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SEGMENT REPORTING - Schedule of Reconciliation of Segment Results to the Company's Income Before Taxes and Total Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 | Sep. 30, 2024
Adjustments: |  |  |  |
Depreciation and amortization expense | $ 52,300 | $ 28,900 | $ 142,300 | $ 87,100
Equity compensation expense | 160,130 | 85,613 | 583,083 | 266,267
Consolidated Funds |  |  |  |
Adjustments: |  |  |  |
Total net investment loss—realized | (130,821) | (234,681) | (452,783) | (732,316)
Operating segment |  |  |  |
Segment Reporting, Other Significant Reconciling Item [Line Items] |  |  |  |
Income before taxes | 652,271 | 327,106 | 1,080,247 | 875,479
Adjustments: |  |  |  |
Depreciation and amortization expense | 65,956 | 46,005 | 177,365 | 118,900
Equity compensation expense | 160,130 | 85,612 | 583,083 | 266,267
Acquisition-related compensation expense | 42,448 | 5,435 | 108,752 | 16,374
Acquisition and merger-related expense | 5,427 | 25,166 | 42,826 | 39,394
Placement fee adjustment | (2,415) | (4,485) | (3,513) | 825
Other (income) expense, net | 17,571 | 3,389 | 47,260 | (7,910)
Total performance income—unrealized | (463,933) | (263,553) | (828,968) | (95,759)
Total performance related compensation—unrealized | 330,960 | 180,174 | 579,241 | 8,478
Total net investment (income) loss—unrealized | (271,586) | 10,308 | (371,946) | 28,929
Realized income | 669,492 | 491,378 | 1,843,753 | 1,429,849
Total performance income—realized | (24,559) | (22,108) | (205,561) | (154,931)
Total performance related compensation—realized | 15,295 | 13,234 | 138,782 | 95,386
Total net investment loss—realized | 27,898 | 9,790 | 58,487 | 35,280
Fee related earnings | 688,126 | 492,294 | 1,835,461 | 1,405,584
Operating segment | Consolidated Funds |  |  |  |
Adjustments: |  |  |  |
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations | (70,590) | (65,998) | (133,277) | (242,065)
Operating segment | Subsidiaries |  |  |  |
Adjustments: |  |  |  |
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations | (3,861) | (10,544) | (14,649) | (18,148)
OMG |  |  |  |
Adjustments: |  |  |  |
OMG expense, net | 207,114 | 152,763 | 577,332 | 439,085
Realized income | 213,983 | 152,622 | 584,506 | 438,779
Total performance income—realized | 0 | 0 | 0 | 0
Total performance related compensation—realized | 0 | 0 | 0 | 0
Fee related earnings | $ 216,916 | $ 152,983 | $ 587,864 | $ 440,087

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