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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income before noncontrolling interests $ 349,651 $ 311,804 $ 248,385
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 9,862 9,348 7,797
Deferred income taxes 44,179 42,496 30,156
Asset impairment 979 0 1,413
Noncash lease expense (988) (242) 1,865
Net investment (gain) loss on nonconsolidated investment securities (21,464) (19,163) 16,606
Net (gain) loss on the tax receivable agreements 504 (505) (913)
Loss on disposal of property and equipment 45 4 51
Amortization of debt issuance costs 389 442 440
Share-based compensation 32,475 33,697 41,532
Net investment (gain) loss of consolidated investment products (51,961) (62,702) 6,990
Purchase of investments by consolidated investment products (377,063) (406,318) (335,647)
Proceeds from sale of investments by consolidated investment products 280,797 281,640 211,537
Net change in operating assets and liabilities of consolidated investment products including net investment income (78,494) (35,094) (45,970)
Change in assets and liabilities resulting in an increase (decrease) in cash:      
Accounts receivable (16,898) 125 16,622
Prepaid expenses and other assets 1,166 (85) 3,348
Accounts payable and accrued expenses 42,671 27,393 16,458
Net cash provided by operating activities 372,838 253,028 312,610
Cash flows from investing activities      
Acquisition of property and equipment (1,570) (2,257) (6,637)
Payments For Leasehold Improvements 3,182 6,374 12,921
Proceeds from sale of investment securities 11,689 5,947 5,164
Purchase of investment securities (31,807) (35,483) (49,337)
Net cash used in investing activities (24,870) (38,167) (63,731)
Cash flows from financing activities      
Partnership distributions 48,918 44,732 57,199
Dividends paid (221,956) (183,378) (248,696)
Payment of debt issuance costs 0 0 (543)
Proceeds from issuance of notes payable 0 0 90,000
Principal payments on notes payable 0 0 (90,000)
Tax Receivable Agreement Payments 36,659 35,757 33,109
Taxes paid related to employee net share settlement (6,831) (6,758) (7,866)
Capital contributions to consolidated investment products, net 60,143 95,662 41,011
Net cash used in financing activities (254,221) (174,963) (306,402)
Net increase (decrease) in cash and cash equivalents 93,747 39,898 (57,523)
Net cash impact of deconsolidation of consolidated investment products (3,996) (4,679) 0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance 178,467 143,248 200,771
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 268,218 178,467 143,248
Noncash activity:      
Establishment of deferred tax assets 18,574 3,462 9,054
Establishment of amounts payable under tax receivable agreements 14,073 1,016 6,471
Increase in investment securities due to deconsolidation of consolidated investment products 23,831 19,612 9,970
Operating lease assets obtained in exchange for operating leases 3,413 6,644 32,055
Settlement of franchise capital liability via transfer of investment securities 7,212 3,204 0
Cash paid for:      
Interest on borrowings 7,679 7,679 10,299
Income tax 42,719 30,724 31,571
Consolidated Entity, Excluding VIE      
Cash and cash equivalents      
Cash and cash equivalents 201,172 141,008 114,832
Variable Interest Entity, Primary Beneficiary      
Cash and cash equivalents      
Cash and cash equivalents $ 67,046 $ 37,459 $ 28,416