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SEGMENT REPORTING - Schedule of Reconciliation of Income Before Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023
Adjustments: |  |  |  |
Depreciation and amortization expense | $ 29,000 | $ 30,400 | $ 58,200 | $ 64,000
Consolidated Funds |  |  |  |
Adjustments: |  |  |  |
Total investment (income) loss—realized | (240,359) | (234,454) | (497,635) | (457,392)
Operating segment |  |  |  |
Segment Reporting, Other Significant Reconciling Item [Line Items] |  |  |  |
Income before taxes | 317,325 | 381,969 | 548,373 | 623,091
Adjustments: |  |  |  |
Depreciation and amortization expense | 36,251 | 42,991 | 72,895 | 88,650
Equity compensation expense | 88,234 | 62,284 | 180,655 | 130,988
Acquisition-related compensation expense | 5,435 | 600 | 10,939 | 1,242
Acquisition and merger-related expense | 3,650 | 2,757 | 14,228 | 7,712
Placement fee adjustment | (230) | (3,744) | 5,310 | (6,976)
Other (income) expense, net | (11,430) | 212 | (11,299) | 303
Total performance (income) loss—unrealized | 122,318 | (288,220) | 167,794 | (415,933)
Total performance related compensation—unrealized | (107,182) | 215,496 | (171,696) | 300,646
Investment (income) loss—unrealized | 22,908 | (39,629) | 18,621 | (68,406)
Realized income | 509,423 | 439,523 | 938,471 | 820,432
Total performance income—realized | (109,642) | (140,635) | (132,823) | (171,771)
Total performance related compensation—realized | 68,996 | 99,109 | 82,152 | 122,968
Total investment (income) loss—realized | 2,539 | (4,221) | 25,490 | 3,283
Fee related earnings | 471,316 | 393,776 | 913,290 | 774,912
Operating segment | Consolidated Funds |  |  |  |
Adjustments: |  |  |  |
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations | (110,481) | (67,762) | (176,067) | (94,933)
Operating segment | Subsidiaries |  |  |  |
Adjustments: |  |  |  |
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations | (3,942) | 3,786 | (7,604) | (1,885)
OMG |  |  |  |
Adjustments: |  |  |  |
OMG expense, net | 146,567 | 128,783 | 286,322 | 255,933
Realized income | 146,265 | 127,313 | 286,157 | 253,930
Total performance income—realized | 0 | 0 | 0 | 0
Total performance related compensation—realized | 0 | 0 | 0 | 0
Fee related earnings | $ 146,800 | $ 127,630 | $ 287,104 | $ 254,129

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