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FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025:
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$86,307 $145,591 $421,438 $— $653,336 
Collateralized loan obligations and fixed income securities
— — 50,411 — 50,411 
Partnership interests— — — 2,574 2,574 
Total investments, at fair value86,307 145,591 471,849 2,574 706,321 
Derivatives-foreign currency forward contracts— 727 — — 727 
Total assets, at fair value$86,307 $146,318 $471,849 $2,574 $707,048 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(7,142)$— $— $(7,142)
Contingent consideration— — (510,490)— (510,490)
Total liabilities, at fair value$— $(7,142)$(510,490)$— $(517,632)
Financial Instruments of the Consolidated FundsLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $6,136,367 $501,049 $— $6,637,416 
U.S. treasury securities558,150 — — — 558,150 
Bonds— 360,358 — — 360,358 
Total fixed income investments558,150 6,496,725 501,049 — 7,555,924 
Partnership interests— — — 2,520,314 2,520,314 
Equity securities32,599 2,318 2,004,343 — 2,039,260 
Total investments, at fair value590,749 6,499,043 2,505,392 2,520,314 12,115,498 
Derivatives-foreign currency forward contracts— 8,358 — — 8,358 
Total assets, at fair value$590,749 $6,507,401 $2,505,392 $2,520,314 $12,123,856 
Liabilities, at fair value
Loan obligations of CLOs$— $(8,442,225)$— $— $(8,442,225)
Derivatives:
Foreign currency forward contracts— (8,463)— — (8,463)
Asset swaps— — (720)— (720)
Total derivative liabilities, at fair value— (8,463)(720)— (9,183)
Total liabilities, at fair value$— $(8,450,688)$(720)$— $(8,451,408)

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)$— $(17,766)
Financial Instruments of the Consolidated FundsLevel ILevel IILevel IIIInvestments Measured at NAVTotal
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $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)
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 March 31, 2025
$426,377 $18,662 $(484,954)$(39,915)
Transfer in(1)
— 10,004 — 10,004 
Transfer out(1)
(10,000)— — (10,000)
Purchases(2)
— 35,641 — 35,641 
Change in fair value— — (25,536)(25,536)
Sales/settlements(3)
— (14,780)— (14,780)
Realized and unrealized appreciation, net5,061 884 — 5,945 
Balance as of June 30, 2025
$421,438 $50,411 $(510,490)$(38,641)
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date$5,061 $1,417 $(25,536)$(19,058)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of March 31, 2025
$1,844,907 $580,992 $(749)$2,425,150 
Transfer in(1)
— 85,051 — 85,051 
Transfer out(1)
— (78,800)— (78,800)
Purchases(2)
90,043 197,191 1 287,235 
Sales/settlements(3)
(29)(286,046)— (286,075)
Realized and unrealized appreciation, net69,422 2,661 28 72,111 
Balance as of June 30, 2025
$2,004,343 $501,049 $(720)$2,504,672 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$69,396 $(244)$92 $69,244 
(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 and Liabilities of the CompanyEquity SecuritiesFixed IncomeTotal
Balance as of March 31, 2024
$416,874 $21,588 $438,462 
Transfer in(1)
— 60,917 60,917 
Transfer out(1)
(37,587)— (37,587)
Purchases(2)
1,650 263,407 265,057 
Sales/settlements(3)
(1,790)(251,374)(253,164)
Realized and unrealized appreciation (depreciation), net296 (2,164)(1,868)
Balance as of June 30, 2024
$379,443 $92,374 $471,817 
Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date$(1,354)$(1,556)$(2,910)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of March 31, 2024
$1,366,464 $639,318 $(1,574)$2,004,208 
Transfer in(1)
413 212,632 — 213,045 
Transfer out(1)
— (203,255)— (203,255)
Purchases(2)
191,639 355,692 67 547,398 
Sales/settlements(3)
— (199,490)— (199,490)
Realized and unrealized appreciation (depreciation), net28,338 (1,400)(108)26,830 
Balance as of June 30, 2024
$1,586,854 $803,497 $(1,615)$2,388,736 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$30,259 $(1,868)$(169)$28,222 
(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
Income		Contingent ConsiderationTotal
Balance as of December 31, 2024
$411,179 $41,833 $(17,550)$435,462 
Established in connection with acquisition (see Note 8)
— — (465,080)(465,080)
Transfer in(1)
— 10,004 — 10,004 
Transfer out(1)
(10,000)— — (10,000)
Purchases(2)
10,546 37,171 — 47,717 
Sales/settlements(3)
— (38,437)— (38,437)
Change in fair value— — (27,860)(27,860)
Realized and unrealized appreciation (depreciation), net9,713 (160)— 9,553 
Balance as of June 30, 2025
$421,438 $50,411 $(510,490)$(38,641)
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date$9,713 $1,046 $(27,860)$(17,101)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed
Income		Derivatives, NetTotal
Balance as of December 31, 2024$1,829,927 $593,817 $(1,846)$2,421,898 
Transfer in(1)
1 167,529 — 167,530 
Transfer out(1)
— (151,064)— (151,064)
Purchases(2)
90,327 445,050 124 535,501 
Sales/settlements(3)
(118)(553,791)— (553,909)
Realized and unrealized appreciation (depreciation), net84,206 (492)1,002 84,716 
Balance as of June 30, 2025$2,004,343 $501,049 $(720)$2,504,672 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$84,510 $(873)$973 $84,610 
(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, 2023
$412,491 $126,294 $538,785 
Transfer in(1)
— 60,917 60,917 
Transfer out(1)
(37,587)— (37,587)
Purchases(2)
1,680 265,673 267,353 
Sales/settlements(3)
(2,572)(359,734)(362,306)
Realized and unrealized appreciation (depreciation), net5,431 (776)4,655 
Balance as of June 30, 2024
$379,443 $92,374 $471,817 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$3,780 $(167)$3,613 
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)
475 148,817 — 149,292 
Transfer out(1)
— (298,030)— (298,030)
Purchases(2)
346,112 634,880 113 981,105 
Sales/settlements(3)
— (424,037)— (424,037)
Realized and unrealized appreciation (depreciation), net49,867 1,754 (437)51,184 
Balance as of June 30, 2024$1,586,854 $803,497 $(1,615)$2,388,736 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$51,952 $1,028 $(442)$52,538 
(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.
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 June 30, 2025:
Level III Measurements of the CompanyFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$172,281 
Transaction price(1)
N/A
N/A
N/A
100,000 Market yield analysisMarket interest rate
8.0%
8.0%
78,612 Market approachMultiple of book value
0.4x - 1.5x
1.2x
40,481 Discounted cash flowDiscount rate
11.0% - 15.0%
13.0%
18,830 
Option pricing model
Volatility
35.0%
35.0%
11,234 Market approach
Earnings multiple
15.4x
15.4x
Fixed income investments
31,085 
Market yield analysis
Market interest rate
16.5%
16.5%
19,326 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total assets$471,849 
Liabilities
Contingent consideration$(510,490)Monte Carlo simulationDiscount rate
6.6% - 7.0%
6.8%
Volatility
11.1% - 15.1%
13.1%
Total liabilities$(510,490)

Level III Measurements of the Consolidated FundsFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$1,077,935 Discounted cash flow
Discount rate
10.0% - 20.0%
12.0%
918,400 Market approachMultiple of book value
1.0x - 1.7x
1.3x
7,191 Market approach
EBITDA multiple(2)
5.5x - 35.0x
8.5x
817 Market approachYield
8.0% - 14.0%
9.5%
Fixed income investments
325,895 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
173,899 Market approachYield
6.8% - 14.0%
9.5%
1,255 Discounted cash flowDiscount rate
12.5% - 20.0%
12.5%
Total assets$2,505,392 
Liabilities
Derivative instruments $(720)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(720)
(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, 2024:
Level III Measurements of the CompanyFair Value Valuation 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 approachEarnings 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/AN/AN/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 Value Valuation 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/A
N/A
N/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 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 June 30, 2025As of December 31, 2024
Investments (held at fair value)$2,520,314 $2,000,380 
Unfunded commitments2,248,528 932,473