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Consolidation (Tables) | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Condensed Consolidated Balance Sheets | The following table presents the balances of CIP that, after intercompany eliminations, were reflected on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024:
| As of
| September 30, 2025 |  | December 31, 2024
| VOEs |  | VIEs |  | VOEs |  | VIEs
(in thousands) |  |  | CLOs |  | GFs |  |  |  | CLOs |  | GFs
Cash and cash equivalents | $ | 4,048 |  |  | $ | 85,952 |  |  | $ | 1,680 |  |  | $ | 5,179 |  |  | $ | 125,995 |  |  | $ | 3,247 |
Investments | 52,332 |  |  | 2,079,838 |  |  | 106,548 |  |  | 40,678 |  |  | 2,141,626 |  |  | 88,413 |
Other assets | 605 |  |  | 50,259 |  |  | 1,599 |  |  | 403 |  |  | 172,707 |  |  | 1,261 |
Notes payable | — |  |  | (2,030,580) |  |  | — |  |  | — |  |  | (2,171,946) |  |  | — |
Securities purchased payable and other liabilities | (371) |  |  | (94,366) |  |  | (1,207) |  |  | (4,271) |  |  | (151,922) |  |  | (1,840) |
Noncontrolling interests | (14,512) |  |  | (1,075) |  |  | (49,973) |  |  | (12,452) |  |  | (4,143) |  |  | (33,215) |
Net interests in CIP | $ | 42,102 |  |  | $ | 90,028 |  |  | $ | 58,647 |  |  | $ | 29,537 |  |  | $ | 112,317 |  |  | $ | 57,866 |
Schedule of VIE Consolidated Investment Product | results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at September 30, 2025, as shown in the table below:
| (in thousands)
Subordinated notes | $ | 88,609 |
Accrued investment management fees | 1,419 |
Total Beneficial Interests | $ | 90,028 |
The following table represents income and expenses of the consolidated CLOs included in the Company’s Condensed Consolidated Statements of Operations for the period indicated:
| Nine Months Ended September 30, 2025
| (in thousands)
Income: |
Realized and unrealized gain (loss), net | $ | (31,172) |
Interest income | 133,080 |
Total Income | 101,908 |
Expenses: |
Other operating expenses | 1,322 |
Interest expense | 101,346 |
Total Expense | 102,668 |
Noncontrolling interests | 932 |
Net Income (Loss) Attributable to CLOs | $ | 172 |
The following table represents the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation:
| Nine Months Ended September 30, 2025 |  |
| (in thousands) |  |
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company | $ | (6,795) |  |  |
Investment management fees | 6,967 |  |  |
Total Economic Interests | $ | 172 |  |  |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 14, as of September 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows: September 30, 2025
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 331,918 |  |  | $ | — |  |  | $ | — |  |  | $ | 331,918 |
Investment securities - fair value |  |  |  |  |  |  |
Sponsored funds | 56,383 |  |  | — |  |  | — |  |  | 56,383 |
Equity securities | 22,124 |  |  | — |  |  | — |  |  | 22,124 |
Debt securities | — |  |  | 2,403 |  |  | 29,651 |  |  | 32,054 |
Nonqualified retirement plan assets | 19,606 |  |  | — |  |  | — |  |  | 19,606 |
Total assets measured at fair value | $ | 430,031 |  |  | $ | 2,403 |  |  | $ | 29,651 |  |  | $ | 462,085 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 20,000 |  |  | $ | 20,000 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 20,000 |  |  | $ | 20,000 |
December 31, 2024
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 225,736 |  |  | $ | — |  |  | $ | — |  |  | $ | 225,736 |
Investment securities - fair value |  |  |  |  |  |  |
Sponsored funds | 63,296 |  |  | — |  |  | — |  |  | 63,296 |
Equity securities | 19,019 |  |  | — |  |  | — |  |  | 19,019 |
Debt securities | — |  |  | 1,456 |  |  | — |  |  | 1,456 |
Nonqualified retirement plan assets | 15,159 |  |  | — |  |  | — |  |  | 15,159 |
Total assets measured at fair value | $ | 323,210 |  |  | $ | 1,456 |  |  | $ | — |  |  | $ | 324,666 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 36,100 |  |  | $ | 36,100 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 36,100 |  |  | $ | 36,100 |
The assets and liabilities of CIP measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
As of September 30, 2025 |  |  |  |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 85,952 |  |  | $ | — |  |  | $ | — |  |  | $ | 85,952 |
Debt investments | 53 |  |  | 2,163,678 |  |  | 28,649 |  |  | 2,192,380 |
Equity investments | 45,736 |  |  | 25 |  |  | 577 |  |  | 46,338 |
Total assets measured at fair value | $ | 131,741 |  |  | $ | 2,163,703 |  |  | $ | 29,226 |  |  | $ | 2,324,670 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 2,030,580 |  |  | $ | — |  |  | $ | 2,030,580 |
Short sales | 272 |  |  | — |  |  | — |  |  | 272 |
Total liabilities measured at fair value | $ | 272 |  |  | $ | 2,030,580 |  |  | $ | — |  |  | $ | 2,030,852 |
As of December 31, 2024 |  |  |  |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 127,695 |  |  | $ | — |  |  | $ | — |  |  | $ | 127,695 |
Debt investments | — |  |  | 2,239,924 |  |  | 6,676 |  |  | 2,246,600 |
Equity investments | 22,993 |  |  | 111 |  |  | 1,013 |  |  | 24,117 |
Total assets measured at fair value | $ | 150,688 |  |  | $ | 2,240,035 |  |  | $ | 7,689 |  |  | $ | 2,398,412 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 2,171,946 |  |  | $ | — |  |  | $ | 2,171,946 |
Short sales | 356 |  |  | — |  |  | — |  |  | 356 |
Total liabilities measured at fair value | $ | 356 |  |  | $ | 2,171,946 |  |  | $ | — |  |  | $ | 2,172,302 |
Schedule of Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value | The following table presents a reconciliation of beginning and ending balances of the Company's Level 3 debt securities:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Debt securities, beginning of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchases (sales), net | 29,651 |  |  | 24,443 |  |  | 29,651 |  |  | 24,443 |
Debt securities, end of period | $ | 29,651 |  |  | $ | 24,443 |  |  | $ | 29,651 |  |  | $ | 24,443 |
The following table is a reconciliation of assets of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value:
| Nine Months Ended September 30, |  |
(in thousands) | 2025 |  | 2024 |  |
Balance at beginning of period | $ | 7,689 |  |  | $ | 37,062 |  |  |
Realized and unrealized gains (losses), net | (1,872) |  |  | 918 |  |  |
Purchases | 2,398 |  |  | 19 |  |  |
Sales | (49,282) |  |  | (36,452) |  |  |
Transfers to Level 2 | (50,208) |  |  | (71,236) |  |  |
Transfers from Level 2 | 120,501 |  |  | 125,527 |  |  |
Balance at end of period (1) | $ | 29,226 |  |  | $ | 55,838 |  |  |
(1)The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable at period end.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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