Noncontrolling Interests

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Noncontrolling Interests

8. Noncontrolling Interests

Redeemable Noncontrolling Interests

The following table presents the activities in redeemable noncontrolling interests in open-end funds in the liquid securities strategy consolidated by the Company.

	Year Ended December 31,
(In thousands)	2025		2024		2023
Redeemable noncontrolling interests
Beginning balance	$	24,356	$	17,862	$	100,574
Contributions	6,800		4,400		300
Distributions paid and payable, including redemptions	(1,374)		(364)		(89,515)
Net income (loss)	3,444		2,458		6,503
Ending balance	$	33,226	$	24,356	$	17,862

Noncontrolling Interests in Operating Company

Certain current and former employees of the Company directly or indirectly own interests in OP, presented as noncontrolling interests in the Operating Company. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s OP units for cash based on the market value of an equivalent number of shares of the Company's class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP.

Redemption of OP units—The Company redeemed OP units totaling 6,128,311 in 2025 and 452,418 in 2024 through issuance of an equal number of shares of class A common stock on a one-for-one basis.