Divestitures (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Summary of Disposal Groups, Including Discontinued Operations

The net carrying amount of the BRS business assets and liabilities included in the sale as of April 1, 2024 was $312.1 million and consisted of the following:

	April 1, 2024
		(in thousands)
Cash and cash equivalents		$	338,226
Receivables, net:
Brokers and dealers		31,427
Brokerage clients		2,817
Other fees		14,719
Investments		9,555
Furniture and equipment, net		5,472
Other assets		44,751
Right-of-use assets		4,422
Intangible assets		3,850
Goodwill		159,826
Total assets sold		$	615,065
Payables:
Brokers and dealers		$	15,271
Brokerage clients		14,110
AP and Accrued Expenses		134,979
Other liabilities		10,370
Accrued compensation and benefits		42,069
Debt		86,200
Total liabilities sold		$	302,999

Summary of Pre-Tax Gain Resulting from Divestiture

As a result of the sale, we recognized a pre-tax gain of $134.6 million during the second quarter of 2024, calculated as follows:

	April 1, 2024
	(in thousands)
Cash proceeds		$	303,980
Fair value of equity interest in the JVs		283,871
Net carrying amount of assets and liabilities divested		(312,066)
Consideration for future put option to be exercised by AB		(102,550)
Cumulative translation losses		(10,197)
Reorganization costs		(28,483)
Pre-tax gain on divestiture		$	134,555

Summary of Business Divestiture under Cash Flows Investing Activities

The following table summarizes the different components of the initial business divestiture presented under cash flows from investing activities:

	December 31, 2024
	(in thousands)
Cash proceeds from buyer		$	303,980
Initial cash contributed to joint ventures from transferring balance sheet		(338,226)
Direct costs to sell		(5,950)
Cash outflow from divestiture		$	(40,196)