Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 382,508	$ 302,154
Restricted cash	12,982	4,144
Investments	2,266,403	2,492,268
Goodwill	465,602	465,602
Intangible assets	48,395	72,460
Other assets	138,914	52,504
Due from affiliates	104,378	124,186
Total assets	3,419,182	3,513,318
Liabilities
Debt	298,804	296,362
Other liabilities	670,155	725,766
Total liabilities	968,959	1,022,128
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests	33,226	24,356
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $821,899 liquidation preference; 250,000 shares authorized; 32,876 shares issued and outstanding	794,670	794,670
Additional paid-in capital	8,066,683	7,999,165
Accumulated deficit	(6,761,498)	(6,837,502)
Accumulated other comprehensive income (loss)	5,616	505
Total stockholders’ equity	2,107,297	1,958,582
Noncontrolling interests in investment entities	268,977	430,528
Noncontrolling interests in Operating Company	40,723	77,724
Total equity	2,416,997	2,466,834
Total liabilities, redeemable noncontrolling interests and equity	3,419,182	3,513,318
Class A Common Stock
Stockholders’ equity:
Common stock	1,826	1,742
Class B Common Stock
Stockholders’ equity:
Common stock	$ 0	$ 2