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SEGMENT REPORTING (Tables) | 3 Months Ended
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Mar. 31, 2025
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:
| Three months ended March 31, 2025
| Credit Group |  | Real Assets Group |  | Private Equity Group |  | Secondaries Group |  | Other |  | Total Segments |  | OMG |  | Total
Management fees | $ | 585,396 |  |  | $ | 130,453 |  |  | $ | 31,998 |  |  | $ | 57,650 |  |  | $ | 12,879 |  |  | $ | 818,376 |  |  | $ | — |  |  | $ | 818,376 |
Fee related performance revenues | 18,395 |  |  | — |  |  | — |  |  | 9,656 |  |  | — |  |  | 28,051 |  |  | — |  |  | 28,051 |
Other fees | 10,598 |  |  | 21,380 |  |  | 397 |  |  | 122 |  |  | 136 |  |  | 32,633 |  |  | 5,537 |  |  | 38,170 |
Compensation and benefits | (164,747) |  |  | (56,702) |  |  | (13,831) |  |  | (18,371) |  |  | (7,063) |  |  | (260,714) |  |  | (116,468) |  |  | (377,182) |
General, administrative and other expenses | (41,048) |  |  | (20,852) |  |  | (4,257) |  |  | (8,473) |  |  | (1,483) |  |  | (76,113) |  |  | (64,026) |  |  | (140,139) |
Fee related earnings | 408,594 |  |  | 74,279 |  |  | 14,307 |  |  | 40,584 |  |  | 4,469 |  |  | 542,233 |  |  | (174,957) |  |  | 367,276 |
Performance income—realized | 54,112 |  |  | 65,305 |  |  | 6,031 |  |  | — |  |  | — |  |  | 125,448 |  |  | — |  |  | 125,448 |
Performance related compensation—realized | (34,258) |  |  | (46,807) |  |  | (3,351) |  |  | — |  |  | — |  |  | (84,416) |  |  | — |  |  | (84,416) |
Realized net performance income | 19,854 |  |  | 18,498 |  |  | 2,680 |  |  | — |  |  | — |  |  | 41,032 |  |  | — |  |  | 41,032 |
Investment income (loss)—realized | 5,379 |  |  | 7,919 |  |  | (4,602) |  |  | 138 |  |  | 2,530 |  |  | 11,364 |  |  | 331 |  |  | 11,695 |
Interest income | 4,420 |  |  | 2,618 |  |  | 2,022 |  |  | 957 |  |  | 11,688 |  |  | 21,705 |  |  | 603 |  |  | 22,308 |
Interest expense(1) | (6,308) |  |  | (15,717) |  |  | (4,180) |  |  | (2,008) |  |  | (7,918) |  |  | (36,131) |  |  | (256) |  |  | (36,387) |
Realized net investment income (loss) | 3,491 |  |  | (5,180) |  |  | (6,760) |  |  | (913) |  |  | 6,300 |  |  | (3,062) |  |  | 678 |  |  | (2,384) |
Realized income | $ | 431,939 |  |  | $ | 87,597 |  |  | $ | 10,227 |  |  | $ | 39,671 |  |  | $ | 10,769 |  |  | $ | 580,203 |  |  | $ | (174,279) |  |  | $ | 405,924 |
| Three months ended March 31, 2024
| Credit Group |  | Real Assets Group |  | Private Equity Group |  | Secondaries Group |  | Other |  | Total Segments |  | OMG |  | Total
Management fees | $ | 510,966 |  |  | $ | 93,814 |  |  | $ | 34,933 |  |  | $ | 44,421 |  |  | $ | 9,231 |  |  | $ | 693,365 |  |  | $ | — |  |  | $ | 693,365 |
Fee related performance revenues | 755 |  |  | — |  |  | — |  |  | 2,962 |  |  | — |  |  | 3,717 |  |  | — |  |  | 3,717 |
Other fees | 9,911 |  |  | 5,075 |  |  | 439 |  |  | 4 |  |  | 114 |  |  | 15,543 |  |  | 4,333 |  |  | 19,876 |
Compensation and benefits | (134,849) |  |  | (37,918) |  |  | (14,785) |  |  | (12,714) |  |  | (5,592) |  |  | (205,858) |  |  | (94,157) |  |  | (300,015) |
General, administrative and other expenses | (34,366) |  |  | (14,453) |  |  | (5,216) |  |  | (9,068) |  |  | (1,690) |  |  | (64,793) |  |  | (50,480) |  |  | (115,273) |
Fee related earnings | 352,417 |  |  | 46,518 |  |  | 15,371 |  |  | 25,605 |  |  | 2,063 |  |  | 441,974 |  |  | (140,304) |  |  | 301,670 |
Performance income—realized | 16,766 |  |  | 3,677 |  |  | 2,738 |  |  | — |  |  | — |  |  | 23,181 |  |  | — |  |  | 23,181 |
Performance related compensation—realized | (8,734) |  |  | (2,228) |  |  | (2,194) |  |  | — |  |  | — |  |  | (13,156) |  |  | — |  |  | (13,156) |
Realized net performance income | 8,032 |  |  | 1,449 |  |  | 544 |  |  | — |  |  | — |  |  | 10,025 |  |  | — |  |  | 10,025 |
Investment income—realized | 1,765 |  |  | 2,678 |  |  | 298 |  |  | 187 |  |  | 2,000 |  |  | 6,928 |  |  | 11 |  |  | 6,939 |
Interest income | 2,767 |  |  | 700 |  |  | 6 |  |  | 23 |  |  | 4,409 |  |  | 7,905 |  |  | 441 |  |  | 8,346 |
Interest expense(1) | (8,753) |  |  | (7,406) |  |  | (4,662) |  |  | (8,229) |  |  | (8,734) |  |  | (37,784) |  |  | (40) |  |  | (37,824) |
Realized net investment income (loss) | (4,221) |  |  | (4,028) |  |  | (4,358) |  |  | (8,019) |  |  | (2,325) |  |  | (22,951) |  |  | 412 |  |  | (22,539) |
Realized income | $ | 356,228 |  |  | $ | 43,939 |  |  | $ | 11,557 |  |  | $ | 17,586 |  |  | $ | (262) |  |  | $ | 429,048 |  |  | $ | (139,892) |  |  | $ | 289,156 |
(1) Interest expense was historically allocated among our segments based only on the cost basis of the Company’s balance sheet investments. Beginning in the first quarter of 2025, the Company changed its interest expense allocation methodology to consider the growing sources of financing requirements, including the cost of acquisitions in addition to the cost basis of its balance sheet investments. Prior period amounts have been reclassified to conform to the current period presentation.
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):
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Segment revenues |  |  |  |  |  |  |  |  |
Management fees | $ | 818,376 |  |  | $ | 693,365 |  |  |  |  |  |  |
Fee related performance revenues | 28,051 |  |  | 3,717 |  |  |  |  |  |  |
Other fees | 32,633 |  |  | 15,543 |  |  |  |  |  |  |
Performance income—realized | 125,448 |  |  | 23,181 |  |  |  |  |  |  |
Total segment revenues | $ | 1,004,508 |  |  | $ | 735,806 |  |  |  |  |  |  |
Segment expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | $ | 260,714 |  |  | $ | 205,858 |  |  |  |  |  |  |
General, administrative and other expenses | 76,113 |  |  | 64,793 |  |  |  |  |  |  |
Performance related compensation—realized | 84,416 |  |  | 13,156 |  |  |  |  |  |  |
Total segment expenses | $ | 421,243 |  |  | $ | 283,807 |  |  |  |  |  |  |
Segment realized net investment income (loss) |  |  |  |  |  |  |  |  |
Investment income—realized | $ | 11,364 |  |  | $ | 6,928 |  |  |  |  |  |  |
Interest income | 21,705 |  |  | 7,905 |  |  |  |  |  |  |
Interest expense | (36,131) |  |  | (37,784) |  |  |  |  |  |  |
Total segment realized net investment loss | $ | (3,062) |  |  | $ | (22,951) |  |  |  |  |  |  |
Schedule of Segment Revenues Components | The following table reconciles the Company’s consolidated revenues to segment revenue:
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Total consolidated revenue | $ | 1,088,805 |  |  | $ | 707,363 |  |  |  |  |  |  |
Performance (income) loss—unrealized | (64,443) |  |  | 45,476 |  |  |  |  |  |  |
Management fees of Consolidated Funds eliminated in consolidation | 9,894 |  |  | 12,453 |  |  |  |  |  |  |
Performance income of Consolidated Funds eliminated in consolidation | 5,128 |  |  | 5,925 |  |  |  |  |  |  |
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation | 124 |  |  | 113 |  |  |  |  |  |  |
Administrative fees(1) | (19,728) |  |  | (16,407) |  |  |  |  |  |  |
OMG revenue | (5,537) |  |  | (4,333) |  |  |  |  |  |  |
Principal investment income, net of eliminations | (21,998) |  |  | (7,050) |  |  |  |  |  |  |
Net (revenue) expense of non-controlling interests in consolidated subsidiaries | 12,263 |  |  | (7,734) |  |  |  |  |  |  |
Total consolidation adjustments and reconciling items | (84,297) |  |  | 28,443 |  |  |  |  |  |  |
Total segment revenue | $ | 1,004,508 |  |  | $ | 735,806 |  |  |  |  |  |  |
(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed 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:
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Total consolidated expenses | $ | 1,014,328 |  |  | $ | 538,493 |  |  |  |  |  |  |
Performance related compensation-unrealized | (40,550) |  |  | 64,514 |  |  |  |  |  |  |
Expenses of Consolidated Funds added in consolidation | (16,684) |  |  | (17,708) |  |  |  |  |  |  |
Expenses of Consolidated Funds eliminated in consolidation | 10,028 |  |  | 12,995 |  |  |  |  |  |  |
Administrative fees(1) | (19,728) |  |  | (16,407) |  |  |  |  |  |  |
OMG expenses | (180,494) |  |  | (144,637) |  |  |  |  |  |  |
Acquisition and merger-related expense | (34,608) |  |  | (10,578) |  |  |  |  |  |  |
Equity compensation expense | (257,862) |  |  | (92,422) |  |  |  |  |  |  |
Acquisition-related compensation expense(2) | (21,999) |  |  | (5,504) |  |  |  |  |  |  |
Placement fee adjustment | 6 |  |  | (5,540) |  |  |  |  |  |  |
Depreciation and amortization expense | (48,229) |  |  | (36,644) |  |  |  |  |  |  |
Expense of non-controlling interests in consolidated subsidiaries | 17,035 |  |  | (2,755) |  |  |  |  |  |  |
Total consolidation adjustments and reconciling items | (593,085) |  |  | (254,686) |  |  |  |  |  |  |
Total segment expenses | $ | 421,243 |  |  | $ | 283,807 |  |  |  |  |  |  |
(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2)Represents bonus payments, contingent liabilities (“earnouts”) and other costs recorded in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed 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:
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Total consolidated other income | $ | 66,561 |  |  | $ | 62,178 |  |  |  |  |  |  |
Investment income—unrealized | (21,638) |  |  | (3,685) |  |  |  |  |  |  |
Interest and other investment (income) loss—unrealized | 3,774 |  |  | (602) |  |  |  |  |  |  |
Other income, net from Consolidated Funds added in consolidation | (86,422) |  |  | (79,977) |  |  |  |  |  |  |
Other expense, net from Consolidated Funds eliminated in consolidation | 1,800 |  |  | 902 |  |  |  |  |  |  |
OMG other (income) expense | 4,197 |  |  | (549) |  |  |  |  |  |  |
Principal investment income (loss) | 26,839 |  |  | (2,666) |  |  |  |  |  |  |
Other expense, net | 2,526 |  |  | 131 |  |  |  |  |  |  |
Other (income) loss of non-controlling interests in consolidated subsidiaries | (699) |  |  | 1,317 |  |  |  |  |  |  |
Total consolidation adjustments and reconciling items | (69,623) |  |  | (85,129) |  |  |  |  |  |  |
Total segment realized net investment loss | $ | (3,062) |  |  | $ | (22,951) |  |  |  |  |  |  |
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 Condensed Consolidated Statements of Operations to segment results of RI and FRE:
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Income before taxes | $ | 141,038 |  |  | $ | 231,048 |  |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | 48,229 |  |  | 36,644 |  |  |  |  |  |  |
Equity compensation expense | 257,862 |  |  | 92,421 |  |  |  |  |  |  |
Acquisition-related compensation expense(1) | 21,999 |  |  | 5,504 |  |  |  |  |  |  |
Acquisition and merger-related expense | 34,608 |  |  | 10,578 |  |  |  |  |  |  |
Placement fee adjustment | (6) |  |  | 5,540 |  |  |  |  |  |  |
OMG expense, net | 179,154 |  |  | 139,755 |  |  |  |  |  |  |
Other expense, net | 2,526 |  |  | 131 |  |  |  |  |  |  |
Income before taxes of non-controlling interests in consolidated subsidiaries | (5,471) |  |  | (3,662) |  |  |  |  |  |  |
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations | (57,979) |  |  | (65,586) |  |  |  |  |  |  |
Total performance (income) loss—unrealized | (64,443) |  |  | 45,476 |  |  |  |  |  |  |
Total performance related compensation—unrealized | 40,550 |  |  | (64,514) |  |  |  |  |  |  |
Total net investment income—unrealized | (17,864) |  |  | (4,287) |  |  |  |  |  |  |
Realized income | 580,203 |  |  | 429,048 |  |  |  |  |  |  |
Total performance income—realized | (125,448) |  |  | (23,181) |  |  |  |  |  |  |
Total performance related compensation—realized | 84,416 |  |  | 13,156 |  |  |  |  |  |  |
Total net investment loss—realized | 3,062 |  |  | 22,951 |  |  |  |  |  |  |
Fee related earnings | $ | 542,233 |  |  | $ | 441,974 |  |  |  |  |  |  |
(1)Represents bonus payments, earnouts and other costs recorded in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed 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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