v3.26.1
DERIVATIVES
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES DERIVATIVES
Freestanding derivatives are instruments that the Company and certain consolidated funds have entered into in the normal course of business to achieve certain risk management objectives as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, total return swaps, and foreign currency forward contracts. As a result of the use of derivative contracts, the Company and certain consolidated funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, the Company and certain consolidated funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.
The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value of all outstanding derivative contracts.

AS OF MARCH 31, 2026
(MILLIONS)
Assets
Liabilities
Notional Amount
Fair Value
Notional Amount
Fair Value
Freestanding derivatives
Foreign-currency forward contracts$16 $— $536 $5 
Total return swap contracts— — 74 9 
Interest rate swap contracts370 — — — 
$386 $— $610 $14 
AS OF DECEMBER 31, 2025
(MILLIONS)
Assets
Liabilities
Notional Amount
Fair Value
Notional Amount
Fair Value
Freestanding derivatives
Foreign-currency forward contracts$325 $4 $405 $3 
Total return swap contracts66 3 8 1 
Interest rate swap contracts— — 370 1 
$391 $7 $783 $5 

The table below summarizes the aggregate notional amount and fair value of the derivative instruments held in consolidated funds. The notional amount represents the absolute value of all outstanding derivative contracts.

AS OF MARCH 31, 2026
(MILLIONS)
Assets
Liabilities
Notional Amount
Fair Value
Notional Amount
Fair Value
Investments of consolidated funds
Foreign-currency forward contracts$200 $5 $— $— 
$200 $5 $— $— 

Nominal realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025, respectively.
There were no derivatives outstanding that were designated as hedging instruments for accounting purposes as of March 31, 2026 and December 31, 2025.