Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	Years Ended December 31
	2025			2024
	(in thousands)
Equity securities:
Long-term incentive compensation-related		$	35,212		$	31,934
Seed capital		176,545			169,502
Other		143			388
Investments in limited partnership hedge funds:
Long-term incentive compensation-related		18,845			10,831
Seed capital		26,939			18,397
Equity Method investments:
Joint ventures		247,605			286,721
Other equity method investments		7,429			—
Time deposits		6,365			6,100
Other		11,930			11,331
Total investments		$	531,013		$	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 December 31, 2025 and 2024 were as follows:

	Years Ended December 31
	2025			2024
	(in thousands)
Net gains recognized during the period		$	21,099		$	14,622
Less: net gains recognized during the period on equity securities sold during the period		9,784			8,731
Unrealized gains recognized during the period on equity securities held		$	11,315		$	5,891