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FAIR VALUE

3 Months Ended

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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- References

No definition available.

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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

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