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Deferred Sales Commissions, Net
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Sales Commissions, Net Deferred Sales Commissions, Net
The components of deferred sales commissions, net, for the years ended December 31, 2024 and 2023 were as follows (excluding amounts related to fully amortized deferred sales commissions):
Years Ended December 31
20242023
(in thousands)
Carrying amount of deferred sales commissions$303,564 $187,870 
Less: Accumulated amortization(74,602)(66,899)
Cumulative CDSC received(46,255)(33,597)
Deferred sales commissions, net$182,707 $87,374 
Amortization expense associated with deferred sales commissions was $58.0 million, $36.8 million and $34.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Estimated future amortization expense related to the December 31, 2024 net asset balance, assuming no additional CDSC is received in future periods, is as follows (in thousands):
2025$76,415 
202668,192 
202736,553 
20281,547 
Total$182,707