v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 96,786 $ 85,061
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense—net 22,081 23,540
Depreciation and amortization 6,254 5,659
Non-cash lease expense 2,697 2,629
(Gain) loss from investments—net (15,197) (10,268)
Deferred income taxes 7,274 3,478
Foreign currency (gain) loss (22) 1,952
Amortization (accretion) of premium (discount) on U.S. Treasury securities 397 1,375
Changes in operating assets and liabilities:    
Accounts receivable (4,209) 1,985
Due from brokers 735 (13,005)
Investments held by consolidated funds (51,060) (242,211)
Other assets (3,093) (2,254)
Accrued compensation and benefits (36,669) (31,102)
Distribution and service fees payable (358) (148)
Operating lease liabilities (3,787) (2,987)
Due to brokers 1,374 6,402
Income tax payable (1,821) (9,811)
Other liabilities and accrued expenses (5,357) 3,120
Net cash provided by (used in) operating activities 16,025 (176,585)
Cash flows from investing activities:    
Purchases of investments (340,575) (161,776)
Proceeds from sales and maturities of investments 281,726 169,517
Purchases of property and equipment (1,020) (3,209)
Net cash provided by (used in) investing activities (59,869) 4,532
Cash flows from financing activities:    
Repurchase of common stock for employee tax withholding (17,311) (26,598)
Dividends to stockholders (69,055) (63,423)
Net contributions (distributions) from noncontrolling interests 45,104 172,721
Other (15) (15)
Net cash provided by (used in) financing activities (40,583) 83,264
Net increase (decrease) in cash and cash equivalents (84,427) (88,789)
Effect of foreign exchange rate changes on cash and cash equivalents (333) 1,357
Cash and cash equivalents, beginning of the year 146,604 183,162
Cash and cash equivalents, end of the year 61,844 95,730
Employee Stock    
Cash flows from financing activities:    
Proceeds from issuance of common stock under employee stock purchase plan $ 694 $ 579