v3.25.2
Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The assets and liabilities recognized in the Company’s Condensed Consolidated Statements of Financial Condition related to its interest in these non-consolidated VIEs and its maximum exposure to loss relating to non-consolidated VIEs were as follows (in thousands):
June 30, 2025December 31, 2024
Investments (includes assets pledged of $573,115 and $647,448 as of June 30, 2025 and December 31, 2024, respectively)
$1,541,042 $1,257,220 
Due from affiliates272,219 340,835 
Potential clawback obligation2,340,470 2,140,355 
Due to affiliates53,939 57,239 
Maximum exposure to loss$4,207,670 $3,795,649 
The following table depicts the total assets and liabilities related to VIE securitization transactions included in the Company’s Condensed Consolidated Statements of Financial Condition (in thousands):
June 30, 2025December 31, 2024
Cash and cash equivalents$13,574 $21,297 
Restricted cash13,173 13,175 
Participation rights receivable(a)
573,115 647,448 
Due from affiliates435 435 
Total assets$600,297 $682,355 
Accrued interest$191 $191 
Due to affiliates and other145 162 
Secured notes, net246,029 245,875 
Total liabilities$246,365 $246,228 
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(a)Participation rights receivable related to VIE securitization transactions are included in investments in the Company’s Condensed Consolidated Statements of Financial Condition.