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FAIR VALUE - Schedule of Changes in Fair Value of Level III Investments (Details) - Consolidated Funds - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 | Sep. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | $ 4,003,026 | $ 3,834,896 | $ 4,062,983 | $ 3,603,942
Deconsolidation of funds |  | (73,196) |  | (73,196)
Initial consolidation of funds |  |  |  | 2,962
Transfers into Level III | 225,114 | 250,206 | 1,173,475 | 548,410
Transfers out of Level III | (219,167) | (291,836) | (1,074,979) | (657,241)
Purchases | 655,552 | 249,046 | 1,949,199 | 986,912
Sales | (371,607) | (267,868) | (1,912,716) | (787,410)
Realized gain (losses), net | 14,248 | 35,285 | 38,354 | (1,028)
Unrealized appreciation (depreciation), net | (49,065) | 28,509 | 21,785 | 141,691
Ending balance | 4,258,101 | 3,765,042 | 4,258,101 | 3,765,042
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ (11,838) | $ 30,432 | $ 41,616 | $ 143,365
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net change in unrealized appreciation (depreciation) on consolidated funds’ investments | Net change in unrealized appreciation (depreciation) on consolidated funds’ investments | Net change in unrealized appreciation (depreciation) on consolidated funds’ investments | Net change in unrealized appreciation (depreciation) on consolidated funds’ investments
Corporate Debt – Bank Debt |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | $ 1,546,171 | $ 1,654,942 | $ 1,936,315 | $ 1,721,888
Deconsolidation of funds |  | (70,255) |  | (70,255)
Initial consolidation of funds |  |  |  | 2,962
Transfers into Level III | 157,521 | 136,725 | 1,085,276 | 358,757
Transfers out of Level III | (136,382) | (105,000) | (972,332) | (388,815)
Purchases | 369,228 | 173,975 | 1,302,029 | 516,419
Sales | (253,715) | (87,091) | (1,602,987) | (444,229)
Realized gain (losses), net | 3,793 | 1,502 | 21,815 | 5,505
Unrealized appreciation (depreciation), net | (86,956) | 7,513 | (170,456) | 10,079
Ending balance | 1,599,660 | 1,712,311 | 1,599,660 | 1,712,311
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | (26,611) | (125) | (149,532) | 12,230
Corporate Debt – All Other |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 132,169 | 198,028 | 111,552 | 260,292
Deconsolidation of funds |  | (10) |  | (10)
Initial consolidation of funds |  |  |  | 0
Transfers into Level III | 41,641 | 11,231 | 46,298 | 26,590
Transfers out of Level III | (36,351) | (93,971) | (41,190) | (159,901)
Purchases | 29,676 | 134 | 37,497 | 25,727
Sales | (69,632) | (8,496) | (78,426) | (46,636)
Realized gain (losses), net | (358) | (155) | 7,146 | (407)
Unrealized appreciation (depreciation), net | (15,723) | (6,131) | (1,455) | (5,025)
Ending balance | 81,422 | 100,630 | 81,422 | 100,630
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | (8,241) | (3,539) | 3,051 | (5,174)
Equities – Common Stock |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 1,276,658 | 1,049,656 | 1,187,023 | 846,773
Deconsolidation of funds |  | (575) |  | (575)
Initial consolidation of funds |  |  |  | 0
Transfers into Level III | 3,919 | 84,494 | 13,025 | 139,172
Transfers out of Level III | (24,402) | (57,113) | (39,425) | (72,773)
Purchases | 182,226 | 29,316 | 282,682 | 235,083
Sales | (6,677) | (32,785) | (82,642) | (124,069)
Realized gain (losses), net | 5,884 | 3,217 | 40,621 | 51,081
Unrealized appreciation (depreciation), net | 27,756 | 27,397 | 64,080 | 28,915
Ending balance | 1,465,364 | 1,103,607 | 1,465,364 | 1,103,607
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | 14,036 | 33,705 | 70,410 | 28,804
Equities – Preferred Stock |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 700,259 | 667,154 | 606,141 | 599,636
Deconsolidation of funds |  | (2,356) |  | (2,356)
Initial consolidation of funds |  |  |  | 0
Transfers into Level III | 0 | 153 | 37 | 153
Transfers out of Level III | 0 | (7,134) | 0 | (7,134)
Purchases | 60,239 | 24,043 | 216,325 | 102,272
Sales | (28,771) | (121,764) | (116,320) | (154,744)
Realized gain (losses), net | 1,601 | 30,760 | (36,423) | (57,207)
Unrealized appreciation (depreciation), net | 32,123 | (20,689) | 95,691 | 89,547
Ending balance | 765,451 | 570,167 | 765,451 | 570,167
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | 7,411 | (20,028) | 75,930 | 89,330
Real Estate |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 330,423 | 246,862 | 206,181 | 175,353
Deconsolidation of funds |  | 0 |  | 0
Initial consolidation of funds |  |  |  | 0
Transfers into Level III | 22,033 | 17,603 | 28,839 | 23,738
Transfers out of Level III | (22,032) | (28,618) | (22,032) | (28,618)
Purchases | 14,182 | 21,572 | 109,090 | 89,190
Sales | (11,691) | (17,732) | (31,220) | (17,732)
Realized gain (losses), net | 3,328 | 0 | 5,195 | 0
Unrealized appreciation (depreciation), net | (6,508) | 20,419 | 33,682 | 18,175
Ending balance | 329,735 | 260,106 | 329,735 | 260,106
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | 1,567 | 20,419 | 41,757 | 18,175
Swaps |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 17,346 | 18,254 | 15,771 | 0
Deconsolidation of funds |  |  |  | 0
Initial consolidation of funds |  |  |  | 0
Transfers into Level III | 0 | 0 | 0 | 0
Transfers out of Level III | 0 | 0 | 0 | 0
Purchases | 1 | 6 | 1,576 | 18,221
Sales | (1,121) | 0 | (1,121) | 0
Realized gain (losses), net | 0 | (39) | 0 | 0
Unrealized appreciation (depreciation), net | 243 | 0 | 243 | 0
Ending balance | 16,469 | 18,221 | 16,469 | 18,221
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ 0 | $ 0 | $ 0 | $ 0

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