v3.26.1
Related-Party Transactions - Summary of Related-Party Transactions (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Related party assets          
Cash and cash equivalents $ 70,126   $ 70,126   $ 163,690
Related party revenue          
Total revenue 435,361 $ 351,212 823,350 $ 570,814  
Related party expense          
Distribution and other asset-based expenses 68,590 62,039 136,000 97,516  
Investment Management Fees          
Related party revenue          
Total revenue 362,243 282,306 678,612 455,607  
Fund Administration and Distribution Fees          
Related party revenue          
Total revenue 73,118 68,906 144,738 115,207  
VCH          
Related party assets          
Cash and cash equivalents 29,889   29,889   132,713
Receivables (investment management fees) 171,804   171,804   111,474
Receivables (fund administration and distribution fees) 25,897   25,897   25,861
Prepaid expenses 10,684   10,684   6,698
Investments (investments in proprietary funds, fair value) 722   722   636
Investments (deferred compensation plan investments, fair value) 90,789   90,789   97,808
Other Receivables, Total 329,785   329,785   375,190
Related party liabilities          
Accounts payable and accrued expenses (fund reimbursements) 11,512   11,512   $ 10,903
Related party revenue          
Total revenue 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  
Total 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  
VCH | Investment Management Fees          
Related party revenue          
Total revenue 307,698 233,164 568,159 365,649  
VCH | Fund Administration and Distribution Fees          
Related party revenue          
Total revenue $ 73,118 $ 68,906 $ 144,738 $ 115,207