v3.26.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Results for Company's Operating Segments and OMG
The following tables present the financial results for the Company’s operating segments, as well as the OMG:
Three months ended June 30, 2026
Credit GroupReal Assets Group
Secondaries Group
Private Equity Group

Other
Total SegmentsOMGTotal
Management fees$703,460 $202,590 $71,875 $33,800 $18,291 $1,030,016 $— $1,030,016 
Fee related performance revenues1,081 354 39,094 — — 40,529 — 40,529 
Other fees17,848 62,318 1,804 677 136 82,783 9,179 91,962 
Compensation and benefits(178,500)(80,760)(37,358)(14,102)(8,933)(319,653)(153,045)(472,698)
General, administrative and other expenses(45,436)(37,314)(14,507)(5,072)(2,880)(105,209)(93,545)(198,754)
Fee related earnings498,453 147,188 60,908 15,303 6,614 728,466 (237,411)491,055 
Performance income—realized128,422 5,946 — 5,961 — 140,329 — 140,329 
Performance related compensation—realized(80,091)(3,402)— (5,933)— (89,426)— (89,426)
Realized net performance income48,331 2,544 — 28 — 50,903 — 50,903 
Investment income (loss)—realized(676)26,433 800 289 2,285 29,131 (448)28,683 
Interest income490 301 16 1 921 1,729 1,314 3,043 
Interest expense(2,790)(32,066)(2,027)(3,475)(11,748)(52,106)(77)(52,183)
Realized net investment income (loss)(2,976)(5,332)(1,211)(3,185)(8,542)(21,246)789 (20,457)
Realized income$543,808 $144,400 $59,697 $12,146 $(1,928)$758,123 $(236,622)$521,501 
Three months ended June 30, 2025
Credit GroupReal Assets GroupSecondaries GroupPrivate Equity Group
Other
Total SegmentsOMGTotal
Management fees$617,141 $175,924 $61,643 $31,767 $13,810 $900,285 $— $900,285 
Fee related performance revenues314 147 16,236 — — 16,697 — 16,697 
Other fees13,362 48,558 5,801 434 132 68,287 7,831 76,118 
Compensation and benefits
(160,205)(80,289)(23,067)(16,796)(6,470)(286,827)(134,645)(421,472)
General, administrative and other expenses(44,302)(30,695)(10,076)(5,559)(2,708)(93,340)(69,177)(162,517)
Fee related earnings426,310 113,645 50,537 9,846 4,764 605,102 (195,991)409,111 
Performance income—realized21,915 3,681 — 29,958 — 55,554 — 55,554 
Performance related compensation—realized(13,248)(2,317)— (23,506)— (39,071)— (39,071)
Realized net performance income8,667 1,364 — 6,452 — 16,483 — 16,483 
Investment income (loss)—realized4,096 6,544 17 369 2,107 13,133 (893)12,240 
Interest income1,135 665 23 1 1,085 2,909 646 3,555 
Interest expense(4,714)(24,570)(1,862)(3,810)(8,613)(43,569)(6)(43,575)
Realized net investment income (loss)517 (17,361)(1,822)(3,440)(5,421)(27,527)(253)(27,780)
Realized income$435,494 $97,648 $48,715 $12,858 $(657)$594,058 $(196,244)$397,814 
Six months ended June 30, 2026
Credit GroupReal Assets Group
Secondaries Group
Private Equity Group
Other
Total SegmentsOMGTotal
Management fees$1,388,123 $399,216 $142,150 $66,919 $35,179 $2,031,587 $— $2,031,587 
Fee related performance revenues6,337 2,955 50,793 — — 60,085 — 60,085 
Other fees32,947 109,070 3,589 1,177 186 146,969 18,960 165,929 
Compensation and benefits(354,737)(160,851)(57,857)(27,886)(16,897)(618,228)(303,117)(921,345)
General, administrative and other expenses(96,781)(71,233)(23,134)(10,050)(5,443)(206,641)(174,156)(380,797)
Fee related earnings975,889 279,157 115,541 30,160 13,025 1,413,772 (458,313)955,459 
Performance income—realized294,650 17,609 — 41,618 — 353,877 — 353,877 
Performance related compensation—realized(182,340)(10,802)— (34,496)— (227,638)— (227,638)
Realized net performance income112,310 6,807 — 7,122 — 126,239 — 126,239 
Investment income (loss)—realized3,348 31,879 969 367 4,479 41,042 (579)40,463 
Interest income1,322 485 35 1 921 2,764 2,255 5,019 
Interest expense(6,145)(63,155)(3,650)(6,891)(22,889)(102,730)(213)(102,943)
Realized net investment income (loss)(1,475)(30,791)(2,646)(6,523)(17,489)(58,924)1,463 (57,461)
Realized income$1,086,724 $255,173 $112,895 $30,759 $(4,464)$1,481,087 $(456,850)$1,024,237 
Six months ended June 30, 2025
Credit GroupReal Assets Group
Secondaries Group
Private Equity Group
Other
Total SegmentsOMGTotal
Management fees$1,202,537 $306,377 $119,293 $63,765 $26,689 $1,718,661 $— $1,718,661 
Fee related performance revenues18,709 147 25,892 — — 44,748 — 44,748 
Other fees23,960 69,938 5,923 831 268 100,920 13,368 114,288 
Compensation and benefits
(324,952)(136,991)(41,438)(30,627)(13,533)(547,541)(251,113)(798,654)
General, administrative and other expenses(85,350)(51,547)(18,549)(9,816)(4,191)(169,453)(133,203)(302,656)
Fee related earnings834,904 187,924 91,121 24,153 9,233 1,147,335 (370,948)776,387 
Performance income—realized76,027 68,986 — 35,989 — 181,002 — 181,002 
Performance related compensation—realized(47,506)(49,124)— (26,857)— (123,487)— (123,487)
Realized net performance income28,521 19,862 — 9,132 — 57,515 — 57,515 
Investment income (loss)—realized9,475 14,463 155 (4,233)4,637 24,497 (562)23,935 
Interest income5,555 3,283 980 2,023 12,773 24,614 1,249 25,863 
Interest expense(11,022)(40,287)(3,870)(7,990)(16,531)(79,700)(262)(79,962)
Realized net investment income (loss)4,008 (22,541)(2,735)(10,200)879 (30,589)425 (30,164)
Realized income$867,433 $185,245 $88,386 $23,085 $10,112 $1,174,261 $(370,523)$803,738 
Schedule of Segment Revenue, Expenses and Realized Net Investment Income (Expense)
The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss):
Three months ended June 30,Six months ended June 30,
2026202520262025
Segment revenues
Management fees$1,030,016 $900,285 $2,031,587 $1,718,661 
Fee related performance revenues40,529 16,697 60,085 44,748 
Other fees82,783 68,287 146,969 100,920 
Performance income—realized140,329 55,554 353,877 181,002 
Total segment revenues$1,293,657 $1,040,823 $2,592,518 $2,045,331 
Segment expenses
Compensation and benefits$319,653 $286,827 $618,228 $547,541 
General, administrative and other expenses105,209 93,340 206,641 169,453 
Performance related compensation—realized89,426 39,071 227,638 123,487 
Total segment expenses$514,288 $419,238 $1,052,507 $840,481 
Segment realized net investment income (loss)
Investment income—realized$29,131 $13,133 $41,042 $24,497 
Interest income1,729 2,909 2,764 24,614 
Interest expense(52,106)(43,569)(102,730)(79,700)
Total segment realized net investment loss$(21,246)$(27,527)$(58,924)$(30,589)
Schedule of Segment Revenues Components
The following table reconciles the Company’s consolidated revenues to segment revenue:
Three months ended June 30,Six months ended June 30,
2026202520262025
Total consolidated revenue$1,428,610 $1,350,128 $2,825,046 $2,438,933 
Performance income—unrealized(124,837)(300,592)(216,872)(365,035)
Management fees of Consolidated Funds eliminated in consolidation21,614 8,954 43,127 18,848 
Performance income of Consolidated Funds eliminated in consolidation13,060 7,096 29,178 12,224 
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation2,378 6,555 2,461 6,679 
Administrative fees(1)
(26,562)(22,027)(50,597)(41,755)
OMG revenue(9,180)(7,831)(18,960)(13,368)
Principal investment income, net of eliminations(2,288)(10,963)(2,765)(32,961)
Net (revenue) expense of non-controlling interests in consolidated subsidiaries(9,138)9,503 (18,100)21,766 
Total consolidation adjustments and reconciling items(134,953)(309,305)(232,528)(393,602)
Total segment revenue$1,293,657 $1,040,823 $2,592,518 $2,045,331 
(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.
Schedule of Segment Expenses Components
The following table reconciles the Company’s consolidated expenses to segment expenses:
Three months ended June 30,Six months ended June 30,
2026202520262025
Total consolidated expenses$1,179,977 $1,137,578 $2,348,440 $2,151,906 
Performance related compensation-unrealized(123,748)(207,731)(205,170)(248,281)
Expenses of Consolidated Funds added in consolidation(27,668)(42,778)(56,546)(59,462)
Expenses of Consolidated Funds eliminated in consolidation23,993 15,771 45,588 25,799 
Administrative fees(1)
(26,562)(22,027)(50,597)(41,755)
Depreciation and amortization expense(60,449)(63,180)(120,143)(111,409)
Equity compensation expense(182,779)(165,091)(386,411)(422,953)
Acquisition-related compensation expense(2)
(28,239)(44,305)(56,439)(66,304)
Acquisition and merger-related expense(692)(2,791)(1,936)(37,399)
Placement fee adjustment8,096 1,092 14,918 1,098 
OMG expenses(246,590)(203,822)(477,273)(384,316)
Expense of non-controlling interests in consolidated subsidiaries
(1,051)16,522 (1,924)33,557 
Total consolidation adjustments and reconciling items(665,689)(718,340)(1,295,933)(1,311,425)
Total segment expenses$514,288 $419,238 $1,052,507 $840,481 
(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.
(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.
Schedule of Segment Other Income Components
The following table reconciles the Company’s consolidated other income to segment realized net investment loss:

Three months ended June 30,Six months ended June 30,
2026202520262025
Total consolidated other income$137,309 $74,388 $222,257 $140,949 
Investment income—unrealized(64,839)(106,579)(84,977)(128,217)
Interest and other investment loss—unrealized6,060 24,083 2,687 27,857 
Other income, net of Consolidated Funds added in consolidation(130,696)(145,705)(237,416)(232,127)
Other expense (income), net of Consolidated Funds eliminated in consolidation(335)10,971 (571)12,771 
OMG other income(1,044)(4,927)(1,719)(730)
Principal investment income18,442 91,377 47,454 118,216 
Other (income) expense, net14,672 27,163 (8,334)29,689 
Other loss (income) of non-controlling interests in consolidated subsidiaries(815)1,702 1,695 1,003 
Total consolidation adjustments and reconciling items(158,555)(101,915)(281,181)(171,538)
Total segment realized net investment loss$(21,246)$(27,527)$(58,924)$(30,589)
Schedule of Reconciliation of Segment Results to the Company's Income Before Taxes and Total Assets
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 June 30,Six months ended June 30,
2026202520262025
Income before taxes$385,942 $286,938 $698,863 $427,976 
Adjustments:
Depreciation and amortization expense60,449 63,180 120,143 111,409 
Equity compensation expense182,779 165,091 386,411 422,953 
Acquisition-related compensation expense(1)
28,239 44,305 56,439 66,304 
Acquisition and merger-related expense692 2,791 1,936 37,399 
Placement fee adjustment(8,096)(1,092)(14,918)(1,098)
OMG expense, net236,367 191,064 456,594 370,218 
Other (income) expense, net
14,672 27,163 (8,334)29,689 
Income before taxes of non-controlling interests in consolidated subsidiaries(8,903)(5,317)(14,481)(10,788)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations(74,150)(4,708)(107,574)(62,687)
Total performance income—unrealized(124,837)(300,592)(216,872)(365,035)
Total performance related compensation—unrealized123,748 207,731 205,170 248,281 
Total net investment income—unrealized(58,779)(82,496)(82,290)(100,360)
Realized income758,123 594,058 1,481,087 1,174,261 
Total performance income—realized(140,329)(55,554)(353,877)(181,002)
Total performance related compensation—realized89,426 39,071 227,638 123,487 
Total net investment loss—realized21,246 27,527 58,924 30,589 
Fee related earnings$728,466 $605,102 $1,413,772 $1,147,335 
(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.