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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025, these unfunded commitments were $253.9 million and may be called in future periods. As of March 31, 2025, the Company was obligated to make deferred payments and was contingently liable to make payments in connection with certain of its consolidated Affiliates, which are included in Other liabilities. Deferred payment obligations were $4.7 million, all of which is payable during the remainder of 2025. The fair value of contingent payment obligations was $5.6 million, all of which is payable during the remainder of 2025. The Company is contingently liable to make maximum contingent payments of up to $110.0 million ($24.9 million attributable to a co-investor). As of March 31, 2025, the Company was obligated to make deferred payments of $28.3 million related to certain of its investments in Affiliates accounted for under the equity method, all of which is payable during the remainder of 2025. Deferred payment obligations are included in Other liabilities. As of March 31, 2025, the Company was contingently liable to make payments of $294.0 million related to the achievement of specified financial targets by certain of its Affiliates accounted for under the equity method, of which $6.9 million may become payable during the remainder of 2025, $143.5 million may become payable in 2026, $87.8 million may become payable in 2027, $33.8 million may become payable in 2028, and $11.0 million may become payable in each of 2029 and 2030. As of March 31, 2025, the Company had agreed to provide one of its Affiliates accounted for under the equity method up to $33.3 million of contingent financing. In the event that certain financial targets are not met, the Company may receive payments from one of its Affiliates accounted for under the equity method of up to $12.5 million and also has the option to reduce its ownership interest and receive an incremental payment of $25.0 million. Affiliate equity interests provide holders at consolidated Affiliates with a conditional right to put their interests to the Company over time. See Note 14. 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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