| Schedule of Valuation of Investments and Other Financial Instruments |
The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | As of December 31, 2025 | | Level I | | Level II | | Level III | | Total | | Level I | | Level II | | Level III | | Total | | Assets | | | | | | | | | | | | | | | | Investments: | | | | | | | | | | | | | | | | Corporate debt – bank debt | $ | — | | | $ | 158,971 | | | $ | 1,668,436 | | | $ | 1,827,407 | | | $ | — | | | $ | 116,518 | | | $ | 1,626,609 | | | $ | 1,743,127 | | Corporate debt – all other | — | | | 247,746 | | | 123,970 | | | 371,716 | | | — | | | 209,394 | | | 80,128 | | | 289,522 | | Equities – common stock | 190,171 | | | 134,303 | | | 1,810,799 | | | 2,135,273 | | | 197,832 | | | 91,815 | | | 1,559,531 | | | 1,849,178 | | Equities – preferred stock | 2,290 | | | — | | | 810,291 | | | 812,581 | | | 1,678 | | | — | | | 776,932 | | | 778,610 | | Real estate | — | | | — | | | 368,753 | | | 368,753 | | | — | | | — | | | 352,540 | | | 352,540 | | Total investments | 192,461 | | | 541,020 | | | 4,782,249 | | | 5,515,730 | | | 199,510 | | | 417,727 | | | 4,395,740 | | | 5,012,977 | | Derivatives: | | | | | | | | | | | | | | | | Foreign-currency forward contracts | — | | | 19,190 | | | — | | | 19,190 | | | — | | | 7,800 | | | — | | | 7,800 | | | Swaps | — | | | 2,012 | | | — | | | 2,012 | | | — | | | 1,270 | | | — | | | 1,270 | | | | | | | | | | | | | | | | | | Total derivatives (1) | — | | | 21,202 | | | — | | | 21,202 | | | — | | | 9,070 | | | — | | | 9,070 | | | Total assets | $ | 192,461 | | | $ | 562,222 | | | $ | 4,782,249 | | | $ | 5,536,932 | | | $ | 199,510 | | | $ | 426,797 | | | $ | 4,395,740 | | | $ | 5,022,047 | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives: | | | | | | | | | | | | | | | | Foreign-currency forward contracts | $ | — | | | $ | (39,176) | | | $ | — | | | $ | (39,176) | | | $ | — | | | $ | (47,032) | | | $ | — | | | $ | (47,032) | | | Swaps | — | | | (1,548) | | | — | | | (1,548) | | | — | | | — | | | — | | | — | | Options and futures | — | | | (306) | | | — | | | (306) | | | — | | | (1,861) | | | — | | | (1,861) | | | | | | | | | | | | | | | | | | Total derivatives (2) | — | | | (41,030) | | | — | | | (41,030) | | | — | | | (48,893) | | | — | | | (48,893) | | Total liabilities | $ | — | | | $ | (41,030) | | | $ | — | | | $ | (41,030) | | | $ | — | | | $ | (48,893) | | | $ | — | | | $ | (48,893) | |
(1) Amounts are included in derivative assets under “assets of consolidated funds” in the condensed consolidated statements of financial condition. (2) Amounts are included in derivative liabilities under “liabilities of consolidated funds” in the condensed consolidated statements of financial condition.
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| Schedule of Changes in Fair Value of Level III Investments |
The following tables set forth a summary of changes in the fair value of Level III investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate Debt – Bank Debt | | Corporate Debt – All Other | | Equities – Common Stock | | Equities – Preferred Stock | | Real Estate | | Swaps | | Total | | Three months ended June 30, 2026 | | | | | | | | | | | | | | | Beginning balance | $ | 1,644,749 | | | $ | 165,932 | | | $ | 1,811,636 | | | $ | 765,139 | | | $ | 272,935 | | | $ | — | | | $ | 4,660,391 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Transfers into Level III | 515,449 | | | (684) | | | 156 | | | 9 | | | — | | | — | | | 514,930 | | | Transfers out of Level III | (476,909) | | | (37,157) | | | (1,374) | | | — | | | 65,495 | | | — | | | (449,945) | | | Purchases | 219,377 | | | 1,508 | | | 39,430 | | | 33,387 | | | 38,119 | | | — | | | 331,821 | | | Sales | (232,349) | | | (3,984) | | | (124,263) | | | (1,294) | | | 5,337 | | | — | | | (356,553) | | | Realized gain (losses), net | 3,295 | | | (3,180) | | | 43,314 | | | 1,292 | | | 178 | | | — | | | 44,899 | | | Unrealized appreciation (depreciation), net | (5,176) | | | 1,535 | | | 41,900 | | | 11,758 | | | (13,311) | | | — | | | 36,706 | | | Ending balance | $ | 1,668,436 | | | $ | 123,970 | | | $ | 1,810,799 | | | $ | 810,291 | | | $ | 368,753 | | | $ | — | | | $ | 4,782,249 | | | Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | 10,573 | | | $ | (561) | | | $ | 31,081 | | | $ | (34,877) | | | $ | (13,813) | | | $ | — | | | $ | (7,597) | | | Three months ended June 30, 2025 | | | | | | | | | | | | | | | Beginning balance | $ | 1,678,670 | | | $ | 117,587 | | | $ | 1,171,456 | | | $ | 661,719 | | | $ | 294,977 | | | $ | 17,346 | | | $ | 3,941,755 | | | | | | | | | | | | | | | | Transfers into Level III | 791,061 | | | 4,033 | | | 9,106 | | | — | | | — | | | — | | | $ | 804,200 | | Transfers out of Level III | (742,114) | | | (4,839) | | | (8,217) | | | — | | | — | | | — | | | $ | (755,170) | | | Purchases | 156,339 | | | (3,947) | | | 72,095 | | | 23,079 | | | 24,526 | | | — | | | $ | 272,092 | | | Sales | (305,167) | | | (1,177) | | | (25,562) | | | (5,646) | | | (14,348) | | | — | | | $ | (351,900) | | Realized gain (losses), net | 7,068 | | | (81) | | | 14,876 | | | (44,368) | | | 1,275 | | | — | | | $ | (21,230) | | | Unrealized appreciation (depreciation), net | (39,686) | | | 20,593 | | | 42,904 | | | 65,475 | | | 23,993 | | | — | | | 113,279 | | | Ending balance | $ | 1,546,171 | | | $ | 132,169 | | | $ | 1,276,658 | | | $ | 700,259 | | | $ | 330,423 | | | $ | 17,346 | | | $ | 4,003,026 | | Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | (79,245) | | | $ | 17,617 | | | $ | 52,792 | | | $ | 70,426 | | | $ | 34,155 | | | $ | — | | | $ | 95,745 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate Debt – Bank Debt | | Corporate Debt – All Other | | Equities – Common Stock | | Equities – Preferred Stock | | Real Estate | | Swaps | | Total | | Six months ended June 30, 2026 | | | | | | | | | | | | | | | Beginning balance | $ | 1,626,609 | | | $ | 80,128 | | | $ | 1,559,531 | | | $ | 776,932 | | | $ | 352,540 | | | $ | — | | | $ | 4,395,740 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Transfers into Level III | 557,654 | | | 1,783 | | | 784 | | | 4,838 | | | — | | | — | | | 565,059 | | | Transfers out of Level III | (531,796) | | | (37,157) | | | (1,503) | | | — | | | — | | | — | | | (570,456) | | | Purchases | 554,412 | | | 90,707 | | | 206,484 | | | 40,048 | | | 48,596 | | | — | | | 940,247 | | | Sales | (441,447) | | | (4,013) | | | (156,628) | | | (32,991) | | | (5,946) | | | — | | | (641,025) | | | Realized gain (losses), net | (24,402) | | | (3,195) | | | 56,958 | | | 1,316 | | | 1,489 | | | — | | | 32,166 | | | Unrealized appreciation (depreciation), net | (72,594) | | | (4,283) | | | 145,173 | | | 20,148 | | | (27,926) | | | — | | | 60,518 | | | Ending balance | $ | 1,668,436 | | | $ | 123,970 | | | $ | 1,810,799 | | | $ | 810,291 | | | $ | 368,753 | | | $ | — | | | $ | 4,782,249 | | | Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | (74,606) | | | $ | (4,303) | | | $ | 144,767 | | | $ | 20,575 | | | $ | (27,589) | | | $ | — | | | $ | 58,844 | | | Six months ended June 30, 2025 | | | | | | | | | | | | | | | Beginning balance | $ | 1,936,315 | | | $ | 111,552 | | | $ | 1,187,023 | | | $ | 606,141 | | | $ | 206,181 | | | $ | 15,771 | | | $ | 4,062,983 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Transfers into Level III | 927,755 | | | 4,657 | | | 9,106 | | | 37 | | | 6,806 | | | — | | | 948,361 | | Transfers out of Level III | (835,950) | | | (4,839) | | | (15,023) | | | — | | | — | | | — | | | (855,812) | | | Purchases | 932,801 | | | 7,821 | | | 100,456 | | | 156,086 | | | 94,908 | | | 1,575 | | | 1,293,647 | | | Sales | (1,349,272) | | | (8,794) | | | (75,965) | | | (87,549) | | | (19,529) | | | — | | | (1,541,109) | | | Realized gain (losses), net | 18,022 | | | 7,504 | | | 34,737 | | | (38,024) | | | 1,867 | | | — | | | 24,106 | | Unrealized appreciation (depreciation), net | (83,500) | | | 14,268 | | | 36,324 | | | 63,568 | | | 40,190 | | | — | | | 70,850 | | | Ending balance | $ | 1,546,171 | | | $ | 132,169 | | | $ | 1,276,658 | | | $ | 700,259 | | | $ | 330,423 | | | $ | 17,346 | | | $ | 4,003,026 | | Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | (122,921) | | | $ | 11,292 | | | $ | 56,374 | | | $ | 68,519 | | | $ | 40,190 | | | $ | — | | | $ | 53,454 | |
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| Schedule of Valuation Techniques and Quantitative Information |
The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type | | Fair Value | | Valuation Technique | | Significant Unobservable Inputs (1)(2) | | Range | | Weighted Average (3) | | | | | | | | | | | | | Credit-oriented investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 880,724 | | | Discounted cash flow (4) | | Discount rate | | 2% - 42% | | 12% | | | 287,117 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | | | | | | | | | | | | 150,507 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x - 1.0x | | 1.0x | | | 20,860 | | | Expected Recovery (11) | | Not applicable | | Not applicable | | Not applicable | | | 98,954 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 330,393 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 2.3x - 11.5x | | 7.0x | | | | | | | | | | | | | | 23,851 | | | Market approach (comparable companies) (7) | | Revenue multiple (8) | | 0.8x - 1.0x | | 0.9x | | Equity investments: | | | | | | | | | | | | | 146,282 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 18,565 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 311,855 | | | Discounted cash flow (6) | | Discount rate | | 11% - 22% | | 14% | | | | | | | | | | | | | | | | | | | | | | | 871,119 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 1.0x - 16.2x | | 9.8x | | | 145,718 | | | Market approach (comparable companies) (7) | | Revenue multiple (8) | | 1.0x - 2.4x | | 2.4x | | | 1,123,516 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 0.3x - 1.0x | | 0.9x | | | 1,241 | | | Expected Recovery (11) | | Not applicable | | Not applicable | | Not applicable | | | 2,794 | | | Black Scholes (12) | | Not applicable | | Not applicable | | Not applicable | | Real estate-oriented investments: | | | | | | | | | | | | | 311,271 | | | Discounted cash flow (6) | | Discount rate | | 12% - 33% | | 18% | | | | | | | | | | | | | | 57,482 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x - 1.0x | | 1.0x | | | | | | | | | | | | Total Level III
investments | | $ | 4,782,249 | | | | | | | | | |
The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type | | Fair Value | | Valuation Technique | | Significant Unobservable Inputs (1)(2) | | Range | | Weighted Average (3) | | | | | | | | | | | | Credit-oriented investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 953,783 | | | Discounted cash flow (6) | | Discount rate | | 5% – 21% | | 11% | | | 315,845 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 129,453 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,409 | | | Expected Recovery (11) | | Not applicable | | Not applicable | | Not applicable | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 225,284 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x -1.0x | | 1.0x | | | 2,860 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | | | | | | | | | | | | | | | | | | | | | | | 39,736 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 2.5x - 9.8x | | 8.5x | | | 28,367 | | | Market approach (comparable companies) (7) | | Revenue multiple (8) | | 0.9x - 1.6x | | 1.2x | | | | | | | | | | | | | | | | | | | | | | | | Equity investments: | | | | | | | | | | | | | 189,154 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 862,816 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x - 1.3x | | 1.0x | | | 819,606 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 3.7x - 15.1x | | 8.9x | | | 99,431 | | | Market approach (comparable companies) (7) | | Revenue multiple (8) | | 2.1x - 2.1x | | 2.1x | | | 333,767 | | | Discounted cash flow (6) | | Discount rate | | 11% – 20% | | 14% | | | | | | | | | | | | | | | | | | | | | | | 10,201 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 14,844 | | | Expected Recovery (11) | | Not applicable | | Not applicable | | Not applicable | | | 6,644 | | | Black Scholes (12) | | Not applicable | | Not applicable | | Not applicable | | Real estate-oriented investments: | | | | | | | | | | | | | 292,809 | | | Discounted cash flow (6) | | Discount rate | | 12% – 33% | | 18% | | | 59,731 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x – 1.3x | | 1.0x | | | | | | | | | | | | | | | | | | | | | | | Total Level III
investments | | $ | 4,395,740 | | | | | | | | | |
(1) The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement. (2) Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement. (3) The weighted average is based on the fair value of the investments included in the range. (4) Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date. (5) Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. (6) A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios. (7) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying. (8) Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant. (9) A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets. (10) Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant. (11) Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down. (12) The fair value of options/warrants is estimated using the Black-Scholes-Merton valuation model. The Company uses the following methods to determine the underlying assumptions: expected volatilities are based on the historical and implied volatilities of comparable companies or the subject company if the subject company is publicly traded; expected term is based on the shorter of the expected hold period for the option or the contractual term; and the risk-free rate is based on the yields on U.S. Treasury bills or bonds issued with similar terms to the expected term of the option.
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