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FAIR VALUE | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
FAIR VALUE | 5. FAIR VALUE Fair Value of Financial Instruments Held by the Company and Consolidated Funds 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, 2024:
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 |  | $ | — |  |  | $ | 93,093 |  |  | $ | 416,874 |  |  | $ | — |  |  | $ | 509,967 |
Collateralized loan obligations and fixed income securities |  | — |  |  | — |  |  | 21,588 |  |  | — |  |  | 21,588 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 3,159 |  |  | 3,159 |
Total investments, at fair value |  | — |  |  | 93,093 |  |  | 438,462 |  |  | 3,159 |  |  | 534,714 |
Derivatives-foreign currency forward contracts |  | — |  |  | 1,623 |  |  | — |  |  | — |  |  | 1,623 |
Total assets, at fair value |  | $ | — |  |  | $ | 94,716 |  |  | $ | 438,462 |  |  | $ | 3,159 |  |  | $ | 536,337 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Derivatives-foreign currency forward contracts |  | $ | — |  |  | $ | (1,365) |  |  | $ | — |  |  | $ | — |  |  | $ | (1,365) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (1,365) |  |  | $ | — |  |  | $ | — |  |  | $ | (1,365) |
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 and securitization vehicles |  | $ | — |  |  | $ | 9,508,106 |  |  | $ | 639,318 |  |  | $ | — |  |  | $ | 10,147,424 |
Money market funds and U.S. treasury securities |  | 529,887 |  |  | — |  |  | — |  |  | — |  |  | 529,887 |
Bonds |  | — |  |  | 513,801 |  |  | — |  |  | — |  |  | 513,801 |
Total fixed income investments |  | 529,887 |  |  | 10,021,907 |  |  | 639,318 |  |  | — |  |  | 11,191,112 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 1,721,331 |  |  | 1,721,331 |
Equity securities |  | 38,620 |  |  | 2,390 |  |  | 1,366,464 |  |  | — |  |  | 1,407,474 |
Total investments, at fair value |  | 568,507 |  |  | 10,024,297 |  |  | 2,005,782 |  |  | 1,721,331 |  |  | 14,319,917 |
Derivatives-foreign currency forward contracts |  | — |  |  | 5,590 |  |  | — |  |  | — |  |  | 5,590 |
Total assets, at fair value |  | $ | 568,507 |  |  | $ | 10,029,887 |  |  | $ | 2,005,782 |  |  | $ | 1,721,331 |  |  | $ | 14,325,507 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Loan obligations of CLOs |  | $ | — |  |  | $ | (11,906,346) |  |  | $ | — |  |  | $ | — |  |  | $ | (11,906,346) |
Derivatives: |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | — |  |  | (5,541) |  |  | — |  |  | — |  |  | (5,541) |
Asset swaps |  | — |  |  | — |  |  | (1,574) |  |  | — |  |  | (1,574) |
Total derivative liabilities, at fair value |  | — |  |  | (5,541) |  |  | (1,574) |  |  | — |  |  | (7,115) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (11,911,887) |  |  | $ | (1,574) |  |  | $ | — |  |  | $ | (11,913,461) |
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, 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 |  | $ | — |  |  | $ | 86,572 |  |  | $ | 412,491 |  |  | $ | — |  |  | $ | 499,063 |
Collateralized loan obligations and fixed income securities |  | — |  |  | — |  |  | 126,294 |  |  | — |  |  | 126,294 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 6,287 |  |  | 6,287 |
Total investments, at fair value |  | — |  |  | 86,572 |  |  | 538,785 |  |  | 6,287 |  |  | 631,644 |
Derivatives-foreign currency forward contracts |  | — |  |  | 1,129 |  |  | — |  |  | — |  |  | 1,129 |
Total assets, at fair value |  | $ | — |  |  | $ | 87,701 |  |  | $ | 538,785 |  |  | $ | 6,287 |  |  | $ | 632,773 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Derivatives-foreign currency forward contracts |  | $ | — |  |  | $ | (2,645) |  |  | $ | — |  |  | $ | — |  |  | $ | (2,645) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (2,645) |  |  | $ | — |  |  | $ | — |  |  | $ | (2,645) |
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 and securitization vehicles |  | $ | — |  |  | $ | 9,879,915 |  |  | $ | 736,543 |  |  | $ | — |  |  | $ | 10,616,458 |
Bonds |  | — |  |  | 575,379 |  |  | 3,570 |  |  | — |  |  | 578,949 |
Money market funds and U.S. treasury securities |  | 523,038 |  |  | — |  |  | — |  |  | — |  |  | 523,038 |
Total fixed income investments |  | 523,038 |  |  | 10,455,294 |  |  | 740,113 |  |  | — |  |  | 11,718,445 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 1,642,489 |  |  | 1,642,489 |
Equity securities |  | 47,503 |  |  | 2,750 |  |  | 1,190,400 |  |  | — |  |  | 1,240,653 |
Total investments, at fair value |  | 570,541 |  |  | 10,458,044 |  |  | 1,930,513 |  |  | 1,642,489 |  |  | 14,601,587 |
Derivatives-foreign currency forward contracts |  | — |  |  | 9,126 |  |  | — |  |  | — |  |  | 9,126 |
Total assets, at fair value |  | $ | 570,541 |  |  | $ | 10,467,170 |  |  | $ | 1,930,513 |  |  | $ | 1,642,489 |  |  | $ | 14,610,713 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Loan obligations of CLOs |  | $ | — |  |  | $ | (12,345,657) |  |  | $ | — |  |  | $ | — |  |  | $ | (12,345,657) |
Derivatives: |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | — |  |  | (9,491) |  |  | — |  |  | — |  |  | (9,491) |
Asset swaps |  | — |  |  | — |  |  | (1,291) |  |  | — |  |  | (1,291) |
Total derivative liabilities, at fair value |  | — |  |  | (9,491) |  |  | (1,291) |  |  | — |  |  | (10,782) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (12,355,148) |  |  | $ | (1,291) |  |  | $ | — |  |  | $ | (12,356,439) |
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 December 31, 2023 |  | $ | 412,491 |  |  | $ | 126,294 |  |  |  |  |  |  | $ | 538,785 |  |
Purchases(1) |  | 30 |  |  | 2,266 |  |  |  |  |  |  | 2,296 |  |
Sales/settlements(2) |  | (782) |  |  | (108,360) |  |  |  |  |  |  | (109,142) |  |
Realized and unrealized appreciation, net |  | 5,135 |  |  | 1,388 |  |  |  |  |  |  | 6,523 |  |
Balance as of March 31, 2024 |  | $ | 416,874 |  |  | $ | 21,588 |  |  |  |  |  |  | $ | 438,462 |  |
Change in net unrealized appreciation included in earnings related to financial assets still held at the reporting date |  | $ | 5,135 |  |  | $ | 1,388 |  |  |  |  |  |  | $ | 6,523 |  |
Level III Net Assets of Consolidated Funds |  | Equity Securities |  | Fixed Income |  |  |  | Derivatives, Net |  | Total
Balance as of December 31, 2023 |  | $ | 1,190,400 |  |  | $ | 740,113 |  |  |  |  | $ | (1,291) |  |  | $ | 1,929,222 |
Transfer in |  | — |  |  | 91,729 |  |  |  |  | — |  |  | 91,729 |
Transfer out |  | — |  |  | (172,358) |  |  |  |  | — |  |  | (172,358) |
Purchases(1) |  | 154,475 |  |  | 263,706 |  |  |  |  | 46 |  |  | 418,227 |
Sales/settlements(2) |  | — |  |  | (285,911) |  |  |  |  | — |  |  | (285,911) |
Realized and unrealized appreciation (depreciation), net |  | 21,589 |  |  | 2,039 |  |  |  |  | (329) |  |  | 23,299 |
Balance as of March 31, 2024 |  | $ | 1,366,464 |  |  | $ | 639,318 |  |  |  |  | $ | (1,574) |  |  | $ | 2,004,208 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 22,225 |  |  | $ | 1,420 |  |  |  |  | $ | (380) |  |  | $ | 23,265 |
(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 of the Company |  | Equity Securities |  | Fixed Income |  |  |  |  |  |  |  | Total
Balance as of December 31, 2022 |  | $ | 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 as of March 31, 2023 |  | $ | 125,073 |  |  | $ | 75,169 |  |  |  |  |  |  |  |  | $ | 200,242 |
Change in net unrealized appreciation/depreciation 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 as of December 31, 2022 |  | $ | 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) |
Realized and unrealized appreciation, net |  | 21,505 |  |  | 11,744 |  |  | 5,283 |  |  | 1,858 |  |  | 40,390 |
Balance as of March 31, 2023 |  | $ | 932,635 |  |  | $ | 732,804 |  |  | $ | 374,049 |  |  | $ | (1,698) |  |  | $ | 2,037,790 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities 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. Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service. 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, 2024:
Level III Measurements of the Company |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 160,318 |  |  | Discounted cash flow |  | Discount rate |  | 18.5% - 30.0% |  | 25.0%
|  | 117,952 |  |  | Market approach |  | Multiple of book value |  | 1.3x - 1.4x |  | 1.3x
|  | 100,000 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A
|  | 6,179 |  |  | Market approach |  | Enterprise value / Earnings multiple |  | 15.4x |  | 15.4x
|  | 32,425 |  |  | Other |  | N/A |  | N/A |  | N/A
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 20,010 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
|  | 1,578 |  |  | Other |  | N/A |  | N/A |  | N/A
Total assets |  | $ | 438,462 |  |  |  |  |  |  |  |  |
Level III Measurements of the Consolidated Funds |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 774,504 |  |  | Discounted cash flow |  | Discount rate |  | 10.0% - 16.0% |  | 13.0%
|  | 587,252 |  |  | Market approach |  | Multiple of book value |  | 1.0x - 1.7x |  | 1.3x
|  | 3,704 |  |  | Market approach |  | EBITDA multiple(2) |  | 5.4x - 35.3x |  | 9.8x
|  | 871 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A
|  | 133 |  |  | Other |  | N/A |  | N/A |  | N/A
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 500,420 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
|  | 128,212 |  |  | Market approach |  | Yield |  | 8.8% - 17.1% |  | 11.8%
|  | 6,410 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A
|  | 3,876 |  |  | Discounted cash flow |  | Discount rate |  | 12.3% - 12.7% |  | 12.7%
|  | 400 |  |  | Other |  | N/A |  | N/A |  | N/A
Total assets |  | $ | 2,005,782 |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | (1,574) |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
Total liabilities |  | $ | (1,574) |  |  |  |  |  |  |  |  |
(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, 2023:
Level III Measurements of the Company |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 154,460 |  |  | Discounted cash flow |  | Discount rate |  | 20.0% - 30.0% |  | 25.0%
|  | 118,846 |  |  | Market approach |  | Multiple of book value |  | 1.3x - 1.6x |  | 1.5x
|  | 100,000 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A
|  | 6,447 |  |  | Market approach |  | Enterprise value / Earnings multiple |  | 15.4x |  | 15.4x
|  | 32,738 |  |  | Other |  | N/A |  | N/A |  | N/A
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 83,000 |  |  | Transaction price(1) |  | N/A |  | N/A |  | N/A
|  | 20,799 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
|  | 22,495 |  |  | Other |  | N/A |  | N/A |  | N/A
Total assets |  | $ | 538,785 |  |  |  |  |  |  |  |  |
Level III Measurements of the Consolidated Funds |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 648,581 |  |  | Discounted cash flow |  | Discount rate |  | 10.0% - 16.0% |  | 13.0%
|  | 537,733 |  |  | Market approach |  | Multiple of book value |  | 1.0x - 1.7x |  | 1.3x
|  | 3,909 |  |  | Market approach |  | EBITDA multiple(2) |  | 4.5x - 32.4x |  | 8.9x
|  | 177 |  |  | Other |  | N/A |  | N/A |  | N/A
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 548,264 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
|  | 188,322 |  |  | Market approach |  | Yield |  | 8.3% - 24.1% |  | 12.2%
|  | 2,974 |  |  | Market approach |  | EBITDA multiple(2) |  | 4.5x - 32.4x |  | 9.0x
|  | 104 |  |  | Discounted cash flow |  | Discount rate |  | 12.3% |  | 12.3%
|  | 449 |  |  | Other |  | N/A |  | N/A |  | N/A
Total assets |  | $ | 1,930,513 |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | (1,291) |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
Total liabilities |  | $ | (1,291) |  |  |  |  |  |  |  |  |
(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. The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using net asset value (“NAV”) per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control. The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:
|  | As of March 31, 2024 |  | As of December 31, 2023
Investments (held at fair value) |  | $ | 1,721,331 |  |  | $ | 1,642,489 |
Unfunded commitments |  | 1,079,881 |  |  | 738,621 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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