v3.26.1
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Schedule of Corporate Investments and Equity-Method Investments
Corporate investments consisted of the following:
As of December 31,
Corporate Investments20252024
Equity-method investments:
Funds
$315,801 $317,256 
Companies
1,114,972 1,203,004 
Total corporate investments$1,430,773 $1,520,260 
Summarized financial information of the Company’s remaining equity-method investments is set forth below.
As of December 31,
Statements of Financial Condition20252024
Assets:
Cash and cash-equivalents$50,608 $25,489 
Investments, at fair value2,050,887 1,886,579 
Other assets136,543 55,488 
Total assets
$2,238,038 $1,967,556 
Liabilities and Capital:
Debt obligations$1,103,507 $1,074,156 
Other liabilities94,557 102,707 
Total liabilities
1,198,064 1,176,863 
Total capital
1,039,974 790,693 
Total liabilities and capital
$2,238,038 $1,967,556 
Year Ended December 31,
202520242023
Statements of Operations
Revenues / investment income$173,180 $2,362,833 $4,506,814 
Interest expense(59,032)(343,541)(565,810)
Other expenses(128,299)(682,302)(1,117,553)
Net realized and unrealized gain on investments23,626 1,871,488 862,771 
Net income
$9,475 $3,208,478 $3,686,222 
Schedule of Investments, at Fair Value
The following table summarizes net gains (losses) attributable to the Company’s other investments at fair value:
Year Ended December 31,
202520242023
Realized gain (loss)$— $9,504 $4,475 
Net change in unrealized gain (loss)— 2,159 9,393 
Total gain (loss)$— $11,663 $13,868 
Investments held and securities sold short by the consolidated funds are summarized below:
Fair Value as of December 31,Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments2025202420252024
United States:    
Debt securities (cost: $1,410,932 and $1,792,830 as of December 31, 2025 and 2024, respectively)
$1,245,636 $1,857,874 24.9 %37.6 %
Equity securities (cost: $1,658,791 and $1,362,953 as of December 31, 2025 and 2024, respectively)
2,058,375 1,610,427 41.1 32.6 
Real estate securities (cost: $81,097 and $26,966 as of December 31, 2025 and 2024, respectively)
85,059 15,036 1.7 0.3 
Europe:  
Debt securities (cost: $220,047 and $161,153 as of December 31, 2025 and 2024, respectively)
218,618 160,989 4.4 3.3 
Equity securities (cost: $332,655 and $295,630 as of December 31, 2025 and 2024, respectively)
442,853 375,486 8.8 7.6 
Real estate securities (cost: $248,112 and $191,470 as of December 31, 2025 and 2024, respectively)
267,481 191,145 5.3 3.8 
Asia and other:    
Debt securities (cost: $556,028 and $680,671 as of December 31, 2025 and 2024, respectively)
568,395 664,845 11.3 13.4 
Equity securities (cost: $111,335 and $55,638 as of December 31, 2025 and 2024, respectively)
126,560 71,060 2.5 1.4 
Total debt securities2,032,649 2,683,708 40.6 54.3 
Total equity securities2,627,788 2,056,973 52.4 41.5 
Total real estate352,540 206,181 7.0 4.2 
Total investments, at fair value$5,012,977 $4,946,862 100.0 %100.0 %

As of December 31, 2025, the following issuers or investments had a fair value that exceeded 5% of the Company’s total consolidated net assets.
Principal Amount/ Number of SharesInvestmentsCombined Fair Value
179,840Azorra Aviation Holdings LLC$266,177
Schedule of Net Gains (Losses) from Investment Activities
The following table summarizes net gains (losses) from investment activities:
Year Ended December 31,
 202520242023
Net Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on InvestmentsNet Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on InvestmentsNet Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on Investments
Investments and other financial instruments
$45,322 $13,824 $54,580 $131,725 $63,213 $27,890 
CLO liabilities (1)
— — 185 1,597 — — 
Foreign-currency forward contracts (2)
2,481 (48,297)337 28,193 898 (14,909)
Total-return and interest-rate swaps (2)
403 811 613 (19)(235)328 
Options and futures (2)
2,187 2,207 1,440 (2,176)4,382 (569)
Commodity swaps (2)
1,882 — 8,489 (8,654)11,162 16,324 
Total$52,275 $(31,455)$65,644 $150,666 $79,420 $29,064 
(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. Subsequent to the 2024 Restructuring and deconsolidation of Oaktree Capital I, the Company no longer holds investments in CLOs. Please see note 2 for more information.
(2)    Please see note 7 for additional information.