v3.26.3
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income before noncontrolling interests $ 257,131 $ 259,796
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,704 7,317
Deferred income taxes 26,644 46,560
Noncash lease expense (benefit) (606) (804)
Net investment (gain) loss on nonconsolidated investment securities (20,637) (34,352)
Change in estimate (894) (557)
(Gain) loss on disposal of property and equipment 153 0
Amortization of debt issuance costs 286 281
Share-based compensation 22,054 22,273
Net investment (gain) loss of consolidated investment products (10,560) (38,506)
Purchase of investments by consolidated investment products (406,764) (309,162)
Proceeds from sale of investments by consolidated investment products 356,395 136,862
Change in assets and liabilities resulting in an increase (decrease) in cash:    
Accounts receivable 16,098 1,464
Prepaid expenses and other assets (5,637) (1,091)
Accounts payable and accrued expenses 147,473 143,893
Net change in operating assets and liabilities of consolidated investment products including net investment income 19,658 15,264
Net cash provided by operating activities 407,498 249,238
Cash flows from investing activities    
Acquisition of property and equipment (2,426) (304)
Leasehold improvements (158) (58)
Proceeds from sale of investment securities 97,361 45,675
Purchase of investment securities (61,745) (41,011)
Cash paid for business acquisitions, net of cash acquired (22,490) 0
Net cash provided by investing activities 10,542 4,302
Cash flows from financing activities    
Partnership distributions (39,779) (36,967)
Dividends paid (224,772) (194,689)
Payment of debt issuance costs for senior notes 0 (348)
Proceeds from issuance of notes payable 0 50,000
Principal payments on notes payable 0 (60,000)
Payments under the tax receivable agreements (39,482) (38,286)
Taxes paid related to employee net share settlement (4,527) (8,964)
Capital contributions to consolidated investment products, net 42,787 146,667
Net cash used in financing activities (265,773) (142,587)
Net increase in cash and cash equivalents 152,267 110,953
Net cash impact of deconsolidation of consolidated investment products (29,727) (36,988)
Noncash activity:    
Establishment of deferred tax assets 2,768 720
Establishment of amounts payable under tax receivable agreements 2,203 526
Increase in investment securities due to deconsolidation of CIPs 55,257 29,757
Operating lease assets obtained in exchange for operating lease liabilities 12,033 35,553
Settlement of franchise capital liability via transfer of investment securities 16,117 10,464
Increase in CIP net assets due to consolidation 8,347 0
Cash and cash equivalents    
Beginning of period 255,506 268,218
End of period 378,046 342,183
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 378,046 342,183
Consolidated Entity, Excluding VIE    
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 352,415 300,158
Cash and cash equivalents 352,415 300,158
Variable Interest Entity, Primary Beneficiary    
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 25,631 42,025
Cash and cash equivalents $ 25,631 $ 42,025