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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income before noncontrolling interests $ 259,796 $ 262,137
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,317 7,501
Deferred income taxes 46,560 33,992
Asset impairment 0 979
Noncash lease expense (benefit) (804) (795)
Net investment (gain) loss on nonconsolidated investment securities (34,352) (24,679)
Net (gain) loss on the tax receivable agreements (557) 504
(Gain) loss on disposal of property and equipment 0 29
Amortization of debt issuance costs 281 279
Share-based compensation 22,273 24,749
Net investment (gain) loss of consolidated investment products (38,506) (45,636)
Purchase of investments by consolidated investment products (309,162) (264,618)
Proceeds from sale of investments by consolidated investment products 136,862 207,022
Change in assets and liabilities resulting in an increase (decrease) in cash:    
Accounts receivable 1,464 (6,807)
Prepaid expenses and other assets (1,091) 1,258
Accounts payable and accrued expenses 143,893 122,975
Net change in operating assets and liabilities of consolidated investment products including net investment income 15,264 16,776
Net cash provided by operating activities 249,238 335,666
Cash flows from investing activities    
Acquisition of property and equipment (304) (1,106)
Leasehold improvements (58) (3,192)
Proceeds from sale of investment securities 45,675 11,689
Purchase of investment securities (41,011) (31,810)
Net cash used in investing activities 4,302 (24,419)
Cash flows from financing activities    
Partnership distributions (36,967) (33,445)
Dividends paid (194,689) (164,026)
Payment of debt issuance costs (348) 0
Proceeds from issuance of notes payable 50,000 0
Principal payments on notes payable (60,000) 0
Payments under the tax receivable agreements 38,286 36,659
Taxes paid related to employee net share settlement (8,964) (6,831)
Capital contributions to consolidated investment products, net 146,667 35,043
Net cash used in financing activities (142,587) (205,918)
Net increase in cash and cash equivalents 110,953 105,329
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 342,183 279,800
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 342,183 279,800
Noncash activity:    
Establishment of deferred tax assets 720 18,465
Establishment of amounts payable under tax receivable agreements 526 14,011
Increase in investment securities due to deconsolidation of CIPs 29,757 23,831
Operating lease assets obtained in exchange for operating lease liabilities 35,553 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 300,158 253,949
Cash and cash equivalents 300,158 253,949
Variable Interest Entity, Primary Beneficiary    
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 42,025 25,851
Cash and cash equivalents $ 42,025 $ 25,851