| FAIR VALUE |
5. FAIR VALUE Fair Value of Financial Instruments Held by the Company and Consolidated Funds
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial Instruments of the Company | | Level I | | Level II | | Level III | | | | Total | Assets, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investments: | | | | | | | | | | | | Common stock, other equity securities and equity method investments | | $ | 613,269 | | | $ | 46,275 | | | $ | 249,885 | | | | | $ | 909,429 | | | Common stock and other equity securities - carried interest | | 31,750 | | | — | | | 11,375 | | | | | 43,125 | | Collateralized loan obligations and fixed income securities | | — | | | — | | | 17,571 | | | | | 17,571 | | | | | | | | | | | | | | Total investments, at fair value | | 645,019 | | | 46,275 | | | 278,831 | | | | | 970,125 | | | Derivatives-foreign currency forward contracts | | — | | | 4,950 | | | — | | | | | 4,950 | | | Total assets, at fair value | | $ | 645,019 | | | $ | 51,225 | | | $ | 278,831 | | | | | $ | 975,075 | | | Liabilities, at fair value | | | | | | | | | | | | Derivatives-foreign currency forward contracts | | $ | — | | | $ | (446) | | | $ | — | | | | | $ | (446) | | | Contingent consideration | | — | | | — | | | (793,790) | | | | | (793,790) | | | Total liabilities, at fair value | | $ | — | | | $ | (446) | | | $ | (793,790) | | | | | $ | (794,236) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial Instruments of the Consolidated Funds | | Level I | | Level II | | Level III | | Investments Measured at NAV | | Total | | Assets, at fair value | | | | | | | | | | | | Investments: | | | | | | | | | | | | Fixed income investments: | | | | | | | | | | | | Loans and securitization vehicles | | $ | — | | | $ | 4,136,213 | | | $ | 163,833 | | | $ | — | | | $ | 4,300,046 | | | | | | | | | | | | | | Bonds | | — | | | 239,643 | | | — | | | — | | | 239,643 | | | | | | | | | | | | | | Total fixed income investments | | — | | | 4,375,856 | | | 163,833 | | | — | | | 4,539,689 | | | Partnership interests | | — | | | — | | | — | | | 4,643,853 | | | 4,643,853 | | | Equity securities | | — | | | 533,562 | | | 3,676,243 | | | — | | | 4,209,805 | | | Total investments, at fair value | | — | | | 4,909,418 | | | 3,840,076 | | | 4,643,853 | | | 13,393,347 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets, at fair value | | $ | — | | | $ | 4,909,418 | | | $ | 3,840,076 | | | $ | 4,643,853 | | | $ | 13,393,347 | | | Liabilities, at fair value | | | | | | | | | | | | Loan obligations of CLOs | | $ | — | | | $ | (6,951,657) | | | $ | — | | | $ | — | | | $ | (6,951,657) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities, at fair value | | $ | — | | | $ | (6,951,657) | | | $ | — | | | $ | — | | | $ | (6,951,657) | |
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial Instruments of the Company | | Level I | | Level II | | Level III | | | | Total | Assets, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investments: | | | | | | | | | | | | Common stock, other equity securities and equity method investments | | $ | 152,163 | | | $ | 95,612 | | | $ | 675,777 | | | | | $ | 923,552 | | | Common stock and other equity securities - carried interest | | 68,250 | | | — | | | 49,813 | | | | | 118,063 | | Collateralized loan obligations and fixed income securities | | — | | | — | | | 24,469 | | | | | 24,469 | | | | | | | | | | | | | | Total investments, at fair value | | 220,413 | | | 95,612 | | | 750,059 | | | | | 1,066,084 | | | Derivatives-foreign currency forward contracts | | — | | | 18,230 | | | — | | | | | 18,230 | | | Total assets, at fair value | | $ | 220,413 | | | $ | 113,842 | | | $ | 750,059 | | | | | $ | 1,084,314 | | | Liabilities, at fair value | | | | | | | | | | | | Derivatives-foreign currency forward contracts | | $ | — | | | $ | (2,627) | | | $ | — | | | | | $ | (2,627) | | | Contingent consideration | | — | | | — | | | (765,370) | | | | | (765,370) | | | Total liabilities, at fair value | | $ | — | | | $ | (2,627) | | | $ | (765,370) | | | | | $ | (767,997) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial Instruments of the Consolidated Funds | | Level I | | Level II | | Level III | | Investments Measured at NAV | | Total | | Assets, at fair value | | | | | | | | | | | | Investments: | | | | | | | | | | | | Fixed income investments: | | | | | | | | | | | | Loans and securitization vehicles | | $ | — | | | $ | 4,873,684 | | | $ | 633,515 | | | $ | — | | | $ | 5,507,199 | | | | | | | | | | | | | | Bonds | | — | | | 280,911 | | | — | | | — | | | 280,911 | | | Total fixed income investments | | — | | | 5,154,595 | | | 633,515 | | | — | | | 5,788,110 | | | Partnership interests | | — | | | — | | | — | | | 3,791,056 | | | 3,791,056 | | | Equity securities | | — | | | 262,271 | | | 3,003,449 | | | — | | | 3,265,720 | | | Total investments, at fair value | | — | | | 5,416,866 | | | 3,636,964 | | | 3,791,056 | | | 12,844,886 | | | | | | | | | | | | | | Derivatives-foreign currency forward contracts | | — | | | 4,889 | | | — | | | — | | | 4,889 | | | | | | | | | | | | | | | | | | | | | | | | | Total assets, at fair value | | $ | — | | | $ | 5,421,755 | | | $ | 3,636,964 | | | $ | 3,791,056 | | | $ | 12,849,775 | | | Liabilities, at fair value | | | | | | | | | | | | Loan obligations of CLOs | | $ | — | | | $ | (7,359,072) | | | $ | — | | | $ | — | | | $ | (7,359,072) | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives-foreign currency forward contracts | | — | | | (4,842) | | | — | | | — | | | (4,842) | | | Derivatives-asset swaps | | — | | | — | | | (114) | | | — | | | (114) | | | | | | | | | | | | | | Total liabilities, at fair value | | $ | — | | | $ | (7,363,914) | | | $ | (114) | | | $ | — | | | $ | (7,364,028) | |
The following tables set forth a summary of changes in the fair value of the Level III measurements: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Assets and (Liabilities) of the Company | | Equity Securities | | Fixed Income | | | | Contingent Consideration | | Total | Balance as of March 31, 2026 | | $ | 692,147 | | | $ | 22,813 | | | | | $ | (780,353) | | | $ | (65,393) | | | | | | | | | | | | | | | | | | | | | | | | Transfer out(1) | | (434,622) | | | — | | | | | — | | | (434,622) | | Purchases(2) | | 1,766 | | | 921 | | | | | — | | | 2,687 | | | Change in fair value | | — | | | — | | | | | (13,760) | | | (13,760) | | Sales/settlements(3) | | — | | | (7,878) | | | | | 323 | | | (7,555) | | | Realized and unrealized appreciation, net | | 1,969 | | | 1,715 | | | | | — | | | 3,684 | | Balance as of June 30, 2026 | | $ | 261,260 | | | $ | 17,571 | | | | | $ | (793,790) | | | $ | (514,959) | | | Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date | | $ | (42,687) | | | $ | 1,330 | | | | | $ | (13,760) | | | $ | (55,117) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Net Assets of Consolidated Funds | | Equity Securities | | Fixed Income | | | | Derivatives, Net | | Total | Balance as of March 31, 2026 | | $ | 3,414,814 | | | $ | 266,169 | | | | | $ | 65 | | | $ | 3,681,048 | | | | | | | | | | | | | Transfer in(1) | | — | | | 24,897 | | | | | — | | | 24,897 | | Transfer out(1) | | — | | | (112,758) | | | | | — | | | (112,758) | | Purchases(2) | | 180,000 | | | 41,569 | | | | | — | | | 221,569 | | Sales/settlements(3) | | — | | | (54,493) | | | | | (118) | | | (54,611) | | | Realized and unrealized appreciation (depreciation), net | 81,429 | | | (1,551) | | | | | 53 | | | 79,931 | | Balance as of June 30, 2026 | $ | 3,676,243 | | | $ | 163,833 | | | | | $ | — | | | $ | 3,840,076 | | | Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date | | $ | 81,429 | | | $ | (723) | | | | | $ | — | | | $ | 80,706 | | | | | | | | | | | | | |
(1)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds. (2)Purchases include paid-in-kind interest and securities received in connection with restructurings. (3)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Assets and (Liabilities) of the Company | | Equity Securities | | Fixed Income | | | | Contingent Consideration | | Total | Balance as of March 31, 2025 | | $ | 426,377 | | | $ | 18,662 | | | | | $ | (484,954) | | | $ | (39,915) | | | | | | | | | | | | | | | | | | | | | | | | Transfer in(1) | | — | | | 10,004 | | | | | — | | | 10,004 | | Transfer out(1) | | (10,000) | | | — | | | | | — | | | (10,000) | | Purchases(2) | | — | | | 35,641 | | | | | — | | | 35,641 | | Sales/settlements(3) | | — | | | (14,780) | | | | | — | | | (14,780) | | | Change in fair value | | — | | | — | | | | | (25,536) | | | (25,536) | | | Realized and unrealized appreciation, net | | 5,061 | | | 884 | | | | | — | | | 5,945 | | Balance as of June 30, 2025 | | $ | 421,438 | | | $ | 50,411 | | | | | $ | (510,490) | | | $ | (38,641) | | | Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date | | $ | 5,061 | | | $ | 1,417 | | | | | $ | (25,536) | | | $ | (19,058) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Net Assets of Consolidated Funds | | Equity Securities | | Fixed Income | | | | Derivatives, Net | | Total | Balance as of March 31, 2025 | | $ | 1,844,907 | | | $ | 580,992 | | | | | $ | (749) | | | $ | 2,425,150 | | | | | | | | | | | | | | Transfer in(1) | | — | | | 85,051 | | | | | — | | | 85,051 | | Transfer out(1) | | — | | | (78,800) | | | | | — | | | (78,800) | | Purchases(2) | | 90,043 | | | 197,191 | | | | | 1 | | | 287,235 | | Sales/settlements(3) | | (29) | | | (286,046) | | | | | — | | | (286,075) | | | Realized and unrealized appreciation, net | | 69,422 | | | 2,661 | | | | | 28 | | | 72,111 | | Balance as of June 30, 2025 | | $ | 2,004,343 | | | $ | 501,049 | | | | | $ | (720) | | | $ | 2,504,672 | | | Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date | | $ | 69,396 | | | $ | (244) | | | | | $ | 92 | | | $ | 69,244 | | | | | | | | | | | | | |
(1)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds. (2)Purchases include paid-in-kind interest and securities received in connection with restructurings. (3)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Assets and (Liabilities) of the Company | | Equity Securities | | Fixed
Income | | | | Contingent Consideration | | Total | | Balance as of December 31, 2025 | | $ | 725,590 | | | $ | 24,469 | | | | | $ | (765,370) | | | $ | (15,311) | | | Established in connection with acquisition (see Note 7) | | — | | | — | | | | | (713) | | | (713) | | | Transfer in(1) | | — | | | 209 | | | | | — | | | 209 | | | Transfer out(1) | | (468,866) | | | — | | | | | — | | | (468,866) | | | Purchases(2) | | 1,816 | | | 921 | | | | | — | | | 2,737 | | | Sales/settlements(3) | | — | | | (8,578) | | | | | 323 | | | (8,255) | | | | Change in fair value | | — | | | — | | | | | (28,030) | | | (28,030) | | | | Realized and unrealized appreciation, net | | 2,720 | | | 550 | | | | | — | | | 3,270 | | | Balance as of June 30, 2026 | | $ | 261,260 | | | $ | 17,571 | | | | | $ | (793,790) | | | $ | (514,959) | | | | Change in net unrealized appreciation/(depreciation) and fair value included in earnings related to financial assets and liabilities still held at the reporting date | | $ | (38,222) | | | $ | 133 | | | | | $ | (28,030) | | | $ | (66,119) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Net Assets of Consolidated Funds | | Equity Securities | | Fixed
Income | | | | Derivatives, Net | | Total | | Balance as of December 31, 2025 | | $ | 3,003,449 | | | $ | 633,515 | | | | | $ | (114) | | | $ | 3,636,850 | | Transfer in(1) | | — | | | 139,004 | | | | | — | | | 139,004 | | Transfer out(1) | | (3,326) | | | (556,640) | | | | | — | | | (559,966) | | Purchases(2) | | 483,224 | | | 89,291 | | | | | — | | | 572,515 | | Sales/settlements(3) | | (4,234) | | | (126,107) | | | | | (468) | | | (130,809) | | | Realized and unrealized appreciation (depreciation), net | | 197,130 | | | (15,230) | | | | | 582 | | | 182,482 | | | Balance as of June 30, 2026 | | $ | 3,676,243 | | | $ | 163,833 | | | | | $ | — | | | $ | 3,840,076 | | | Change in net unrealized appreciation/(depreciation) included in earnings related to financial assets and liabilities still held at the reporting date | | $ | 195,735 | | | $ | (5,770) | | | | | $ | — | | | $ | 189,965 | | | | | | | | | | | | | |
(1)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds. (2)Purchases include paid-in-kind interest and securities received in connection with restructurings. (3)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Assets and (Liabilities) of the Company | | Equity Securities | | Fixed Income | | | | Contingent Consideration | | Total | Balance as of December 31, 2024 | | $ | 411,179 | | | $ | 41,833 | | | | | $ | (17,550) | | | $ | 435,462 | | | | | | | | | | | | | Established in connection with acquisition (see Note 7) | | — | | | — | | | | | (465,080) | | | (465,080) | | Transfer in(1) | | — | | | 10,004 | | | | | — | | | 10,004 | | Transfer out(1) | | (10,000) | | | — | | | | | — | | | (10,000) | | Purchases(2) | | 10,546 | | | 37,171 | | | | | — | | | 47,717 | | Sales/settlements(3) | | — | | | (38,437) | | | | | — | | | (38,437) | | | Change in fair value | | — | | | — | | | | | (27,860) | | | (27,860) | | | Realized and unrealized appreciation (depreciation), net | | 9,713 | | | (160) | | | | | — | | | 9,553 | | Balance as of June 30, 2025 | | $ | 421,438 | | | $ | 50,411 | | | | | $ | (510,490) | | | $ | (38,641) | | | Change in net unrealized appreciation/(depreciation) and fair value included in earnings related to financial assets and liabilities still held at the reporting date | | $ | 9,713 | | | $ | 1,046 | | | | | $ | (27,860) | | | $ | (17,101) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Net Assets of Consolidated Funds | | Equity Securities | | Fixed Income | | | Derivatives, Net | | Total | | Balance as of December 31, 2024 | | $ | 1,829,927 | | | $ | 593,817 | | | | $ | (1,846) | | | $ | 2,421,898 | | | | | | | | | | | | | Transfer in(1) | | 1 | | | 167,529 | | | | — | | | 167,530 | | Transfer out(1) | | — | | | (151,064) | | | | — | | | (151,064) | | Purchases(2) | | 90,327 | | | 445,050 | | | | 124 | | | 535,501 | | Sales/settlements(3) | | (118) | | | (553,791) | | | | — | | | (553,909) | | | | | | | | | | | | | | Realized and unrealized appreciation (depreciation), net | | 84,206 | | | (492) | | | | 1,002 | | | 84,716 | | | Balance as of June 30, 2025 | | $ | 2,004,343 | | | $ | 501,049 | | | | $ | (720) | | | $ | 2,504,672 | | | Change in net unrealized appreciation/(depreciation) included in earnings related to financial assets and liabilities still held at the reporting date | | $ | 84,510 | | | $ | (873) | | | | $ | 973 | | | $ | 84,610 | | | | | | | | | | | | | (1)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds. (2)Purchases include paid-in-kind interest and securities received in connection with restructurings. (3)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. |
Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Measurements of the Company | | Fair Value | | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average(1) | | Assets | | | | | | | | | | | | Equity securities | | | | | | | | | | | | | $ | 89,518 | | | Market approach | | Multiple of book value | | 0.5x - 1.5x | | 1.3x | | | 39,108 | | | Discounted cash flow | | Discount rate | | 11.0% - 15.0% | | 13.0% | | | 35,615 | | | Option pricing model | | Volatility | | 20.0% - 52.5% | | 26.9% | | | 33,879 | | | Income approach | | Credit spread | | 3.0% - 4.5% | | 3.6% | | | 33,879 | | | Market approach | | N/A | | N/A | | N/A | | | 16,183 | | | Market approach | | EBITDA multiple(2) | | 2.7x-10.0x | | 9.9x | | | 13,078 | | | Monte Carlo simulation | | Volatility | | 57.5% | | 57.5% | | | | | | | | | | | | | Fixed income investments | | | | | | | | | | | | | 12,173 | | | Market yield analysis | | Market interest rate | | 16.0% | | 16.0% | | | 5,398 | | | Broker quotes and/or third-party pricing services | | N/A | | N/A | | N/A | | | | | | | | | | | | | Total assets | | $ | 278,831 | | | | | | | | | | | Liabilities | | | | | | | | | | | | Contingent consideration | | $ | (793,790) | | | Monte Carlo simulation | | Discount rate | | 5.8% - 6.6% | | 5.8% | | | | | | | Volatility | | 10.0% - 11.1% | | 10.0% | | Total liabilities | | $ | (793,790) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Measurements of the Consolidated Funds | | Fair Value | | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average(1) | | Assets | | | | | | | | | | | | Equity securities | | | | | | | | | | | | | $ | 1,341,920 | | | Discounted cash flow | | Discount rate | | 9.0% - 13.0% | | 11.0% | | | 1,272,981 | | | Market approach | | Multiple of book value | | 1.0x - 1.7x | | 1.4x | | | 1,061,342 | | | Market approach | | EBITDA multiple(2) | | 14.7x - 25.4x | | 19.1x | | | | | | | | | | | | | | | | | | | | | | | | Fixed income investments | | | | | | | | | | | | | 161,463 | | | Broker quotes and/or third-party pricing services | | N/A | | N/A | | N/A | | | 1,585 | | | Market approach | | Yield | | 7.9% -12.2% | | 9.4% | | | 785 | | | Discounted cash flow | | Discount rate | | 12.2% | | 12.2% | | | | | | | | | | | | | | | | | | | | | | | | Total assets | | $ | 3,840,076 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1)Unobservable inputs were weighted by the relative fair value of the investments included in the range. (2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Measurements of the Company | | Fair Value | | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average(1) | | | Assets | | | | | | | | | | | | | Equity securities | | | | | | | | | | | | | | $ | 307,942 | | | Transaction price | | N/A | | N/A | | N/A | | | | 100,000 | | | Market yield analysis | | Market interest rate | | 8.0% | | 8.0% | | | | 84,737 | | | Market approach | | Multiple of book value | | 0.6x - 1.5x | | 1.2x | | | | 81,905 | | | Option pricing model | | Volatility | | 50.0% | | 50.0% | | | | 59,136 | | | Discounted cash flow | | Discount rate | | 11.0% - 17.0% | | 14.0% | | | | | | | | | | | | | | | | 58,060 | | | Monte Carlo simulation | | Volatility | | 52.5% | | 52.5% | | | | | | | | | | | | | | | | 33,810 | | | Market approach | | EBITDA multiple(2) | | 11.0x - 13.0x | | 11.8x | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed income investments | | | | | | | | | | | | | | 13,217 | | | Broker quotes and/or third-party pricing services | | N/A | | N/A | | N/A | | | | 11,252 | | | Market yield analysis | | Market interest rate | | 16.5% | | 16.5% | | | | | | | | | | | | | | | Total assets | | $ | 750,059 | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | Contingent consideration | | $ | (765,370) | | | Monte Carlo simulation | | Discount rate | | 5.8% - 6.6% | | 5.8% | | | | | | | | | | | | | | | | | | | | Volatility | | 10.0% - 11.1% | | 10.0% | | | Total liabilities | | $ | (765,370) | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level III Measurements of the Consolidated Funds | | Fair Value | | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average(1) | | Assets | | | | | | | | | | | | Equity securities | | | | | | | | | | | | | $ | 1,295,564 | | | Discounted cash flow | | Discount rate | | 9.0% - 20.0% | | 11.0% | | | 1,078,401 | | | Market approach | | Multiple of book value | | 1.0x - 1.7x | | 1.3x | | | 350,000 | | | Transaction price | | N/A | | N/A | | N/A | | | 278,992 | | | Market approach | | EBITDA multiple(2) | | 5.4x - 33.0x | | 13.9x | | | 492 | | | Market approach | | Yield | | 10.5% - 14.0% | | 11.5% | | | | | | | | | | | | | | | | | | | | | | | | Fixed income investments | | | | | | | | | | | | | 370,588 | | | Market approach | | Yield | | 6.1% - 14.0% | | 9.2% | | | 232,261 | | | Broker quotes and/or third-party pricing services | | N/A | | N/A | | N/A | | | | | | | | | | | | | | | | | | | | | | | | | 29,484 | | | Transaction price | | N/A | | N/A | | N/A | | | 1,182 | | | Discounted cash flow | | Discount rate | | 12.2% - 20.0% | | 12.3% | | | | | | | | | | | | | Total assets | | $ | 3,636,964 | | | | | | | | | | | Liabilities | | | | | | | | | | | | Derivative instruments | | $ | (114) | | | Broker quotes and/or third-party pricing services | | N/A | | N/A | | N/A | | Total liabilities | | $ | (114) | | | | | | | | | |
(1)Unobservable inputs were weighted by the relative fair value of the investments included in the range. (2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using net asset value (“NAV”) per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control, and the timing of liquidation is unknown.
The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share: | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | As of December 31, 2025 | | Investments (held at fair value) | | $ | 4,643,853 | | | $ | 3,791,056 | | | Unfunded commitments | | 4,115,398 | | | 3,658,819 | |
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