v3.26.1
Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 2026
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, 2026December 31, 2025
Investments (includes assets pledged of $384,894 and $521,124 as of June 30, 2026 and December 31, 2025, respectively)
$1,243,566 $1,774,815 
Due from affiliates140,908 408,022 
Potential clawback obligation2,635,750 2,456,516 
Due to affiliates36,281 72,266 
Maximum exposure to loss$4,056,505 $4,711,619 
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, 2026December 31, 2025
Cash and cash equivalents$4,945 $5,473 
Restricted cash13,164 13,166 
Participation rights receivable(a)
384,894 521,124 
Due from affiliates692 435 
Total assets$403,695 $540,198 
Accrued interest$191 $191 
Due to affiliates and other591 131 
Secured notes, net246,337 246,183 
Total liabilities$247,119 $246,505 
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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.