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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule 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, 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 |  | $ | — |  |  | $ | 102,622 |  |  | $ | 377,087 |  |  | $ | — |  |  | $ | 479,709 |
Collateralized loan obligations and fixed income securities |  | — |  |  | — |  |  | 109,993 |  |  | — |  |  | 109,993 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 2,321 |  |  | 2,321 |
Total investments, at fair value |  | — |  |  | 102,622 |  |  | 487,080 |  |  | 2,321 |  |  | 592,023 |
Derivatives-foreign currency forward contracts |  | — |  |  | 752 |  |  | — |  |  | — |  |  | 752 |
Total assets, at fair value |  | $ | — |  |  | $ | 103,374 |  |  | $ | 487,080 |  |  | $ | 2,321 |  |  | $ | 592,775 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Derivatives-foreign currency forward contracts |  | $ | — |  |  | $ | (3,162) |  |  | $ | — |  |  | $ | — |  |  | $ | (3,162) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (3,162) |  |  | $ | — |  |  | $ | — |  |  | $ | (3,162) |
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 |  | $ | — |  |  | $ | 8,362,059 |  |  | $ | 757,956 |  |  | $ | — |  |  | $ | 9,120,015 |
Money market funds and U.S. treasury securities |  | 544,254 |  |  | — |  |  | — |  |  | — |  |  | 544,254 |
Bonds |  | — |  |  | 486,781 |  |  | — |  |  | — |  |  | 486,781 |
Total fixed income investments |  | 544,254 |  |  | 8,848,840 |  |  | 757,956 |  |  | — |  |  | 10,151,050 |
Partnership interests |  | — |  |  | — |  |  | — |  |  | 1,934,868 |  |  | 1,934,868 |
Equity securities |  | 33,709 |  |  | 3,162 |  |  | 1,731,563 |  |  | — |  |  | 1,768,434 |
Total investments, at fair value |  | 577,963 |  |  | 8,852,002 |  |  | 2,489,519 |  |  | 1,934,868 |  |  | 13,854,352 |
Derivatives-foreign currency forward contracts |  | — |  |  | 5,904 |  |  | — |  |  | — |  |  | 5,904 |
Total assets, at fair value |  | $ | 577,963 |  |  | $ | 8,857,906 |  |  | $ | 2,489,519 |  |  | $ | 1,934,868 |  |  | $ | 13,860,256 |
Liabilities, at fair value |  |  |  |  |  |  |  |  |  |
Loan obligations of CLOs |  | $ | — |  |  | $ | (11,070,261) |  |  | $ | — |  |  | $ | — |  |  | $ | (11,070,261) |
Derivatives: |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | — |  |  | (6,056) |  |  | — |  |  | — |  |  | (6,056) |
Asset swaps |  | — |  |  | — |  |  | (1,903) |  |  | — |  |  | (1,903) |
Total derivative liabilities, at fair value |  | — |  |  | (6,056) |  |  | (1,903) |  |  | — |  |  | (7,959) |
Total liabilities, at fair value |  | $ | — |  |  | $ | (11,076,317) |  |  | $ | (1,903) |  |  | $ | — |  |  | $ | (11,078,220) |
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) |
Schedule 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:
Level III Assets of the Company |  | Equity Securities |  | Fixed Income |  |  |  |  |  | Total
Balance as of June 30, 2024 |  | $ | 379,443 |  |  | $ | 92,374 |  |  |  |  |  |  | $ | 471,817 |
Purchases(1) |  | 859 |  |  | 18,240 |  |  |  |  |  |  | 19,099 |
Sales/settlements(2) |  | 1,093 |  |  | (2,430) |  |  |  |  |  |  | (1,337) |
Realized and unrealized appreciation (depreciation), net |  | (4,308) |  |  | 1,809 |  |  |  |  |  |  | (2,499) |
Balance as of September 30, 2024 |  | $ | 377,087 |  |  | $ | 109,993 |  |  |  |  |  |  | $ | 487,080 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date |  | $ | (5,041) |  |  | $ | 2,218 |  |  |  |  |  |  | $ | (2,823) |
Level III Net Assets of Consolidated Funds |  | Equity Securities |  | Fixed Income |  |  |  | Derivatives, Net |  | Total
Balance as of June 30, 2024 |  | $ | 1,586,854 |  |  | $ | 803,497 |  |  |  |  | $ | (1,615) |  |  | $ | 2,388,736 |
Transfer in |  | — |  |  | 143,738 |  |  |  |  | — |  |  | 143,738 |
Transfer out |  | (508) |  |  | (227,541) |  |  |  |  | — |  |  | (228,049) |
Purchases(1) |  | 136,313 |  |  | 250,554 |  |  |  |  | — |  |  | 386,867 |
Sales/settlements(2) |  | (111) |  |  | (213,489) |  |  |  |  | — |  |  | (213,600) |
Realized and unrealized appreciation (depreciation), net |  | 9,015 |  |  | 1,197 |  |  |  |  | (288) |  |  | 9,924 |
Balance as of September 30, 2024 |  | $ | 1,731,563 |  |  | $ | 757,956 |  |  |  |  | $ | (1,903) |  |  | $ | 2,487,616 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 9,300 |  |  | $ | (425) |  |  |  |  | $ | (222) |  |  | $ | 8,653 |
(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.
Level III Assets and Liabilities 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) |
Realized and unrealized appreciation, net |  | 17,888 |  |  | 4,949 |  |  |  |  | 522 |  |  | 23,359 |
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.
Level III Assets of the Company |  | Equity Securities |  | Fixed Income |  |  |  |  |  | Total |
Balance as of December 31, 2023 |  | $ | 412,491 |  |  | $ | 126,294 |  |  |  |  |  |  | $ | 538,785 |  |
Transfer in |  | — |  |  | 60,917 |  |  |  |  |  |  | 60,917 |  |
Transfer out |  | (37,587) |  |  | — |  |  |  |  |  |  | (37,587) |  |
Purchases(1) |  | 2,539 |  |  | 283,913 |  |  |  |  |  |  | 286,452 |  |
Sales/settlements(2) |  | (1,478) |  |  | (362,164) |  |  |  |  |  |  | (363,642) |  |
Realized and unrealized appreciation, net |  | 1,122 |  |  | 1,033 |  |  |  |  |  |  | 2,155 |  |
Balance as of September 30, 2024 |  | $ | 377,087 |  |  | $ | 109,993 |  |  |  |  |  |  | $ | 487,080 |  |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date |  | $ | (1,260) |  |  | $ | 1,975 |  |  |  |  |  |  | $ | 715 |  |
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 |  | — |  |  | 199,112 |  |  |  |  | — |  |  | 199,112 |
Transfer out |  | (35) |  |  | (305,887) |  |  |  |  | — |  |  | (305,922) |
Purchases(1) |  | 482,424 |  |  | 711,190 |  |  |  |  | 114 |  |  | 1,193,728 |
Sales/settlements(2) |  | (111) |  |  | (585,977) |  |  |  |  | — |  |  | (586,088) |
Realized and unrealized appreciation (depreciation), net |  | 58,885 |  |  | (595) |  |  |  |  | (726) |  |  | 57,564 |
Balance as of September 30, 2024 |  | $ | 1,731,563 |  |  | $ | 757,956 |  |  |  |  | $ | (1,903) |  |  | $ | 2,487,616 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date |  | $ | 60,995 |  |  | $ | (2,921) |  |  |  |  | $ | (664) |  |  | $ | 57,410 |
(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.
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) |
Realized and unrealized appreciation, net |  | 126,930 |  |  | 15,054 |  |  | 5,283 |  |  | 1,533 |  |  | 148,800 |
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.
Schedule 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, 2024:
Level III Measurements of the Company |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 123,859 |  |  | Market approach |  | Multiple of book value |  | 1.4x - 1.5x |  | 1.4x
|  | 112,565 |  |  | Discounted cash flow |  | Discount rate |  | 18.5% - 30.0% |  | 25.0%
|  | 100,000 |  |  | Market approach |  | Yield |  | 8.0% |  | 8.0%
|  | 7,220 |  |  | Market approach |  | Earnings multiple |  | 15.4x |  | 15.4x
|  | 33,444 |  |  | Other |  | N/A |  | N/A |  | N/A
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 88,542 |  |  | Market approach |  | Yield |  | 10.0% - 12.0% |  | 11.0%
|  | 20,601 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
|  | 849 |  |  | Other |  | N/A |  | N/A |  | N/A
Total assets |  | $ | 487,080 |  |  |  |  |  |  |  |  |
Level III Measurements of the Consolidated Funds |  | Fair Value |  | Valuation Technique(s) |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |
|  | $ | 914,196 |  |  | Discounted cash flow |  | Discount rate |  | 10.0% - 18.7% |  | 13.0%
|  | 793,106 |  |  | Market approach |  | Multiple of book value |  | 1.0x - 1.7x |  | 1.4x
|  | 22,636 |  |  | Market approach |  | EBITDA multiple(1) |  | 1.0x - 34.6x |  | 14.4x
|  | 871 |  |  | Transaction price(2) |  | N/A |  | N/A |  | N/A
|  | 754 |  |  | Other |  | N/A |  | N/A |  | N/A
Fixed income investments |  |  |  |  |  |  |  |  |  |
|  | 502,042 |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
|  | 253,514 |  |  | Market approach |  | Yield |  | 6.0% - 23.2% |  | 10.3%
|  | 2,363 |  |  | Market approach |  | EBITDA multiple(1) |  | 5.0x - 34.6x |  | 10.8x
|  | 37 |  |  | Other |  | N/A |  | N/A |  | N/A
Total assets |  | $ | 2,489,519 |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | (1,903) |  |  | Broker quotes and/or 3rd party pricing services |  | N/A |  | N/A |  | N/A
Total liabilities |  | $ | (1,903) |  |  |  |  |  |  |  |  |
(1)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. (2)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. 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.
Schedule of Investments and Unfunded Commitments Valued Using NAV per Share | 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 September 30, 2024 |  | As of December 31, 2023
Investments (held at fair value) |  | $ | 1,934,868 |  |  | $ | 1,642,489 |
Unfunded commitments |  | 1,000,749 |  |  | 738,621 |

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