v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

Note 4. Revenue

The following presents revenues disaggregated by nature:

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Management fees

 

$

77,813

 

 

$

69,830

 

 

$

149,778

 

 

$

135,067

 

Advisory fees

 

 

1,708

 

 

 

1,686

 

 

 

3,352

 

 

 

3,184

 

Subscriptions

 

 

337

 

 

 

227

 

 

 

505

 

 

 

386

 

Other revenue

 

 

1,056

 

 

 

961

 

 

 

2,303

 

 

 

1,734

 

Total revenues

 

$

80,914

 

 

$

72,704

 

 

$

155,938

 

 

$

140,371

 

Contract Liabilities

Our contract liabilities represent deferred revenue. We record contract liabilities when cash payments are received in advance of our performance. We recognized $0.4 million and $16.7 million of revenue for the three and six months ended June 30, 2026, respectively, that was included in the contract liabilities balance as of December 31, 2025.