Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Quantitative Level 3 Recurring Fair Values


	Fair Value Measurement Hierarchy
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2025
Assets
Investments (Note 3)
Other equity investments—Marketable equity securities	$	401	$	—	$	—	$	401
CLO subordinated notes	—		—		30,490		30,490
Equity investments of consolidated funds	115,102		—		121,239		236,341
Fair Value Option:
Equity method investment	—		—		144,037		144,037
Liabilities
Other liabilities
InfraBridge contingent consideration	—		—		2,500		2,500

DBRG stock warrants	—		—		400		400
Securities of consolidated fund sold short	74,287		—		—		74,287
December 31, 2024
Assets
Investments (Note 3)
Other equity investments—Marketable equity securities	$	242	$	—	$	—	$	242
CLO subordinated notes	—		—		35,122		35,122
Equity investments of consolidated funds	83,269		—		63,154		146,423
Fair Value Option:
Equity method investment	—		—		137,154		137,154

Liabilities
Other liabilities
InfraBridge contingent consideration	—		—		6,100		6,100

DBRG stock warrants	—		—		700		700
Securities of consolidated fund sold short	47,930		—		—		47,930

Schedule of Changes in Recurring Level 3 Fair Value

The following table presents changes in recurring Level 3 fair value assets held for investment. Realized and unrealized gains (losses) are included in other gain (loss).


	Level 3 Assets					Level 3 Liabilities
		Fair Value Option - Equity Method Investments		Equity Investments of Consolidated Funds		DBRG Stock Warrants		Contingent Consideration—InfraBridge		Contingent Consideration—Consolidated Fund
(In thousands)
Fair value at December 31, 2023		$	6,700	$	416,614	$	(39,200)	$	(11,338)	$	—

Election of fair value option		130,320		—		—		—		—
Unrealized gain (loss) in earnings, net		134		40,154		5,500		5,238		—
Reclassification to equity		—		—		33,000		—		—
Deconsolidation of sponsored funds		—		(393,614)		—		—		—
Fair value at December 31, 2024		$	137,154	$	63,154	$	(700)	$	(6,100)	$	—

Net unrealized gain (loss) in earnings on instruments held at December 31, 2024		$	134	$	40,154	$	8,400	$	5,238	$	—

Fair value at December 31, 2024		$	137,154	$	63,154	$	(700)	$	(6,100)	$	—
Contributions		—		40,683		—		—		—
Consolidation of sponsored fund		—		115,539		—		—		(11,186)
Change in consolidated fund's share of interest in portfolio company (1)		—		8,779		—		—		(2,996)
Change in fair value of contingent consideration of consolidated fund (2)		—		619		—		—		(619)
Realized and unrealized gain (loss) in earnings, net		6,883		50,541		300		3,600		—
Disposition		—		(9,790)		—		—		—
Deconsolidation of sponsored funds		—		(148,286)		—		—		14,801
Fair value at December 31, 2025		$	144,037	$	121,239	$	(400)	$	(2,500)	$	—

Net unrealized gain (loss) in earnings on instruments held at December 31, 2025		$	6,883	$	43,763	$	300	$	3,600	$	—

__________

(1) Represents additional allocation to consolidated fund following further syndication of interest in portfolio company from a non-consolidated fund to the consolidated fund. Fund was deconsolidated in the fourth quarter of 2025.

(2) Represents contingent consideration of a single-asset fund which was consolidated in the third quarter of 2025 and deconsolidated in the fourth quarter of 2025. Changes in fair value of the contingent consideration was reflected as an equivalent change in the cost of the fund's corresponding investment, with no effect to earnings.

Schedule of Changes in Recurring Level 3 Fair Values

The following table presents changes in recurring Level 3 fair value assets held for investment. Realized and unrealized gains (losses) are included in other gain (loss).


	Level 3 Assets					Level 3 Liabilities
		Fair Value Option - Equity Method Investments		Equity Investments of Consolidated Funds		DBRG Stock Warrants		Contingent Consideration—InfraBridge		Contingent Consideration—Consolidated Fund
(In thousands)
Fair value at December 31, 2023		$	6,700	$	416,614	$	(39,200)	$	(11,338)	$	—

Election of fair value option		130,320		—		—		—		—
Unrealized gain (loss) in earnings, net		134		40,154		5,500		5,238		—
Reclassification to equity		—		—		33,000		—		—
Deconsolidation of sponsored funds		—		(393,614)		—		—		—
Fair value at December 31, 2024		$	137,154	$	63,154	$	(700)	$	(6,100)	$	—

Net unrealized gain (loss) in earnings on instruments held at December 31, 2024		$	134	$	40,154	$	8,400	$	5,238	$	—

Fair value at December 31, 2024		$	137,154	$	63,154	$	(700)	$	(6,100)	$	—
Contributions		—		40,683		—		—		—
Consolidation of sponsored fund		—		115,539		—		—		(11,186)
Change in consolidated fund's share of interest in portfolio company (1)		—		8,779		—		—		(2,996)
Change in fair value of contingent consideration of consolidated fund (2)		—		619		—		—		(619)
Realized and unrealized gain (loss) in earnings, net		6,883		50,541		300		3,600		—
Disposition		—		(9,790)		—		—		—
Deconsolidation of sponsored funds		—		(148,286)		—		—		14,801
Fair value at December 31, 2025		$	144,037	$	121,239	$	(400)	$	(2,500)	$	—

Net unrealized gain (loss) in earnings on instruments held at December 31, 2025		$	6,883	$	43,763	$	300	$	3,600	$	—

__________

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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