v3.26.3
Variable Interest Entities (Tables)
9 Months Ended
Sep. 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):
September 30, 2026December 31, 2025
Investments (includes assets pledged of $389,633 and $521,124 as of September 30, 2026 and December 31, 2025, respectively)
$1,257,497 $1,774,815 
Due from affiliates269,779 408,022 
Potential clawback obligation2,608,681 2,456,516 
Due to affiliates68,674 72,266 
Maximum exposure to loss$4,204,631 $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):
September 30, 2026December 31, 2025
Cash and cash equivalents$14,260 $5,473 
Restricted cash13,250 13,166 
Participation rights receivable(a)
389,633 521,124 
Due from affiliates1,068 435 
Total assets$418,211 $540,198 
Accrued interest$3,450 $191 
Due to affiliates and other6,820 131 
Secured notes, net246,414 246,183 
Total liabilities$256,684 $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.