v3.26.1
DERIVATIVES AND HEDGING (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Realized and Unrealized Gains and Losses Arising from Freestanding Derivatives and Impact of Derivatives Held
Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the consolidated statements of operations as follows:
Year Ended December 31,
202520242023
Investment income (loss)
$— $— $(3,501)
General and administrative expense (1)
— $— 3,153 
Total gain (loss)
$— $— $(348)
(1)    To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense.
The impact of derivatives held by the consolidated funds in the consolidated statements of operations was as follows: 
Year Ended December 31,
 202520242023
Net Realized Gain 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
Foreign-currency forward contracts
$2,481 $(48,297)$337 $28,193 $898 $(14,909)
Total-return and interest-rate and credit default swaps403 811 613 (19)(235)328 
Options and futures2,187 2,207 1,440 (2,176)4,382 (569)
Commodity swaps1,882 — 8,489 (8,654)11,162 16,324 
Total$6,953 $(45,279)$10,879 $17,344 $16,207 $1,174 
Schedule of Fair Value of Derivatives Held by Consolidated Funds
The fair value of derivatives held by the consolidated funds consisted of the following:
AssetsLiabilities
NotionalFair ValueNotionalFair Value
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)
As of December 31, 2024
Foreign-currency forward contracts$797,475 $17,578 $(81,625)$(8,513)
Total-return and interest-rate and credit default swaps15,207 15,771 (203,533)(19)
Options and futures— — (13,435)(4,853)
Total$812,682 $33,349 $(298,593)$(13,385)
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 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 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)
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of December 31, 2024Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts
$17,578 $— $— $17,578 
Total-return and interest-rate and credit default swaps15,771 — — 15,771 
Total$33,349 $— $— $33,349 
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts$(8,513)$— $— $(8,513)
Total-return and interest-rate swaps
(19)— — (19)
Options and futures
(4,853)— — (4,853)
Total$(13,385)$— $— $(13,385)
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 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 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)
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of December 31, 2024Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts
$17,578 $— $— $17,578 
Total-return and interest-rate and credit default swaps15,771 — — 15,771 
Total$33,349 $— $— $33,349 
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts$(8,513)$— $— $(8,513)
Total-return and interest-rate swaps
(19)— — (19)
Options and futures
(4,853)— — (4,853)
Total$(13,385)$— $— $(13,385)