v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net Income $ 170,538 $ 135,601
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities    
Equity-Based Compensation Expense 140,597 138,250
Depreciation and Amortization Expense 8,288 6,494
Amortization of Operating Lease Right-of-Use Assets 9,551 8,862
Provision (Benefit) for Credit Losses 213 2,679
Other (3,881) (5,234)
Cash Flows Due to Changes in Operating Assets and Liabilities    
Accounts Receivable 7,098 (32,697)
Other Assets 47,870 522
Accrued Compensation and Benefits (79,652) (147,730)
Accounts Payable, Accrued Expenses and Other Liabilities (4,923) 7,033
Taxes Payable (829) (1,117)
Deferred Revenue 6,337 1,825
Net Cash Provided by (Used in) Operating Activities 301,207 114,488
Investing Activities    
Purchases of Investments (328,282) (81,848)
Proceeds from Sales and Maturities of Investments 78,440 42,526
Purchases of Furniture, Equipment and Leasehold Improvements (18,831) (13,500)
Net Cash Provided by (Used in) Investing Activities (268,673) (52,822)
Financing Activities    
Dividends (12,949) (12,351)
Tax Distributions 0 (597)
Employee Taxes Paid for Shares Withheld (47,283) (54,190)
Cash-Settled Exchanges of Partnership Units (158,645) (81,252)
Treasury Stock Purchases (114,525) (190,500)
Payments Pursuant to Tax Receivable Agreement 0 (410)
Net Cash Provided by (Used in) Financing Activities (333,402) (339,300)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (2,449) 8,372
Net Increase (Decrease) in Cash and Cash Equivalents (303,317) (269,262)
Cash and Cash Equivalents, Beginning of Period 538,858 483,877
Cash and Cash Equivalents, End of Period 235,541 214,615
Supplemental Disclosure of Cash Flows Information    
Payments for Income Taxes, Net of Refunds Received $ 5,449 $ 8,082