Revenues

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to clients. Investment management fees, distribution and service fees, and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which these fees are calculated are variable in nature and subject to factors outside of the Company's control, such as additional investments, withdrawals and market performance. Because of this, these fees are considered constrained until the end of the contractual measurement period (monthly or quarterly), which is when asset values are generally determinable. Incentive fees are recognized on certain management contracts when performance hurdles or other specified criteria are achieved upon completion of each contractually determined measurement period and are not subject to clawback.

Investment Management Fees by Source    

The following table summarizes investment management fees by source:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Investment management fees
Open-end funds	$	61,465	$	70,379	$	125,191	$	144,416
Closed-end funds	28,815		14,881		49,605		29,734
Retail separate accounts	42,675		51,818		89,993		106,090
Institutional accounts	37,895		42,398		75,194		85,327
Total investment management fees	$	170,850	$	179,476	$	339,983	$	365,567