XML 85 R69.htm IDEA: XBRL DOCUMENT v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of significant unobservable inputs of level 3 financial assets and liabilities (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
At Fair Value $ 38,802 $ 26,303
Total assets measured at fair value 696,613 406,931
Total liabilities measured at fair value 10,284 16,209
Level 3    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
At Fair Value 38,802 26,303
Total assets measured at fair value 230,876 137,608
Total liabilities measured at fair value 797 6,400
Level 3 | Market approach    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
At Fair Value   1,835
Level 3 | Market approach | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities 28,087 $ 25,572
Level 3 | Market approach | Market price of related security | Partnership interests and other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input | $ / shares   421.00
Level 3 | Market approach | Carried interest sharing | Partnership interests and other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities $ 83,026  
Level 3 | Market approach | Discount rate | Partnership interests and other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities   $ 40,082
Level 3 | Market approach | Minimum | Multiple of EBITDA and indexes | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 1.8  
Level 3 | Market approach | Minimum | Multiple of sales | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.7 0.7
Level 3 | Market approach | Minimum | Market price of related security    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Loans receivable at fair value, measurement input   8.56
Level 3 | Market approach | Minimum | Market price of related security | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input | $ / shares 10.32 2.14
Level 3 | Market approach | Minimum | Carried interest sharing | Partnership interests and other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.150  
Level 3 | Market approach | Minimum | Discount rate | Partnership interests and other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input   0
Level 3 | Market approach | Maximum | Multiple of EBITDA and indexes | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 7.3  
Level 3 | Market approach | Maximum | Multiple of sales | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 8.5 6.0
Level 3 | Market approach | Maximum | Market price of related security | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input | $ / shares 12.01 12.01
Level 3 | Market approach | Maximum | Carried interest sharing | Partnership interests and other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.463  
Level 3 | Market approach | Maximum | Discount rate | Partnership interests and other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input   0.035
Level 3 | Market approach | Weighted Average | Multiple of EBITDA and indexes | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 4.3  
Level 3 | Market approach | Weighted Average | Multiple of sales | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 2.2 2.3
Level 3 | Market approach | Weighted Average | Market price of related security    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Loans receivable at fair value, measurement input | $ / shares   8.56
Level 3 | Market approach | Weighted Average | Market price of related security | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input | $ / shares 10.70 10.97
Level 3 | Market approach | Weighted Average | Market price of related security | Partnership interests and other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input | $ / shares   421.00
Level 3 | Market approach | Weighted Average | Carried interest sharing | Partnership interests and other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.331  
Level 3 | Market approach | Weighted Average | Discount rate | Partnership interests and other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input   0.005
Level 3 | Monte Carlo simulation | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities $ 80,040 $ 43,101
Level 3 | Monte Carlo simulation | Annualized volatility | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 1.200  
Level 3 | Monte Carlo simulation | Minimum | Annualized volatility    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 0.950  
Level 3 | Monte Carlo simulation | Minimum | Annualized volatility | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input   1.200
Level 3 | Monte Carlo simulation | Maximum | Annualized volatility    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 1.000  
Level 3 | Monte Carlo simulation | Maximum | Annualized volatility | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input   1.480
Level 3 | Monte Carlo simulation | Weighted Average | Annualized volatility    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 0.975  
Level 3 | Monte Carlo simulation | Weighted Average | Annualized volatility | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 1.200 1.210
Level 3 | Monte Carlo simulation and Black-Scholes option pricing model    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Embedded derivatives, included in accrued expenses and other liabilities   $ 6,400
Level 3 | Monte Carlo simulation and Black-Scholes option pricing model | Annualized volatility    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input   0.850
Level 3 | Monte Carlo simulation and Black-Scholes option pricing model | Discount for lack of marketability    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input   0.147
Level 3 | Monte Carlo simulation and Black-Scholes option pricing model | Weighted Average | Annualized volatility    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input   0.850
Level 3 | Monte Carlo simulation and Black-Scholes option pricing model | Weighted Average | Discount for lack of marketability    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input   0.147
Level 3 | Option pricing model | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities $ 921 $ 2,550
Level 3 | Option pricing model | Minimum | Annualized volatility | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.500 0.460
Level 3 | Option pricing model | Maximum | Annualized volatility | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 1.100 1.150
Level 3 | Option pricing model | Weighted Average | Annualized volatility | Equity securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.520 0.570
Level 3 | Discounted cash flow    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
At Fair Value   $ 24,468
Embedded derivatives, included in accrued expenses and other liabilities $ 797  
Level 3 | Discounted cash flow | Loans receivable at fair value    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
At Fair Value $ 38,802  
Level 3 | Discounted cash flow | Discount rate    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 0.159  
Level 3 | Discounted cash flow | Recovery rate | Loans receivable at fair value    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.359  
Level 3 | Discounted cash flow | Minimum | Discount rate    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input   0.068
Level 3 | Discounted cash flow | Minimum | Discount rate | Loans receivable at fair value    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.068  
Level 3 | Discounted cash flow | Maximum | Discount rate    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input   0.565
Level 3 | Discounted cash flow | Maximum | Discount rate | Loans receivable at fair value    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.937  
Level 3 | Discounted cash flow | Weighted Average | Discount rate    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input   0.210
Derivative liability, measurement input 0.159  
Level 3 | Discounted cash flow | Weighted Average | Discount rate | Loans receivable at fair value    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.360  
Level 3 | Discounted cash flow | Weighted Average | Recovery rate | Loans receivable at fair value    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Equity securities, measurement input 0.359