| Summary of Related-Party Transactions |
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Related party assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
29,889 |
|
|
$ |
132,713 |
|
Receivables (investment management fees) |
|
|
171,804 |
|
|
|
111,474 |
|
Receivables (fund administration and distribution fees) |
|
|
25,897 |
|
|
|
25,861 |
|
Prepaid expenses |
|
|
10,684 |
|
|
|
6,698 |
|
Investments (investments in proprietary funds, fair value) |
|
|
722 |
|
|
|
636 |
|
Investments (deferred compensation plan investments, fair value) |
|
|
90,789 |
|
|
|
97,808 |
|
Total |
|
$ |
329,785 |
|
|
$ |
375,190 |
|
|
|
|
|
|
|
|
Related party liabilities |
|
|
|
|
|
|
Accounts payable and accrued expenses (fund reimbursements) |
|
$ |
11,512 |
|
|
$ |
10,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Related party revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Investment management fees |
|
$ |
307,698 |
|
|
$ |
233,164 |
|
|
$ |
568,159 |
|
|
$ |
365,649 |
|
Fund administration and distribution fees |
|
|
73,118 |
|
|
|
68,906 |
|
|
|
144,738 |
|
|
|
115,207 |
|
Total |
|
$ |
380,816 |
|
|
$ |
302,070 |
|
|
$ |
712,897 |
|
|
$ |
480,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party expense |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
194 |
|
|
$ |
176 |
|
|
$ |
358 |
|
|
$ |
337 |
|
Distribution and other asset-based expenses |
|
|
1,059 |
|
|
|
1,005 |
|
|
|
2,030 |
|
|
|
1,190 |
|
|
|
$ |
1,253 |
|
|
$ |
1,181 |
|
|
$ |
2,388 |
|
|
$ |
1,527 |
|
Related party other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income and other income (expense) |
|
$ |
7,906 |
|
|
$ |
5,693 |
|
|
$ |
10,387 |
|
|
$ |
6,438 |
|
|