v3.26.1
REVENUES (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents a disaggregated view of the Company’s revenues:
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in thousands)2026202520262025
Credit Platform
Direct lending$328,882 $314,731 $666,350 $613,820 
Alternative credit30,942 19,318 61,312 40,503 
Investment grade credit17,719 16,199 35,522 32,886 
Liquid credit4,367 5,555 9,119 13,035 
Other9,403 12,213 25,465 22,146 
Management Fees391,313 368,016 797,768 722,390 
Administrative, transaction and other fees57,847 54,609 114,483 106,219 
Fee offsets(1)
(7,355)— (14,711)— 
Total Management and Other Fees, Net441,805 422,625 897,540 828,609 
Performance revenues94 979 2,209 3,935 
Total GAAP Revenues - Credit Platform441,899 423,604 899,749 832,544 
Real Assets Platform
Net lease65,648 47,514 131,027 94,350 
Real estate credit11,957 9,687 23,899 20,068 
Digital infrastructure35,260 48,226 70,069 100,459 
Management Fees112,865 105,427 224,995 214,877 
Administrative, transaction and other fees27,197 11,444 52,279 21,950 
Fee offsets(1)
(3,713)— (7,229)— 
Total Management and Other Fees, Net136,349 116,871 270,045 236,827 
Performance revenues8 — 3,958 3,356 
Total GAAP Revenues - Real Assets Platform136,357 116,871 274,003 240,183 
GP Strategic Capital Platform
GP minority stakes162,541 154,269 312,881 302,712 
GP debt financing4,647 5,833 9,445 8,225 
Professional sports minority stakes1,242 941 2,407 1,584 
Strategic Revenue-Share Purchase consideration amortization(11,043)(11,117)(22,087)(22,233)
Management Fees157,387 149,926 302,646 290,288 
Administrative, transaction and other fees 17,409 12,705 30,465 23,577 
Total Management and Other Fees, Net174,796 162,631 333,111 313,865 
Total GAAP Revenues - GP Strategic Capital Platform174,796 162,631 333,111 313,865 
Total GAAP Revenues$753,052 $703,106 $1,506,863 $1,386,592 
(1)Refers to management fee offsets as a result of amortization of incentives paid to certain investors in the Company’s products.
Schedule of Company's Fees and Receivables
The table below presents the beginning and ending balances of the Company’s management fees, performance revenues and administrative, transaction and other fees receivable and unearned management fees. Substantially all of the amounts receivable are collected during the following quarter. A liability for unearned management fees is generally recognized when management fees are paid to the Company in advance. The entire change in unearned management fees shown below relates to amounts recognized as revenues in the current year period. Management fees are primarily included within due from related parties and a portion is also included within other assets in the Company’s consolidated statements of financial condition. Performance revenues and administrative, transaction and other fees receivable are included within due from related parties and unearned management fees are included within accounts payable, accrued expenses and other liabilities in the Company’s consolidated statements of financial condition.
Six Months Ended
June 30,
(dollars in thousands)20262025
Management Fees Receivable
Beginning balance$448,195 $356,413 
Ending balance$429,300 $397,146 
Administrative, Transaction and Other Fees Receivable
Beginning balance$111,690 $67,920 
Ending balance$104,014 $81,967 
Performance Revenues Receivable
Beginning balance$1,381 $1,672 
Ending balance$— $335 
Unearned Management Fees
Beginning balance$3,866 $7,613 
Ending balance$8,118 $9,619 
Schedule of Changes in Strategic Revenue Share Purchase Consideration
The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. Substantially all of the consideration was paid in Class A Shares in 2021 and is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations over the average period the related customer revenues are expected to be recognized. As of June 30, 2026, the remaining weighted average amortization period was 7.0 years.
Six Months Ended
June 30,
(dollars in thousands)20262025
Beginning balance$329,207 $373,528 
Amortization(22,087)(22,233)
Ending Balance$307,120 $351,295 
Schedule of Amortization of Product Incentives
Starting in the third quarter of 2025, the Company paid certain investors in the Company’s products incentives that are being amortized in fee offsets in the Company’s consolidated statements of operations. These incentives are recognized over the related performance obligation period, and unamortized amounts are recorded within other assets in the Company’s consolidated statements of financial condition. The amortization amounts are presented as fee offsets in the first table above within this Note. As of June 30, 2026, the remaining weighted average amortization period was 1.2 years.
(dollars in thousands)Six Months Ended
June 30, 2026
Beginning balance$44,953 
Deferred incentives paid to customers4,008 
Amortization(21,940)
Ending Balance$27,021