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Deferred Sales Commissions, Net
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024 were as follows (excluding amounts related to fully amortized deferred sales commissions):
Years Ended December 31
20252024
(in thousands)
Carrying amount of deferred sales commissions$386,729 $303,564 
Less: Accumulated amortization(138,535)(74,602)
Cumulative CDSC received(82,894)(46,255)
Deferred sales commissions, net$165,300 $182,707 
Amortization expense associated with deferred sales commissions was $83.5 million, $58.0 million and $36.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Estimated future amortization expense related to the December 31, 2025 net asset balance, assuming no additional CDSC is received in future periods, is as follows (in thousands):
2026$83,757 
202760,853 
202819,434 
20291,256 
Total$165,300