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DERIVATIVES AND HEDGING (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Realized and Unrealized Gains and Losses Arising from Freestanding Derivatives and Impact of Derivatives Held | Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Investment income | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,634 |
General and administrative expense (1) | — |  |  | — |  |  | — |  |  | (8,188) |
Total gain | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 446 |
(1) To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense. The impact of derivatives held by the consolidated funds in the condensed consolidated statements of operations was as follows:
| Three months ended September 30,
| 2025 |  | 2024
| Net Realized Gain (Loss) on Investments |  | Net Change in Unrealized Appreciation (Depreciation) on Investments |  | Net Realized Gain (Loss) on Investments |  | Net Change in Unrealized Appreciation (Depreciation) on Investments
Foreign-currency forward contracts | $ | (1,309) |  |  | $ | 11,447 |  |  | $ | 646 |  |  | $ | (20,101) |
Total-return and interest-rate and credit default swaps | 488 |  |  | 230 |  |  | — |  |  | 7,860 |
Options and futures | 1,738 |  |  | 638 |  |  | 822 |  |  | — |
Commodity swaps | 1,389 |  |  | 243 |  |  | 923 |  |  | (217) |
Total | $ | 2,306 |  |  | $ | 12,558 |  |  | $ | 2,391 |  |  | $ | (12,458) |
| Nine months ended September 30,
| 2025 |  | 2024
| Net Realized Gain (Loss) on Investments |  | Net Change in Unrealized Appreciation (Depreciation) on Investments |  | Net Realized Gain (Loss) on Investments |  | Net Change in Unrealized Appreciation (Depreciation) on Investments
Foreign-currency forward contracts | $ | 3,043 |  |  | $ | (53,045) |  |  | $ | 411 |  |  | $ | (14,189) |
Total-return and interest-rate and credit default swaps | (139) |  |  | 877 |  |  | — |  |  | 11,448 |
Options and futures | 1,836 |  |  | 2,107 |  |  | 584 |  |  | 1,600 |
Commodity swaps | 1,389 |  |  | 243 |  |  | 8,151 |  |  | (8,658) |
Total | $ | 6,129 |  |  | $ | (49,818) |  |  | $ | 9,146 |  |  | $ | (9,799) |
Schedule of Fair Value of Derivatives Held by Consolidated Funds | The fair value of derivatives held by the consolidated funds consisted of the following:
| Assets |  | Liabilities
| Notional |  | Fair Value |  | Notional |  | Fair Value
As of September 30, 2025 |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | 1,087,884 |  |  | $ | 26,724 |  |  | $ | (227,938) |  |  | $ | (70,705) |
Total-return and interest-rate and credit default swaps | 197,550 |  |  | 17,327 |  |  | — |  |  | — |
Options and futures | 39,001 |  |  | — |  |  | (17,239) |  |  | (160) |
Total | $ | 1,324,435 |  |  | $ | 44,051 |  |  | $ | (245,177) |  |  | $ | (70,865) |
As of December 31, 2024 |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | 797,475 |  |  | $ | 17,578 |  |  | $ | (81,625) |  |  | $ | (8,513) |
Total-return and interest-rate and credit default swaps | 15,207 |  |  | 15,771 |  |  | (203,533) |  |  | (19) |
Options and futures | — |  |  | — |  |  | (13,435) |  |  | (4,853) |
Total | $ | 812,682 |  |  | $ | 33,349 |  |  | $ | (298,593) |  |  | $ | (13,385) |
Schedule of Balance Sheet Offsetting Assets | The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.
| Gross Amounts of Assets (Liabilities) Presented |  | Gross Amounts Not Offset in Statements of Financial Condition |  | Net Amount
As of September 30, 2025 |  | Derivative Assets (Liabilities) |  | Cash Collateral Received (Pledged) |
Derivative Assets: |  |  |  |  |  |  |
Derivative assets of consolidated funds: |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | 26,724 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,724 |
Total-return and interest-rate and credit default swaps | 17,327 |  |  | — |  |  | — |  |  | 17,327 |
Total | $ | 44,051 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,051 |
Derivative Liabilities: |  |  |  |  |  |  |
Derivative liabilities of consolidated funds: |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | (70,705) |  |  | $ | — |  |  | $ | — |  |  | $ | (70,705) |
Options and futures | (160) |  |  | — |  |  | — |  |  | (160) |
Total | $ | (70,865) |  |  | $ | — |  |  | $ | — |  |  | $ | (70,865) |
| Gross Amounts of Assets (Liabilities) Presented |  | Gross Amounts Not Offset in Statements of Financial Condition |  | Net Amount
As of December 31, 2024 |  | Derivative Assets (Liabilities) |  | Cash Collateral Received (Pledged) |
Derivative Assets: |  |  |  |  |  |  |
Derivative assets of consolidated funds: |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | 17,578 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,578 |
Total-return and interest-rate and credit default swaps | 15,771 |  |  | — |  |  | — |  |  | 15,771 |
Total | $ | 33,349 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,349 |
Derivative Liabilities: |  |  |  |  |  |  |
Derivative liabilities of consolidated funds: |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | (8,513) |  |  | $ | — |  |  | $ | — |  |  | $ | (8,513) |
Total-return and interest-rate and credit default swaps | (19) |  |  | — |  |  | — |  |  | (19) |
Options and futures | (4,853) |  |  | — |  |  |  |  | (4,853) |
Total | $ | (13,385) |  |  | $ | — |  |  | $ | — |  |  | $ | (13,385) |
Schedule of Balance Sheet Offsetting Liabilities | The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.
| Gross Amounts of Assets (Liabilities) Presented |  | Gross Amounts Not Offset in Statements of Financial Condition |  | Net Amount
As of September 30, 2025 |  | Derivative Assets (Liabilities) |  | Cash Collateral Received (Pledged) |
Derivative Assets: |  |  |  |  |  |  |
Derivative assets of consolidated funds: |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | 26,724 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,724 |
Total-return and interest-rate and credit default swaps | 17,327 |  |  | — |  |  | — |  |  | 17,327 |
Total | $ | 44,051 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,051 |
Derivative Liabilities: |  |  |  |  |  |  |
Derivative liabilities of consolidated funds: |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | (70,705) |  |  | $ | — |  |  | $ | — |  |  | $ | (70,705) |
Options and futures | (160) |  |  | — |  |  | — |  |  | (160) |
Total | $ | (70,865) |  |  | $ | — |  |  | $ | — |  |  | $ | (70,865) |
| Gross Amounts of Assets (Liabilities) Presented |  | Gross Amounts Not Offset in Statements of Financial Condition |  | Net Amount
As of December 31, 2024 |  | Derivative Assets (Liabilities) |  | Cash Collateral Received (Pledged) |
Derivative Assets: |  |  |  |  |  |  |
Derivative assets of consolidated funds: |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | 17,578 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,578 |
Total-return and interest-rate and credit default swaps | 15,771 |  |  | — |  |  | — |  |  | 15,771 |
Total | $ | 33,349 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,349 |
Derivative Liabilities: |  |  |  |  |  |  |
Derivative liabilities of consolidated funds: |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | (8,513) |  |  | $ | — |  |  | $ | — |  |  | $ | (8,513) |
Total-return and interest-rate and credit default swaps | (19) |  |  | — |  |  | — |  |  | (19) |
Options and futures | (4,853) |  |  | — |  |  |  |  | (4,853) |
Total | $ | (13,385) |  |  | $ | — |  |  | $ | — |  |  | $ | (13,385) |

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