Fair Value Measurement - Schedule of Quantitative Information About Level III Inputs (Details)
$ in Millions |
Sep. 30, 2026
USD ($)
|
Dec. 31, 2025
USD ($)
|
| Assets |
|
|
| Subtotal |
$ 14,139.4
|
|
| Liabilities |
|
|
| Loans payable of Consolidated Funds |
10,755.3
|
$ 9,423.1
|
| Total |
10,757.3
|
9,427.5
|
| Level III |
|
|
| Assets |
|
|
| Subtotal |
12,280.4
|
11,479.4
|
| Liabilities |
|
|
| Loans payable of Consolidated Funds |
10,755.3
|
9,423.1
|
| Total |
10,755.3
|
9,423.1
|
| Investments of Consolidated Funds | Level III |
|
|
| Assets |
|
|
| Investments |
11,968.1
|
11,035.8
|
| Equity securities | Level III |
|
|
| Assets |
|
|
| Investments |
1,174.0
|
1,094.8
|
| Bonds | Level III |
|
|
| Assets |
|
|
| Investments |
760.2
|
691.2
|
| Loans | Level III |
|
|
| Assets |
|
|
| Investments |
10,033.9
|
9,249.8
|
| Investments in CLOs | Level III |
|
|
| Assets |
|
|
| Investments |
293.3
|
349.0
|
| Consensus Pricing | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments |
1.9
|
1.4
|
| Consensus Pricing | Bonds | Level III |
|
|
| Assets |
|
|
| Investments |
760.2
|
691.2
|
| Consensus Pricing | Loans | Level III |
|
|
| Assets |
|
|
| Investments |
$ 9,755.0
|
$ 9,028.5
|
| Consensus Pricing | Indicative Quotes | Minimum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.00
|
0.00
|
| Consensus Pricing | Indicative Quotes | Minimum | Bonds | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.58
|
0.12
|
| Consensus Pricing | Indicative Quotes | Minimum | Loans | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.01
|
0
|
| Consensus Pricing | Indicative Quotes | Minimum | Investments in CLOs | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
1
|
| Consensus Pricing | Indicative Quotes | Maximum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
547.56
|
20.38
|
| Consensus Pricing | Indicative Quotes | Maximum | Bonds | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
1.01
|
1.06
|
| Consensus Pricing | Indicative Quotes | Maximum | Loans | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
1.01
|
1.01
|
| Consensus Pricing | Indicative Quotes | Maximum | Investments in CLOs | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
1
|
| Consensus Pricing | Indicative Quotes | Weighted Average | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
467.64
|
0.19
|
| Consensus Pricing | Indicative Quotes | Weighted Average | Bonds | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.95
|
0.96
|
| Consensus Pricing | Indicative Quotes | Weighted Average | Loans | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.97
|
0.98
|
| Consensus Pricing | Indicative Quotes | Weighted Average | Investments in CLOs | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
1
|
| Discounted Cash Flow | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments |
$ 755.1
|
$ 789.2
|
| Discounted Cash Flow | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments |
235.7
|
112.3
|
| Discounted Cash Flow | Loans | Level III |
|
|
| Assets |
|
|
| Investments |
277.2
|
216.0
|
| Discounted Cash Flow | Loan two | Level III |
|
|
| Assets |
|
|
| Investments |
|
3.5
|
| Discounted Cash Flow | Aviation subordinated notes | Level III |
|
|
| Assets |
|
|
| Investments |
$ 6.5
|
7.5
|
| Discounted Cash Flow | Investments in CLOs | Level III |
|
|
| Assets |
|
|
| Investments |
|
$ 37.6
|
| Discounted Cash Flow | Discount Rates | Minimum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0
|
0.07
|
| Discounted Cash Flow | Discount Rates | Minimum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.07
|
0.07
|
| Discounted Cash Flow | Discount Rates | Minimum | Loans | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.08
|
0.06
|
| Discounted Cash Flow | Discount Rates | Minimum | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
0.14
|
| Discounted Cash Flow | Discount Rates | Minimum | Aviation subordinated notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.21
|
0.21
|
| Discounted Cash Flow | Discount Rates | Minimum | Investments in CLOs | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
0.06
|
| Discounted Cash Flow | Discount Rates | Maximum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.19
|
0.19
|
| Discounted Cash Flow | Discount Rates | Maximum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.24
|
0.20
|
| Discounted Cash Flow | Discount Rates | Maximum | Loans | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.20
|
0.16
|
| Discounted Cash Flow | Discount Rates | Maximum | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
0.14
|
| Discounted Cash Flow | Discount Rates | Maximum | Aviation subordinated notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.21
|
0.21
|
| Discounted Cash Flow | Discount Rates | Maximum | Investments in CLOs | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
0.10
|
| Discounted Cash Flow | Discount Rates | Weighted Average | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.11
|
0.11
|
| Discounted Cash Flow | Discount Rates | Weighted Average | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.14
|
0.12
|
| Discounted Cash Flow | Discount Rates | Weighted Average | Loans | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.10
|
0.09
|
| Discounted Cash Flow | Discount Rates | Weighted Average | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
0.14
|
| Discounted Cash Flow | Discount Rates | Weighted Average | Aviation subordinated notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.21
|
0.21
|
| Discounted Cash Flow | Discount Rates | Weighted Average | Investments in CLOs | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
0.09
|
| Discounted Cash Flow | Terminal Growth Rate | Minimum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0
|
0.01
|
| Discounted Cash Flow | Terminal Growth Rate | Maximum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.11
|
0.11
|
| Discounted Cash Flow | Terminal Growth Rate | Weighted Average | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.03
|
0.04
|
| Discounted Cash Flow | Constant Prepayment Rate | Minimum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.06
|
0.06
|
| Discounted Cash Flow | Constant Prepayment Rate | Minimum | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.11
|
0.08
|
| Discounted Cash Flow | Constant Prepayment Rate | Maximum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.18
|
0.16
|
| Discounted Cash Flow | Constant Prepayment Rate | Maximum | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.11
|
0.14
|
| Discounted Cash Flow | Constant Prepayment Rate | Weighted Average | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.08
|
0.09
|
| Discounted Cash Flow | Constant Prepayment Rate | Weighted Average | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.11
|
0.11
|
| Discounted Cash Flow | Default Rates | Minimum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0
|
0
|
| Discounted Cash Flow | Default Rates | Minimum | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.02
|
0.02
|
| Discounted Cash Flow | Default Rates | Maximum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.05
|
0.06
|
| Discounted Cash Flow | Default Rates | Maximum | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.04
|
0.02
|
| Discounted Cash Flow | Default Rates | Weighted Average | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.01
|
0.01
|
| Discounted Cash Flow | Default Rates | Weighted Average | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.02
|
0.02
|
| Discounted Cash Flow | Recovery Rates | Minimum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
0
|
| Discounted Cash Flow | Recovery Rates | Maximum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
0.40
|
| Discounted Cash Flow | Recovery Rates | Weighted Average | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
0.21
|
| Discounted Cash Flow | Severity | Minimum | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.75
|
|
| Discounted Cash Flow | Severity | Maximum | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.75
|
|
| Discounted Cash Flow | Severity | Weighted Average | Loan two | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.75
|
|
| Comparable Multiple | EBITDA Multiple | Minimum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
1.2
|
1.5
|
| Comparable Multiple | EBITDA Multiple | Maximum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
22.7
|
23.8
|
| Comparable Multiple | EBITDA Multiple | Weighted Average | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
13.8
|
12
|
| Comparable Multiple | Revenue Multiple | Minimum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
2.8
|
2.8
|
| Comparable Multiple | Revenue Multiple | Maximum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
8.6
|
2.8
|
| Comparable Multiple | Revenue Multiple | Weighted Average | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
5.9
|
2.8
|
| Comparable Multiple | TCF Multiple | Minimum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
22.3
|
| Comparable Multiple | TCF Multiple | Maximum | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
22.3
|
| Comparable Multiple | TCF Multiple | Weighted Average | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
|
22.3
|
| Other | Level III |
|
|
| Assets |
|
|
| Subtotal |
$ 33.3
|
$ 37.5
|
| Liabilities |
|
|
| Total |
228.0
|
|
| Other | Equity securities | Level III |
|
|
| Assets |
|
|
| Investments |
181.3
|
191.9
|
| Other | Loans | Level III |
|
|
| Assets |
|
|
| Investments |
1.7
|
1.8
|
| Other | Senior secured notes | Level III |
|
|
| Liabilities |
|
|
| Loans payable of Consolidated Funds |
10,172.2
|
9,032.2
|
| Other | Loans | Level III |
|
|
| Assets |
|
|
| Investments |
12.5
|
|
| Other | Investments in CLOs | Level III |
|
|
| Assets |
|
|
| Investments |
|
49.5
|
| Consensus Pricing with Discounted Cash Flow | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments |
255.9
|
303.3
|
| Consensus Pricing with Discounted Cash Flow | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments |
37.4
|
45.7
|
| Liabilities |
|
|
| Loans payable of Consolidated Funds |
$ 355.1
|
$ 390.9
|
| Consensus Pricing with Discounted Cash Flow | Indicative Quotes | Minimum | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.80
|
0.92
|
| Consensus Pricing with Discounted Cash Flow | Indicative Quotes | Minimum | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.01
|
0
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.03
|
0.10
|
| Consensus Pricing with Discounted Cash Flow | Indicative Quotes | Maximum | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
1.02
|
1.01
|
| Consensus Pricing with Discounted Cash Flow | Indicative Quotes | Maximum | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.82
|
0.87
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.90
|
0.84
|
| Consensus Pricing with Discounted Cash Flow | Indicative Quotes | Weighted Average | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
1
|
1
|
| Consensus Pricing with Discounted Cash Flow | Indicative Quotes | Weighted Average | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.28
|
0.38
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.62
|
0.51
|
| Consensus Pricing with Discounted Cash Flow | Discount Rates | Minimum | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.08
|
0
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.07
|
0.05
|
| Consensus Pricing with Discounted Cash Flow | Discount Rates | Maximum | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.19
|
0.31
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.14
|
0.24
|
| Consensus Pricing with Discounted Cash Flow | Discount Rates | Weighted Average | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.11
|
0.10
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.10
|
0.09
|
| Consensus Pricing with Discounted Cash Flow | Default Rates | Minimum | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.02
|
0.02
|
| Consensus Pricing with Discounted Cash Flow | Default Rates | Minimum | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.01
|
0.01
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.01
|
0.01
|
| Consensus Pricing with Discounted Cash Flow | Default Rates | Maximum | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.02
|
0.02
|
| Consensus Pricing with Discounted Cash Flow | Default Rates | Maximum | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.02
|
0.02
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.02
|
0.02
|
| Consensus Pricing with Discounted Cash Flow | Default Rates | Weighted Average | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.02
|
0.02
|
| Consensus Pricing with Discounted Cash Flow | Default Rates | Weighted Average | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.02
|
0.02
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.02
|
0.02
|
| Consensus Pricing with Discounted Cash Flow | Recovery Rates | Minimum | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.60
|
0.60
|
| Consensus Pricing with Discounted Cash Flow | Recovery Rates | Minimum | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.60
|
0.60
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.60
|
0.60
|
| Consensus Pricing with Discounted Cash Flow | Recovery Rates | Maximum | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.60
|
0.60
|
| Consensus Pricing with Discounted Cash Flow | Recovery Rates | Maximum | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.60
|
0.60
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.60
|
0.60
|
| Consensus Pricing with Discounted Cash Flow | Recovery Rates | Weighted Average | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.60
|
0.60
|
| Consensus Pricing with Discounted Cash Flow | Recovery Rates | Weighted Average | Subordinated notes and preferred shares | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.60
|
0.60
|
| Liabilities |
|
|
| Loans payable, measurement input |
0.60
|
0.60
|
| Consensus Pricing with Discounted Cash Flow | Discount Margins (Basis Points) | Minimum | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.0085
|
0.0080
|
| Consensus Pricing with Discounted Cash Flow | Discount Margins (Basis Points) | Maximum | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.1450
|
0.1060
|
| Consensus Pricing with Discounted Cash Flow | Discount Margins (Basis Points) | Weighted Average | Senior secured notes | Level III |
|
|
| Assets |
|
|
| Investments, measurement input |
0.0217
|
0.0204
|