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Investments (Tables) | 6 Months Ended
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Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Schedule of Equity Method Investments | Investments consist of the following (in thousands):
| June 30, 2026 |  | December 31, 2025
Equity method - performance allocations | $ | 7,769,371 |  |  | $ | 7,309,239 |
Equity method - capital interests (includes assets pledged of $384,894 and $521,124 as of June 30, 2026 and December 31, 2025, respectively) | 1,266,172 |  |  | 1,801,436 |
Equity investments | 489,219 |  |  | — |
Investments held to maturity, at amortized cost (includes assets pledged of $76,924 and $82,198 as of June 30, 2026 and December 31, 2025, respectively) | 84,403 |  |  | 88,480 |
Equity method - other | 16,721 |  |  | 12,661 |
Total investments | $ | 9,625,886 |  |  | $ | 9,211,816 |
The following table summarizes net gains (losses) from investment activities (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |
Net (losses) gains of equity method investments - other | $ | (583) |  |  | $ | (997) |  |  | $ | 2,746 |  |  | $ | (523) |  |  |
Net (losses) gains from equity investments | (8,470) |  |  | 206 |  |  | (12,930) |  |  | 217 |  |  |
Net losses of investments held for sale and other | — |  |  | — |  |  | — |  |  | (2,572) |  |  |
Total net losses from investment activities | $ | (9,053) |  |  | $ | (791) |  |  | $ | (10,184) |  |  | $ | (2,878) |  |  |
Schedule of Equity Securities | Investments consist of the following (in thousands):
| June 30, 2026 |  | December 31, 2025
Equity method - performance allocations | $ | 7,769,371 |  |  | $ | 7,309,239 |
Equity method - capital interests (includes assets pledged of $384,894 and $521,124 as of June 30, 2026 and December 31, 2025, respectively) | 1,266,172 |  |  | 1,801,436 |
Equity investments | 489,219 |  |  | — |
Investments held to maturity, at amortized cost (includes assets pledged of $76,924 and $82,198 as of June 30, 2026 and December 31, 2025, respectively) | 84,403 |  |  | 88,480 |
Equity method - other | 16,721 |  |  | 12,661 |
Total investments | $ | 9,625,886 |  |  | $ | 9,211,816 |
The following table summarizes net gains (losses) from investment activities (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |
Net (losses) gains of equity method investments - other | $ | (583) |  |  | $ | (997) |  |  | $ | 2,746 |  |  | $ | (523) |  |  |
Net (losses) gains from equity investments | (8,470) |  |  | 206 |  |  | (12,930) |  |  | 217 |  |  |
Net losses of investments held for sale and other | — |  |  | — |  |  | — |  |  | (2,572) |  |  |
Total net losses from investment activities | $ | (9,053) |  |  | $ | (791) |  |  | $ | (10,184) |  |  | $ | (2,878) |  |  |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
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