Restricted Cash, Other Assets and Other Liabilities

6 Months Ended

Jun. 30, 2026

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Restricted Cash, Other Assets and Other Liabilities

5. Restricted Cash, Other Assets and Other Liabilities

Restricted Cash

Restricted cash represents primarily cash reserves that are maintained pursuant to the governing documents of the corporate securitized debt.

Other Assets

The following table summarizes the Company's other assets.


(In thousands)	June 30, 2026		December 31, 2025
Prepaid taxes and deferred tax assets, net	$	4,713	$	3,936
Operating lease right-of-use asset for corporate offices	18,572		21,237
Accounts receivable, net (1)	2,695		96,470
Prepaid expenses	5,482		6,758
Fixed assets, net (2)	6,698		6,988
Miscellaneous assets	578		1,197
Assets of discontinued operations	187		193
	38,925		136,779
Other assets of consolidated funds	2,321		2,135
Total other assets	$	41,246	$	138,914

__________

(1) Amount at December 31, 2025 included $90.1 million of consideration due from fund investors who assumed interests in the Company's sponsored funds previously held by the Company, with such amounts fully received in January 2026.

(2) Net of accumulated depreciation of $11.0 million at June 30, 2026 and $10.2 million at December 31, 2025.

Other Liabilities

The following table summarizes the Company's other liabilities:


(In thousands)	June 30, 2026		December 31, 2025
Deferred investment management fees (Note 11) (1)	$	23,476	$	26,882
Interest payable on corporate debt	185		98
Common and preferred stock dividends payable	16,557		16,545
Current and deferred income tax liability	4,702		5,377
Accrued compensation	39,093		69,475
Accrued incentive fee and carried interest compensation	506,455		358,506
Operating lease liability for corporate offices	27,918		32,162
Accounts payable and accrued expenses	65,022		43,888
Due to affiliates (Note 14)	34,099		26,112
Miscellaneous liabilities	1,390		3,084

	718,897		582,129
Other liabilities of consolidated funds
Securities sold short	91,838		74,287
Due to custodians	13,315		13,483
Miscellaneous liabilities	1,424		256
Total other liabilities	$	825,474	$	670,155

__________

(1) Deferred investment management fees are expected to be recognized as fee revenue over a weighted average period of 3.7 years and 4.3 years as of June 30, 2026 and December 31, 2025. Deferred investment management fees recognized as income of $3.2 million and $1.4 million in the three months ended June 30, 2026 and 2025, respectively, and $5.8 million and $2.8 million in the six months ended June 30, 2026 and 2025, respectively, pertain to the deferred management fee balance at the beginning of each respective period.

Deferred Income Taxes

The Company has significant deferred tax assets associated with its domestic entities, related principally to capital loss carryforwards, outside basis difference in DBRG's interest in the OP, outside basis difference in investment in partnerships and net operating losses generated by a taxable U.S. subsidiary. As of June 30, 2026 and December 31, 2025, a full valuation allowance has been established against the deferred tax assets of its domestic entities as the realizability of these deferred tax assets did not meet the more-likely-than-not threshold.