v3.26.1
Noncontrolling Interests
 6 Months Ended
Jun. 30, 2026
Noncontrolling Interest [Abstract]  
Noncontrolling Interests
8. Noncontrolling Interests
Redeemable Noncontrolling Interests
The following table presents the activities in redeemable noncontrolling interests in open-end funds in the liquid securities strategy consolidated by the Company.
Six Months Ended June 30,
(In thousands)20262025
Redeemable noncontrolling interests
Beginning balance$33,226 $24,356 
Contributions 9,200 1,300 
Distributions paid and payable, including redemptions(1,685)(1,273)
Net income (loss) 2,008 649 
Ending balance$42,749 $25,032 
Noncontrolling Interests in Operating Company
Certain current and former employees of the Company directly or indirectly own interests in OP, presented as noncontrolling interests in the Operating Company. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s OP units for cash based on the market value of an equivalent number of shares of the Company's class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP.
Redemption of OP units—The Company redeemed OP units totaling 2,784,947 in the first two quarters of 2026 and 6,128,311 in fiscal year 2025 through issuance of an equal number of shares of class A common stock on a one-for-one basis.