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FAIR VALUE
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE
6. FAIR VALUE
Fair Value of Financial Instruments Held by the Company and Consolidated Funds
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of September 30, 2025:
Financial Instruments of the CompanyLevel I Level II Level III Total 
Assets, at fair value
Investments:
Common stock and other equity securities$128,395 $149,197 $601,398 $878,990 
Common stock and other equity securities - carried interest42,750 — 23,313 66,063 
Collateralized loan obligations and fixed income securities
— — 31,924 31,924 
Total investments, at fair value171,145 149,197 656,635 976,977 
Derivatives-foreign currency forward contracts— 7,014 — 7,014 
Total assets, at fair value$171,145 $156,211 $656,635 $983,991 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(4,149)$— $(4,149)
Contingent consideration— — (528,054)(528,054)
Total liabilities, at fair value$— $(4,149)$(528,054)$(532,203)
Financial Instruments of the Consolidated FundsLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $5,299,163 $653,406 $— $5,952,569 
Bonds— 322,226 — — 322,226 
Total fixed income investments— 5,621,389 653,406 — 6,274,795 
Partnership interests— — — 2,749,399 2,749,399 
Equity securities— 3,023 2,227,023 — 2,230,046 
Total investments, at fair value— 5,624,412 2,880,429 2,749,399 11,254,240 
Derivatives:
Foreign currency forward contracts— 2,980 — — 2,980 
Total derivative assets, at fair value— 2,980 — — 2,980 
Total assets, at fair value$— $5,627,392 $2,880,429 $2,749,399 $11,257,220 
Liabilities, at fair value
Loan obligations of CLOs$— $(7,588,847)$— $— $(7,588,847)
Derivatives:
Foreign currency forward contracts— (2,941)— — (2,941)
Asset swaps— — (156)— (156)
Total derivative liabilities, at fair value— (2,941)(156)— (3,097)
Total liabilities, at fair value$— $(7,591,788)$(156)$— $(7,591,944)

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2024:
Financial Instruments of the CompanyLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Cash equivalents:
Money market funds$1,071,071 $— $— $— $1,071,071 
Investments:
Common stock and other equity securities— 104,037 411,179 — 515,216 
Collateralized loan obligations and fixed income securities
— — 41,833 — 41,833 
Partnership interests— — — 238 238 
Total investments, at fair value— 104,037 453,012 238 557,287 
Derivatives-foreign currency forward contracts— 3,737 — — 3,737 
Total assets, at fair value$1,071,071 $107,774 $453,012 $238 $1,632,095 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(216)$— $— $(216)
Contingent consideration— — (17,550)— (17,550)
Total liabilities, at fair value$— $(216)$(17,550)$— $(17,766)
Financial Instruments of the Consolidated FundsLevel ILevel IILevel IIIInvestments Measured at NAVTotal
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $7,313,632 $593,817 $— $7,907,449 
U.S. treasury securities550,800 — — — 550,800 
Bonds— 418,069 — — 418,069 
Total fixed income investments550,800 7,731,701 593,817 — 8,876,318 
Partnership interests— — — 2,000,380 2,000,380 
Equity securities28,603 2,615 1,829,928 — 1,861,146 
Total investments, at fair value579,403 7,734,316 2,423,745 2,000,380 12,737,844 
Derivatives-foreign currency forward contracts— 2,995 — — 2,995 
Total assets, at fair value$579,403 $7,737,311 $2,423,745 $2,000,380 $12,740,839 
Liabilities, at fair value
Loan obligations of CLOs$— $(9,672,189)$— $— $(9,672,189)
Derivatives:
Foreign currency forward contracts — (2,888)— — (2,888)
Asset swaps— — (1,846)— (1,846)
Total derivative liabilities, at fair value— (2,888)(1,846)— (4,734)
Total liabilities, at fair value$— $(9,675,077)$(1,846)$— $(9,676,923)

The following tables set forth a summary of changes in the fair value of the Level III measurements:
Level III Assets of the CompanyEquity SecuritiesFixed IncomeContingent ConsiderationTotal
Balance as of June 30, 2025
$421,438 $50,411 $(510,490)$(38,641)
Transfer in(1)
27,162 1,488 — 28,650 
Transfer out(1)
— (21,551)— (21,551)
Purchases(2)
100 1,877 — 1,977 
Change in fair value— — (17,564)(17,564)
Sales/settlements(3)
— (1,383)— (1,383)
Realized and unrealized appreciation, net176,011 1,082 — 177,093 
Balance as of September 30, 2025
$624,711 $31,924 $(528,054)$128,581 
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date$176,011 $1,091 $(17,564)$159,538 
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of June 30, 2025
$2,004,343 $501,049 $(720)$2,504,672 
Transfer in(1)
— 96,098 — 96,098 
Transfer out(1)
(819)(160,813)— (161,632)
Purchases(2)
180,028 407,229 — 587,257 
Sales/settlements(3)
(383)(194,116)— (194,499)
Realized and unrealized appreciation, net43,854 3,959 564 48,377 
Balance as of September 30, 2025
$2,227,023 $653,406 $(156)$2,880,273 
Change in net unrealized appreciation included in earnings related to financial assets and liabilities still held at the reporting date$44,727 $5,210 $560 $50,497 
(1)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.
(2)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(3)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Level III Assets and Liabilities of the CompanyEquity SecuritiesFixed IncomeTotal
Balance as of June 30, 2024
$379,443 $92,374 $471,817 
Purchases(1)
859 18,240 19,099 
Sales/settlements(2)
1,093 (2,430)(1,337)
Realized and unrealized appreciation (depreciation), net(4,308)1,809 (2,499)
Balance as of September 30, 2024
$377,087 $109,993 $487,080 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(5,041)$2,218 $(2,823)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of June 30, 2024
$1,586,854 $803,497 $(1,615)$2,388,736 
Transfer in(3)
— 143,738 — 143,738 
Transfer out(3)
(508)(227,541)— (228,049)
Purchases(1)
136,313 250,554 — 386,867 
Sales/settlements(2)
(111)(213,489)— (213,600)
Realized and unrealized appreciation (depreciation), net9,015 1,197 (288)9,924 
Balance as of September 30, 2024
$1,731,563 $757,956 $(1,903)$2,487,616 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$9,300 $(425)$(222)$8,653 
(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
(3)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.

Level III Assets of the CompanyEquity SecuritiesFixed
Income		Contingent ConsiderationTotal
Balance as of December 31, 2024
$411,179 $41,833 $(17,550)$435,462 
Established in connection with acquisition (see Note 8)
— — (465,080)(465,080)
Transfer in(1)
27,162 11,491 — 38,653 
Transfer out(1)
(10,000)(21,551)— (31,551)
Purchases(2)
10,646 39,047 — 49,693 
Sales/settlements(3)
— (39,820)— (39,820)
Change in fair value— — (45,424)(45,424)
Realized and unrealized appreciation, net185,724 924 — 186,648 
Balance as of September 30, 2025
$624,711 $31,924 $(528,054)$128,581 
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date$185,724 $2,646 $(45,424)$142,946 
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed
Income		Derivatives, NetTotal
Balance as of December 31, 2024$1,829,927 $593,817 $(1,846)$2,421,898 
Transfer in(1)
1 263,627 — 263,628 
Transfer out(1)
(819)(311,876)— (312,695)
Purchases(2)
270,355 852,279 124 1,122,758 
Sales/settlements(3)
(502)(747,907)— (748,409)
Realized and unrealized appreciation, net128,061 3,466 1,566 133,093 
Balance as of September 30, 2025$2,227,023 $653,406 $(156)$2,880,273 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$128,230 $(2,981)$1,532 $126,781 
(1)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.
(2)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(3)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Level III Assets of the CompanyEquity  SecuritiesFixed IncomeTotal
Balance as of December 31, 2023
$412,491 $126,294 $538,785 
Transfer in(1)
— 60,917 60,917 
Transfer out(1)
(37,587)— (37,587)
Purchases(2)
2,539 283,913 286,452 
Sales/settlements(3)
(1,478)(362,164)(363,642)
Realized and unrealized appreciation, net1,122 1,033 2,155 
Balance as of September 30, 2024
$377,087 $109,993 $487,080 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(1,260)$1,975 $715 
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of December 31, 2023$1,190,400 $740,113 $(1,291)$1,929,222 
Transfer in(1)
— 199,112 — 199,112 
Transfer out(1)
(35)(305,887)— (305,922)
Purchases(2)
482,424 711,190 114 1,193,728 
Sales/settlements(3)
(111)(585,977)— (586,088)
Realized and unrealized appreciation (depreciation), net58,885 (595)(726)57,564 
Balance as of September 30, 2024$1,731,563 $757,956 $(1,903)$2,487,616 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$60,995 $(2,921)$(664)$57,410 
(1)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.
(2)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(3)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service.
The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of September 30, 2025:
Level III Measurements of the CompanyFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$262,998 
Expected transaction price
N/A
N/A
N/A
100,000 Market yield analysisMarket interest rate
8.0%
8.0%
85,533 Market approachMultiple of book value
0.6x - 1.5x
1.2x
62,675 Option pricing modelVolatility
50.0%
50.0%
40,089 Discounted cash flowDiscount rate
11.0% - 15.0%
13.0%
34,298 
Transaction price(1)
N/AN/AN/A
27,064 Monte Carlo simulation
Volatility
55.0%
55.0%
12,054 
Market approach
Earnings multiple
11.0x
11.0x
Fixed income investments
21,119 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
10,805 
Market yield analysis
Market interest rate
16.5%
16.5%
Total assets$656,635 
Liabilities
Contingent consideration$(528,054)Monte Carlo simulationDiscount rate
6.6% - 7.0%
6.8%
Volatility
11.1% - 15.1%
13.1%
Total liabilities$(528,054)

Level III Measurements of the Consolidated FundsFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$1,204,390 Discounted cash flow
Discount rate
10.0% - 20.0%
12.0%
1,015,394 Market approachMultiple of book value
1.0x - 1.7x
1.3x
6,761 Market approach
EBITDA multiple(2)
5.9x - 34.0x
8.8x
478 Market approachYield
12.3% - 14.0%
9.7%
Fixed income investments
326,130 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
326,107 Market approachYield
6.5% - 14.0%
9.7%
1,169 Discounted cash flowDiscount rate
12.3% - 20.0%
12.6%
Total assets$2,880,429 
Liabilities
Derivative instruments $(156)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(156)
(1)Transaction price consists of securities purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2024:
Level III Measurements of the CompanyFair Value Valuation Technique(s) Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$168,387 
Transaction price(1)
N/AN/AN/A
100,000 Market approachYield
8.0%
8.0%
57,659 Market approachMultiple of book value
1.0x - 1.1x
1.0x
Discounted cash flowDiscount rate
10.0% - 14.0%
12.0%
56,918 Market approachMultiple of book value
1.2x - 1.7x
1.4x
19,205 Option pricing modelVolatility35.0%35.0%
8,489 Market approachEarnings multiple
15.4x
15.4x
521 Discounted cash flowDiscount rate
18.5% - 21.5%
20.0%
Fixed income investments
22,283 
Transaction price(1)
N/AN/AN/A
19,040 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
510 OtherN/AN/AN/A
Total assets$453,012 
Liabilities
Contingent consideration$(17,550)Monte Carlo simulationDiscount rate
6.6% - 6.9%
6.8%
Volatility11.1%11.1%
Total liabilities$(17,550)

Level III Measurements of the Consolidated FundsFair Value Valuation Technique(s) Significant Unobservable Input(s) RangeWeighted Average
Assets
Equity securities
$985,109 Discounted cash flowDiscount rate
10.0% - 20.0%
13.0%
835,432 Market approachMultiple of book value
1.0x - 1.7x
1.4x
8,598 Market approach
EBITDA multiple(2)
5.6x - 34.6x
10.7x
789 OtherN/AN/AN/A
Fixed income investments
308,675 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
284,950 Market approachYield
7.4% - 28.6%
9.9%
192 OtherN/A
N/A
N/A
Total assets$2,423,745 
Liabilities
Derivative instruments $(1,846)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(1,846)
(1)Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using net asset value (“NAV”) per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control.

The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:
As of September 30, 2025As of December 31, 2024
Investments (held at fair value)$2,749,399 $2,000,380 
Unfunded commitments2,330,124 932,473