Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net income (loss)	$ 100,530	$ 32,406
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Bad debt expense (benefit)	236	1,667
Depreciation and amortization	5,539	4,809
Equity-based compensation	127,843	85,935
Deferred tax provision (benefit)	6,662	(599)
Other	(845)	(881)
Changes in assets and liabilities:
Accounts receivable	(3,529)	(2,122)
Accrued and other receivables	(23,771)	(4,214)
Prepaid expenses and other assets	(1,070)	(550)
Deferred compensation	(17,491)	(15,986)
Compensation payable	(158,436)	(119,829)
Accounts payable, accrued expenses and other liabilities	(90)	(6,849)
Deferred revenue	1,486	(978)
Dividends received	1,623	2,155
Net cash provided by (used in) operating activities	38,687	(25,036)
Cash flows from investing activities
Purchases of investments	(256,737)	(40,890)
Proceeds from sales of investments	151,398	163,684
Note payments received from (issued to) employees	138	(6,330)
Purchases of equipment and leasehold improvements	(7,856)	(7,704)
Net cash provided by (used in) investing activities	(113,057)	108,760
Cash flows from financing activities
Payments for dividends and tax distributions	(104,212)	(90,726)
Payments for treasury stock purchases	(13,270)	(8,726)
Payments under tax receivable agreement	(314)	(20,103)
Net cash provided by (used in) financing activities	(117,796)	(119,555)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash	1,503	(141)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(190,663)	(35,972)
Cash, cash equivalents, and restricted cash, beginning of period	413,179	187,215
Cash, cash equivalents, and restricted cash, end of period	222,516	151,243
Cash paid (received) during the period for:
Income taxes, net	4,809	1,244
Other non-cash activity
Class A Partnership Units or other equity converted into Class A Common Stock	1,784	1,092
Dividends in kind	$ 11,486	8,915
Non-cash settlement of accounts receivable		261
Forfeiture of fully-vested Group LP units or other equity units		$ 82