SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Financial Results for Company's Operating Segments and OMG

The following tables present the financial results for the Company’s operating segments, as well as the OMG:









































	Year ended December 31, 2025
	Credit Group		Real Assets Group		Secondaries Group		Private Equity Group		Other		Total Segments		OMG		Total
Management fees	$	2,529,312	$	678,355	$	276,292	$	139,172	$	59,791	$	3,682,922	$	—	$	3,682,922
Fee related performance revenues	210,356		35,665		55,288		—		—		301,309		—		301,309
Other fees	52,895		181,104		6,580		1,824		2,700		245,103		27,604		272,707
Compensation and benefits	(788,989)		(315,616)		(91,834)		(60,701)		(26,066)		(1,283,206)		(534,113)		(1,817,319)
General, administrative and other expenses	(178,863)		(114,848)		(37,920)		(21,975)		(9,021)		(362,627)		(301,692)		(664,319)
Fee related earnings	1,824,711		464,660		208,406		58,320		27,404		2,583,501		(808,201)		1,775,300
Performance income—realized	383,892		99,813		177		42,402		—		526,284		—		526,284
Performance related compensation—realized	(257,290)		(67,883)		(106)		(31,994)		—		(357,273)		—		(357,273)
Realized net performance income	126,602		31,930		71		10,408		—		169,011		—		169,011
Investment income (loss)—realized	14,321		31,356		1,645		(15,659)		8,425		40,088		1,355		41,443
Interest income	6,704		6,895		1,176		2,025		14,489		31,289		2,907		34,196
Interest expense	(20,041)		(92,787)		(7,998)		(15,555)		(34,898)		(171,279)		(363)		(171,642)
Realized net investment income (loss)	984		(54,536)		(5,177)		(29,189)		(11,984)		(99,902)		3,899		(96,003)
Realized income	$	1,952,297	$	442,054	$	203,300	$	39,539	$	15,420	$	2,652,610	$	(804,302)	$	1,848,308

	Year ended December 31, 2024
	Credit Group		Real Assets Group		Secondaries Group		Private Equity Group		Other		Total Segments		OMG		Total
Management fees	$	2,177,816	$	401,968	$	197,287	$	137,130	$	43,229	$	2,957,430	$	—	$	2,957,430
Fee related performance revenues	202,703		—		28,834		—		—		231,537		—		231,537
Other fees	41,819		27,263		222		1,695		523		71,522		20,357		91,879
Compensation and benefits	(692,309)		(160,357)		(66,290)		(56,830)		(21,482)		(997,268)		(421,268)		(1,418,536)
General, administrative and other expenses	(161,872)		(56,768)		(33,881)		(21,449)		(6,584)		(280,554)		(220,019)		(500,573)
Fee related earnings	1,568,157		212,106		126,172		60,546		15,686		1,982,667		(620,930)		1,361,737
Performance income—realized	326,202		60,317		361		43,299		—		430,179		—		430,179
Performance related compensation—realized	(207,794)		(37,283)		110		(36,334)		—		(281,301)		—		(281,301)
Realized net performance income	118,408		23,034		471		6,965		—		148,878		—		148,878
Investment income (loss)—realized	21,159		5,184		2,565		1,926		9,467		40,301		(650)		39,651
Interest income	11,671		7,649		972		1,970		35,810		58,072		1,723		59,795
Interest expense(1)	(31,285)		(29,763)		(29,144)		(18,906)		(33,142)		(142,240)		(701)		(142,941)
Realized net investment income (loss)	1,545		(16,930)		(25,607)		(15,010)		12,135		(43,867)		372		(43,495)
Realized income	$	1,688,110	$	218,210	$	101,036	$	52,501	$	27,821	$	2,087,678	$	(620,558)	$	1,467,120

(1) Interest expense was historically allocated among our segments based only on the cost basis of the Company’s balance sheet investments. Beginning in the first quarter of 2025, the Company changed its interest expense allocation methodology to consider the growing sources of financing requirements, including the cost of acquisitions in addition to the cost basis of its balance sheet investments. Prior period amounts have been reclassified to conform to the current period presentation.


	Year ended December 31, 2023
	Credit Group		Real Assets Group		Secondaries Group		Private Equity Group		Other		Total Segments		OMG		Total
Management fees	$	1,853,326	$	389,437	$	174,942	$	126,721	$	27,087	$	2,571,513	$	—	$	2,571,513
Fee related performance revenues	167,333		334		12,782		—		—		180,449		—		180,449
Other fees	36,640		29,695		22		1,693		374		68,424		23,685		92,109
Compensation and benefits	(624,741)		(153,870)		(62,160)		(58,408)		(15,812)		(914,991)		(361,124)		(1,276,115)
General, administrative and other expenses	(115,546)		(46,789)		(21,199)		(16,949)		(3,119)		(203,602)		(200,613)		(404,215)
Fee related earnings	1,317,012		218,807		104,387		53,057		8,530		1,701,793		(538,052)		1,163,741
Performance income—realized	323,733		20,990		5,460		65,716		—		415,899		—		415,899
Performance related compensation—realized	(211,976)		(12,768)		(4,678)		(52,984)		—		(282,406)		—		(282,406)
Realized net performance income	111,757		8,222		782		12,732		—		133,493		—		133,493
Investment income (loss)—realized	36,490		3,392		4,523		(712)		2,962		46,655		(470)		46,185
Interest income	9,788		3,165		344		38		13,831		27,166		1,218		28,384
Interest expense(1)	(20,643)		(23,433)		(27,119)		(14,331)		(20,593)		(106,119)		(156)		(106,275)
Realized net investment income (loss)	25,635		(16,876)		(22,252)		(15,005)		(3,800)		(32,298)		592		(31,706)
Realized income	$	1,454,404	$	210,153	$	82,917	$	50,784	$	4,730	$	1,802,988	$	(537,460)	$	1,265,528

Schedule of Segment Revenue, Expenses and Realized Net Investment Income (Expense)

The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss):


	Year ended December 31,
		2025		2024		2023
Segment revenues
Management fees		$	3,682,922	$	2,957,430	$	2,571,513
Fee related performance revenues		301,309		231,537		180,449
Other fees		245,103		71,522		68,424
Performance income—realized		526,284		430,179		415,899
Total segment revenues		$	4,755,618	$	3,690,668	$	3,236,285
Segment expenses
Compensation and benefits		$	1,283,206	$	997,268	$	914,991
General, administrative and other expenses		362,627		280,554		203,602
Performance related compensation—realized		357,273		281,301		282,406
Total segment expenses		$	2,003,106	$	1,559,123	$	1,400,999
Segment realized net investment income (loss)
Investment income—realized		$	40,088	$	40,301	$	46,655
Interest income		31,289		58,072		27,166
Interest expense		(171,279)		(142,240)		(106,119)
Total segment realized net investment loss		$	(99,902)	$	(43,867)	$	(32,298)

Schedule of Segment Revenues Components

The following table reconciles the Company’s consolidated revenues to segment revenue:


	Year ended December 31,
		2025		2024		2023
Total consolidated revenue		$	5,601,482	$	3,884,781	$	3,631,884
Performance income—unrealized		(762,534)		(109,533)		(305,370)
Management fees of Consolidated Funds eliminated in consolidation		44,772		46,597		48,201
Performance income of Consolidated Funds eliminated in consolidation		33,873		28,135		13,672
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation		9,669		525		7,166
Administrative fees(1)		(93,613)		(70,363)		(63,144)
OMG revenue		(27,604)		(20,357)		(23,685)


Principal investment income, net of eliminations		(48,149)		(45,424)		(36,516)
Net revenue of non-controlling interests in consolidated subsidiaries		(2,278)		(23,693)		(35,923)
Total consolidation adjustments and reconciling items		(845,864)		(194,113)		(395,599)
Total segment revenue		$	4,755,618	$	3,690,668	$	3,236,285

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

Schedule of Segment Expenses Components

The following table reconciles the Company’s consolidated expenses to segment expenses:


	Year ended December 31,
		2025		2024		2023
Total consolidated expenses		$	4,708,766	$	2,938,691	$	2,797,858
Performance related compensation-unrealized		(594,661)		(36,823)		(206,923)
Expenses of Consolidated Funds added in consolidation		(106,639)		(69,320)		(93,167)
Expenses of Consolidated Funds eliminated in consolidation		53,928		48,441		50,108
Administrative fees(1)		(93,613)		(70,363)		(62,773)
OMG expenses		(835,805)		(641,287)		(561,737)
Acquisition and merger-related expense		(65,363)		(57,360)		(12,000)
Equity compensation expense		(740,549)		(352,851)		(255,790)
Acquisition-related compensation expense(2)		(105,202)		(38,150)		(7,334)
Placement fee adjustment		3,891		(5,715)		5,819
Depreciation and amortization expense		(241,925)		(157,341)		(233,185)
Expense of non-controlling interests in consolidated subsidiaries		20,278		1,201		(19,877)
Total consolidation adjustments and reconciling items		(2,705,660)		(1,379,568)		(1,396,859)
Total segment expenses		$	2,003,106	$	1,559,123	$	1,400,999

(2)Represents bonus payments, a portion of earnouts and other costs recorded in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations. See “Note 9. Commitments and Contingencies” for a further description of the various contingent earnout arrangements.

Schedule of Segment Other Income Components

The following table reconciles the Company’s consolidated other income to segment realized net investment loss:


	Year ended December 31,
		2025		2024		2023
Total consolidated other income		$	394,177	$	329,262	$	499,037
Investment income—unrealized		(467,995)		(5,613)		(178,481)
Interest and other investment loss—unrealized		27,299		—		—
Other income, net of Consolidated Funds added in consolidation		(526,448)		(379,090)		(492,848)
Total consolidated other expense (income), net of Consolidated Funds eliminated in consolidation		34,932		(12,835)		(16,485)
OMG other (income) expense		(11,119)		(4,413)		1,074
Principal investment income		138,608		38,367		155,632
Other (income) expense, net		303,200		(12,172)		976
Other loss (income) of non-controlling interests in consolidated subsidiaries		7,444		2,627		(1,203)
Total consolidation adjustments and reconciling items		(494,079)		(373,129)		(531,335)
Total segment realized net investment loss		$	(99,902)	$	(43,867)	$	(32,298)

Schedule of Reconciliation of Segment Results to the Company's Income Before Taxes and Total Assets

The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE:


	Year ended December 31,
		2025		2024		2023
Income before taxes		$	1,286,893	$	1,275,352	$	1,333,063
Adjustments:
Depreciation and amortization expense		241,925		157,341		233,185
Equity compensation expense		740,549		352,851		255,419
Acquisition-related compensation expense(1)		105,202		38,150		7,334
Acquisition, merger and transaction-related expense		65,363		57,360		12,000
Placement fee adjustment		(3,891)		5,715		(5,819)
OMG expense, net		797,082		616,517		539,126
Other (income) expense, net		303,200		(12,172)		976
Income before taxes of non-controlling interests in consolidated subsidiaries		(15,112)		(22,267)		(17,249)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(260,032)		(302,846)		(278,119)
Total performance income—unrealized		(762,534)		(109,533)		(305,370)
Total performance related compensation—unrealized		594,661		36,823		206,923
Total net investment income—unrealized		(440,696)		(5,613)		(178,481)
Realized income		2,652,610		2,087,678		1,802,988
Total performance income—realized		(526,284)		(430,179)		(415,899)
Total performance related compensation—realized		357,273		281,301		282,406
Total net investment loss—realized		99,902		43,867		32,298
Fee related earnings		$	2,583,501	$	1,982,667	$	1,701,793

(1)Represents bonus payments, a portion of earnouts and other costs recorded in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations. See “Note 9. Commitments and Contingencies” for a further description of the various contingent earnout arrangements.