XML 56 R14.htm IDEA: XBRL DOCUMENT v3.25.1
FAIR VALUE
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE
6. 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, 2025:
Financial Instruments of the CompanyLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Common stock and other equity securities$77,066 $141,084 $426,377 $— $644,527 
Collateralized loan obligations and fixed income securities
— — 18,662 — 18,662 
Partnership interests— — — 238 238 
Total investments, at fair value77,066 141,084 445,039 238 663,427 
Derivatives-foreign currency forward contracts— 1,496 — — 1,496 
Total assets, at fair value$77,066 $142,580 $445,039 $238 $664,923 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(902)$— $— $(902)
Contingent consideration— — (484,954)— (484,954)
Total liabilities, at fair value$— $(902)$(484,954)$— $(485,856)

Financial Instruments of the Consolidated FundsLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $6,302,334 $578,384 $— $6,880,718 
Money market funds 556,498 — — — 556,498 
Bonds— 341,532 2,608 — 344,140 
Total fixed income investments556,498 6,643,866 580,992 — 7,781,356 
Partnership interests— — — 2,318,557 2,318,557 
Equity securities29,484 2,002 1,844,907 — 1,876,393 
Total investments, at fair value585,982 6,645,868 2,425,899 2,318,557 11,976,306 
Derivatives-foreign currency forward contracts— 9,668 — — 9,668 
Total assets, at fair value$585,982 $6,655,536 $2,425,899 $2,318,557 $11,985,974 
Liabilities, at fair value
Loan obligations of CLOs$— $(8,522,002)$— $— $(8,522,002)
Derivatives:
Foreign currency forward contracts— (9,890)— — (9,890)
Asset swaps— — (749)— (749)
Total derivative liabilities, at fair value— (9,890)(749)— (10,639)
Total liabilities, at fair value$— $(8,531,892)$(749)$— $(8,532,641)
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, 2024:
Financial Instruments of the CompanyLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Cash equivalents:
Money market funds$1,071,071 $— $— $— $1,071,071 
Investments:
Common stock and other equity securities— 104,037 411,179 — 515,216 
Collateralized loan obligations and fixed income securities
— — 41,833 — 41,833 
Partnership interests— — — 238 238 
Total investments, at fair value— 104,037 453,012 238 557,287 
Derivatives-foreign currency forward contracts— 3,737 — — 3,737 
Total assets, at fair value$1,071,071 $107,774 $453,012 $238 $1,632,095 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(216)$— $— $(216)
Contingent consideration— — (17,550)— (17,550)
Total liabilities, at fair value$— $(216)$(17,550)$— $(17,766)

Financial Instruments of the Consolidated FundsLevel ILevel IILevel IIIInvestments Measured at NAVTotal
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $7,313,632 $593,817 $— $7,907,449 
U.S. treasury securities550,800 — — — 550,800 
Bonds— 418,069 — — 418,069 
Total fixed income investments550,800 7,731,701 593,817 — 8,876,318 
Partnership interests— — — 2,000,380 2,000,380 
Equity securities28,603 2,615 1,829,928 — 1,861,146 
Total investments, at fair value579,403 7,734,316 2,423,745 2,000,380 12,737,844 
Derivatives-foreign currency forward contracts— 2,995 — — 2,995 
Total assets, at fair value$579,403 $7,737,311 $2,423,745 $2,000,380 $12,740,839 
Liabilities, at fair value
Loan obligations of CLOs$— $(9,672,189)$— $— $(9,672,189)
Derivatives:
Foreign currency forward contracts — (2,888)— — (2,888)
Asset swaps— — (1,846)— (1,846)
Total derivative liabilities, at fair value— (2,888)(1,846)— (4,734)
Total liabilities, at fair value$— $(9,675,077)$(1,846)$— $(9,676,923)
The following tables set forth a summary of changes in the fair value of the Level III measurements:
Level III Assets of the CompanyEquity SecuritiesFixed
Income		Contingent ConsiderationTotal
Balance as of December 31, 2024
$411,179 $41,833 $(17,550)$435,462 
Established in connection with acquisition (see Note 8)
— — (465,080)(465,080)
Purchases(1)
10,546 1,530 — 12,076 
Sales/settlements(2)
— (23,657)— (23,657)
Change in fair value— — (2,324)(2,324)
Realized and unrealized appreciation (depreciation), net4,652 (1,044)— 3,608 
Balance as of March 31, 2025
$426,377 $18,662 $(484,954)$(39,915)
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date$4,652 $(372)$(2,324)$1,956 
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed
Income		Derivatives, NetTotal
Balance as of December 31, 2024$1,829,927 $593,817 $(1,846)$2,421,898 
Transfer in(3)
1 82,478 — 82,479 
Transfer out(3)
— (72,264)— (72,264)
Purchases(1)
285 247,859 124 248,268 
Sales/settlements(2)
(88)(267,745)— (267,833)
Realized and unrealized appreciation (depreciation), net14,782 (3,153)973 12,602 
Balance as of March 31, 2025$1,844,907 $580,992 $(749)$2,425,150 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$15,102 $(2,824)$851 $13,129 
(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.
(3)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.
Level III Assets of the CompanyEquity  SecuritiesFixed IncomeTotal
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, net5,135 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 FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of December 31, 2023$1,190,400 $740,113 $(1,291)$1,929,222 
Transfer in(3)
— 91,729 — 91,729 
Transfer out(3)
— (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), net21,589 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.
(3)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.

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, 2025:
Level III Measurements of the CompanyFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$180,220 
Transaction price(1)
N/A
N/A
N/A
100,000 Market yield analysis
Market interest rate
8.0%
8.0%
60,856 
Market approach
Multiple of book value
1.3x - 1.5x
1.4x
56,273 Market approachMultiple of book value
0.7x - 0.9x
0.8x
Discounted cash flowDiscount rate
11.0% - 15.0%
13.0%
19,344 Option pricing modelVolatility
35.0%
35.0%
9,684 Market approachEarnings multiple
15.4x
15.4x
Fixed income investments
18,492 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
170 
Other
N/A
N/A
N/A
Total assets$445,039 
Liabilities
Contingent consideration$(484,954)Monte Carlo simulationDiscount rate
6.6% - 7.0%
7.0%
Volatility
11.1% - 15.1%
14.9%
Total liabilities$(484,954)

Level III Measurements of the Consolidated FundsFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$968,124 Discounted cash flow
Discount rate
10.0% - 20.0%
12.0%
869,412 Market approachMultiple of book value
1.0x - 1.7x
1.3x
6,584 Market approach
EBITDA multiple(2)
5.3x - 35.0x
9.2x
787 Market approachYield
6.4% - 23.7%
9.8%
Fixed income investments
291,675 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
287,874 Market approachYield
6.4% - 23.7%
9.9%
1,443 Discounted cash flowDiscount rate
14.5% - 20.0%
12.8%
Total assets$2,425,899 
Liabilities
Derivative instruments $(749)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(749)
(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, 2024:
Level III Measurements of the CompanyFair Value Valuation Technique(s) Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$168,387 
Transaction price(1)
N/AN/AN/A
100,000 Market approachYield
8.0%
8.0%
57,659 Market approachMultiple of book value
1.0x - 1.1x
1.0x
Discounted cash flowDiscount rate
10.0% - 14.0%
12.0%
56,918 Market approachMultiple of book value
1.2x - 1.7x
1.4x
19,205 Option pricing modelVolatility35.0%35.0%
8,489 Market approachEarnings multiple
15.4x
15.4x
521 Discounted cash flowDiscount rate
18.5% - 21.5%
20.0%
Fixed income investments
22,283 
Transaction price(1)
N/AN/AN/A
19,040 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
510 OtherN/AN/AN/A
Total assets$453,012 
Liabilities
Contingent consideration$(17,550)Monte Carlo simulationDiscount rate
6.6% - 6.9%
6.8%
Volatility11.1%11.1%
Total liabilities$(17,550)

Level III Measurements of the Consolidated FundsFair Value Valuation Technique(s) Significant Unobservable Input(s) RangeWeighted Average
Assets
Equity securities
$985,109 Discounted cash flowDiscount rate
10.0% - 20.0%
13.0%
835,432 Market approachMultiple of book value
1.0x - 1.7x
1.4x
8,598 Market approach
EBITDA multiple(2)
5.6x - 34.6x
10.7x
789 OtherN/AN/AN/A
Fixed income investments
308,675 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
284,950 Market approachYield
7.4% - 28.6%
9.9%
192 OtherN/A
N/A
N/A
Total assets$2,423,745 
Liabilities
Derivative instruments $(1,846)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(1,846)
(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, 2025As of December 31, 2024
Investments (held at fair value)$2,318,557 $2,000,380 
Unfunded commitments1,088,937 932,473