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Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net income (loss) $ 135,988 $ 152,453 $ 141,476
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation expense, intangible asset and other amortization 63,623 69,002 70,046
Stock-based compensation 23,964 32,841 26,825
Equity in (earnings) loss of equity method investments (3,635) (2,713) 198
Distributions from equity method investments 4,078 5,387 2,327
Change in fair value of contingent consideration (2,214) (5,608) (5,510)
Deferred taxes, net 8,401 7,120 1,394
Lease termination 0 (1,318) 0
Changes in operating assets and liabilities:      
Sales (purchases) of investments, net 409 26,114 (16)
Accounts receivable, net and other assets 22,224 8,834 5,388
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (23,166) (23,166) 3,863
Operating activities of consolidated investment products ("CIP"):      
Net cash provided by (used in) operating activities (67,199) 1,755 237,157
Cash Flows from Investing Activities:      
Capital expenditures and other asset purchases (6,890) (5,579) (8,821)
Purchase of equity method investment (41,084) 0 (11,645)
Acquisition of business, net of cash acquired of $4,395 for the year ended December 31, 2023 0 0 (108,999)
Net cash provided by (used in) investing activities (47,339) (16,951) (129,732)
Cash Flows from Financing Activities:      
Refinancing and borrowings on credit agreement 201,191 0 50,000
Repayments on credit agreement (40,254) (22,750) (52,750)
Payment of deferred financing costs (7,366) 0 0
Payment of contingent consideration (23,140) (24,234) (27,179)
Repurchase of common shares (59,999) (44,868) (45,000)
Common stock dividends paid (64,599) (58,123) (52,047)
Taxes paid related to net share settlement of restricted stock units (7,847) (11,681) (13,774)
Investment management subsidiary equity sales (purchases) (24,889) (29,015) (20,784)
Net contributions from (distributions to) noncontrolling interests 10,388 32,822 6,080
Net cash provided by (used in) financing activities 191,025 74,947 (356,113)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,390 (456) 523
Net increase (decrease) in cash and cash equivalents 77,877 59,295 (248,165)
Cash, cash equivalents and restricted cash, beginning of year 400,309 341,014 589,179
Cash, cash equivalents and restricted cash, end of year 478,186 400,309 341,014
Supplemental Disclosure of Cash Flow Information      
Interest paid 19,069 20,260 22,307
Income taxes paid, net 46,042 56,379 31,160
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Common stock dividends payable 16,068 15,676 13,467
Reconciliation of cash, cash equivalents and restricted cash      
Cash, cash equivalents and restricted cash at end of year 478,186 400,309 341,014
Consolidated Entity excluding Consolidated Investment Products      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized and unrealized (gains) losses on investments, net (4,214) (2,795) (6,132)
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments, net (4,214) (2,795) (6,132)
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 386,483 265,888  
Consolidated Investment Products      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized and unrealized (gains) losses on investments, net 18,364 5,279 (4,664)
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments, net 18,364 5,279 (4,664)
Purchases of investments by CIP (1,447,091) (1,468,615) (1,264,708)
Sales of investments by CIP 1,130,806 1,196,438 1,263,580
Net proceeds (purchases) of short-term investments and securities sold short by CIP (194) 49 (261)
Change in other assets and liabilities of CIP 2,008 (2,073) 1,666
Amortization of discount on notes payable of CIP 3,450 4,526 1,685
Cash Flows from Investing Activities:      
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net 635 (11,372) (267)
Cash Flows from Financing Activities:      
Borrowings by CIP 661,125 1,016,232 269,260
Payments on borrowings by CIP (453,585) (783,436) (469,919)
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net 9,221 (31,255) $ (7,170)
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 90,686 133,694  
Cash pledged or on deposit of consolidated investment products $ 1,017 $ 727