Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments consist of:

	March 31, 2026		December 31, 2025
	(in thousands)
Equity securities:
Long-term incentive compensation-related	$	31,676	$	35,212
Seed capital	146,205		176,545
Other	138		143
Investments in limited partnership hedge funds:
Long-term incentive compensation-related	9,853		18,845
Seed capital	34,793		26,939
Equity method Investments:
Joint ventures	191,557		247,605
Other equity method investments	2,024		7,429
Time deposits	6,256		6,365
Other	10,941		11,930
Total investments	$	433,443	$	531,013

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 March 31, 2026 and 2025 were as follows:

	Three Months Ended March 31,
	2026		2025
	(in thousands)
Net (losses) gains recognized during the period	$	(2,245)	$	(87)
Less: net gains recognized during the period on equity securities sold during the period	4,332		4,570
Unrealized (losses) gains recognized during the period on equity securities held	$	(6,577)	$	(4,657)