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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income before noncontrolling interests $ 173,323 $ 157,952
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,976 4,823
Deferred income taxes 24,142 22,463
Noncash lease expense (benefit) (324) (566)
Net investment (gain) loss on nonconsolidated investment securities (22,430) (12,301)
(Gain) loss on disposal of property and equipment 0 29
Amortization of debt issuance costs 219 219
Share-based compensation 15,412 17,129
Net investment (gain) loss of consolidated investment products (29,768) (22,471)
Purchase of investments by consolidated investment products (148,732) (161,850)
Proceeds from sale of investments by consolidated investment products 65,225 137,398
Change in assets and liabilities resulting in an increase (decrease) in cash:    
Accounts receivable 5,689 (10,142)
Prepaid expenses and other assets (561) 1,133
Accounts payable and accrued expenses 104,541 91,952
Net change in operating assets and liabilities of consolidated investment products including net investment income 17,104 (2,865)
Net cash provided by operating activities 208,816 222,903
Cash flows from investing activities    
Acquisition of property and equipment (269) (765)
Leasehold improvements (38) (3,019)
Proceeds from sale of investment securities 35,524 10,940
Purchase of investment securities (40,757) (31,807)
Net cash used in investing activities (5,540) (24,651)
Cash flows from financing activities    
Partnership distributions (22,232) (20,201)
Dividends paid (142,878) (113,933)
Payments under the tax receivable agreements 29,197 27,898
Taxes paid related to employee net share settlement (8,964) (6,831)
Capital contributions to consolidated investment products, net 80,369 29,087
Net cash used in financing activities (122,902) (139,776)
Net increase in cash and cash equivalents 80,374 58,476
Net cash impact of deconsolidation of CIPs (36,988) (3,996)
Cash and cash equivalents    
Beginning of period 268,218 178,467
End of period 311,604 232,947
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 311,604 232,947
Noncash activity:    
Establishment of deferred tax assets 717 14,435
Establishment of amounts payable under tax receivable agreements 526 11,551
Increase in investment securities due to deconsolidation of CIPs 29,757 23,831
Operating lease assets obtained in exchange for operating lease liabilities 2,155 3,197
Settlement of franchise capital liability via transfer of investment securities 10,464 7,212
Consolidated Entity, Excluding VIE    
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 244,929 195,416
Cash and cash equivalents 244,929 195,416
Variable Interest Entity, Primary Beneficiary    
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 66,675 37,531
Cash and cash equivalents $ 66,675 $ 37,531