
	September 30, 2026		December 31, 2025
Trade receivables	$	190,196	$	178,902
Fees earned, not billed	591,774		483,860
Taxes receivable	64,220		40,415
Other receivables	7,487		8,487
	853,677		711,664
Less: Allowance for doubtful accounts	(2,398)		(1,916)
	$	851,279	$	709,748

Fees earned, not billed represents receivables from contracts with customers earned but unbilled and results from timing differences between services provided and contractual billing schedules. These billing schedules generally provide for fees to be billed on a quarterly basis. In addition, certain fees earned from investment operations services are calculated based on assets under administration that have an extended valuation process. Billings to these clients occur once the asset valuation processes are completed.


	September 30, 2026		December 31, 2025
Buildings	$	223,452	$	221,488
Equipment	173,533		158,740
Land	27,457		27,457
Purchased software	165,244		165,229
Furniture and fixtures	25,049		23,066
Leasehold improvements	25,545		23,003
Construction in progress	1,119		151
	641,399		619,134
Less: Accumulated depreciation	(487,903)		(468,700)
Property and Equipment, net	$	153,496	$	150,434

The Company recognized $21,446 and $23,077 in depreciation expense related to property and equipment for the nine months ended September 30, 2026 and 2025, respectively.

Deferred contract costs, which primarily consist of deferred sales commissions, were $58,954 and $53,345 as of September 30, 2026 and December 31, 2025, respectively. The Company deferred expenses related to contract costs of $17,909 and $13,528 during the nine months ended September 30, 2026 and 2025, respectively. Amortization expense related to deferred contract costs were $12,300 and $9,875 during the nine months ended September 30, 2026 and 2025, respectively. Amortization expense related to deferred contract costs is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There were no material impairment losses in relation to deferred contract costs during the nine months ended September 30, 2026.


	September 30, 2026		December 31, 2025
Accrued employee compensation	$	120,221	$	143,358


Accrued consulting, outsourcing and professional fees	34,268		29,186
Accrued sub-advisory, distribution and other asset management fees	58,516		56,445

Accrued dividend payable	1,891		65,182
Accrued income taxes	7,657		6,560
Other accrued liabilities	62,367		59,092
Total accrued liabilities	$	284,920	$	359,823