v3.26.1
INVESTMENTS
 3 Months Ended
Mar. 31, 2026
Investments in and Advances to Affiliates [Abstract]  
INVESTMENTS
4. INVESTMENTS

The following table summarizes the Company’s investments:
As ofPercentage of total investments as of
March 31,December 31,March 31,December 31,
2026202520262025
Equity method investments
Equity method - carried interest(1)
$4,029,460 $3,972,748 73.0%72.1%
Equity method private investment partnership interests - principal522,078 526,372 9.59.6
Equity method private investment partnership interests and other (held at fair value)671,522 675,777 12.212.3
Equity method private investment partnership interests and other58,033 61,306 1.01.1
Total equity method investments5,281,093 5,236,203 95.795.1
Collateralized loan obligations11,112 13,217 0.20.2
Fixed income securities11,701 11,252 0.20.2
Collateralized loan obligations and fixed income securities, at fair value22,813 24,469 0.40.4
Common stock and other equity securities, at fair value215,771 247,775 3.94.5
Total investments$5,519,677 $5,508,447 
(1)Includes carried interest held at fair value of $64.0 million and $118.1 million as of March 31, 2026 and December 31, 2025, respectively.

Equity Method Investments

The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the three months ended March 31, 2026 and 2025, no individual equity method investment held by the Company met the significance criteria.

The following table presents the Company’s share of net investment income and net realized and unrealized gains from its equity method investments, which are included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations:
Three months ended March 31,
20262025
Total net investment income and net realized and unrealized gains related to equity method investments$33,584 $30,964 
With respect to the Company’s equity method investments, the material assets are expected to generate either long term capital appreciation and/or interest and dividend income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets.

Equity Method Investments Held at Fair Value

The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains on investments within the Condensed Consolidated Statements of Operations:
Three months ended March 31,
20262025
Equity method private investment partnership interests and other (held at fair value)$33,659 $4,281 

Investments of the Consolidated Funds

The following table summarizes investments held in the Consolidated Funds:
Fair Value as ofPercentage of total investments as of
March 31,December 31,March 31,December 31,
2026202520262025
Fixed income investments
Loans and securitization vehicles$4,636,142 $5,507,199 36.4%42.9%
Bonds249,966 280,911 2.02.2
Total fixed income investments4,886,108 5,788,110 38.445.1
Partnership interests4,139,766 3,791,056 32.629.6
Equity securities3,683,146 3,265,720 29.025.4
Total investments, at fair value$12,709,020 $12,844,886