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FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023:

Financial Instruments of the Company						Level I						Level II						Level III						Investments Measured at NAV						Total
Assets, at fair value
Investments:
Common stock and other equity securities						$	—					$	82,174					$	165,371					$	—					$	247,545
Collateralized loan obligations and other fixed income						—						—						73,777						—						73,777
Partnership interests						—						—						—						1,125						1,125
Total investments, at fair value						—						82,174						239,148						1,125						322,447
Derivatives-foreign currency forward contracts						—						3,345						—						—						3,345
Total assets, at fair value						$	—					$	85,519					$	239,148					$	1,125					$	325,792
Liabilities, at fair value
Derivatives-foreign currency forward contracts						$	—					$	(2,318)					$	—					$	—					$	(2,318)
Total liabilities, at fair value						$	—					$	(2,318)					$	—					$	—					$	(2,318)

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:
Loans						$	—					$	9,504,196					$	648,130					$	—					$	10,152,326
Investments held in trust account						1,000,949						—						—						—						1,000,949
Bonds						—						579,695						1						—						579,696
Total fixed income investments						1,000,949						10,083,891						648,131						—						11,732,971
Partnership interests						—						—						—						1,287,240						1,287,240
Equity securities						701						4,911						1,066,065						—						1,071,677
Total investments, at fair value						1,001,650						10,088,802						1,714,196						1,287,240						14,091,888
Derivatives-foreign currency forward contracts						—						2,399						—						—						2,399
Total assets, at fair value						$	1,001,650					$	10,091,201					$	1,714,196					$	1,287,240					$	14,094,287
Liabilities, at fair value
Loan obligations of CLOs						$	—					$	(11,460,999)					$	—					$	—					$	(11,460,999)
Derivatives:
Warrants						(16,000)						—						—						—						(16,000)
Asset swaps						—						—						(2,693)						—						(2,693)
Foreign currency forward contracts						—						(2,468)						—						—						(2,468)
Total derivative liabilities, at fair value						(16,000)						(2,468)						(2,693)						—						(21,161)
Total liabilities, at fair value						$	(16,000)					$	(11,463,467)					$	(2,693)					$	—					$	(11,482,160)

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:
Common stock and other equity securities						$	—					$	77,022					$	121,785					$	—					$	198,807
Collateralized loan obligations and other fixed income						—						—						76,934						—						76,934
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:
Loans						$	—					$	8,663,678					$	616,844					$	—					$	9,280,522
Investments held in trust account						1,013,382						—						—						—						1,013,382
Bonds						—						534,137						252,824						—						786,961
Total fixed income investments						1,013,382						9,197,815						869,668						—						11,080,865
Partnership interests						—						—						368,655						1,023,514						1,392,169
Equity securities						719						—						730,880						—						731,599
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
Loan obligations of CLOs						$	—					$	(10,701,720)					$	—					$	—					$	(10,701,720)
Derivatives:
Warrants						(9,326)						—						—						—						(9,326)
Asset swaps						—						—						(3,556)						—						(3,556)
Foreign currency forward contracts						—						(2,942)						—						—						(2,942)
Total derivative liabilities, at fair value						(9,326)						(2,942)						(3,556)						—						(15,824)
Total liabilities, at fair value						$	(9,326)					$	(10,704,662)					$	(3,556)					$	—					$	(10,717,544)

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2023:

Level III Assets of the Company						Equity Securities						Fixed Income																		Total
Balance, beginning of period						$	125,073					$	75,169																	$	200,242
Purchases(1)						38,208						771																		38,979
Sales/settlements(2)						(881)						(841)																		(1,722)
Realized and unrealized appreciation (depreciation), net						2,971						(1,322)																		1,649
Balance, end of period						$	165,371					$	73,777																	$	239,148
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date						$	2,971					$	(1,322)																	$	1,649

Level III Net Assets of Consolidated Funds						Equity Securities						Fixed Income						Partnership Interests						Derivatives, Net						Total
Balance, beginning of period						$	932,635					$	732,804					$	374,049					$	(1,698)					$	2,037,790
Transfer out due to changes in consolidation						(2,076)						(4,563)						(374,049)						—						(380,688)
Transfer in						—						57,540						—						—						57,540
Transfer out						—						(214,205)						—						—						(214,205)
Purchases(1)						48,645						250,912						—						—						299,557
Sales/settlements(2)						(4)						(177,095)						—						(149)						(177,248)
Amortized discounts/premiums						—						421						—						—						421
Realized and unrealized appreciation (depreciation), net						86,865						2,317						—						(846)						88,336
Balance, end of period						$	1,066,065					$	648,131					$	—					$	(2,693)					$	1,711,503
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date						$	86,879					$	(27,469)					$	—					$	(1,055)					$	58,355

(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 June 30, 2022:

Level III Assets and Liabilities of the Company						Equity Securities						Fixed Income						Partnership Interests						Contingent Consideration						Total
Balance, beginning of period						$	114,499					$	51,458					$	2,575					$	(10,550)					$	157,982
Change in fair value						—						—						—						(198)						(198)
Sales/settlements(1)						(934)						(993)						—						—						(1,927)
Realized and unrealized appreciation (depreciation), net						316						(4,109)						—						—						(3,793)
Balance, end of period						$	113,881					$	46,356					$	2,575					$	(10,748)					$	152,064
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date						$	316					$	(4,109)					$	—					$	(198)					$	(3,991)

Level III Net Assets of Consolidated Funds						Equity Securities						Fixed Income						Partnership Interests						Derivatives, Net						Total
Balance, beginning of period						$	351,140					$	859,301					$	241,123					$	(3,162)					$	1,448,402
Transfer in						—						358,779						—						—						358,779
Transfer out						—						(152,750)						—						—						(152,750)
Purchases(2)						110,322						201,882						3,000						—						315,204
Sales/settlements(1)						(18,422)						(140,607)						(9,000)						—						(168,029)
Amortized discounts/premiums						—						177						—						—						177
Realized and unrealized appreciation (depreciation), net						37,874						(50,528)						15,000						127						2,473
Balance, end of period						$	480,914					$	1,076,254					$	250,123					$	(3,035)					$	1,804,256
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date						$	25,622					$	(37,145)					$	15,000					$	(64)					$	3,413

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

(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 six months ended June 30, 2023:

Level III Assets of the Company						Equity Securities						Fixed Income																		Total
Balance, beginning of period						$	121,785					$	76,934																	$	198,719
Purchases(1)						38,260						1,966																		40,226
Sales/settlements(2)						(836)						(2,377)																		(3,213)
Realized and unrealized appreciation (depreciation), net						6,162						(2,746)																		3,416
Balance, end of period						$	165,371					$	73,777																	$	239,148
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date						$	5,949					$	(2,533)																	$	3,416

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 out due to changes in consolidation						(2,076)						(4,563)						(374,049)						—						(380,688)
Transfer in						—						195,575						—						—						195,575
Transfer out						—						(489,165)						—						—						(489,165)
Purchases(1)						229,016						391,086						49,000						—						669,102
Sales/settlements(2)						(126)						(325,968)						(48,889)						(149)						(375,132)
Amortized discounts/premiums						—						963						—						—						963
Realized and unrealized appreciation, net						108,371						10,535						5,283						1,012						125,201
Balance, end of period						$	1,066,065					$	648,131					$	—					$	(2,693)					$	1,711,503
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date						$	108,324					$	(20,381)					$	—					$	814					$	88,757

(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 six months ended June 30, 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)						(1,147)						(1,878)						—						47,873												44,848
Change in fair value						—						—						—						(1,186)												(1,186)
Realized and unrealized appreciation (depreciation), net						4,588						(4,163)						—						—												425
Balance, end of period						$	113,881					$	46,356					$	2,575					$	(10,748)											$	152,064
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date						$	4,588					$	(4,163)					$	—					$	(1,186)											$	(761)

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						—						338,080						—						—						338,080
Transfer out						—						(80,261)						—						—						(80,261)
Purchases(2)						117,642						367,274						27,000						—						511,916
Sales/settlements(1)						(28,611)						(226,660)						(30,500)						(2)						(285,773)
Amortized discounts/premiums						—						679						—						—						679
Realized and unrealized appreciation (depreciation), net						52,700						(65,810)						14,950						72						1,912
Balance, end of period						$	480,914					$	1,076,254					$	250,123					$	(3,035)					$	1,804,256
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date						$	26,150					$	(61,044)					$	14,445					$	(175)					$	(20,624)

(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 June 30, 2023:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

62,702

Market approach

Multiple of book value

2.4x

2.4x

52,125

Transaction price(1)

N/A

N/A

N/A

49,778

Market approach

Multiple of book value

1.3x

1.3x

766

Market approach

EBITDA multiple(2)

13.0x

13.0x

Fixed income investments

31,705

Transaction price(1)

N/A

N/A

N/A

21,582

Other

N/A

N/A

N/A

20,490

Broker quotes and/or 3rd party pricing services

N/A

N/A

N/A

Total assets

$

239,148

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

592,725

Discounted cash flow

Discount rate

8.0% - 18.0%

12.0%

436,375

Market approach

Multiple of book value

1.0x - 1.3x

1.2x

36,064

Market approach

Net income multiple

30.0x

30.0x

766

Market approach

EBITDA multiple(2)

6.3x - 32.5x

15.9x

135

Other

N/A

N/A

N/A

Fixed income investments

522,269

Broker quotes and/or 3rd party pricing services

N/A

N/A

N/A

116,265

Market approach

Yield

8.8% - 24.5%

13.0%

5,769

Transaction price(1)

N/A

N/A

N/A

2,980

Market approach

EBITDA multiple(2)

6.3x - 32.5x

8.8x

848

Other

N/A

N/A

N/A

Total assets

$

1,714,196

Liabilities

Derivative instruments

$

(2,693)

Broker quotes and/or 3rd party pricing services

N/A

N/A

N/A

Total liabilities

$

(2,693)

(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

Fixed income investments

30,189

Transaction price(1)

N/A

N/A

N/A

25,163

Broker quotes and/or 3rd party pricing services

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(1)

N/A

N/A

N/A

4,479

Market approach

EBITDA multiple(2)

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.

X

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
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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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-Name Accounting Standards Codification
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- 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
-Name Accounting Standards Codification
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