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RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
13. RELATED PARTY TRANSACTIONS
The majority of the Company’s revenues, including substantially all management fees and certain administrative, transaction and other fees, are earned from the products it manages, which are related parties of the Company.
The Company also has arrangements in place with products that it manages, whereby certain costs are initially paid by the Company and subsequently are reimbursed by the products. These amounts are included within due from related parties in the Company’s consolidated statements of financial condition.
(dollars in thousands)June 30,
2026		December 31,
2025
Management fees$420,520 $430,539 
Performance revenues— 1,381 
Administrative fees104,014 111,690 
Other expenses paid on behalf of the Company’s products and other related parties166,304 150,446 
Due from Related Parties$690,838 $694,056 
Administrative Fees
Administrative fees represent allocable compensation and other expenses incurred by the Company, pursuant to administrative and other agreements, that are reimbursed by the products it manages and other related parties. These administrative fees are included within administrative, transaction and other fees on the consolidated statements of operations and totaled $47.7 million and $85.3 million for the three and six months ended June 30, 2026, respectively, and $27.7 million and $58.1 million for the three and six months ended June 30, 2025, respectively.
Dealer Manager Revenues
Dealer manager revenues represent commissions earned from certain of the Company’s products for distribution services provided. These dealer manager revenues are included within administrative, transaction and other fees on the consolidated statements of operations and totaled $31.5 million and $63.0 million for the three and six months ended June 30, 2026, respectively, and $28.7 million and $55.5 million for the three and six months ended June 30, 2025, respectively. Substantially all of these dealer manager revenues are subsequently paid out to third party broker-dealers, and such payments are recorded within general, administrative and other expenses on the consolidated statements of operations.
Expense Support and Caps Arrangements
The Company is party to expense support and cap arrangements with certain of the products it manages. Pursuant to these arrangements, the Company may absorb certain expenses of these products when in excess of stated expense caps or until such products reach certain profitability, cash flow or fundraising thresholds. In certain cases, the Company is able to recover these expenses once certain profitability, cash flow or fundraising thresholds are met. The Company recorded net expenses (recoveries) related to these arrangements of $4.7 million and $12.8 million for the three and six months ended June 30, 2026, respectively, and $2.7 million and $0.8 million for the three and six months ended June 30, 2025, respectively. These net expenses (recoveries) are included in general, administrative and other expenses within the consolidated statements of operations.
Aircraft Reimbursements
In the normal course of business, the Company reimburses certain related parties for business use of their aircraft based on current market rates. The reimbursement may be recovered from a product managed by the Company in accordance with applicable policies and procedures to the extent that such reimbursement is eligible under such product’s agreements. The Company does not bear any operating, personnel or maintenance costs associated with the aircraft. Personal use of the aircraft is not charged to the Company. The Company recorded expenses for these aircraft reimbursements of $1.8 million and $3.9 million for the three and six months ended June 30, 2026,
Promissory Notes
On November 15, 2022, the Company entered into an interest-bearing revolving promissory note with a product it manages, which was amended in October 2025 to extend the maturity date by one year, allowing the product to borrow from the Company up to an aggregate amount of $15.0 million. The promissory note bears interest at a rate of SOFR plus 4.25%, with any such interest amounts capitalized monthly. Any unpaid principal balance and unpaid accrued interest may be prepaid in full or in part any time prior to maturity in January 2027. As of June 30, 2026, $8.2 million was outstanding under this promissory note and the Company recorded $0.2 million and $0.3 million of interest income for the three and six months ended June 30, 2026, respectively. As of June 30, 2025, $7.5 million was outstanding under this promissory note and the Company recorded $0.2 million and $0.3 million of interest income for the three and six months ended June 30, 2025, respectively.
Investment Sale with Deferred Purchase Price
On December 30, 2024, the Company sold an investment in a product it manages to another product managed by the Company for cash consideration of $22.3 million and a deferred, non-interest bearing amount due of $44.5 million, payable in two equal installments on December 31, 2025 and December 31, 2026. The Company recorded a deferred purchase price receivable of $40.6 million for the deferred purchase price, representing the present value of these installment payments, and is recognizing the discount as interest income over the two-year deferred payment period.
As of June 30, 2026, $21.3 million was outstanding under this deferred purchase price receivable, and the Company recorded $0.5 million and $1.0 million of interest income for the three and six months ended June 30, 2026. As of June 30, 2025, $41.6 million was outstanding under this deferred purchase price receivable, and the Company recorded $0.5 million and $1.0 million of interest income for the three and six months ended June 30, 2025,