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FAIR VALUE
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
Fair Value of Financial Assets and Liabilities
The Company’s other financial assets by fair-value hierarchy level are set forth below. There were no other financial liabilities as of September 30, 2025 and December 31, 2024.
As of September 30, 2025As of December 31, 2024
Level ILevel IILevel IIITotalLevel ILevel IILevel IIITotal
Assets
Corporate investments$— $306,687 $— $306,687 $— $307,825 $— $307,825 
Total assets$— $306,687 $— $306,687 $— $307,825 $— $307,825 


Fair Value of Financial Instruments Held By Consolidated Funds
The short-term nature of cash and cash-equivalents held at the consolidated funds causes their carrying value to approximate fair value. The fair value of cash-equivalents is a Level I valuation. Derivatives may relate to a mix of Level I, II or III investments, and therefore their fair-value hierarchy level may not correspond to the fair-value hierarchy level of the economically hedged investment. The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level:
As of September 30, 2025As of December 31, 2024
Level ILevel IILevel IIITotalLevel ILevel IILevel IIITotal
Assets
Investments:
Corporate debt – bank debt
$— $111,310 $1,599,660 $1,710,970 $— $281,918 $1,936,315 $2,218,233 
Corporate debt – all other
— 183,264 81,422 264,686 — 353,922 111,552 465,474 
Equities – common stock
209,439 99,553 1,465,364 1,774,356 222,670 39,290 1,187,023 1,448,983 
Equities – preferred stock
2,201 — 765,451 767,652 1,850 — 606,141 607,991 
Real estate
— — 329,735 329,735 — — 206,181 206,181 
Total investments
211,640 394,127 4,241,632 4,847,399 224,520 675,130 4,047,212 4,946,862 
Derivatives:
Foreign-currency forward contracts
3,559 23,165 — 26,724 — 17,578 — 17,578 
Swaps— 858 16,469 17,327 — — 15,771 15,771 
Total derivatives (1)
3,559 24,023 16,469 44,051 — 17,578 15,771 33,349 
Total assets$215,199 $418,150 $4,258,101 $4,891,450 $224,520 $692,708 $4,062,983 $4,980,211 
Liabilities
Derivatives:
Foreign-currency forward contracts
$(6,982)$(63,723)$— $(70,705)$— $(8,513)$— $(8,513)
Swaps— — — — — (19)— (19)
Options and futures
— (160)— (160)— (4,853)— (4,853)
Total derivatives (2)
(6,982)(63,883)— (70,865)— (13,385)— (13,385)
Total liabilities
$(6,982)$(63,883)$— $(70,865)$— $(13,385)$— $(13,385)
(1) Amounts are included in derivative assets under “assets of consolidated funds” in the condensed consolidated statements of financial condition.
(2) Amounts are included in derivative liabilities under “liabilities of consolidated funds” in the condensed consolidated statements of financial condition.
The following tables set forth a summary of changes in the fair value of Level III investments:
Corporate Debt – Bank DebtCorporate Debt – All OtherEquities – Common StockEquities – Preferred StockReal EstateSwapsTotal
Three months ended September 30, 2025    
Beginning balance$1,546,171 $132,169 $1,276,658 $700,259 $330,423 $17,346 $4,003,026 
Transfers into Level III157,521 41,641 3,919 — 22,033 — 225,114 
Transfers out of Level III(136,382)(36,351)(24,402)— (22,032)— (219,167)
Purchases369,228 29,676 182,226 60,239 14,182 1 655,552 
Sales(253,715)(69,632)(6,677)(28,771)(11,691)(1,121)(371,607)
Realized gain (losses), net3,793 (358)5,884 1,601 3,328 — 14,248 
Unrealized appreciation (depreciation), net(86,956)(15,723)27,756 32,123 (6,508)243 (49,065)
Ending balance$1,599,660 $81,422 $1,465,364 $765,451 $329,735 $16,469 $4,258,101 
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period$(26,611)$(8,241)$14,036 $7,411 $1,567 $— $(11,838)
Three months ended September 30, 2024     
Beginning balance$1,654,942 $198,028 $1,049,656 $667,154 $246,862 $18,254 $3,834,896 
Deconsolidation of funds
(70,255)(10)(575)(2,356)— (73,196)
Transfers into Level III
136,725 11,231 84,494 153 17,603 — $250,206 
Transfers out of Level III
(105,000)(93,971)(57,113)(7,134)(28,618)— $(291,836)
Purchases173,975 134 29,316 24,043 21,572 6 $249,046 
Sales(87,091)(8,496)(32,785)(121,764)(17,732)— $(267,868)
Realized gain (losses), net
1,502 (155)3,217 30,760 — (39)$35,285 
Unrealized appreciation (depreciation), net7,513 (6,131)27,397 (20,689)20,419 — 28,509 
Ending balance$1,712,311 $100,630 $1,103,607 $570,167 $260,106 $18,221 $3,765,042 
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period
$(125)$(3,539)$33,705 $(20,028)$20,419 $— $30,432 
Corporate Debt – Bank DebtCorporate Debt – All OtherEquities – Common StockEquities – Preferred StockReal EstateSwapsTotal
Nine months ended September 30, 2025
Beginning balance$1,936,315 $111,552 $1,187,023 $606,141 $206,181 $15,771 $4,062,983 
Transfers into Level III1,085,276 46,298 13,025 37 28,839 — 1,173,475 
Transfers out of Level III(972,332)(41,190)(39,425)— (22,032)— (1,074,979)
Purchases1,302,029 37,497 282,682 216,325 109,090 1,576 1,949,199 
Sales(1,602,987)(78,426)(82,642)(116,320)(31,220)(1,121)(1,912,716)
Realized gain (losses), net21,815 7,146 40,621 (36,423)5,195 — 38,354 
Unrealized appreciation (depreciation), net(170,456)(1,455)64,080 95,691 33,682 243 21,785 
Ending balance$1,599,660 $81,422 $1,465,364 $765,451 $329,735 $16,469 $4,258,101 
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period$(149,532)$3,051 $70,410 $75,930 $41,757 $— $41,616 
Nine months ended September 30, 2024
Beginning balance$1,721,888 $260,292 $846,773 $599,636 $175,353 $— $3,603,942 
Deconsolidation of funds
(70,255)(10)(575)(2,356)— — (73,196)
Initial consolidation of funds
2,962 — — — — — 2,962 
Transfers into Level III
358,757 26,590 139,172 153 23,738 — 548,410 
Transfers out of Level III
(388,815)(159,901)(72,773)(7,134)(28,618)— (657,241)
Purchases516,419 25,727 235,083 102,272 89,190 18,221 986,912 
Sales(444,229)(46,636)(124,069)(154,744)(17,732)— (787,410)
Realized gain (losses), net5,505 (407)51,081 (57,207)— — (1,028)
Unrealized appreciation (depreciation), net
10,079 (5,025)28,915 89,547 18,175 — 141,691 
Ending balance$1,712,311 $100,630 $1,103,607 $570,167 $260,106 $18,221 $3,765,042 
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period
$12,230 $(5,174)$28,804 $89,330 $18,175 $— $143,365 
Total realized and unrealized gains and losses recorded for Level III investments are included in net realized gain on consolidated funds’ investments or net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations.
Transfers out of Level III are generally attributable to certain investments that experienced a more significant level of market trading activity or completed an initial public offering during the respective period and thus were valued using observable inputs. Transfers into Level III typically reflect either investments that experienced a less significant level of market trading activity during the period or portfolio companies that undertook restructurings or bankruptcy proceedings and thus were valued in the absence of observable inputs.
The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of September 30, 2025:
Investment TypeFair ValueValuation Technique
Significant Unobservable
Inputs (1)(2)
Range
Weighted Average (3)
Credit-oriented investments: 
$960,146 
Discounted cash flow (6)
Discount rate
2% - 20%
13%
330,899 
Recent market information (5)
Quoted pricesNot applicableNot applicable
189,841 
Market approach
(comparable companies) (7)
Multiple of underlying assets (9)
0.5x - 1x
1x
49,495 
Market approach (comparable companies) (7)
Earnings multiple (10)
3.0x - 7.3x
5.2x
116,376 
Recent transaction price (4)
Quoted pricesNot applicableNot applicable
20,638 
Expected Recovery (11)
Not applicable
Not applicableNot applicable
30,156 
Market approach
(comparable companies) (7)
Revenue multiple (8)
1x - 2.2x
1.5x
Equity investments:
195,281 
Recent transaction price (4)
Quoted pricesNot applicableNot applicable
3,598 
Recent market information (5)
Quoted pricesNot applicableNot applicable
397,640 
Discounted cash flow (6)
Discount rate
11% - 19%
14%
28,680 
Discounted cash flow (6) / market approach (comparable companies) (7)
Discount rate
13% - 13%
13%
Earnings multiple (10)
6.0x - 7.0x
6.5x
654,194 
Market approach
(comparable companies) (7)
Earnings multiple (10)
1.0x - 15.0x
8.9x
93,814 
Market approach
(comparable companies) (7)
Revenue multiple (8)
1.0x - 2.2x
2.0x
839,232 
Market approach
(comparable companies) (7)
Multiple of underlying assets (9)
0.5x - 1x
1.0x
13,765 
Expected Recovery (11)
Not applicable
Not applicableNot applicable
4,611 
Black Scholes (12)
Not applicable
Not applicableNot applicable
Real estate-oriented investments:
51,297 
Market approach
(comparable companies) (7)
Multiple of underlying assets (9)
1x - 1x
1x
21,954 
Recent transaction price (4)
Quoted pricesNot applicableNot applicable
256,484 
Discounted cash flow (6)
Discount rate
11% - 27%
17%
Total Level III
   investments		$4,258,101 
    
The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2024:
Investment TypeFair ValueValuation Technique
Significant Unobservable
Inputs (1)(2)
Range
Weighted Average (3)
Credit-oriented investments:
  
$1,216,750 
Discounted cash flow (6)
Discount rate
5% – 27%
15%
378,875 
Recent market information (5)
Quoted pricesNot applicableNot applicable
206,107 
Recent transaction price (4)
Quoted pricesNot applicableNot applicable
10,854 
Market approach (comparable companies) (7)
Revenue multiple (8)
2.1x - 2.1x
2.1x
229,042 
Market approach (comparable companies) (7)
Multiple of underlying assets (9)
0.5x - 1.0x
0.9x
11 
Expected Recovery (11)
Quoted pricesNot applicableNot applicable
21,999 
Market approach (comparable companies) (7)
Earnings multiple (10)
6.5x -7.0x
7.0x
Equity investments:
202,057 
Recent transaction price (4)
Quoted pricesNot applicableNot applicable
850,420 
Market approach (comparable companies) (7)
Multiple of underlying assets (9)
1.0x - 1.0x
1.0x
458,953 
Market approach (comparable companies) (7)
Earnings multiple (10)
5.0x - 14.0x
9.6x
213,813 
Discounted cash flow (6)
Discount rate
4% – 18%
14%
26,445 
Market approach (comparable companies) (7)
Revenue multiple (8)
1.0x - 2.1x
1.2x
25,295 
Discounted cash flow (6) / Market approach (comparable companies) (7)
Discount rate
11% – 11%
11%
Earnings multiple (10)
10.0x - 12.0x
11.0x
5,979 
Recent market information (5)
Quoted pricesNot applicableNot applicable
8,903 
Expected Recovery (11)
Quoted pricesNot applicableNot applicable
1,299 
Black Scholes (12)
Quoted pricesNot applicableNot applicable
Real estate-oriented:
206,181 
Discounted cash flow (6)
Discount rate
4% – 26%
15%
Total Level III
   investments		$4,062,983 
(1)    The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement.
(2)    Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement.
(3)    The weighted average is based on the fair value of the investments included in the range.
(4)    Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date.
(5)    Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions.
(6)    A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios.
(7)    A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying.
(8)    Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant.
(9)    A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets.
(10)    Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant.
(11) Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down.
(12) The fair value of options/warrants is estimated using the Black-Scholes-Merton valuation model. The company uses the following methods to determine the underlying assumptions: expected volatilities are based on the historical and implied volatilities of comparable companies or the subject company if the subject company is publicly traded; expected term is based on the shorter of the expected hold period for the option or the contractual term; and the risk-free rate is based on the yields on U.S. Treasury bills or bonds issued with similar terms to the expected term of the option.
A significant amount of judgment may be required when using unobservable inputs, including assessing the accuracy of source data and the results of pricing models. The Company assesses the accuracy and reliability of the sources it uses to develop unobservable inputs. These sources may include third-party vendors that the Company believes are reliable and commonly utilized by other marketplace participants. As described in note 2, other factors beyond the unobservable inputs described above may have a significant impact on investment valuations.
During the nine months ended September 30, 2025, the valuation techniques for five credit-oriented investments were changed from market approach (comparable companies) to discounted cash flow, four credit-oriented investments were changed from discounted cash flow to market approach (comparable companies), three credit-oriented investments were changed from recent market information to discounted cash flow, one credit-oriented investment was changed from discounted cash flow to expected recovery, one credit-oriented investment was changed from expected recovery to discounted cash flow, one credit-oriented investment was changed from market approach (value of underlying assets) to discounted cash flow and one equity investment was changed from market approach (value of underlying assets) to expected recovery. During the nine months ended September 30, 2024, the valuation techniques for four credit-oriented investments were changed from market approach (comparable companies) to discounted cash flow, three credit-oriented investments were changed from discounted cash flow to market approach (comparable companies) and one equity investment was changed from market approach (comparable companies) to recent market information.