Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net income (loss)	$ 53,775	$ 17,485
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Bad debt expense (benefit)	388	965
Depreciation and amortization	2,779	2,375
Equity-based compensation	86,232	59,978
Deferred tax provision (benefit)	(10,722)	(7,454)
Other	(1,274)	(171)
Changes in assets and liabilities:
Accounts receivable	(4,250)	195
Accrued and other receivables	(15,736)	(16,525)
Prepaid expenses and other assets	199	71
Deferred compensation	(14,395)	(25,152)
Compensation payable	(281,080)	(211,139)
Accounts payable, accrued expenses and other liabilities	14,388	11,137
Deferred revenue	2,593	1,082
Dividends received	1,623	2,155
Net cash provided by (used in) operating activities	(165,480)	(164,998)
Cash flows from investing activities
Purchases of investments	(152,521)	(22,599)
Proceeds from sales of investments	148,398	163,684
Note payments received from (issued to) employees	250	(6,330)
Purchases of equipment and leasehold improvements	(3,104)	(5,366)
Net cash provided by (used in) investing activities	(6,977)	129,389
Cash flows from financing activities
Payments for dividends and tax distributions	(45,085)	(39,263)
Payments for treasury stock purchases	(11,642)	(8,394)
Net cash provided by (used in) financing activities	(56,727)	(47,657)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash	1,381	(696)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(227,803)	(83,962)
Cash, cash equivalents, and restricted cash, beginning of period	413,179	187,215
Cash, cash equivalents, and restricted cash, end of period	185,376	103,253
Cash paid (received) during the period for:
Income taxes, net	3,407	595
Other non-cash activity
Class A Partnership Units or other equity converted into Class A Common Stock	1,784	1,047
Dividends in kind	$ 5,712	6,007
Non-cash settlement of accounts receivable		261
Forfeiture of fully-vested Group LP units or other equity units		$ 82