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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income before noncontrolling interests $ 311,804 $ 248,385 $ 444,524
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 9,348 7,797 6,933
Deferred income taxes 42,496 30,156 38,382
Asset impairment 0 1,413 0
Noncash lease expense (242) 1,865 (1,931)
Net investment (gain) loss on nonconsolidated investment securities (19,163) 16,606 (2,315)
Net (gain) loss on the tax receivable agreements (505) (913) (358)
Loss on disposal of property and equipment 4 51 4
Amortization of debt issuance costs 442 440 421
Share-based compensation 33,697 41,532 39,649
Net investment (gain) loss of consolidated investment products (62,702) 6,990 (19,748)
Purchase of investments by consolidated investment products (406,318) (335,647) (252,399)
Proceeds from sale of investments by consolidated investment products 281,640 211,537 196,620
Net change in operating assets and liabilities of consolidated investment products including net investment income (35,094) (45,970) 30,804
Change in assets and liabilities resulting in an increase (decrease) in cash:      
Accounts receivable 125 16,622 (15,962)
Prepaid expenses and other assets (85) 3,348 (3,164)
Accounts payable and accrued expenses 27,393 16,458 (1,301)
Net cash provided by operating activities 253,028 312,610 398,551
Cash flows from investing activities      
Acquisition of property and equipment (2,257) (6,637) (2,435)
Payments For Leasehold Improvements 6,374 12,921 3,532
Proceeds from sale of investment securities 5,947 5,164 12,813
Purchase of investment securities (35,483) (49,337) (33,820)
Net cash used in investing activities (38,167) (63,731) (26,974)
Cash flows from financing activities      
Partnership distributions 44,732 57,199 93,189
Dividends paid (183,378) (248,696) (274,740)
Payment of debt issuance costs 0 (543) 0
Proceeds from issuance of notes payable 0 90,000 0
Principal payments on notes payable 0 (90,000) 0
Tax Receivable Agreement Payments 35,757 33,109 31,250
Net proceeds from issuance of common stock 0 0 46,928
Payment of costs directly associated with the issuance of Class A common stock 0 0 (244)
Payments for Repurchase of Other Equity 0 0 (46,928)
Taxes paid related to employee net share settlement (6,758) (7,866) (9,246)
Capital contributions to consolidated investment products, net 95,662 41,011 73,236
Net cash used in financing activities (174,963) (306,402) (335,433)
Net increase (decrease) in cash, cash equivalents and restricted cash 39,898 (57,523) 36,144
Net cash impact of deconsolidation of consolidated investment products (4,679) 0 (34,823)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance 143,248 200,771 199,450
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 178,467 143,248 200,771
Cash, cash equivalents and restricted cash      
Restricted cash 0 0 629
Noncash activity:      
Establishment of deferred tax assets 3,462 9,054 54,214
Establishment of amounts payable under tax receivable agreements 1,016 6,471 44,209
Increase in investment securities due to deconsolidation of consolidated investment products 19,612 9,970 20,900
Operating lease assets obtained in exchange for operating leases 6,644 32,055 20,830
Settlement of franchise capital liability via transfer of investment securities 3,204 0 0
Cash paid for:      
Interest on borrowings 7,679 10,299 10,210
Income tax 30,724 31,571 70,337
Consolidated Entity, Excluding VIE      
Cash, cash equivalents and restricted cash      
Cash and cash equivalents 141,008 114,832 189,226
Variable Interest Entity, Primary Beneficiary      
Cash, cash equivalents and restricted cash      
Cash and cash equivalents $ 37,459 $ 28,416 $ 10,916