Offsetting Assets and Liabilities

3 Months Ended

Mar. 31, 2026

See Note 14, Consolidated Company-Sponsored Investment Funds, for disclosure of offsetting assets and liabilities of our consolidated company-sponsored investment funds.

Offsetting of assets as of March 31, 2026 and December 31, 2025 was as follows:


	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Condition		Net Amounts of Assets Presented in the Statement of Financial Condition		Financial Instruments Collateral		Cash Collateral		Net Amount
	(in thousands)
March 31, 2026:
Securities borrowed	$	1,311	$	—	$	1,311	$	(1,311)	$	—	$	—
Derivatives	$	19,718	$	—	$	19,718	$	—	$	(6,830)	$	12,888

December 31, 2025:
Securities borrowed	$	14,689	$	—	$	14,689	$	(14,539)	$	—	$	150
Derivatives	$	12,985	$	—	$	12,985	$	—	$	(5,547)	$	7,438

Offsetting of liabilities as of March 31, 2026 and December 31, 2025 was as follows:


	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Condition		Net Amounts of Liabilities Presented in the Statement of Financial Condition		Financial Instruments Collateral		Cash Collateral		Net Amount
	(in thousands)
March 31, 2026:
Securities loaned	$	2,236	$	—	$	2,236	$	—	$	(2,209)	$	27
Derivatives	$	14,109	$	—	$	14,109	$	—	$	(13,033)	$	1,076

December 31, 2025:
Securities loaned	$	51,488	$	—	$	51,488	$	—	$	(50,170)	$	1,318
Derivatives	$	17,615	$	—	$	17,615	$	—	$	(10,293)	$	7,322

Cash collateral, whether pledged or received on derivative instruments, is not considered material and, accordingly, is not disclosed by counterparty.