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FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Valuation of Investments and Other Financial Instruments by Fair Value Hierarchy Levels
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2024:
Financial Instruments of the CompanyLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Cash equivalents:
Money market funds$1,071,071 $— $— $— $1,071,071 
Investments:
Common stock and other equity securities— 104,037 411,179 — 515,216 
Collateralized loan obligations and fixed income securities
— — 41,833 — 41,833 
Partnership interests— — — 238 238 
Total investments, at fair value— 104,037 453,012 238 557,287 
Derivatives-foreign currency forward contracts— 3,737 — — 3,737 
Total assets, at fair value$1,071,071 $107,774 $453,012 $238 $1,632,095 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(216)$— $— $(216)
Contingent consideration— — (17,550)— (17,550)
Total liabilities, at fair value$— $(216)$(17,550)$— $(17,766)

Financial Instruments of the Consolidated FundsLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $7,313,632 $593,817 $— $7,907,449 
U.S. treasury securities550,800 — — — 550,800 
Bonds— 418,069 — — 418,069 
Total fixed income investments550,800 7,731,701 593,817 — 8,876,318 
Partnership interests— — — 2,000,380 2,000,380 
Equity securities28,603 2,615 1,829,928 — 1,861,146 
Total investments, at fair value579,403 7,734,316 2,423,745 2,000,380 12,737,844 
Derivatives-foreign currency forward contracts— 2,995 — — 2,995 
Total assets, at fair value$579,403 $7,737,311 $2,423,745 $2,000,380 $12,740,839 
Liabilities, at fair value
Loan obligations of CLOs$— $(9,672,189)$— $— $(9,672,189)
Derivatives:
Foreign currency forward contracts— (2,888)— — (2,888)
Asset swaps— — (1,846)— (1,846)
Total derivative liabilities, at fair value— (2,888)(1,846)— (4,734)
Total liabilities, at fair value$— $(9,675,077)$(1,846)$— $(9,676,923)
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2023:
Financial Instruments of the CompanyLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Common stock and other equity securities$— $86,572 $412,491 $— $499,063 
Collateralized loan obligations and fixed income securities
— — 126,294 — 126,294 
Partnership interests— — — 6,287 6,287 
Total investments, at fair value— 86,572 538,785 6,287 631,644 
Derivatives-foreign currency forward contracts— 1,129 — — 1,129 
Total assets, at fair value$— $87,701 $538,785 $6,287 $632,773 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(2,645)$— $— $(2,645)
Total liabilities, at fair value$— $(2,645)$— $— $(2,645)

Financial Instruments of the Consolidated FundsLevel ILevel IILevel IIIInvestments Measured at NAVTotal
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $9,879,915 $736,543 $— $10,616,458 
Bonds— 575,379 3,570 — 578,949 
U.S. treasury securities523,038 — — — 523,038 
Total fixed income investments523,038 10,455,294 740,113 — 11,718,445 
Partnership interests— — — 1,642,489 1,642,489 
Equity securities47,503 2,750 1,190,400 — 1,240,653 
Total investments, at fair value570,541 10,458,044 1,930,513 1,642,489 14,601,587 
Derivatives-foreign currency forward contracts— 9,126 — — 9,126 
Total assets, at fair value$570,541 $10,467,170 $1,930,513 $1,642,489 $14,610,713 
Liabilities, at fair value
Loan obligations of CLOs$— $(12,345,657)$— $— $(12,345,657)
Derivatives:
Foreign currency forward contracts — (9,491)— — (9,491)
Asset swaps— — (1,291)— (1,291)
Total derivative liabilities, at fair value— (9,491)(1,291)— (10,782)
Total liabilities, at fair value$— $(12,355,148)$(1,291)$— $(12,356,439)
Schedule of Changes in the Fair Value of the Level III Investments, Liabilities
The following tables set forth a summary of changes in the fair value of the Level III measurements:
Level III Assets of the CompanyEquity SecuritiesFixed IncomeContingent ConsiderationTotal
Balance as of December 31, 2023
$412,491 $126,294 $— $538,785 
Established in connection with acquisition (see Note 8)
— — (17,550)(17,550)
Transfer in(1)
— 39,636 — 39,636 
Transfer out(1)
(872)— — (872)
Purchases(2)
1,453 436,649 — 438,102 
Sales/settlements(3)
(2,382)(561,492)— (563,874)
Realized and unrealized appreciation, net489 746 — 1,235 
Balance as of December 31, 2024
$411,179 $41,833 $(17,550)$435,462 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(904)$2,172 $— $1,268 
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of December 31, 2023$1,190,400 $740,113 $(1,291)$1,929,222 
Transfer in(1)
— 87,505 — 87,505 
Transfer out(1)
(1,017)(154,961)— (155,978)
Purchases(2)
518,369 877,311 130 1,395,810 
Sales/settlements(3)
(114)(960,839)— (960,953)
Realized and unrealized appreciation (depreciation), net122,289 4,688 (685)126,292 
Balance as of December 31, 2024$1,829,927 $593,817 $(1,846)$2,421,898 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$123,659 $2,237 $(744)$125,152 
(1)Transfers in and out include changes in the observability of inputs used in valuations, and changes due to the consolidation and deconsolidation of funds.
(2)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(3)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

Level III Assets of the CompanyEquity  SecuritiesFixed IncomeTotal
Balance as of December 31, 2022
$121,785 $76,934 $198,719 
Purchases(1)
244,335 88,480 332,815 
Sales/settlements(2)
(2)(37,332)(37,334)
Realized and unrealized appreciation (depreciation), net46,373 (1,788)44,585 
Balance as of December 31, 2023
$412,491 $126,294 $538,785 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$46,161 $(1,577)$44,584 
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomePartnership InterestsDerivatives, NetTotal
Balance as of December 31, 2022$730,880 $869,668 $368,655 $(3,556)$1,965,647 
Transfer in(3)
— 247,661 — — 247,661 
Transfer out(3)
(38,757)(508,600)(374,049)— (921,406)
Purchases(1)
347,583 813,564 49,000 — 1,210,147 
Sales/settlements(2)
(2,595)(700,944)(48,889)(154)(752,582)
Realized and unrealized appreciation, net153,289 18,764 5,283 2,419 179,755 
Balance as of December 31, 2023$1,190,400 $740,113 $— $(1,291)$1,929,222 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$152,336 $(15,623)$— $1,590 $138,303 
(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
(3)Transfers in and out include changes in the observability of inputs used in valuations, and changes due to the consolidation and deconsolidation of funds.
Schedule of Quantitative Inputs and Assumptions used for Level III Inputs
The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2024:
Level III Measurements of the CompanyFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$168,387 
Transaction price(1)
N/AN/AN/A
100,000 Market approachYield
8.0%
8.0%
57,659 Market approachMultiple of book value
1.0x - 1.1x
1.0x
Discounted cash flowDiscount rate
10.0% - 14.0%
12.0%
56,918 Market approachMultiple of book value
1.2x - 1.7x
1.4x
19,205 Option pricing modelVolatility35.0%35.0%
8,489 Market approach
Earnings multiple
15.4x
15.4x
521 Discounted cash flowDiscount rate
18.5% - 21.5%
20.0%
Fixed income investments
22,283 
Transaction price(1)
N/A
N/A
N/A
19,040 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
510 OtherN/AN/AN/A
Total assets$453,012 
Liabilities
Contingent consideration$(17,550)Monte Carlo simulationDiscount rate
6.6% - 6.9%
6.8%
Volatility11.1%11.1%
Total liabilities$(17,550)

Level III Measurements of the Consolidated FundsFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$985,109 Discounted cash flowDiscount rate
10.0% - 20.0%
13.0%
835,432 Market approachMultiple of book value
1.0x - 1.7x
1.4x
8,598 Market approach
EBITDA multiple(2)
5.6x - 34.6x
 10.7x
789 OtherN/AN/AN/A
Fixed income investments
308,675 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
284,950 Market approachYield
7.4% - 28.6%
9.9%
192 OtherN/AN/AN/A
Total assets$2,423,745 
Liabilities
Derivative instruments $(1,846)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(1,846)
(1)Transaction price consists of securities purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2023:
Level III Measurements of the CompanyFair Value Valuation Technique(s) Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$154,460 Discounted cash flowDiscount rate
20.0% - 30.0%
25.0%
118,846 Market approachMultiple of book value
1.3x - 1.6x
1.5x
131,864 
Transaction price(1)
N/AN/AN/A
6,447 Market approachEarnings multiple
15.4x
15.4x
874 OtherN/AN/AN/A
Fixed income investments
83,000 
Transaction price(1)
N/AN/AN/A
20,799 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
22,495 OtherN/AN/AN/A
Total assets$538,785 

Level III Measurements of the Consolidated FundsFair Value Valuation Technique(s) Significant Unobservable Input(s) RangeWeighted Average
Assets
Equity securities
$648,581 Discounted cash flowDiscount rate
10.0% - 16.0%
13.0%
537,733 Market approachMultiple of book value
1.0x - 1.7x
1.3x
3,909 Market approach
EBITDA multiple(2)
4.5x - 32.4x
8.9x
177 OtherN/AN/AN/A
Fixed income investments
548,264 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
188,322 Market approachYield
8.3% - 24.1%
12.2%
2,974 Market approach
EBITDA multiple(2)
4.5x - 32.4x
9.0x
104 Discounted cash flowDiscount rate
12.3%
12.3%
449 OtherN/AN/AN/A
Total assets$1,930,513 
Liabilities
Derivative instruments $(1,291)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(1,291)
(1)Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
Schedule of Investments and Unfunded Commitments Valued Using NAV per Share
The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:
As of December 31,
20242023
Investments (held at fair value)$2,000,380 $1,642,489 
Unfunded commitments932,473 738,621