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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Valuation of Investments and Other Financial Instruments by Fair Value Hierarchy Levels

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of March 31, 2023:

Financial Instruments of the Company						Level I						Level II						Level III						Investments Measured at NAV						Total
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income						$	—					$	—					$	75,169					$	—					$	75,169
Common stock and other equity securities						—						78,326						125,073						—						203,399
Partnership interests						—						—						—						1,385						1,385
Total investments, at fair value						—						78,326						200,242						1,385						279,953
Derivatives-foreign currency forward contracts						—						3,151						—						—						3,151
Total assets, at fair value						$	—					$	81,477					$	200,242					$	1,385					$	283,104
Liabilities, at fair value
Derivatives-foreign currency forward contracts						$	—					$	(2,266)					$	—					$	—					$	(2,266)
Total liabilities, at fair value						$	—					$	(2,266)					$	—					$	—					$	(2,266)

Financial Instruments of the Consolidated Funds						Level I						Level II						Level III						Investments Measured at NAV						Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds						$	—					$	559,547					$	3,728					$	—					$	563,275
Loans						—						8,847,972						668,776						—						9,516,748
Investments held in trust account						484,901						—						—						—						484,901
Collateralized loan obligations						—						21,800						60,300						—						82,100
Total fixed income investments						484,901						9,429,319						732,804						—						10,647,024
Equity securities						661						—						932,635						—						933,296
Partnership interests						—						—						374,049						1,171,783						1,545,832
Total investments, at fair value						485,562						9,429,319						2,039,488						1,171,783						13,126,152
Derivatives-foreign currency forward contracts						—						2,440						—						—						2,440
Total assets, at fair value						$	485,562					$	9,431,759					$	2,039,488					$	1,171,783					$	13,128,592
Liabilities, at fair value
Derivatives:
Warrants						$	(17,600)					$	—					$	—					$	—					$	(17,600)
Foreign currency forward contracts						—						(2,414)						—						—						(2,414)
Asset swaps						—						—						(1,698)						—						(1,698)
Total derivative liabilities, at fair value						(17,600)						(2,414)						(1,698)						—						(21,712)
Loan obligations of CLOs						—						(10,918,007)						—						—						(10,918,007)
Total liabilities, at fair value						$	(17,600)					$	(10,920,421)					$	(1,698)					$	—					$	(10,939,719)

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2022:

Financial Instruments of the Company						Level I						Level II						Level III						Investments Measured at NAV						Total
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income						$	—					$	—					$	76,934					$	—					$	76,934
Common stock and other equity securities						—						77,022						121,785						—						198,807
Partnership interests						—						—						—						1,385						1,385
Total investments, at fair value						—						77,022						198,719						1,385						277,126
Derivatives-foreign currency forward contracts						—						4,173						—						—						4,173
Total assets, at fair value						$	—					$	81,195					$	198,719					$	1,385					$	281,299
Liabilities, at fair value
Derivatives-foreign currency forward contracts						$	—					$	(3,423)					$	—					$	—					$	(3,423)
Total liabilities, at fair value						$	—					$	(3,423)					$	—					$	—					$	(3,423)

Financial Instruments of the Consolidated Funds						Level I						Level II						Level III						Investments Measured at NAV						Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds						$	—					$	534,137					$	252,824					$	—					$	786,961
Loans						—						8,663,678						616,844						—						9,280,522
Investments held in trust account						1,013,382						—						—						—						1,013,382
Total fixed income investments						1,013,382						9,197,815						869,668						—						11,080,865
Equity securities						719						—						730,880						—						731,599
Partnership interests						—						—						368,655						1,023,514						1,392,169
Total investments, at fair value						1,014,101						9,197,815						1,969,203						1,023,514						13,204,633
Derivatives-foreign currency forward contracts						—						2,900						—						—						2,900
Total assets, at fair value						$	1,014,101					$	9,200,715					$	1,969,203					$	1,023,514					$	13,207,533
Liabilities, at fair value
Derivatives:
Warrants						$	(9,326)					$	—					$	—					$	—					$	(9,326)
Foreign currency forward contracts						—						(2,942)						—						—						(2,942)
Asset swaps						—						—						(3,556)						—						(3,556)
Total derivative liabilities, at fair value						(9,326)						(2,942)						(3,556)						—						(15,824)
Loan obligations of CLOs						—						(10,701,720)						—						—						(10,701,720)
Total liabilities, at fair value						$	(9,326)					$	(10,704,662)					$	(3,556)					$	—					$	(10,717,544)

Summary of Changes in the Fair Value of the Level III Investments, Assets

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2023:

Level III Assets of the Company						Equity  Securities						Fixed Income																		Total
Balance, beginning of period						$	121,785					$	76,934																	$	198,719
Purchases(1)						52						1,194																		1,246
Sales/settlements(2)						45						(1,536)																		(1,491)
Realized and unrealized appreciation (depreciation), net						3,191						(1,423)																		1,768
Balance, end of period						$	125,073					$	75,169																	$	200,242
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets still held at the reporting date						$	2,978					$	(1,211)																	$	1,767

Level III Net Assets of Consolidated Funds						Equity  Securities						Fixed  Income						Partnership Interests						Derivatives, Net						Total
Balance, beginning of period						$	730,880					$	869,668					$	368,655					$	(3,556)					$	1,965,647
Transfer in						—						284,198						—						—						284,198
Transfer out						—						(447,536)						—						—						(447,536)
Purchases(1)						180,372						188,232						49,000						—						417,604
Sales/settlements(2)						(122)						(173,502)						(48,889)						—						(222,513)
Amortized discounts/premiums						—						749						—						—						749
Realized and unrealized appreciation, net						21,505						10,995						5,283						1,858						39,641
Balance, end of period						$	932,635					$	732,804					$	374,049					$	(1,698)					$	2,037,790
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date						$	21,436					$	(20,602)					$	5,283					$	1,848					$	7,965

(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.

(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2022:

Level III Assets and Liabilities of the Company						Equity  Securities						Fixed Income						Partnership Interests						Contingent Consideration												Total
Balance, beginning of period						$	108,949					$	52,397					$	2,575					$	(57,435)											$	106,486
Transfer in due to changes in consolidation						1,491						—						—						—												1,491
Sales/settlements(1)						(213)						(885)						—						47,873												46,775
Change in fair value						—						—						—						(988)												(988)
Realized and unrealized appreciation (depreciation), net						4,272						(54)						—						—												4,218
Balance, end of period						$	114,499					$	51,458					$	2,575					$	(10,550)											$	157,982
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date						$	4,272					$	(54)					$	—					$	(988)											$	3,230

Level III Net Assets of Consolidated Funds						Equity  Securities						Fixed  Income						Partnership Interests						Derivatives, Net						Total
Balance, beginning of period						$	339,183					$	742,952					$	238,673					$	(3,105)					$	1,317,703
Transfer in						—						171,945						—						—						171,945
Transfer out						—						(90,417)						—						—						(90,417)
Purchases(2)						7,320						143,577						24,000						—						174,897
Sales/settlements(1)						(10,189)						(97,975)						(21,500)						(2)						(129,666)
Amortized discounts/premiums						—						654						—						—						654
Realized and unrealized appreciation (depreciation), net						14,826						(11,435)						(50)						(55)						3,286
Balance, end of period						$	351,140					$	859,301					$	241,123					$	(3,162)					$	1,448,402
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date						$	20					$	(9,031)					$	(50)					$	(112)					$	(9,173)

(1)Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments.

(2)Purchases include paid-in-kind interest and securities received in connection with restructurings.

Summary of Changes in the Fair Value of the Level III Investments, Liabilities

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2023:

Level III Assets of the Company						Equity  Securities						Fixed Income																		Total
Balance, beginning of period						$	121,785					$	76,934																	$	198,719
Purchases(1)						52						1,194																		1,246
Sales/settlements(2)						45						(1,536)																		(1,491)
Realized and unrealized appreciation (depreciation), net						3,191						(1,423)																		1,768
Balance, end of period						$	125,073					$	75,169																	$	200,242
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets still held at the reporting date						$	2,978					$	(1,211)																	$	1,767

Level III Net Assets of Consolidated Funds						Equity  Securities						Fixed  Income						Partnership Interests						Derivatives, Net						Total
Balance, beginning of period						$	730,880					$	869,668					$	368,655					$	(3,556)					$	1,965,647
Transfer in						—						284,198						—						—						284,198
Transfer out						—						(447,536)						—						—						(447,536)
Purchases(1)						180,372						188,232						49,000						—						417,604
Sales/settlements(2)						(122)						(173,502)						(48,889)						—						(222,513)
Amortized discounts/premiums						—						749						—						—						749
Realized and unrealized appreciation, net						21,505						10,995						5,283						1,858						39,641
Balance, end of period						$	932,635					$	732,804					$	374,049					$	(1,698)					$	2,037,790
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date						$	21,436					$	(20,602)					$	5,283					$	1,848					$	7,965

(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.

(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2022:

Level III Assets and Liabilities of the Company						Equity  Securities						Fixed Income						Partnership Interests						Contingent Consideration												Total
Balance, beginning of period						$	108,949					$	52,397					$	2,575					$	(57,435)											$	106,486
Transfer in due to changes in consolidation						1,491						—						—						—												1,491
Sales/settlements(1)						(213)						(885)						—						47,873												46,775
Change in fair value						—						—						—						(988)												(988)
Realized and unrealized appreciation (depreciation), net						4,272						(54)						—						—												4,218
Balance, end of period						$	114,499					$	51,458					$	2,575					$	(10,550)											$	157,982
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date						$	4,272					$	(54)					$	—					$	(988)											$	3,230

Level III Net Assets of Consolidated Funds						Equity  Securities						Fixed  Income						Partnership Interests						Derivatives, Net						Total
Balance, beginning of period						$	339,183					$	742,952					$	238,673					$	(3,105)					$	1,317,703
Transfer in						—						171,945						—						—						171,945
Transfer out						—						(90,417)						—						—						(90,417)
Purchases(2)						7,320						143,577						24,000						—						174,897
Sales/settlements(1)						(10,189)						(97,975)						(21,500)						(2)						(129,666)
Amortized discounts/premiums						—						654						—						—						654
Realized and unrealized appreciation (depreciation), net						14,826						(11,435)						(50)						(55)						3,286
Balance, end of period						$	351,140					$	859,301					$	241,123					$	(3,162)					$	1,448,402
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date						$	20					$	(9,031)					$	(50)					$	(112)					$	(9,173)

(1)Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments.

(2)Purchases include paid-in-kind interest and securities received in connection with restructurings.

Summary of Quantitative Inputs and Assumptions used for Level III Inputs

The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of March 31, 2023:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

61,934

Market approach

Multiple of book value

3.0x

3.0x

47,643

Market approach

Multiple of book value

1.3x

1.3x

15,496

Transaction price(1)

N/A

N/A

N/A

Collateralized loan obligations

22,653

Broker quotes and/or 3rd party pricing services

N/A

N/A

N/A

Other fixed income

30,934

Transaction price(1)

N/A

N/A

N/A

21,582

Other

N/A

N/A

N/A

Total assets

$

200,242

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

534,676

Discounted cash flow

Discount rate

8.0% - 18.0%

12.0%

360,533

Market approach

Multiple of book value

1.0x - 1.2x

1.2x

34,621

Market approach

Net income multiple

30.0x

30.0x

2,156

Market approach

EBITDA multiple(2)

6.3x - 38.5x

17.1x

649

Other

N/A

N/A

N/A

Partnership interest

374,049

Discounted cash flow

Discount rate

11.2% - 23.7%

22.0%

Fixed income investments

636,026

Broker quotes and/or 3rd party pricing services

N/A

N/A

N/A

91,030

Market approach

Yield

0.8% - 44.7%

13.2%

3,331

Market approach

EBITDA multiple

0.1x - 9.0x

8.7x

2,417

Other

N/A

N/A

N/A

Total assets

$

2,039,488

Liabilities

Derivative instruments

$

(1,698)

Broker quotes and/or 3rd party pricing services

NA

N/A

N/A

Total liabilities

$

(1,698)

(1)Transaction price consists of securities purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions.

(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2022:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

62,129

Market approach

Multiple of book value

3.2x

3.2x

44,166

Market approach

Multiple of book value

1.3x

1.3x

15,490

Transaction price(1)

N/A

N/A

N/A

Collateralized loan obligations

25,163

Broker quotes and/or 3rd party pricing services

N/A

N/A

N/A

Other fixed income

30,189

Transaction price(1)

N/A

N/A

N/A

21,582

Other

N/A

N/A

N/A

Total assets

$

198,719

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

401,229

Discounted cash flow

Discount rate

8.0% - 18.0%

12.0%

290,258

Market approach

Multiple of book value

1.0x - 1.2x

1.2x

36,681

Market approach

Net income multiple

30.0x

30.0x

2,064

Market approach

EBITDA multiple(2)

6.3x - 31.0x

13.6x

648

Other

N/A

N/A

N/A

Partnership interests

368,655

Discounted cash flow

Discount rate

10.3% - 22.0%

18.9%

Fixed income investments

731,708

Broker quotes and/or 3rd party pricing services

N/A

N/A

N/A

125,612

Market approach

Yield

6.6% - 21.7%

12.8%

6,155

Transaction price

N/A

N/A

N/A

4,479

Market approach

EBITDA multiple

8.0x - 9.0x

8.5x

1,714

Other

N/A

N/A

N/A

Total assets

$

1,969,203

Liabilities

Derivative instruments

$

(3,556)

Broker quotes and/or 3rd party pricing services

N/A

N/A

N/A

Total liabilities

$

(3,556)

(1)Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration