Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2026 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies From time to time, the Company and its Affiliates may be subject to claims, legal proceedings, and other contingencies in the ordinary course of their business activities. Any such matters are subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals, as necessary, for matters for which the outcome is probable and the amount of the liability can be reasonably estimated. For matters for which the outcome is probable but not reasonably estimable or where the outcome is reasonably possible but not probable, the Company provides disclosure related to such matters, as necessary. The Company has committed to co-invest in certain Affiliate-sponsored investment products. As of June 30, 2026, these unfunded commitments were $410.5 million and may be called in future periods. As of June 30, 2026, the Company was contingently liable to make payments in connection with an investment in a consolidated Affiliate, which are included in Other liabilities. The Company is contingently liable to make maximum contingent payments of up to $100.0 million ($24.9 million attributable to a co-investor). The fair value of the contingent payment obligation was $0.0 million. The final measurement date of the contingent payment obligation was in July 2026. As of June 30, 2026, the Company was obligated to make deferred payments of $84.0 million related to certain of its investments in Affiliates accounted for under the equity method, of which $55.4 million is payable during the remainder of 2026 and $28.6 million is payable in 2027. Deferred payment obligations are included in Other liabilities. As of June 30, 2026, the Company was contingently liable to make payments of $569.6 million related to the achievement of specified financial targets by certain of its Affiliates accounted for under the equity method, of which $0.0 million may become payable during the remainder of 2026, $360.1 million may become payable in 2027, $35.1 million may become payable in 2028, $39.9 million may become payable in each of 2029 and 2030, and $94.6 million may become payable in 2031. As of June 30, 2026, the Company was committed to provide one of its Affiliates accounted for under the equity method a guarantee related to a credit facility used to fund a portion of the Affiliate’s commitments to certain of its investment products. The Company believes the likelihood of being required to fund its guarantee under this arrangement to be remote. The maximum amount of payments the Company could be required to make was $30.0 million and the fair value of the guarantee liability was $0.0 million. Affiliate equity interests provide holders at consolidated Affiliates with a conditional right to put their interests to the Company over time. See Note 12. The Company and certain of its consolidated Affiliates operate under regulatory authorities that require the maintenance of minimum financial or capital requirements. The Company’s management is not aware of any significant violations of such requirements.
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