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FAIR VALUE (Tables)

9 Months Ended

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

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.

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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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Tabular disclosure of investments in certain entities that calculate net asset value per share or equivalent measured at fair value on a recurring or nonrecurring basis.

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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.

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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