| Supplemental Information Related to Significant Segment Expenses |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(in thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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Salaries, payroll related taxes and employee benefits |
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$ |
39,267 |
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$ |
41,407 |
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$ |
77,942 |
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$ |
63,152 |
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Incentive compensation |
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55,692 |
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38,116 |
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99,382 |
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|
61,783 |
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Sales-based compensation(1) |
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10,071 |
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10,612 |
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21,798 |
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17,832 |
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Equity awards granted to employees and directors(2) |
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15,776 |
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5,658 |
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23,188 |
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9,162 |
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Acquisition and transaction-related compensation |
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4,694 |
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13,125 |
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9,045 |
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13,125 |
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Total personnel compensation and benefits expense |
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$ |
125,500 |
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$ |
108,918 |
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$ |
231,355 |
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$ |
165,054 |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(in thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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Broker-dealer distribution fees |
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$ |
22,862 |
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$ |
20,833 |
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$ |
45,120 |
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$ |
25,633 |
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Platform distribution fees |
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|
34,552 |
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31,444 |
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69,094 |
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|
53,055 |
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Sub-administration |
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5,855 |
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5,274 |
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11,527 |
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9,664 |
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Sub-advisory |
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2,187 |
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|
1,678 |
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4,196 |
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|
3,550 |
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Middle-office |
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3,134 |
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2,810 |
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|
6,063 |
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|
5,614 |
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Total distribution and other asset-based expenses |
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$ |
68,590 |
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$ |
62,039 |
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$ |
136,000 |
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$ |
97,516 |
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(1)Represents sales-based commissions paid to our distribution teams. Sales-based compensation varies based on gross and net client cash flows and revenue earned on sales. (2)Equity awards typically vest over several years based on service and the achievement of specific business and financial targets. The value of the equity awards is recognized as compensation expense over the vesting period.
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