Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	September 30, 2025		December 31, 2024
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	30,787	$	31,934
Seed capital	187,988		169,502
Other	164		388
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	20,070		10,831
Seed capital	24,667		18,397
Equity method investments:
Joint ventures	251,055		286,721
Other equity method investments	3,323		—
Time deposits	6,562		6,100
Other	11,988		11,331
Total investments	$	536,604	$	535,204

Summary of Unrealized Gains (Losses) Related to Equity Securities

The portion of unrealized gains (losses) related to equity securities, as defined by ASC 321-10, held as of September 30, 2025 and 2024 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Net gains recognized during the period	$	11,928	$	8,321	$	22,336	$	20,365
Less: net gains recognized during the period on equity securities sold during the period	—		318		5,767		6,345
Unrealized gains recognized during the period on equity securities held	$	11,928	$	8,003	$	16,569	$	14,020