Payments under tax receivable agreement (32,206) (314)
Net cash provided by (used in) financing activities (285,734) (117,796)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash (1,294) 1,503
Net increase (decrease) in cash, cash equivalents, and restricted cash (300,748) (190,663)
Cash, cash equivalents, and restricted cash, beginning of period 509,365 413,179
Cash, cash equivalents, and restricted cash, end of period 208,617 222,516
Cash paid (received) during the period for:    
Income taxes, net 27,099 4,809
Other non-cash activity    
Effect of changes in ownership and exchanges of Class A partnership units (350) 1,784
Dividends in kind $ 10,461 $ 11,486