v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 508,221 $ 382,508
Restricted cash 6,562 12,982
Investments 2,612,683 2,266,403
Goodwill 465,602 465,602
Intangible assets 38,678 48,395
Other assets 41,246 138,914
Due from affiliates 90,527 104,378
Total assets 3,763,519 3,419,182
Liabilities    
Debt 291,766 298,804
Other liabilities 825,474 670,155
Total liabilities 1,117,240 968,959
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests 42,749 33,226
Stockholders’ equity:    
Preferred stock, $0.01 par value per share; $821,899 liquidation preference; 250,000 shares authorized; 32,876 shares issued and outstanding 794,670 794,670
Additional paid-in capital 8,091,683 8,066,683
Accumulated deficit (6,547,204) (6,761,498)
Accumulated other comprehensive income (loss) 4,449 5,616
Total stockholders’ equity 2,345,465 2,107,297
Noncontrolling interests in investment entities 233,605 268,977
Noncontrolling interests in Operating Company 24,460 40,723
Total equity 2,603,530 2,416,997
Total liabilities, redeemable noncontrolling interests and equity 3,763,519 3,419,182
Class A Common Stock    
Stockholders’ equity:    
Common stock 1,867 1,826
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 0 $ 0