v3.26.3
Derivatives
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
The following tables summarize the notional amount and fair value of outstanding derivative financial instruments:
As of September 30, 2026
Fair Value (1)
(in thousands)Notional AmountAssetsLiabilities
Corporate derivatives:
Total return swaps$93,268 $2,990 $1,126 
Forward contracts - foreign exchange13,813 51 89 
Total corporate derivatives107,081 3,041 1,215 
Derivatives held by consolidated funds:
Forward contracts - foreign exchange68,275 265 30 
Total$175,356 $3,306 $1,245 

As of December 31, 2025
Fair Value (1)
(in thousands)Notional AmountAssetsLiabilities
Corporate derivatives:
Total return swaps$92,451 $353 $1,964 
Forward contracts - foreign exchange7,786 173 4 
Total corporate derivatives100,237 526 1,968 
Derivatives held by consolidated funds:
Forward contracts - foreign exchange37,067 260 51 
Total$137,304 $786 $2,019 
________________________
(1)    The fair values of corporate and consolidated fund derivative financial instruments are recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
The Company's corporate derivatives included:
•Total return swaps that are utilized to economically hedge a portion of the market risk of certain seed investments and total return swaps that are included in certain portfolios the Company maintains for the purpose of establishing a performance track record; and
•Forward foreign exchange contracts that are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.
Derivatives held by consolidated funds are comprised of forward foreign exchange contracts to economically hedge currency exposure.
The following table summarizes the collateral related to derivative financial instruments:
(in thousands)September 30,
2026		December 31,
2025
Collateral pledged$505 $1,764 
Collateral received$1,680 $260 
The following table summarizes net gains (losses) from derivative financial instruments:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2026202520262025
Corporate derivatives:
Total return swaps$672 $(2,441)$(5,287)$(6,124)
Forward contracts - foreign exchange(210)381 (208)(236)
Total corporate derivatives462 (2,060)(5,495)(6,360)
Derivatives held by consolidated funds:
Forward contracts - foreign exchange185 (118)235 (109)
Total (1)
$647 $(2,178)$(5,260)$(6,469)
________________________
(1)Gains and losses on corporate total return swaps and derivatives held by consolidated funds are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on corporate forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.