Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Quantitative Level 3 Recurring Fair Values


	Fair Value Measurement Hierarchy
(In thousands)	Level 1		Level 2		Level 3		Total
June 30, 2026
Assets
Investments (Note 3)
Other equity investments—Marketable equity securities	$	444	$	—	$	—	$	444
CLO subordinated notes	—		—		28,563		28,563
Equity investments of consolidated funds	135,790				121,239		257,029
Fair Value Option:
Equity method investment	—		—		144,336		144,336
Liabilities
Other liabilities
InfraBridge contingent consideration	—		—		1,300		1,300


Securities of consolidated fund sold short	91,838		—		—		91,838
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 (1)	—		—		400		400
Securities of consolidated fund sold short	74,287		—		—		74,287

__________

(1) Represent liability-classified warrants that were out-of-the-money and expired in July 2026. Fair value of zero at June 30, 2026.

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			Contingent Consideration—InfraBridge
(In thousands)
Fair value at December 31, 2024		$	137,154	$	63,154		$	(6,100)
Contributions		—		17,333			—
Unrealized gain (loss) in earnings, net		3,491		127			3,800
Fair value at June 30, 2025		$	140,645	$	80,614		$	(2,300)

Net unrealized gain (loss) in earnings on instruments held at June 30, 2025		$	3,491	$	127		$	3,800

Fair value at December 31, 2025		$	144,037	$	121,239		$	(2,500)

Unrealized gain (loss) in earnings, net		299		—			1,200

Fair value at June 30, 2026		$	144,336	$	121,239		$	(1,300)

Net unrealized gain (loss) in earnings on instruments held at June 30, 2026		$	299	$	—		$	1,200

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			Contingent Consideration—InfraBridge
(In thousands)
Fair value at December 31, 2024		$	137,154	$	63,154		$	(6,100)
Contributions		—		17,333			—
Unrealized gain (loss) in earnings, net		3,491		127			3,800
Fair value at June 30, 2025		$	140,645	$	80,614		$	(2,300)

Net unrealized gain (loss) in earnings on instruments held at June 30, 2025		$	3,491	$	127		$	3,800

Fair value at December 31, 2025		$	144,037	$	121,239		$	(2,500)

Unrealized gain (loss) in earnings, net		299		—			1,200

Fair value at June 30, 2026		$	144,336	$	121,239		$	(1,300)

Net unrealized gain (loss) in earnings on instruments held at June 30, 2026		$	299	$	—		$	1,200

- 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.

+ References + Details