Restricted Cash, Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2025

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Restricted Cash, Other Assets and Other Liabilities

5. Restricted Cash, Other Assets and Other Liabilities

Restricted Cash

Restricted cash represents primarily cash reserves that are maintained pursuant to the governing documents of the corporate securitized debt.

Other Assets

The following table summarizes the Company's other assets.

(In thousands)	December 31, 2025		December 31, 2024
Prepaid taxes and deferred tax assets, net	$	3,936	$	3,447
Operating lease right-of-use asset for corporate offices	21,237		28,901
Accounts receivable, net (1)	96,470		3,003
Prepaid expenses	6,758		4,070
Other assets	1,197		2,202
Fixed assets, net (2)	6,988		9,712
Assets of discontinued operations	193		445
	136,779		51,780
Other assets of consolidated funds	2,135		724
Total other assets	$	138,914	$	52,504

__________

(1)    Amount at December 31, 2025 included $90.1 million of consideration due from fund investors who assumed interests in the Company's sponsored funds previously held by the Company, with such amounts fully received in January 2026.

(2)    Net of accumulated depreciation of $10.2 million at December 31, 2025 and $10.0 million at December 31, 2024.

Other Liabilities

The following table summarizes the Company's other liabilities:

(In thousands)	December 31, 2025		December 31, 2024
Deferred investment management fees (Note 11) (1)	$	26,882	$	9,306
Interest payable on corporate debt	98		164
Common and preferred stock dividends payable	16,545		16,524
Current and deferred income tax liability	5,377		5,798
Accrued compensation	69,475		54,644
Accrued incentive fee and carried interest compensation	358,506		497,288
Operating lease liability for corporate offices	32,162		43,351
Accounts payable and accrued expenses	43,888		26,213
Due to affiliates (Note 15)	26,112		1,675
Other liabilities	3,084		12,796
Liabilities of discontinued operations	—		259
	582,129		668,018
Other liabilities of consolidated funds
Securities sold short	74,287		47,930
Due to custodians	13,483		9,121
Other liabilities	256		697
Total other liabilities	$	670,155	$	725,766

__________

(1)    Deferred investment management fees are expected to be recognized as fee revenue over a weighted average period of 4.3 years and 3.2 years as of December 31, 2025 and December 31, 2024. Deferred investment management fees recognized as income of $4.7 million in 2025 and $3.8 million in 2024 pertain to the deferred management fee balance at the beginning of each respective year.