v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Investments
Investments consist of:
September 30,
2026		December 31,
2025
(in thousands)
U.S. Treasury Bills$209,414 $— 
Equity securities:
    Long-term incentive compensation-related38,013 35,212 
    Seed capital 99,868 176,545 
    Other42 143 
Investments in limited partnership hedge funds:
Long-term incentive compensation-related2,369 18,845 
Seed capital38,591 26,939 
Equity method investments:
  Joint ventures192,495 247,605 
  Other equity method investments101,921 7,429 
Time deposits6,283 6,365 
Other 16,453 11,930 
Total investments$705,449 $531,013 
Summary of Unrealized Gains (Losses) Related to Equity Securities
The portion of unrealized gains (losses) related to equity securities, as defined by ASC 321-10, held as of September 30, 2026 and 2025 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in thousands)
Net (losses) gains recognized during the period$(3,766)$11,928 $5,356 $22,336 
Less: net gains recognized during the period on equity securities sold during the period3,286 — 18,166 5,767 
Unrealized (losses) gains recognized during the period on equity securities held$(7,052)$11,928 $(12,810)$16,569