Variable Interest Entities

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities

As of December 31, 2025 and 2024, the total assets of the Company’s variable interest entities were $261.9 million and $213.9 million, respectively, and are principally comprised of accounts receivable. As of December 31, 2025 and 2024, the total liabilities of the Company’s variable interest entities were $70.1 million and $57.5 million, respectively, and are principally comprised of accounts payable and accrued expenses. These variable interest entities have obligations payable for services received under their management agreements with the Company of $180.1 million and $157.0 million as of December 31, 2025 and 2024, respectively. These intercompany balances are eliminated in consolidation.