SEGMENT REPORTING (Tables)

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









































	Three months ended March 31, 2026
	Credit Group		Real Assets Group		Secondaries Group		Private Equity Group		Other		Total Segments		OMG		Total
Management fees	$	684,663	$	196,626	$	70,275	$	33,119	$	16,888	$	1,001,571	$	—	$	1,001,571
Fee related performance revenues	5,256		2,601		11,699		—		—		19,556		—		19,556
Other fees	15,099		46,752		1,785		500		50		64,186		9,781		73,967
Compensation and benefits	(176,237)		(80,091)		(20,499)		(13,784)		(7,964)		(298,575)		(150,072)		(448,647)
General, administrative and other expenses	(51,345)		(33,919)		(8,627)		(4,978)		(2,563)		(101,432)		(80,611)		(182,043)
Fee related earnings	477,436		131,969		54,633		14,857		6,411		685,306		(220,902)		464,404
Performance income—realized	166,228		11,663		—		35,657		—		213,548		—		213,548
Performance related compensation—realized	(102,249)		(7,400)		—		(28,563)		—		(138,212)		—		(138,212)
Realized net performance income	63,979		4,263		—		7,094		—		75,336		—		75,336
Investment income (loss)—realized	4,024		5,446		169		78		2,194		11,911		(131)		11,780
Interest income	832		184		19		—		—		1,035		941		1,976
Interest expense	(3,355)		(31,089)		(1,623)		(3,416)		(11,141)		(50,624)		(136)		(50,760)
Realized net investment income (loss)	1,501		(25,459)		(1,435)		(3,338)		(8,947)		(37,678)		674		(37,004)
Realized income	$	542,916	$	110,773	$	53,198	$	18,613	$	(2,536)	$	722,964	$	(220,228)	$	502,736

	Three months ended March 31, 2025
	Credit Group		Real Assets Group		Secondaries Group		Private Equity Group		Other		Total Segments		OMG		Total
Management fees	$	585,396	$	130,453	$	57,650	$	31,998	$	12,879	$	818,376	$	—	$	818,376
Fee related performance revenues	18,395		—		9,656		—		—		28,051		—		28,051
Other fees	10,598		21,380		122		397		136		32,633		5,537		38,170
Compensation and benefits	(164,747)		(56,702)		(18,371)		(13,831)		(7,063)		(260,714)		(116,468)		(377,182)
General, administrative and other expenses	(41,048)		(20,852)		(8,473)		(4,257)		(1,483)		(76,113)		(64,026)		(140,139)
Fee related earnings	408,594		74,279		40,584		14,307		4,469		542,233		(174,957)		367,276
Performance income—realized	54,112		65,305		—		6,031		—		125,448		—		125,448
Performance related compensation—realized	(34,258)		(46,807)		—		(3,351)		—		(84,416)		—		(84,416)
Realized net performance income	19,854		18,498		—		2,680		—		41,032		—		41,032
Investment income (loss)—realized	5,379		7,919		138		(4,602)		2,530		11,364		331		11,695
Interest income	4,420		2,618		957		2,022		11,688		21,705		603		22,308
Interest expense	(6,308)		(15,717)		(2,008)		(4,180)		(7,918)		(36,131)		(256)		(36,387)
Realized net investment income (loss)	3,491		(5,180)		(913)		(6,760)		6,300		(3,062)		678		(2,384)
Realized income	$	431,939	$	87,597	$	39,671	$	10,227	$	10,769	$	580,203	$	(174,279)	$	405,924

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


	Three months ended March 31,
	2026		2025
Segment revenues
Management fees	$	1,001,571	$	818,376
Fee related performance revenues	19,556		28,051
Other fees	64,186		32,633
Performance income—realized	213,548		125,448
Total segment revenues	$	1,298,861	$	1,004,508
Segment expenses
Compensation and benefits	$	298,575	$	260,714
General, administrative and other expenses	101,432		76,113
Performance related compensation—realized	138,212		84,416
Total segment expenses	$	538,219	$	421,243
Segment realized net investment income (loss)
Investment income—realized	$	11,911	$	11,364
Interest income	1,035		21,705
Interest expense	(50,624)		(36,131)
Total segment realized net investment loss	$	(37,678)	$	(3,062)

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


	Three months ended March 31,
	2026		2025
Total consolidated revenue	$	1,396,436	$	1,088,805
Performance income—unrealized	(92,035)		(64,443)
Management fees of Consolidated Funds eliminated in consolidation	21,513		9,894
Performance income of Consolidated Funds eliminated in consolidation	16,118		5,128
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation	83		124
Administrative fees(1)	(24,035)		(19,728)
OMG revenue	(9,780)		(5,537)


Principal investment income, net of eliminations	(477)		(21,998)
Net (revenue) expense of non-controlling interests in consolidated subsidiaries	(8,962)		12,263
Total consolidation adjustments and reconciling items	(97,575)		(84,297)
Total segment revenue	$	1,298,861	$	1,004,508

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

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


	Three months ended March 31,
	2026		2025
Total consolidated expenses	$	1,168,463	$	1,014,328
Performance related compensation-unrealized	(81,422)		(40,550)
Expenses of Consolidated Funds added in consolidation	(28,878)		(16,684)
Expenses of Consolidated Funds eliminated in consolidation	21,595		10,028
Administrative fees(1)	(24,035)		(19,728)
OMG expenses	(230,683)		(180,494)
Acquisition and merger-related expense	(1,244)		(34,608)
Equity compensation expense	(203,632)		(257,862)
Acquisition-related compensation expense(2)	(28,200)		(21,999)
Placement fee adjustment	6,822		6
Depreciation and amortization expense	(59,694)		(48,229)
Expense of non-controlling interests in consolidated subsidiaries	(873)		17,035
Total consolidation adjustments and reconciling items	(630,244)		(593,085)
Total segment expenses	$	538,219	$	421,243

(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 Condensed Consolidated Statements of Operations. See “Note 7. Commitments and Contingencies” for a further description of the various contingent earnout arrangements.

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


	Three months ended March 31,
	2026		2025
Total consolidated other income	$	84,948	$	66,561
Investment income—unrealized	(20,138)		(21,638)
Interest and other investment (income) loss—unrealized	(3,373)		3,774
Other income, net of Consolidated Funds added in consolidation	(106,720)		(86,422)
Other expense (income), net of Consolidated Funds eliminated in consolidation	(236)		1,800
OMG other (income) expense	(675)		4,197
Principal investment income	29,012		26,839
Other (income) expense, net	(23,006)		2,526
Other loss (income) of non-controlling interests in consolidated subsidiaries	2,510		(699)
Total consolidation adjustments and reconciling items	(122,626)		(69,623)
Total segment realized net investment loss	$	(37,678)	$	(3,062)

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


	Three months ended March 31,
	2026		2025
Income before taxes	$	312,921	$	141,038
Adjustments:
Depreciation and amortization expense	59,694		48,229
Equity compensation expense	203,632		257,862
Acquisition-related compensation expense(1)	28,200		21,999
Acquisition and merger-related expense	1,244		34,608
Placement fee adjustment	(6,822)		(6)
OMG expense, net	220,227		179,154
Other (income) expense, net	(23,006)		2,526
Income before taxes of non-controlling interests in consolidated subsidiaries	(5,578)		(5,471)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(33,424)		(57,979)
Total performance income—unrealized	(92,035)		(64,443)
Total performance related compensation—unrealized	81,422		40,550
Total net investment income—unrealized	(23,511)		(17,864)
Realized income	722,964		580,203
Total performance income—realized	(213,548)		(125,448)
Total performance related compensation—realized	138,212		84,416
Total net investment loss—realized	37,678		3,062
Fee related earnings	$	685,306	$	542,233

(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 Condensed Consolidated Statements of Operations. See “Note 7. Commitments and Contingencies” for a further description of the various contingent earnout arrangements.