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Variable Interest Entities

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities

The Company consolidates VIEs when it determines that it is the primary beneficiary. Based on this assessment, the Company consolidates a certain VIE in the Consolidated Statements of Financial Condition. Creditors (or beneficial interest holders) of the VIEs do not have recourse to the Company’s general credit. As of December 31, 2024, the consolidated VIE did not have any assets or liabilities.

The carrying amounts of the consolidated VIE’s assets and liabilities, adjusting for intercompany eliminations, were as follows:

			As of
			December 31, 2025
Assets
Cash and cash equivalents			$	2,497
Management fees receivable			449
Other assets			302
Total assets			$	3,248
Liabilities
Accrued expenses and other liabilities			$	234
Total liabilities			$	234

The Company holds variable interests in certain entities that are VIEs which are not consolidated, as it is determined that the Company is not the primary beneficiary. The Company’s involvement with such entities is generally in the form of direct equity interests in, and fee arrangements with, the entities in which it also serves as the general partner or managing member. The Company evaluated its variable interests in the VIEs and determined it is not considered the primary beneficiary of the entities primarily because it does not have interests in the entities that could potentially be significant. No reconsideration events that caused a change in the Company’s consolidation conclusions occurred during either the year ended December 31, 2025 or 2024. As of December 31, 2025 and 2024, the total unfunded commitments from the special limited partner and general

partners to the unconsolidated VIEs were $88.3 million and $51.6 million, respectively. These commitments are the primary source of financing for the unconsolidated VIEs.

The following table sets forth certain information regarding the VIEs in which the Company holds a variable interest but does not consolidate. The assets recognized on the Company’s Consolidated Statements of Financial Condition relate to the Company’s interests in and management fees, incentive fees and third party costs receivables from these non-consolidated VIEs. The Company’s maximum exposure to loss relating to non-consolidated VIEs as of December 31, 2025 and 2024 were as follows:

			As of December 31,
			2025						2024
Investments			$	121,572					$	125,504
Receivables			12,387						19,126
Maximum exposure to loss			$	133,959					$	144,630

The above table includes investments in VIEs which are owned by noncontrolling interest holders of approximately $22.0 million and $35.4 million as of December 31, 2025 and 2024, respectively.

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- References

No definition available.

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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