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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) $ 142,040 $ 36,604 $ (29,206)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization expense 4,422 3,320 2,696
Equity-based compensation, equity-classified awards 40,401 31,366 21,606
Deferred income tax expense 4,078 7,761 2,826
Other non-cash compensation 448 558 1,157
Partnership interest-based compensation 46,181 72,068 103,934
Amortization of debt issuance costs 776 902 1,100
Amortization of terminated swap (7,583) (7,604) (6,703)
Loss on extinguishment of debt 0 157 0
Change in fair value of warrant liabilities (21,737) 16,079 (1,429)
Change in payable to related parties pursuant to tax receivable agreement (1,787) 859 1,583
Proceeds received from investments 16,763 13,089 10,485
Non-cash investment income (16,258) (15,589) (11,640)
Non-cash lease expense 3,803 5,589 6,911
Other 97 519 513
Change in assets and liabilities:      
Management fees receivable 4,559 (3,438) (6,207)
Incentive fees receivable (15,514) (30,975) (10,893)
Due from related parties (1,919) 900 (462)
Other assets (7,520) (3,500) 2,344
Accrued compensation and employee related obligations (6,351) 13,170 8,222
Lease liabilities (4,789) 4,221 (7,022)
Accrued expenses and other liabilities 3,429 2,718 2,250
Net cash provided by operating activities 183,539 148,774 92,065
Cash flows from investing activities      
Purchases of premises and equipment (8,497) (16,729) (3,763)
Contributions/subscriptions to investments (34,676) (26,241) (27,635)
Distributions from investments 16,665 11,136 12,558
Net cash used in investing activities (26,508) (31,834) (18,840)
Cash flows from financing activities      
Capital contributions received from noncontrolling interest 3,153 1,869 2,255
Capital distributions paid to partners and member (82,249) (69,627) (58,278)
Capital distributions paid to the noncontrolling interest (14,891) (12,389) (15,431)
Proceeds from senior loan issuance 0 50,000 0
Principal payments on senior loan (4,380) (3,190) (4,000)
Debt issuance costs 0 (556) 0
Payments to repurchase Class A common stock (30,657) 0 (4,478)
Proceeds from exercise of warrants 119,719 0 0
Settlement of equity-based compensation in satisfaction of withholding tax requirements (16,248) (12,747) (10,219)
Proceeds from Share Purchase Agreement, net 49,832 0 0
Dividends paid (25,343) (20,549) (20,321)
Payments to related parties, pursuant to tax receivable agreement (3,797) (3,189) (3,190)
Net cash used in financing activities (4,861) (70,378) (113,662)
Effect of exchange rate changes on cash 492 (1,462) (372)
Net increase (decrease) in cash and cash equivalents 152,662 45,100 (40,809)
Beginning of year 89,454 44,354 85,163
End of year 242,116 89,454 44,354
Supplemental disclosure of cash flow information      
Cash paid during the year for interest 28,613 32,266 30,025
Cash paid during the year for income taxes, net 6,498 5,016 3,446
Supplemental disclosure of cash flow information from operating activities      
Non-cash ROU assets obtained in exchange for new and extended operating leases 2,967 9,075 34,116
Non-cash adjustment to operating lease right-of-use assets from lease modification (444) (790) (836)
Supplemental disclosure of cash flow information from investing activities      
Non-cash premises and equipment additions in accrued expenses and other liabilities 1,835 781 693
Supplemental disclosure of non-cash information from financing activities      
Deemed contributions from GCMH Equityholders 46,181 72,068 103,934
Establishment of deferred tax assets, net related to non-cash activities (768) (492) 384
Non-cash change in payable to related parties pursuant to tax receivable agreement $ 7,004 $ 859 $ 1,583