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INVESTMENTS
 9 Months Ended
Sep. 30, 2025
Investments in and Advances to Affiliates [Abstract]  
INVESTMENTS
5. INVESTMENTS

The following table summarizes the Company’s investments:
As ofPercentage of total investments as of
September 30,December 31,September 30,December 31,
2025202420252024
Equity method investments:
Equity method - carried interest
$4,053,637 $3,495,115 70.4%75.2%
Equity method - carried interest (held at fair value)
66,063 — 1.2—
Equity method private investment partnership interests - principal660,558 536,912 11.511.6
Equity method private investment partnership interests and other (held at fair value)601,398 411,417 10.48.9
Equity method private investment partnership interests and other64,631 55,461 1.11.2
Total equity method investments5,446,287 4,498,905 94.696.9
Collateralized loan obligations21,119 19,040 0.40.4
Fixed income securities10,805 22,793 0.20.5
Collateralized loan obligations and fixed income securities, at fair value31,924 41,833 0.60.9
Common stock and other equity securities, at fair value277,592 104,037 4.82.2
Total investments$5,755,803 $4,644,775 

Equity Method Investments

The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the three and nine months ended September 30, 2025 and 2024, no individual equity method investment held by the Company met the significance criteria.

The following table presents the Company’s share of net investment income and net realized and unrealized gains from its equity method investments, which are included within principal investment income, net realized and unrealized gains (losses) on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations:
Three months ended September 30,Nine months ended September 30,
2025202420252024
Total net investment income and net realized and unrealized gains (losses) related to equity method investments$195,215 $8,093 $245,883 $51,633 
    
With respect to the Company’s equity method investments, the material assets are expected to generate either long term capital appreciation and/or interest and dividend income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets.

Equity Method Investments Held at Fair Value

The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains (losses) on investments within the Condensed Consolidated Statements of Operations:
Three months ended September 30,Nine months ended September 30,
2025202420252024
Equity method private investment partnership interests and other (held at fair value)$174,313 $(5,542)$182,609 $(3,494)
Investments of the Consolidated Funds

The following table summarizes investments held in the Consolidated Funds:
Fair Value as ofPercentage of total investments as of
September 30,December 31,September 30,December 31,
2025202420252024
Fixed income investments:
Loans and securitization vehicles$5,952,569 $7,907,449 52.9%62.1%
U.S. treasury securities— 550,800 —4.3
Bonds322,226 418,069 2.93.3
Total fixed income investments6,274,795 8,876,318 55.869.7
Partnership interests2,749,399 2,000,380 24.415.7
Equity securities2,230,046 1,861,146 19.814.6
Total investments, at fair value$11,254,240 $12,737,844 
As of September 30, 2025 and December 31, 2024, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company’s total assets.