v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income before noncontrolling interests $ 168,445 $ 173,323
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,541 4,976
Deferred income taxes 21,331 24,142
Noncash lease expense (benefit) (404) (324)
Net investment (gain) loss on nonconsolidated investment securities (24,362) (22,430)
Net (gain) loss on the tax receivable agreements 230 0
(Gain) loss on disposal of property and equipment 150 0
Amortization of debt issuance costs 234 219
Share-based compensation 15,366 15,412
Net investment (gain) loss of consolidated investment products (10,201) (29,768)
Purchase of investments by consolidated investment products (270,105) (148,732)
Proceeds from sale of investments by consolidated investment products 229,639 65,225
Change in assets and liabilities resulting in an increase (decrease) in cash:    
Accounts receivable 26,466 5,689
Prepaid expenses and other assets 3,769 (561)
Accounts payable and accrued expenses 126,289 104,541
Net change in operating assets and liabilities of consolidated investment products including net investment income 6,170 17,104
Net cash provided by operating activities 297,558 208,816
Cash flows from investing activities    
Acquisition of property and equipment (891) (269)
Leasehold improvements (152) (38)
Proceeds from sale of investment securities 94,705 35,524
Purchase of investment securities (48,374) (40,757)
Cash paid for business acquisitions, net of cash acquired (22,490) 0
Net cash provided by (used in) investing activities 22,798 (5,540)
Cash flows from financing activities    
Partnership distributions (21,750) (22,232)
Dividends paid (167,519) (142,878)
Payments under the tax receivable agreements (30,322) (29,197)
Taxes paid related to employee net share settlement (4,527) (8,964)
Capital contributions to consolidated investment products, net 28,605 80,369
Net cash used in financing activities (195,513) (122,902)
Net increase in cash and cash equivalents 124,843 80,374
Net cash impact of deconsolidation of consolidated investment products (29,727) (36,988)
Cash and cash equivalents    
Beginning of period 255,506 268,218
End of period 350,622 311,604
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 350,622 311,604
Noncash activity:    
Establishment of deferred tax assets 2,427 717
Establishment of amounts payable under tax receivable agreements 1,928 526
Increase in investment securities due to deconsolidation of CIPs 55,257 29,757
Operating lease assets obtained in exchange for operating lease liabilities 10,018 2,155
Settlement of franchise capital liability via transfer of investment securities 16,117 10,464
Increase in CIP net assets due to consolidation 8,347 0
Consolidated Entity, Excluding VIE    
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 334,525 244,929
Cash and cash equivalents 334,525 244,929
Variable Interest Entity, Primary Beneficiary    
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 16,097 66,675
Cash and cash equivalents $ 16,097 $ 66,675