
	June 30, 2026		December 31, 2025
Trade receivables	$	185,093	$	178,902
Fees earned, not billed	547,771		483,860
Taxes receivable	42,703		40,415
Other receivables	9,579		8,487
	785,146		711,664
Less: Allowance for doubtful accounts	(1,746)		(1,916)
	$	783,400	$	709,748

Fees earned, not billed represents receivables from contracts with customers earned but unbilled and results from timing differences between services provided and contractual billing schedules. These billing schedules generally provide for fees to be billed on a quarterly basis. In addition, certain fees earned from investment operations services are calculated based on assets under administration that have an extended valuation process. Billings to these clients occur once the asset valuation processes are completed.


	June 30, 2026		December 31, 2025
Buildings	$	222,712	$	221,488
Equipment	169,539		158,740
Land	27,457		27,457
Purchased software	165,210		165,229
Furniture and fixtures	23,183		23,066
Leasehold improvements	24,784		23,003
Construction in progress	673		151
	633,558		619,134
Less: Accumulated depreciation	(481,673)		(468,700)
Property and Equipment, net	$	151,885	$	150,434

The Company recognized $14,327 and $15,592 in depreciation expense related to property and equipment for the six months ended June 30, 2026 and 2025, respectively.

Deferred contract costs, which primarily consist of deferred sales commissions, were $56,967 and $53,345 as of June 30, 2026 and December 31, 2025, respectively. The Company deferred expenses related to contract costs of $11,801 and $8,195 during the six months ended June 30, 2026 and 2025, respectively. Amortization expense related to deferred contract costs were $8,179 and $6,437 during the six months ended June 30, 2026 and 2025, respectively. Amortization expense related to deferred contract costs is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There were no material impairment losses in relation to deferred contract costs during the six months ended June 30, 2026.


	June 30, 2026		December 31, 2025
Accrued employee compensation	$	78,358	$	143,358


Accrued consulting, outsourcing and professional fees	31,669		29,186
Accrued sub-advisory, distribution and other asset management fees	55,334		56,445

Accrued dividend payable	1,958		65,182
Accrued income taxes	3,777		6,560
Other accrued liabilities	54,511		59,092
Total accrued liabilities	$	225,607	$	359,823