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SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Financial Results for Company's Operating Segments and OMG

The following tables present the financial results for the Company’s operating segments, as well as the OMG:

			Year ended December 31, 2024
			Credit Group						Real Assets Group						Private Equity Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	2,177,816					$	401,968					$	137,130					$	197,287					$	43,229					$	2,957,430					$	—					$	2,957,430
Fee related performance revenues			202,703						—						—						28,834						—						231,537						—						231,537
Other fees			41,819						27,263						1,695						222						523						71,522						20,357						91,879
Compensation and benefits			(692,309)						(160,357)						(56,830)						(66,290)						(21,482)						(997,268)						(421,268)						(1,418,536)
General, administrative and other expenses			(161,872)						(56,768)						(21,449)						(33,881)						(6,584)						(280,554)						(220,019)						(500,573)
Fee related earnings			1,568,157						212,106						60,546						126,172						15,686						1,982,667						(620,930)						1,361,737
Performance income—realized			326,202						60,317						43,299						361						—						430,179						—						430,179
Performance related compensation—realized			(207,794)						(37,283)						(36,334)						110						—						(281,301)						—						(281,301)
Realized net performance income			118,408						23,034						6,965						471						—						148,878						—						148,878
Investment income (loss)—realized			21,159						5,184						1,926						2,565						9,467						40,301						(650)						39,651
Interest income			11,671						7,649						1,970						972						35,810						58,072						1,723						59,795
Interest expense			(34,578)						(24,131)						(22,632)						(10,240)						(50,659)						(142,240)						(701)						(142,941)
Realized net investment income (loss)			(1,748)						(11,298)						(18,736)						(6,703)						(5,382)						(43,867)						372						(43,495)
Realized income			$	1,684,817					$	223,842					$	48,775					$	119,940					$	10,304					$	2,087,678					$	(620,558)					$	1,467,120
			Year ended December 31, 2023
			Credit Group						Real Assets Group						Private Equity Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	1,853,326					$	389,437					$	126,721					$	174,942					$	27,087					$	2,571,513					$	—					$	2,571,513
Fee related performance revenues			167,333						334						—						12,782						—						180,449						—						180,449
Other fees			36,640						29,695						1,693						22						374						68,424						23,685						92,109
Compensation and benefits			(624,741)						(153,870)						(58,408)						(62,160)						(15,812)						(914,991)						(361,124)						(1,276,115)
General, administrative and other expenses			(115,546)						(46,789)						(16,949)						(21,199)						(3,119)						(203,602)						(200,613)						(404,215)
Fee related earnings			1,317,012						218,807						53,057						104,387						8,530						1,701,793						(538,052)						1,163,741
Performance income—realized			323,733						20,990						65,716						5,460						—						415,899						—						415,899
Performance related compensation—realized			(211,976)						(12,768)						(52,984)						(4,678)						—						(282,406)						—						(282,406)
Realized net performance income			111,757						8,222						12,732						782						—						133,493						—						133,493
Investment income (loss)—realized			36,490						3,392						(712)						4,523						2,962						46,655						(470)						46,185
Interest income			9,788						3,165						38						344						13,831						27,166						1,218						28,384
Interest expense			(29,732)						(16,391)						(18,990)						(8,980)						(32,026)						(106,119)						(156)						(106,275)
Realized net investment income (loss)			16,546						(9,834)						(19,664)						(4,113)						(15,233)						(32,298)						592						(31,706)
Realized income			$	1,445,315					$	217,195					$	46,125					$	101,056					$	(6,703)					$	1,802,988					$	(537,460)					$	1,265,528

			Year ended December 31, 2022
			Credit Group						Real Assets Group						Private Equity Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	1,490,674					$	347,808					$	125,681					$	176,694					$	11,671					$	2,152,528					$	—					$	2,152,528
Fee related performance revenues			71,497						167,693						—						235						—						239,425						—						239,425
Other fees			32,637						35,879						1,243						—						274						70,033						24,529						94,562
Compensation and benefits			(483,167)						(240,015)						(66,075)						(53,743)						(12,108)						(855,108)						(317,396)						(1,172,504)
General, administrative and other expenses			(93,715)						(39,739)						(16,416)						(12,685)						(2,089)						(164,644)						(155,017)						(319,661)
Fee related earnings			1,017,926						271,626						44,433						110,501						(2,252)						1,442,234						(447,884)						994,350
Performance income—realized			237,839						133,130						42,896						4,156						—						418,021						—						418,021
Performance related compensation—realized			(153,538)						(83,105)						(34,383)						(3,515)						—						(274,541)						—						(274,541)
Realized net performance income			84,301						50,025						8,513						641						—						143,480						—						143,480
Investment income (loss)—realized			27,831						9,898						4,001						3,640						1,850						47,220						(1,678)						45,542
Interest income			8,290						2,262						222						43						8,141						18,958						53						19,011
Interest expense			(18,401)						(11,346)						(13,484)						(5,660)						(21,781)						(70,672)						(684)						(71,356)
Realized net investment income (loss)			17,720						814						(9,261)						(1,977)						(11,790)						(4,494)						(2,309)						(6,803)
Realized income			$	1,119,947					$	322,465					$	43,685					$	109,165					$	(14,042)					$	1,581,220					$	(450,193)					$	1,131,027

Schedule of Segment Revenue, Expenses and Realized Net Investment Income (Expense)

The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss):

									Year ended December 31,
															2024						2023						2022
Segment revenues
Management fees															$	2,957,430					$	2,571,513					$	2,152,528
Fee related performance revenues															231,537						180,449						239,425
Other fees															71,522						68,424						70,033
Performance income—realized															430,179						415,899						418,021
Total segment revenues															$	3,690,668					$	3,236,285					$	2,880,007
Segment expenses
Compensation and benefits															$	997,268					$	914,991					$	855,108
General, administrative and other expenses															280,554						203,602						164,644
Performance related compensation—realized															281,301						282,406						274,541
Total segment expenses															$	1,559,123					$	1,400,999					$	1,294,293
Segment realized net investment income (loss)
Investment income—realized															$	40,301					$	46,655					$	47,220
Interest income															58,072						27,166						18,958
Interest expense															(142,240)						(106,119)						(70,672)
Total segment realized net investment loss															$	(43,867)					$	(32,298)					$	(4,494)

Schedule of Segment Revenues Components

The following table reconciles the Company’s consolidated revenues to segment revenue:

									Year ended December 31,
															2024						2023						2022
Total consolidated revenue															$	3,884,781					$	3,631,884					$	3,055,443
Performance income—unrealized															(109,533)						(305,370)						(107,153)
Management fees of Consolidated Funds eliminated in consolidation															46,597						48,201						46,324
Performance income of Consolidated Funds eliminated in consolidation															28,135						13,672						11,529
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation															525						7,166						17,013
Administrative fees(1)															(70,363)						(63,144)						(69,414)
OMG revenue															(20,357)						(23,685)						(24,354)
Principal investment income, net of eliminations															(45,424)						(36,516)						(12,278)
Net revenue of non-controlling interests in consolidated subsidiaries															(23,693)						(35,923)						(37,103)
Total consolidation adjustments and reconciling items															(194,113)						(395,599)						(175,436)
Total segment revenue															$	3,690,668					$	3,236,285					$	2,880,007

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

Schedule of Segment Expenses Components

The following table reconciles the Company’s consolidated expenses to segment expenses:

									Year ended December 31,
															2024						2023						2022
Total consolidated expenses															$	2,938,691					$	2,797,858					$	2,749,085
Performance related compensation-unrealized															(36,823)						(206,923)						(88,502)
Expenses of Consolidated Funds added in consolidation															(69,320)						(93,167)						(86,988)
Expenses of Consolidated Funds eliminated in consolidation															48,441						50,108						50,833
Administrative fees(1)															(70,363)						(62,773)						(68,255)
OMG expenses															(641,287)						(561,737)						(472,413)
Acquisition and merger-related expense															(57,360)						(12,000)						(15,197)
Equity compensation expense															(352,851)						(255,790)						(200,106)
Acquisition-related compensation expense(2)															(38,150)						(7,334)						(206,252)
Placement fee adjustment															(5,715)						5,819						(2,088)
Depreciation and amortization expense															(157,341)						(233,185)						(335,083)
Expense of non-controlling interests in consolidated subsidiaries															1,201						(19,877)						(30,741)
Total consolidation adjustments and reconciling items															(1,379,568)						(1,396,859)						(1,454,792)
Total segment expenses															$	1,559,123					$	1,400,999					$	1,294,293

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

(2)Represents bonus payments and contingent liabilities (“earnouts”) resulting from the acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations. See “Note 8. Commitments and Contingencies” for a further description of the contingent liabilities related to the various acquisitions.

Schedule of Segment Other Income Components

The following table reconciles the Company’s consolidated other income to segment realized net investment loss:

									Year ended December 31,
															2024						2023						2022
Total consolidated other income															$	329,262					$	499,037					$	204,448
Investment income—unrealized															(5,613)						(178,481)						(12,834)
Other income, net from Consolidated Funds added in consolidation															(379,090)						(492,848)						(250,144)
Other expense, net from Consolidated Funds eliminated in consolidation															(12,835)						(16,485)						(16,484)
OMG other (income) expense															(4,413)						1,074						14,419
Principal investment income															38,367						155,632						48,223
Other (income) expense, net															(12,172)						976						1,873
Other (income) loss of non-controlling interests in consolidated subsidiaries															2,627						(1,203)						6,005
Total consolidation adjustments and reconciling items															(373,129)						(531,335)						(208,942)
Total segment realized net investment loss															$	(43,867)					$	(32,298)					$	(4,494)

Schedule of Reconciliation of Segment Results to the Company's Income before Taxes and Total Assets

The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE:

									Year ended December 31,
															2024						2023						2022
Income before taxes															$	1,275,352					$	1,333,063					$	510,806
Adjustments:
Depreciation and amortization expense															157,341						233,185						335,083
Equity compensation expense															352,851						255,419						198,948
Acquisition-related compensation expense(1)															38,150						7,334						206,252
Acquisition and merger-related expense															57,360						12,000						15,197
Placement fee adjustment															5,715						(5,819)						2,088
OMG expense, net															616,517						539,126						462,478
Other (income) expense, net															(12,172)						976						1,874
Income before taxes of non-controlling interests in consolidated subsidiaries															(22,267)						(17,249)						(357)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations															(302,846)						(278,119)						(119,664)
Total performance income—unrealized															(109,533)						(305,370)						(107,153)
Total performance related compensation—unrealized															36,823						206,923						88,502
Total net investment income—unrealized															(5,613)						(178,481)						(12,834)
Realized income															2,087,678						1,802,988						1,581,220
Total performance income—realized															(430,179)						(415,899)						(418,021)
Total performance related compensation—realized															281,301						282,406						274,541
Total net investment loss—realized															43,867						32,298						4,494
Fee related earnings															$	1,982,667					$	1,701,793					$	1,442,234

(1)Represents bonus payments and earnouts resulting from the acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations. See “Note 8. Commitments and Contingencies” for a further description of the contingent liabilities related to the various acquisitions.

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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