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FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2025:
Financial Instruments of the CompanyLevel I Level II Level III Total 
Assets, at fair value
Investments:
Common stock, other equity securities and equity method investments$152,163 $95,612 $675,777 $923,552 
Common stock and other equity securities - carried interest68,250 — 49,813 118,063 
Collateralized loan obligations and fixed income securities
— — 24,469 24,469 
Total investments, at fair value220,413 95,612 750,059 1,066,084 
Derivatives-foreign currency forward contracts— 18,230 — 18,230 
Total assets, at fair value$220,413 $113,842 $750,059 $1,084,314 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(2,627)$— $(2,627)
Contingent consideration— — (765,370)(765,370)
Total liabilities, at fair value$— $(2,627)$(765,370)$(767,997)

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$— $4,873,684 $633,515 $— $5,507,199 
Bonds— 280,911 — — 280,911 
Total fixed income investments— 5,154,595 633,515 — 5,788,110 
Partnership interests— — — 3,791,056 3,791,056 
Equity securities— 262,271 3,003,449 — 3,265,720 
Total investments, at fair value— 5,416,866 3,636,964 3,791,056 12,844,886 
Derivatives:
Foreign currency forward contracts— 4,889 — — 4,889 
Total derivative assets, at fair value— 4,889 — — 4,889 
Total assets, at fair value$— $5,421,755 $3,636,964 $3,791,056 $12,849,775 
Liabilities, at fair value
Loan obligations of CLOs$— $(7,359,072)$— $— $(7,359,072)
Derivatives:
Foreign currency forward contracts— (4,842)— — (4,842)
Asset swaps— — (114)— (114)
Total derivative liabilities, at fair value— (4,842)(114)— (4,956)
Total liabilities, at fair value$— $(7,363,914)$(114)$— $(7,364,028)
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 and Liabilities 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 9)
— — (465,080)(465,080)
Transfer in(1)
27,162 11,492 — 38,654 
Transfer out(1)
(10,000)(28,271)— (38,271)
Purchases(2)
10,646 219,846 — 230,492 
Sales/settlements(3)
(1,348)(219,961)18,380 (202,929)
Change in fair value— — (301,120)(301,120)
Realized and unrealized appreciation (depreciation), net287,951 (470)— 287,481 
Balance as of December 31, 2025
$725,590 $24,469 $(765,370)$(15,311)
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date$287,952 $1,036 $(301,120)$(12,132)
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)
268,897 305,265 — 574,162 
Transfer out(1)
(819)(387,091)— (387,910)
Purchases(2)
780,989 1,203,376 124 1,984,489 
Sales/settlements(3)
(61,117)(1,087,510)— (1,148,627)
Realized and unrealized appreciation, net185,572 5,658 1,608 192,838 
Balance as of December 31, 2025$3,003,449 $633,515 $(114)$3,636,850 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$185,739 $(1,535)$1,587 $185,791 
(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, securities disposed of in connection with restructurings and contingent consideration payments.

Level III Assets and Liabilities of the CompanyEquity  SecuritiesFixed IncomeContingent ConsiderationTotal
Balance as of December 31, 2023
$412,491 $126,294 $— $538,785 
Established in connection with acquisition— — (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.
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, 2025:
Level III Measurements of the CompanyFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$307,942 
Transaction price(1)
N/A
N/A
N/A
100,000 Market yield analysisMarket interest rate
8.0%
8.0%
84,737 Market approachMultiple of book value
0.6x - 1.5x
1.2x
81,905 Option pricing modelVolatility
50.0%
50.0%
58,060 Monte Carlo simulationVolatility52.5%52.5%
59,136 Discounted cash flowDiscount rate
11.0% - 17.0%
14.0%
33,810 
Market approach
EBITDA multiple(2)
11.0x - 13.0x
11.8x
Fixed income investments
13,217 Broker quotes and/or third-party pricing servicesN/AN/AN/A
11,252 
Market yield analysis
Market interest rate
16.5%
16.5%
Total assets$750,059 
Liabilities
Contingent consideration$(765,370)Monte Carlo simulationDiscount rate
5.8% - 6.6%
5.8%
Volatility
10.0% - 11.1%
10.0%
Total liabilities$(765,370)

Level III Measurements of the Consolidated FundsFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$1,295,564 Discounted cash flow
Discount rate
9.0% - 20.0%
11.0%
1,078,401 Market approachMultiple of book value
1.0x - 1.7x
1.3x
350,000 
Transaction price(1)
N/A
N/A
N/A
278,992 Market approach
EBITDA multiple(2)
5.4x - 33.0x
 13.9x
492 Market approachYield
10.5% - 14.0%
9.1%
Fixed income investments
370,588 Market approachYield
6.1% - 14.0%
9.2%
232,261 Broker quotes and/or third-party pricing servicesN/AN/AN/A
29,484 
Transaction price(1)
N/AN/AN/A
1,182 Discounted cash flowDiscount rate
12.2% - 20.0%
12.3%
Total assets$3,636,964 
Liabilities
Derivative instruments $(114)Broker quotes and/or third-party pricing servicesN/AN/AN/A
Total liabilities$(114)
(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 approachYield8.0%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 third-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 third-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 $(1,846)Broker quotes and/or third-party pricing servicesN/AN/AN/A
Total liabilities$(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 December 31,
20252024
Investments (held at fair value)$3,791,056 $2,000,380 
Unfunded commitments3,658,819 932,473