
	March 31, 2026		December 31, 2025
Trade receivables	$	188,746	$	178,902
Fees earned, not billed	497,971		483,860
Taxes receivable	17,748		40,415
Other receivables	7,377		8,487
	711,842		711,664
Less: Allowance for doubtful accounts	(1,759)		(1,916)
	$	710,083	$	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.


	March 31, 2026		December 31, 2025
Buildings	$	222,396	$	221,488
Equipment	161,615		158,740
Land	27,457		27,457
Purchased software	165,207		165,229
Furniture and fixtures	23,140		23,066
Leasehold improvements	23,726		23,003
Construction in progress	487		151
	624,028		619,134
Less: Accumulated depreciation	(474,613)		(468,700)
Property and Equipment, net	$	149,415	$	150,434

The Company recognized $7,256 and $7,927 in depreciation expense related to property and equipment for the three months ended March 31, 2026 and 2025, respectively.

Deferred contract costs, which primarily consist of deferred sales commissions, were $56,593 and $53,345 as of March 31, 2026 and December 31, 2025, respectively. The Company deferred expenses related to contract costs of $7,196 and $5,410 during the three months ended March 31, 2026 and 2025, respectively. Amortization expense related to deferred contract costs were $3,948 and $3,119 during the three months ended March 31, 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 three months ended March 31, 2026.


	March 31, 2026		December 31, 2025
Accrued employee compensation	$	61,778	$	143,358


Accrued consulting, outsourcing and professional fees	36,950		29,186
Accrued sub-advisory, distribution and other asset management fees	55,584		56,445

Accrued dividend payable	1,510		65,182
Accrued income taxes	24,622		6,560
Other accrued liabilities	57,278		59,092
Total accrued liabilities	$	237,722	$	359,823