v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 137,618 $ 126,695
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense—net 32,851 35,877
Depreciation and amortization 9,421 8,656
Non-cash lease expense 4,093 3,947
(Gain) loss from investments—net (13,877) (10,960)
Deferred income taxes 5,438 1,990
Foreign currency (gain) loss (73) 1,038
Amortization (accretion) of premium (discount) on U.S. Treasury securities 320 1,021
Changes in operating assets and liabilities:    
Accounts receivable (9,581) 6,429
Due from brokers 67 (13,446)
Investments held by consolidated funds (105,116) (264,140)
Other assets (3,484) (1,739)
Accrued compensation and benefits (10,554) (11,077)
Distribution and service fees payable (413) 213
Operating lease liabilities (5,763) (4,390)
Due to brokers 2,901 4,766
Income tax payable 459 (5,296)
Other liabilities and accrued expenses (7,423) (1,086)
Net cash provided by (used in) operating activities 36,884 (121,502)
Cash flows from investing activities:    
Purchases of investments (528,634) (305,598)
Proceeds from sales and maturities of investments 457,029 280,571
Purchases of property and equipment (1,899) (5,697)
Net cash provided by (used in) investing activities (73,504) (30,724)
Cash flows from financing activities:    
Repurchase of common stock for employee tax withholding (17,669) (26,856)
Dividends to stockholders (103,596) (95,170)
Net contributions (distributions) from noncontrolling interests 77,785 187,943
Other (15) (442)
Net cash provided by (used in) financing activities (42,565) 66,254
Net increase (decrease) in cash and cash equivalents (79,185) (85,972)
Effect of foreign exchange rate changes on cash and cash equivalents (365) 1,437
Cash and cash equivalents, beginning of the year 146,604 183,162
Cash and cash equivalents, end of the year 67,054 98,627
Employee Stock    
Cash flows from financing activities:    
Proceeds from issuance of common stock under employee stock purchase plan $ 930 $ 779