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Fair Value Option (Tables)
 3 Months Ended
Mar. 31, 2024
Summary of Financial Instruments for Which Fair Value Option Has Been Elected
The following table summarizes the financial instruments for which the fair value option has been elected:
 
                                                 
    
March 31,
   
December 31,
    
2024
   
2023
Assets
      
Loans and Receivables
   
$
95,532
 
   
$
60,738
 
Equity and Preferred Securities
   
 
2,850,339
 
   
 
2,894,302
 
Debt Securities
   
 
62,757
 
   
 
63,486
 
Assets of Consolidated CLO Vehicles
      
Corporate Loans
   
 
129,381
 
   
 
938,801
 
  
 
 
 
   
 
 
 
  
$
  3,138,009
 
   
$
  3,957,327
 
  
 
 
 
   
 
 
 
Liabilities
      
CLO Notes Payable
   
$
169,835
 
   
$
687,122
 
Corporate Treasury Commitments
   
 
887
 
   
 
1,264
 
  
 
 
 
   
 
 
 
  
$
170,722
 
   
$
688,386
 
  
 
 
 
   
 
 
 
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:
 
                                                                                                   
    
Three Months Ended March 31,
    
2024
  
2023
        
Net Change
      
Net Change
    
Realized
  
in Unrealized
  
Realized
  
in Unrealized
    
Gains (Losses)
  
Gains (Losses)
  
Gains (Losses)
  
Gains (Losses)
Assets
         
Loans and Receivables
   
$
(1,604
) 
  
$
(408
) 
  
$
(763
) 
  
$
(303
) 
Equity and Preferred Securities
   
 
2,281
 
  
 
17,729
 
  
 
1,696
 
  
 
(45,113
) 
Debt Securities
   
 
—
 
  
 
(729
) 
  
 
—
 
  
 
(1,831
) 
Assets of Consolidated CLO Vehicles
         
Corporate Loans
   
 
(2,846
) 
  
 
2,456
 
  
 
(3,129
) 
  
 
482
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(2,169
) 
  
$
19,048
 
  
$
(2,196
) 
  
$
(46,765
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
         
CLO Notes Payable
   
$
—
 
  
$
600
 
  
$
—
 
  
$
2,464
 
Corporate Treasury Commitments
   
 
—
 
  
 
377
 
  
 
—
 
  
 
2,226
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
—
 
  
$
977
 
  
$
—
 
  
$
4,690
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Information for Financial Instruments on Which Fair Value Option was Elected
The following table presents information for those financial instruments for which the fair value option was elected:


                        
                        
                        
                        
                        
                        
 
  
March 31, 2024
  
December 31, 2023
 
  
 
 
For Financial Assets
  
 
 
For Financial Assets
 
  
 
 
Past Due (a)
  
 
 
Past Due (a)
 
  
Excess
(Deficiency)
 
 
  
Excess
  
Excess
(Deficiency)
 
 
  
Excess
 
  
of Fair Value
 
Fair
  
of Fair Value
  
of Fair Value
 
Fair
  
of Fair Value
 
  
Over Principal
 
  Value  
  
Over Principal
  
Over Principal
 
  Value  
  
Over Principal
Loans and Receivables
   
$
252
 
  
$
—
 
   
$
—
 
   
$
675
 
  
$
—
 
   
$
—
 
Debt Securities
   
 
(54,072
) 
  
 
—
 
   
 
—
 
   
 
(52,577
) 
  
 
—
 
   
 
—
 
Assets of Consolidated CLO Vehicles
                
Corporate Loans
   
 
(3,495
) 
  
 
1,313
 
   
 
—
 
   
 
(8,751
) 
  
 
1,345
 
   
 
—
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
  
$
(57,315
) 
  
$
1,313
 
   
$
—
 
   
$
(60,653
) 
  
$
1,345
 
   
$
—
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.