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SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025
			Credit Group						Real Assets Group						Private Equity Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	651,964					$	177,655					$	33,284					$	91,303					$	16,400					$	970,606					$	—					$	970,606
Fee related performance revenues			62,389						5,904						—						17,110						—						85,403						—						85,403
Other fees			13,471						55,556						467						196						2,280						71,970						9,235						81,205
Compensation and benefits			(212,709)						(85,513)						(15,752)						(24,952)						(10,247)						(349,173)						(144,405)						(493,578)
General, administrative and other expenses			(46,510)						(27,515)						(4,892)						(9,624)						(2,139)						(90,680)						(81,746)						(172,426)
Fee related earnings			468,605						126,087						13,107						74,033						6,294						688,126						(216,916)						471,210
Performance income—realized			19,438						1,200						3,744						177						—						24,559						—						24,559
Performance related compensation—realized			(11,421)						(769)						(2,999)						(106)						—						(15,295)						—						(15,295)
Realized net performance income			8,017						431						745						71						—						9,264						—						9,264
Investment income—realized			2,095						10,415						513						221						1,607						14,851						2,090						16,941
Interest income			577						1,639						1						68						1,271						3,556						853						4,409
Interest expense			(4,722)						(26,521)						(3,785)						(2,076)						(9,201)						(46,305)						(10)						(46,315)
Realized net investment income (loss)			(2,050)						(14,467)						(3,271)						(1,787)						(6,323)						(27,898)						2,933						(24,965)
Realized income			$	474,572					$	112,051					$	10,581					$	72,317					$	(29)					$	669,492					$	(213,983)					$	455,509
			Three months ended September 30, 2024
			Credit Group						Real Assets Group						Private Equity Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	557,450					$	105,733					$	34,621					$	48,084					$	11,374					$	757,262					$	—					$	757,262
Fee related performance revenues			41,761						—						—						2,508						—						44,269						—						44,269
Other fees			10,520						7,263						372						58						114						18,327						5,253						23,580
Compensation and benefits			(179,987)						(42,360)						(13,877)						(14,432)						(7,245)						(257,901)						(102,112)						(360,013)
General, administrative and other expenses			(41,046)						(14,118)						(4,576)						(8,464)						(1,459)						(69,663)						(56,124)						(125,787)
Fee related earnings			388,698						56,518						16,540						27,754						2,784						492,294						(152,983)						339,311
Performance income—realized			6,192						15,441						475						—						—						22,108						—						22,108
Performance related compensation—realized			(3,451)						(9,403)						(380)						—						—						(13,234)						—						(13,234)
Realized net performance income			2,741						6,038						95						—						—						8,874						—						8,874
Investment income—realized			6,733						3,729						526						76						4,065						15,129						58						15,187
Interest income			1,266						245						4						20						3,144						4,679						438						5,117
Interest expense(1)			(5,859)						(6,190)						(4,454)						(5,566)						(7,529)						(29,598)						(135)						(29,733)
Realized net investment income (loss)			2,140						(2,216)						(3,924)						(5,470)						(320)						(9,790)						361						(9,429)
Realized income			$	393,579					$	60,340					$	12,711					$	22,284					$	2,464					$	491,378					$	(152,622)					$	338,756
(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.

			Nine months ended September 30, 2025
			Credit Group						Real Assets Group						Private Equity Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	1,854,501					$	484,032					$	97,049					$	210,596					$	43,089					$	2,689,267					$	—					$	2,689,267
Fee related performance revenues			81,098						6,051						—						43,002						—						130,151						—						130,151
Other fees			37,431						125,494						1,298						6,119						2,548						172,890						22,603						195,493
Compensation and benefits			(537,661)						(222,504)						(46,379)						(66,390)						(23,780)						(896,714)						(395,518)						(1,292,232)
General, administrative and other expenses			(131,860)						(79,062)						(14,708)						(28,173)						(6,330)						(260,133)						(214,949)						(475,082)
Fee related earnings			1,303,509						314,011						37,260						165,154						15,527						1,835,461						(587,864)						1,247,597
Performance income—realized			95,465						70,186						39,733						177						—						205,561						—						205,561
Performance related compensation—realized			(58,927)						(49,893)						(29,856)						(106)						—						(138,782)						—						(138,782)
Realized net performance income			36,538						20,293						9,877						71						—						66,779						—						66,779
Investment income (loss)—realized			11,570						24,878						(3,720)						376						6,244						39,348						1,528						40,876
Interest income			6,132						4,922						2,024						1,048						14,044						28,170						2,102						30,272
Interest expense			(15,744)						(66,808)						(11,775)						(5,946)						(25,732)						(126,005)						(272)						(126,277)
Realized net investment income (loss)			1,958						(37,008)						(13,471)						(4,522)						(5,444)						(58,487)						3,358						(55,129)
Realized income			$	1,342,005					$	297,296					$	33,666					$	160,703					$	10,083					$	1,843,753					$	(584,506)					$	1,259,247
			Nine months ended September 30, 2024
			Credit Group						Real Assets Group						Private Equity Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	1,603,080					$	299,156					$	103,126					$	140,650					$	30,726					$	2,176,738					$	—					$	2,176,738
Fee related performance revenues			48,920						—						—						20,633						—						69,553						—						69,553
Other fees			30,912						18,783						1,258						116						396						51,465						15,066						66,531
Compensation and benefits			(457,494)						(119,403)						(42,737)						(47,971)						(17,937)						(685,542)						(294,639)						(980,181)
General, administrative and other expenses			(116,022)						(43,857)						(15,282)						(26,428)						(5,041)						(206,630)						(160,514)						(367,144)
Fee related earnings			1,109,396						154,679						46,365						87,000						8,144						1,405,584						(440,087)						965,497
Performance income—realized			121,214						24,324						9,032						361						—						154,931						—						154,931
Performance related compensation—realized			(73,127)						(15,134)						(7,235)						110						—						(95,386)						—						(95,386)
Realized net performance income			48,087						9,190						1,797						471						—						59,545						—						59,545
Investment income (loss)—realized			17,889						(592)						1,287						390						9,716						28,690						297						28,987
Interest income			5,719						3,543						12						64						31,469						40,807						1,291						42,098
Interest expense(1)			(23,079)						(21,472)						(13,801)						(21,511)						(24,914)						(104,777)						(280)						(105,057)
Realized net investment income (loss)			529						(18,521)						(12,502)						(21,057)						16,271						(35,280)						1,308						(33,972)
Realized income			$	1,158,012					$	145,348					$	35,660					$	66,414					$	24,415					$	1,429,849					$	(438,779)					$	991,070

(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 September 30,												Nine months ended September 30,
			2025						2024						2025						2024
Segment revenues
Management fees			$	970,606					$	757,262					$	2,689,267					$	2,176,738
Fee related performance revenues			85,403						44,269						130,151						69,553
Other fees			71,970						18,327						172,890						51,465
Performance income—realized			24,559						22,108						205,561						154,931
Total segment revenues			$	1,152,538					$	841,966					$	3,197,869					$	2,452,687
Segment expenses
Compensation and benefits			$	349,173					$	257,901					$	896,714					$	685,542
General, administrative and other expenses			90,680						69,663						260,133						206,630
Performance related compensation—realized			15,295						13,234						138,782						95,386
Total segment expenses			$	455,148					$	340,798					$	1,295,629					$	987,558
Segment realized net investment income (loss)
Investment income—realized			$	14,851					$	15,129					$	39,348					$	28,690
Interest income			3,556						4,679						28,170						40,807
Interest expense			(46,305)						(29,598)						(126,005)						(104,777)
Total segment realized net investment loss			$	(27,898)					$	(9,790)					$	(58,487)					$	(35,280)

Schedule of Segment Revenues Components

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

			Three months ended September 30,												Nine months ended September 30,
			2025						2024						2025						2024
Total consolidated revenue			$	1,657,628					$	1,129,739					$	4,096,561					$	2,625,784
Performance income—unrealized			(463,933)						(263,553)						(828,968)						(95,759)
Management fees of Consolidated Funds eliminated in consolidation			8,519						11,660						27,367						36,115
Performance income of Consolidated Funds eliminated in consolidation			8,375						1,032						20,599						18,484
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation			2,905						128						9,584						409
Administrative fees(1)			(24,255)						(18,093)						(66,010)						(52,201)
OMG revenue			(9,235)						(5,252)						(22,603)						(15,066)
Principal investment income, net of eliminations			(17,976)						(8,036)						(50,937)						(44,547)
Net (revenue) expense of non-controlling interests in consolidated subsidiaries			(9,490)						(5,659)						12,276						(20,532)
Total consolidation adjustments and reconciling items			(505,090)						(287,773)						(898,692)						(173,097)
Total segment revenue			$	1,152,538					$	841,966					$	3,197,869					$	2,452,687

(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 September 30,												Nine months ended September 30,
			2025						2024						2025						2024
Total consolidated expenses			$	1,308,216					$	854,887					$	3,460,122					$	1,957,924
Performance related compensation-unrealized			(330,960)						(180,174)						(579,241)						(8,478)
Expenses of Consolidated Funds added in consolidation			(6,778)						(14,083)						(66,240)						(48,200)
Expenses of Consolidated Funds eliminated in consolidation			8,646						11,355						34,445						36,520
Administrative fees(1)			(24,255)						(18,093)						(66,010)						(52,201)
OMG expenses			(226,151)						(158,236)						(610,467)						(455,153)
Acquisition and merger-related expense			(5,427)						(25,166)						(42,826)						(39,394)
Equity compensation expense			(160,130)						(85,613)						(583,083)						(266,267)
Acquisition-related compensation expense(2)			(42,448)						(5,435)						(108,752)						(16,374)
Placement fee adjustment			2,415						4,485						3,513						(825)
Depreciation and amortization expense			(65,956)						(46,005)						(177,365)						(118,900)
Expense of non-controlling interests in consolidated subsidiaries			(2,024)						2,876						31,533						(1,094)
Total consolidation adjustments and reconciling items			(853,068)						(514,089)						(2,164,493)						(970,366)
Total segment expenses			$	455,148					$	340,798					$	1,295,629					$	987,558

(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, a portion of 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 September 30,												Nine months ended September 30,
			2025						2024						2025						2024
Total consolidated other income			$	302,859					$	52,254					$	443,808					$	207,619
Investment (income) loss—unrealized			(269,895)						(4,950)						(398,112)						13,836
Interest and other investment (income) loss—unrealized			(1,691)						15,258						26,166						15,093
Other income, net of Consolidated Funds added in consolidation			(148,108)						(87,804)						(380,235)						(276,107)
Other expense (income), net of Consolidated Funds eliminated in consolidation			4,020						194						16,791						(137)
OMG other income			(9,802)						(220)						(10,532)						(1,002)
Principal investment income			73,543						14,101						191,759						12,038
Other (income) expense, net			17,571						3,389						47,260						(7,910)
Other loss (income) of non-controlling interests in consolidated subsidiaries			3,605						(2,012)						4,608						1,290
Total consolidation adjustments and reconciling items			(330,757)						(62,044)						(502,295)						(242,899)
Total segment realized net investment loss			$	(27,898)					$	(9,790)					$	(58,487)					$	(35,280)

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 September 30,												Nine months ended September 30,
			2025						2024						2025						2024
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(1)			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
OMG expense, net			207,114						152,763						577,332						439,085
Other (income) expense, net			17,571						3,389						47,260						(7,910)
Income before taxes of non-controlling interests in consolidated subsidiaries			(3,861)						(10,544)						(14,649)						(18,148)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations			(70,590)						(65,998)						(133,277)						(242,065)
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

(1)Represents bonus payments, a portion of 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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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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