INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Schedule of Corporate Investments

Corporate investments consisted of the following:

	As of
Corporate Investments	March 31, 2024		December 31, 2023
Equity-method investments:
Funds	$	1,342,340	$	1,434,988
Companies	11,524		11,901
Other investments, at fair value	85,127		85,319
Total corporate investments	$	1,438,991	$	1,532,208

Summarized financial information of the Company’s equity-method investments is set forth below.

	Three months ended March 31,
Statements of Operations	2024		2023
Revenues / investment income	$	1,041,837	$	1,176,631
Interest expense	(141,221)		(147,966)
Other expenses	(270,030)		(239,798)
Net realized and unrealized gain on investments	1,146,042		325,585
Net income	$	1,776,628	$	1,114,452

Schedule of Investment

The components of investment income (loss) are set forth below:

	Three months ended March 31,
Investment Income (Loss)	2024		2023
Equity-method investments:
Funds	$	4,612	$	26,122
Companies	(377)		(3)
Other investments, at fair value	14,005		25,603
Total investment income	$	18,240	$	51,722

Schedule of Investments, at Fair Value

The following table summarizes net gains (losses) attributable to the Company’s other investments at fair value:

	Three months ended March 31,
	2024		2023
Realized gain (loss)	$	7,535	$	1,069
Net change in unrealized gain (loss)	6,470		24,534
Total gain (loss)	$	14,005	$	25,603

Investments held and securities sold short by the consolidated funds are summarized below:

	Fair Value as of				Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
United States:
Debt securities:
Communication services	$	148,272	$	69,509	2.6	%	1.4	%
Consumer discretionary	291,691		202,355		5.1		3.9
Consumer staples	54,040		28,149		0.9		0.5
Energy	114,814		110,990		2.0		2.2
Financials	283,612		223,794		4.9		4.4
Health care	310,429		226,554		5.4		4.4
Industrials	462,602		379,538		8.0		7.5
Information technology	125,611		87,355		2.2		1.7
Materials	371,007		333,459		6.4		6.5
Real estate	100,215		97,621		1.7		1.9
Utilities	43,772		19,954		0.8		0.4
Other	514,516		549,164		8.9		10.6
Total debt securities (cost:$2,816,424 and $2,341,421 as of March 31, 2024 and December 31, 2023, respectively)	2,820,581		2,328,442		48.9		45.4
Equity securities:
Communication services	84,675		79,522		1.5		1.5
Consumer discretionary	40,063		68,056		0.7		1.3
Energy	430,082		427,034		7.5		8.3
Financials	234,302		171,924		4.1		3.3
Health care	33,294		32,418		0.6		0.6
Industrials	421,733		369,019		7.3		7.2
Information technology	43,997		44,350		0.8		0.9
Utilities	70,118		89,427		1.2		1.7
Total equity securities (cost: $1,086,131 and $1,095,721 as of March 31, 2024 and December 31, 2023, respectively)	1,358,264		1,281,750		23.7		24.8
Real estate:
Real estate	13,952		13,780		0.2		0.3
Total real estate securities (cost: $23,160 and $22,716 as of March 31, 2024 and December 31, 2023, respectively)	13,952		13,780		0.2		0.3

	Fair Value as of				Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Europe:
Debt securities:
Communication services	$	103,870	$	111,898	1.8	%	2.1	%
Consumer discretionary	27,120		18,560		0.5		0.4
Consumer staples	8,379		3,107		0.1		0.1
Energy	5,231		1,185		0.1		—
Financials	23,151		18,381		0.4		0.4
Health care	11,760		12,136		0.2		0.2
Industrials	18,965		15,993		0.3		0.3
Information technology	6,141		5,402		0.1		0.1
Materials	11,734		13,487		0.2		0.3
Real estate	14,339		13,424		0.2		0.3
Utilities	1,241		5,417		—		0.1
Other	34,989		34,686		0.6		0.6
Total debt securities (cost: $246,604 and $231,315 as of March 31, 2024 and December 31, 2023, respectively)	266,920		253,676		4.5		4.9
Equity securities:
Consumer discretionary	53,933		52,468		0.9		1.0
Financials	48,808		49,496		0.8		1.0
Health care	122		19		—		—
Industrials	101,724		93,662		1.8		1.7
Materials	24,282		24,282		0.4		0.5
Real estate	39,985		44,637		0.7		0.9
Total equity securities (cost: $207,847 and $208,130 as of March 31, 2024 and December 31, 2023, respectively)	268,854		264,564		4.6		5.1
Real estate:
Consumer discretionary	60,800		61,357		1.1		1.2
Real estate	111,929		100,216		2.0		1.9
Total real estate securities (cost: $171,035 and $159,423 as of March 31, 2024 and December 31, 2023, respectively)	172,729		161,573		3.1		3.1
Asia and other:
Debt securities:
Communication services	509		803		—		—
Consumer discretionary	25,428		17,195		0.4		0.3
Consumer staples	19,999		19,820		0.3		0.4
Energy	2,381		1,307		—		—
Financials	8,094		8,192		0.1		0.2
Health care	400		402		—		—
Industrials	5,127		4,181		0.1		0.1
Information technology	46		5		—		—
Materials	282,392		249,492		5.0		4.9
Real estate	414,490		435,799		7.2		8.5
Utilities	28		3,244		—		0.1
Total debt securities (cost: $773,093 and $761,394 as of March 31, 2024 and December 31, 2023, respectively)	758,894		740,440		13.1		14.5

	Fair Value as of				Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Asia and other:
Equity securities:
Industrials	$	76,960	$	63,161	1.3	%	1.2	%
Real estate	32,916		32,916		0.6		0.6
Utilities	1,706		3,375		—		0.1
Total equity securities (cost: $101,880 and $90,638 as of March 31, 2024 and December 31, 2023, respectively)	111,582		99,452		1.9		1.9
Total debt securities	3,846,395		3,322,558		66.6		64.8
Total equity securities	1,738,700		1,645,766		30.1		31.8
Total real estate	186,681		175,353		3.3		3.4
Total investments, at fair value	$	5,771,776	$	5,143,677	100.0	%	100.0	%

Schedule of Net Gains (Losses) from Investment Activities of Consolidated Funds

The following table summarizes net gains (losses) from investment activities:

	Three months ended March 31,
	2024				2023
	Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments
Investments and other financial instruments	$	(55,747)	$	111,713	$	30,259	$	(35,958)
CLO liabilities (1)	35		1,362		—		—
Foreign-currency forward contracts (2)	(351)		5,735		(1,614)		(3,984)
Total return, interest rate and credit default swaps (2)	—		633		(5)		(12)
Options and futures (2)	(206)		(388)		432		(398)
Commodity swaps (2)	4,493		(1,581)		2,608		15,170
Total	$	(51,776)	$	117,474	$	31,680	$	(25,182)

(1)    Represents the net change in the fair value of CLO liabilities based on the more observable fair value of CLO assets, as measured under the CLO measurement guidance. Please see note 2 for more information.

(2)    Please see note 7 for additional information.