v3.26.1
DERIVATIVES AND HEDGING (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of derivatives held by the consolidated funds consisted of the following:
AssetsLiabilities
NotionalFair ValueNotionalFair Value
As of June 30, 2026
Foreign-currency forward contracts$920,064 $19,190 $(115,544)$(39,176)
Total-return and interest-rate and credit default swaps184,975 1,988 (74,819)(1,548)
Options and futures139,816 24 (10,146)(306)
Total
$1,244,855 $21,202 $(200,509)$(41,030)
As of December 31, 2025
Foreign-currency forward contracts$1,066,772 $7,800 $(216,189)$(47,032)
Total-return and interest-rate and credit default swaps219,693 1,270 (5,584)— 
Options and futures62,266 — (16,587)(1,861)
Total
$1,348,731 $9,070 $(238,360)$(48,893)
Schedule of Impact of Derivative Instruments on Condensed Consolidated Statement of Operations
The impact of derivatives held by the consolidated funds in the condensed consolidated statements of operations was as follows:
Three months ended June 30,
20262025
Net Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on InvestmentsNet Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on Investments
Foreign-currency forward contracts
$(1,185)$(1,471)$(1,103)$(39,021)
Total-return and interest-rate and credit default swaps(88)(60)— (69)
Options and futures402 2,282 (1,141)3,349 
Commodity swaps(103)(506)— — 
Total$(974)$245 $(2,244)$(35,741)
Six months ended June 30,
20262025
Net Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on InvestmentsNet Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on Investments
Foreign-currency forward contracts
$(514)$19,246 $4,352 $(64,492)
Total-return and interest-rate and credit default swaps365 (1,353)(627)647 
Options and futures1,189 2,451 98 1,469 
Commodity swaps(103)(506)— — 
Total$937 $19,838 $3,823 $(62,376)
Schedule of Balance Sheet Offsetting Assets The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of June 30, 2026Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts
$19,190 $— $— $19,190 
Total-return and interest-rate and credit default swaps1,988 — — 1,988 
Options and futures24 — — 24 
Total$21,202 $— $— $21,202 
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts
$(39,176)$— $— $(39,176)
Total-return and interest-rate and credit default swaps(1,548)— — (1,548)
Options and futures(306)— — (306)
Total$(41,030)$— $— $(41,030)
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of December 31, 2025Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts
$7,800 $— $— $7,800 
Total-return and interest-rate and credit default swaps1,270 — — 1,270 
Total$9,070 $— $— $9,070 
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts$(47,032)$— $— $(47,032)
Options and futures
(1,861)— (1,861)
Total$(48,893)$— $— $(48,893)
Schedule of Balance Sheet Offsetting Liabilities The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of June 30, 2026Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts
$19,190 $— $— $19,190 
Total-return and interest-rate and credit default swaps1,988 — — 1,988 
Options and futures24 — — 24 
Total$21,202 $— $— $21,202 
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts
$(39,176)$— $— $(39,176)
Total-return and interest-rate and credit default swaps(1,548)— — (1,548)
Options and futures(306)— — (306)
Total$(41,030)$— $— $(41,030)
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of December 31, 2025Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts
$7,800 $— $— $7,800 
Total-return and interest-rate and credit default swaps1,270 — — 1,270 
Total$9,070 $— $— $9,070 
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts$(47,032)$— $— $(47,032)
Options and futures
(1,861)— (1,861)
Total$(48,893)$— $— $(48,893)