Derivatives (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following tables summarize the notional amount and fair value of outstanding derivative financial instruments:


	As of June 30, 2026
			Fair Value (1)
(in thousands)	Notional Amount		Assets		Liabilities
Corporate derivatives:
Total return swaps	$	84,369	$	1,924	$	945
Forward contracts - foreign exchange	7,955		171		—
Total corporate derivatives	92,324		2,095		945
Derivatives held by consolidated funds:
Forward contracts - foreign exchange	35,438		53		3

Total	$	127,762	$	2,148	$	948


	As of December 31, 2025
			Fair Value (1)
(in thousands)	Notional Amount		Assets		Liabilities
Corporate derivatives:
Total return swaps	$	92,451	$	353	$	1,964
Forward contracts - foreign exchange	7,786		173		4
Total corporate derivatives	100,237		526		1,968
Derivatives held by consolidated funds:
Forward contracts - foreign exchange	37,067		260		51

Total	$	137,304	$	786	$	2,019

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(1) The fair values of corporate and consolidated fund derivative financial instruments are recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.

Schedule of Securities Financing Transactions

The following table summarizes the collateral related to derivative financial instruments:


(in thousands)	June 30, 2026		December 31, 2025
Collateral pledged	$	264	$	1,764
Collateral received	$	970	$	260

Gains (losses) on Derivatives

The following table summarizes net gains (losses) from derivative financial instruments:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Corporate derivatives:
Total return swaps	$	(453)	$	(1,754)	$	(5,959)	$	(3,683)
Forward contracts - foreign exchange	(287)		(137)		2		(617)
Total corporate derivatives	(740)		(1,891)		(5,957)		(4,300)
Derivatives held by consolidated funds:
Forward contracts - foreign exchange	408		—		50		9

Total (1)	$	(332)	$	(1,891)	$	(5,907)	$	(4,291)

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(1)Gains and losses on corporate total return swaps and derivatives held by consolidated funds are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on corporate forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.