Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash Flows from Operating Activities
Consolidated net income	$ 107,366	$ 250,067
Adjustments to reconcile consolidated net income to net cash from operating activities:
Amortization of intangible assets	178,945	112,929
Equity-based compensation	338,730	125,680
Depreciation and amortization of fixed assets	11,675	6,765
Amortization of debt discounts and deferred financing costs	3,864	3,154
Non-cash interest and dividend income	(17,483)	0
Non-cash lease expense	4,834	22,553
Payment of earnout liability in excess of acquisition-date fair value	(728)	(13,808)
Net (gains) losses on investments, net of dividends on equity-method investments	12,760	(330)
Change in TRA liability	6,302	1,959
Change in warrant liability	0	11,650
Change in earnout liability	(22,947)	655
Deferred income taxes	6,326	20,176
Changes in operating assets and liabilities:
Due from related parties	(31,341)	(66,845)
Strategic Revenue-Share Purchase consideration	22,233	21,320
Other assets, net	(33,116)	(8,334)
Accrued compensation	(132,223)	(140,499)
Accounts payable, accrued expenses and other liabilities	(15,104)	2,449
Net Cash Provided by Operating Activities	440,093	349,541
Cash Flows from Investing Activities
Purchases of fixed assets	(23,385)	(39,032)
Purchases of investments	(41,712)	(286,900)
Proceeds from investment sales and maturities	47,471	203,869
Cash consideration paid for acquisitions, net of cash acquired	(244,580)	(27,958)
Net Cash Used in Investing Activities	(262,206)	(150,021)
Cash Flows from Financing Activities
Proceeds from debt obligations	1,310,000	1,950,000
Debt issuance costs	0	(19,835)
Repayments of debt obligations	(660,000)	(1,155,000)
Payment of earnout liability, up to acquisition-date fair value	(36,438)	(79,981)
Payments under the TRA	(53,540)	(28,166)
Withholding taxes on vested RSUs	(53,782)	(18,060)
Dividends paid on Class A Shares	(250,781)	(158,894)
Class A Share repurchases	(1,691)	0
Contributions from noncontrolling interests	24,032	22,185
Distributions to noncontrolling interests	(490,163)	(379,178)
Net Cash Provided by (Used in) Financing Activities	(212,363)	133,071
Net Increase (Decrease) in Cash and Cash Equivalents	(34,476)	332,591
Cash and cash equivalents, beginning of period	152,089	104,160
Cash and Cash Equivalents, End of Period	117,613	436,751
Supplemental Information
Cash paid for interest	73,830	39,543
Cash paid for income taxes	$ 9,995	$ 13,402