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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 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 September 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 |  | $ | — |  |  | $ | 86,192 |  |  | $ | 154,912 |  |  | $ | — |  |  | $ | 241,104 |
Collateralized loan obligations and other fixed income |  | — |  |  | — |  |  | 75,215 |  |  | — |  |  | 75,215 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 3,630 |  |  | 3,630 |
Total investments, at fair value |  | — |  |  | 86,192 |  |  | 230,127 |  |  | 3,630 |  |  | 319,949 |
Derivatives-foreign currency forward contracts |  | — |  |  | 2,700 |  |  | — |  |  | — |  |  | 2,700 |
Total assets, at fair value |  | $ | — |  |  | $ | 88,892 |  |  | $ | 230,127 |  |  | $ | 3,630 |  |  | $ | 322,649 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Derivatives-foreign currency forward contracts |  | $ | — |  |  | $ | (801) |  |  | $ | — |  |  | $ | — |  |  | $ | (801) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (801) |  |  | $ | — |  |  | $ | — |  |  | $ | (801) |
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 |  | $ | 1 |  |  | $ | 9,451,293 |  |  | $ | 550,259 |  |  | $ | — |  |  | $ | 10,001,553 |
Investments held in trust account |  | 1,002,787 |  |  | — |  |  | — |  |  | — |  |  | 1,002,787 |
Bonds |  | — |  |  | 559,801 |  |  | 1,769 |  |  | — |  |  | 561,570 |
Total fixed income investments |  | 1,002,788 |  |  | 10,011,094 |  |  | 552,028 |  |  | — |  |  | 11,565,910 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 1,486,217 |  |  | 1,486,217 |
Equity securities |  | 58,139 |  |  | 2,925 |  |  | 1,111,593 |  |  | — |  |  | 1,172,657 |
Total investments, at fair value |  | 1,060,927 |  |  | 10,014,019 |  |  | 1,663,621 |  |  | 1,486,217 |  |  | 14,224,784 |
Derivatives-foreign currency forward contracts |  | — |  |  | 5,499 |  |  | — |  |  | — |  |  | 5,499 |
Total assets, at fair value |  | $ | 1,060,927 |  |  | $ | 10,019,518 |  |  | $ | 1,663,621 |  |  | $ | 1,486,217 |  |  | $ | 14,230,283 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Loan obligations of CLOs |  | $ | — |  |  | $ | (11,460,963) |  |  | $ | — |  |  | $ | — |  |  | $ | (11,460,963) |
Derivatives: |  |  |  |  |  |  |  |  |  |
Warrants |  | (13,220) |  |  | — |  |  | — |  |  | — |  |  | (13,220) |
Asset swaps |  | — |  |  | — |  |  | (2,145) |  |  | — |  |  | (2,145) |
Foreign currency forward contracts |  | — |  |  | (5,502) |  |  | — |  |  | — |  |  | (5,502) |
Total derivative liabilities, at fair value |  | (13,220) |  |  | (5,502) |  |  | (2,145) |  |  | — |  |  | (20,867) |
Total liabilities, at fair value |  | $ | (13,220) |  |  | $ | (11,466,465) |  |  | $ | (2,145) |  |  | $ | — |  |  | $ | (11,481,830) |
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:
Level III Assets of the Company |  | Equity Securities |  | Fixed Income |  |  |  |  |  | Total
Balance as of June 30, 2023 |  | $ | 165,371 |  |  | $ | 73,777 |  |  |  |  |  |  | $ | 239,148 |
Purchases(1) |  | 7 |  |  | 1,499 |  |  |  |  |  |  | 1,506 |
Sales/settlements(2) |  | (350) |  |  | (1,047) |  |  |  |  |  |  | (1,397) |
Realized and unrealized appreciation (depreciation), net |  | (10,116) |  |  | 986 |  |  |  |  |  |  | (9,130) |
Balance as of September 30, 2023 |  | $ | 154,912 |  |  | $ | 75,215 |  |  |  |  |  |  | $ | 230,127 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date |  | $ | (10,116) |  |  | $ | 986 |  |  |  |  |  |  | $ | (9,130) |
Level III Net Assets of Consolidated Funds |  | Equity Securities |  | Fixed Income |  |  |  | Derivatives, Net |  | Total
Balance as of June 30, 2023 |  | $ | 1,066,065 |  |  | $ | 648,131 |  |  |  |  | $ | (2,693) |  |  | $ | 1,711,503 |
Transfer in |  | 848 |  |  | 63,379 |  |  |  |  | — |  |  | 64,227 |
Transfer out |  | (36,064) |  |  | (149,624) |  |  |  |  | — |  |  | (185,688) |
Purchases(1) |  | 65,220 |  |  | 150,370 |  |  |  |  | 26 |  |  | 215,616 |
Sales/settlements(2) |  | (2,364) |  |  | (165,177) |  |  |  |  | — |  |  | (167,541) |
Amortized discounts/premiums |  | 1 |  |  | 551 |  |  |  |  | — |  |  | 552 |
Realized and unrealized appreciation, net |  | 17,887 |  |  | 4,398 |  |  |  |  | 522 |  |  | 22,807 |
Balance as of September 30, 2023 |  | $ | 1,111,593 |  |  | $ | 552,028 |  |  |  |  | $ | (2,145) |  |  | $ | 1,661,476 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 17,950 |  |  | $ | (23,157) |  |  |  |  | $ | 426 |  |  | $ | (4,781) |
(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:
Level III Assets and Liabilities of the Company |  | Equity Securities |  | Fixed Income |  | Partnership Interests |  | Contingent Consideration |  | Total
Balance as of June 30, 2022 |  | $ | 113,881 |  |  | $ | 46,356 |  |  | $ | 2,575 |  |  | $ | (10,748) |  |  | $ | 152,064 |
Purchases(1) |  | 894 |  |  | — |  |  | — |  |  | — |  |  | 894 |
Change in fair value |  | — |  |  | — |  |  | — |  |  | (252) |  |  | (252) |
Sales/settlements(2) |  | (1,179) |  |  | (505) |  |  | — |  |  | — |  |  | (1,684) |
Realized and unrealized appreciation (depreciation), net |  | 3,676 |  |  | (26) |  |  | — |  |  | — |  |  | 3,650 |
Balance as of September 30, 2022 |  | $ | 117,272 |  |  | $ | 45,825 |  |  | $ | 2,575 |  |  | $ | (11,000) |  |  | $ | 154,672 |
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 7,111 |  |  | $ | (26) |  |  | $ | — |  |  | $ | (252) |  |  | $ | 6,833 |
Level III Net Assets of Consolidated Funds |  | Equity Securities |  | Fixed Income |  | Partnership Interests |  | Derivatives, Net |  | Total
Balance as of June 30, 2022 |  | $ | 480,914 |  |  | $ | 1,076,254 |  |  | $ | 250,123 |  |  | $ | (3,035) |  |  | $ | 1,804,256 |
Transfer in |  | — |  |  | 171,687 |  |  | — |  |  | — |  |  | 171,687 |
Transfer out |  | — |  |  | (350,079) |  |  | — |  |  | — |  |  | (350,079) |
Purchases(1) |  | 49,024 |  |  | 173,253 |  |  | 31,258 |  |  | — |  |  | 253,535 |
Sales/settlements(2) |  | (64) |  |  | (132,226) |  |  | (22,328) |  |  | — |  |  | (154,618) |
Amortized discounts/premiums |  | — |  |  | 521 |  |  | — |  |  | — |  |  | 521 |
Realized and unrealized depreciation, net |  | (3,823) |  |  | (18,801) |  |  | (6,419) |  |  | (318) |  |  | (29,361) |
Balance as of September 30, 2022 |  | $ | 526,051 |  |  | $ | 920,609 |  |  | $ | 252,634 |  |  | $ | (3,353) |  |  | $ | 1,695,941 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | (3,836) |  |  | $ | (9,067) |  |  | $ | 5,421 |  |  | $ | (447) |  |  | $ | (7,929) |
(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.
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 nine months ended September 30, 2023:
Level III Assets of the Company |  | Equity Securities |  | Fixed Income |  |  |  |  |  | Total |
Balance as of December 31, 2022 |  | $ | 121,785 |  |  | $ | 76,934 |  |  |  |  |  |  | $ | 198,719 |  |
Purchases(1) |  | 38,267 |  |  | 3,465 |  |  |  |  |  |  | 41,732 |  |
Sales/settlements(2) |  | (1,186) |  |  | (3,424) |  |  |  |  |  |  | (4,610) |  |
Realized and unrealized depreciation, net |  | (3,954) |  |  | (1,760) |  |  |  |  |  |  | (5,714) |  |
Balance as of September 30, 2023 |  | $ | 154,912 |  |  | $ | 75,215 |  |  |  |  |  |  | $ | 230,127 |  |
Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date |  | $ | (4,167) |  |  | $ | (1,547) |  |  |  |  |  |  | $ | (5,714) |  |
Level III Net Assets of Consolidated Funds |  | Equity Securities |  | Fixed Income |  | Partnership Interests |  | Derivatives, Net |  | Total
Balance as of December 31, 2022 |  | $ | 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 |  | — |  |  | 192,359 |  |  | — |  |  | — |  |  | 192,359 |
Transfer out |  | (36,681) |  |  | (553,638) |  |  | — |  |  | — |  |  | (590,319) |
Purchases(1) |  | 295,030 |  |  | 484,574 |  |  | 49,000 |  |  | — |  |  | 828,604 |
Sales/settlements(2) |  | (2,490) |  |  | (451,426) |  |  | (48,889) |  |  | (122) |  |  | (502,927) |
Amortized discounts/premiums |  | 1 |  |  | 1,476 |  |  | — |  |  | — |  |  | 1,477 |
Realized and unrealized appreciation, net |  | 126,929 |  |  | 13,578 |  |  | 5,283 |  |  | 1,533 |  |  | 147,323 |
Balance as of September 30, 2023 |  | $ | 1,111,593 |  |  | $ | 552,028 |  |  | $ | — |  |  | $ | (2,145) |  |  | $ | 1,661,476 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 127,001 |  |  | $ | (15,704) |  |  | $ | — |  |  | $ | 1,283 |  |  | $ | 112,580 |
(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:
Level III Assets and Liabilities of the Company |  | Equity Securities |  | Fixed Income |  | Partnership Interests |  | Contingent Consideration |  |  |  | Total
Balance as of December 31, 2021 |  | $ | 108,949 |  |  | $ | 52,397 |  |  | $ | 2,575 |  |  | $ | (57,435) |  |  |  |  | $ | 106,486 |
Transfer in due to changes in consolidation |  | 1,491 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1,491 |
Purchases(1) |  | 894 |  |  | — |  |  | — |  |  | — |  |  |  |  | 894 |
Sales/settlements(2) |  | (2,326) |  |  | (2,383) |  |  | — |  |  | 47,873 |  |  |  |  | 43,164 |
Change in fair value |  | — |  |  | — |  |  | — |  |  | (1,438) |  |  |  |  | (1,438) |
Realized and unrealized appreciation (depreciation), net |  | 8,264 |  |  | (4,189) |  |  | — |  |  | — |  |  |  |  | 4,075 |
Balance as of September 30, 2022 |  | $ | 117,272 |  |  | $ | 45,825 |  |  | $ | 2,575 |  |  | $ | (11,000) |  |  |  |  | $ | 154,672 |
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 10,330 |  |  | $ | (4,189) |  |  | $ | — |  |  | $ | (1,438) |  |  |  |  | $ | 4,703 |
Level III Net Assets of Consolidated Funds |  | Equity Securities |  | Fixed Income |  | Partnership Interests |  | Derivatives, Net |  | Total
Balance as of December 31, 2021 |  | $ | 339,183 |  |  | $ | 742,952 |  |  | $ | 238,673 |  |  | $ | (3,105) |  |  | $ | 1,317,703 |
Transfer in |  | — |  |  | 321,939 |  |  | — |  |  | — |  |  | 321,939 |
Transfer out |  | — |  |  | (213,658) |  |  | — |  |  | — |  |  | (213,658) |
Purchases(1) |  | 166,667 |  |  | 551,408 |  |  | 58,258 |  |  | — |  |  | 776,333 |
Sales/settlements(2) |  | (28,444) |  |  | (405,904) |  |  | (52,828) |  |  | — |  |  | (487,176) |
Amortized discounts/premiums |  | — |  |  | 1,274 |  |  | — |  |  | — |  |  | 1,274 |
Realized and unrealized appreciation (depreciation), net |  | 48,645 |  |  | (77,402) |  |  | 8,531 |  |  | (248) |  |  | (20,474) |
Balance as of September 30, 2022 |  | $ | 526,051 |  |  | $ | 920,609 |  |  | $ | 252,634 |  |  | $ | (3,353) |  |  | $ | 1,695,941 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 22,304 |  |  | $ | (69,982) |  |  | $ | 344 |  |  | $ | (643) |  |  | $ | (47,977) |
(1)Purchases include paid-in-kind interest and securities received in connection with restructurings. (2)Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments.
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 September 30, 2023:
Level III Measurements of the Company |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 114,225 |  |  | Market approach |  | Multiple of book value |  | 1.3x - 2.2x |  | 1.8x
|  | 37,403 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A
|  | 2,777 |  |  | Other |  | N/A |  | N/A |  | N/A
|  | 507 |  |  | Discounted cash flow |  | Discount rate |  | 20.5% |  | 20.5%
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 32,504 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A
|  | 21,832 |  |  | Other |  | N/A |  | N/A |  | N/A
|  | 20,879 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
Total assets |  | $ | 230,127 |  |  |  |  |  |  |  |  |
Level III Measurements of the Consolidated Funds |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 607,252 |  |  | Discounted cash flow |  | Discount rate |  | 10.0% - 16.0% |  | 13.0%
|  | 502,644 |  |  | Market approach |  | Multiple of book value |  | 1.0x - 1.7x |  | 1.3x
|  | 928 |  |  | Market approach |  | EBITDA multiple(2) |  | 6.3x - 30.0x |  | 16.8x
|  | 769 |  |  | Other |  | N/A |  | N/A |  | N/A
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 402,603 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
|  | 108,666 |  |  | Market approach |  | Yield |  | 8.4% - 21.9% |  | 12.5%
|  | 34,093 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A
|  | 2,627 |  |  | Market approach |  | EBITDA multiple(2) |  | 5.4x - 30.0x |  | 8.7x
|  | 4,039 |  |  | Other |  | N/A |  | N/A |  | N/A
Total assets |  | $ | 1,663,621 |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | (2,145) |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
Total liabilities |  | $ | (2,145) |  |  |  |  |  |  |  |  |
(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 |  |  |  |  |  |  |  |  |  |
|  | $ | 106,295 |  |  | Market approach |  | Multiple of book value |  | 1.3x - 3.2x |  | 2.4x
|  | 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.
Schedule of Investments and Unfunded Commitments Valued Using NAV per Share | The following tables summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:
|  | As of September 30, 2023 |  | As of December 31, 2022
Investments (held at fair value) |  | $ | 1,486,217 |  |  | $ | 1,023,514 |
Unfunded commitments |  | 830,746 |  |  | 869,016 |

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