XML 28 R11.htm IDEA: XBRL DOCUMENT
v3.25.3

Fair Value Measurement | 9 Months Ended
--- | ---
Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurement | 3. Fair Value Measurement The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy levels as disclosed in Note 2, Summary of Significant Accounting Policies, as of September 30, 2025:
(Dollars in millions) | Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |
Investments of Consolidated Funds(1): |  |  |  |  |  |  |
Equity securities(2) | $68.5 |  | $12.3 |  | $943.5 |  | $1,024.3
Bonds | — |  | — |  | 634.6 |  | 634.6
Loans | — |  | — |  | 8,089.5 |  | 8,089.5
| 68.5 |  | 12.3 |  | 9,667.6 |  | 9,748.4
Investments in CLOs and other: |  |  |  |  |  |  |
Investments in CLOs | — |  | — |  | 380.7 |  | 380.7
Other investments(3) | 130.2 |  | 21.2 |  | 6.7 |  | 158.1
Foreign currency forward contracts | — |  | 5.9 |  | — |  | 5.9
Subtotal | $198.7 |  | $39.4 |  | $10,055.0 |  | $10,293.1
Investments measured at net asset value |  |  |  |  |  |  | 1,341.7
Total |  |  |  |  |  |  | $11,634.8
Liabilities |  |  |  |  |  |  |
Loans payable of Consolidated Funds(4)(5) | $— |  | $— |  | $8,208.7 |  | $8,208.7
Foreign currency forward contracts | — |  | 4.4 |  | — |  | 4.4
Total | $— |  | $4.4 |  | $8,208.7 |  | $8,213.1
(1)This balance excludes $1.3 billion of Investments of Consolidated Funds that are included in Investments measured at net asset value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment. (2)This balance includes $845.3 million related to investments that have been bridged by the Company to investment funds and are accounted for as consolidated VIEs as of September 30, 2025. (3)The Level III balance excludes $63.0 million related to three corporate investments in equity securities which the Company has elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to ASC 321, Investments–Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is excluded from the tabular Level III rollforward disclosures. (4)Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interest held by the Company and (ii) the carrying value of any beneficial interests that represent compensation for services. (5)Loans payable of Consolidated Funds balance excludes $928.9 million of senior notes measured at amortized cost and a $61.9 million revolving credit balance, which related to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment. The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2024:
(Dollars in millions) | Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |
Investments of Consolidated Funds(1): |  |  |  |  |  |  |
Equity securities(2) | $— |  | $— |  | $572.0 |  | $572.0
Bonds | — |  | — |  | 465.1 |  | 465.1
Loans | — |  | — |  | 6,431.4 |  | 6,431.4
Other | — |  | 1.3 |  | — |  | 1.3
| — |  | 1.3 |  | 7,468.5 |  | 7,469.8
Investments in CLOs and other: |  |  |  |  |  |  |
Investments in CLOs | — |  | — |  | 378.9 |  | 378.9
Other investments(3) | 40.4 |  | 21.5 |  | 85.1 |  | 147.0
| 40.4 |  | 21.5 |  | 464.0 |  | 525.9
Subtotal | $40.4 |  | $22.8 |  | $7,932.5 |  | $7,995.7
Investments measured at net asset value |  |  |  |  |  |  | 320.7
Total |  |  |  |  |  |  | $8,316.4
Liabilities |  |  |  |  |  |  |
Loans payable of Consolidated Funds(4)(5) | $— |  | $— |  | $6,809.1 |  | $6,809.1
Foreign currency forward contracts | — |  | 0.6 |  | — |  | 0.6
Total | $— |  | $0.6 |  | $6,809.1 |  | $6,809.7
(1)This balance excludes $312.6 million of Investments of Consolidated Funds that are included in Investments measured at net asset value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment. (2)This balance includes $441.9 million related to investments that have been bridged by the Company to investment funds and are accounted for as consolidated VIEs as of December 31, 2024. (3)The Level III balance excludes $55.4 million related to three corporate investments in equity securities which the Company has elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to ASC 321, Investments–Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is excluded from the tabular Level III rollforward disclosures. (4)Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent compensation for services. (5)Loans payable of Consolidated Funds balance excludes a $55.1 million revolving credit balance. The changes in financial instruments measured at fair value for which the Company has used Level III inputs to determine fair value are as follows (Dollars in millions):
| Financial Assets
| Three Months Ended September 30, 2025
| Investments of Consolidated Funds |  |  |  |  |
| Equity securities |  | Bonds |  | Loans |  | Investments in CLOs |  | Other investments |  | Total
Balance, beginning of period | $910.1 |  | $569.7 |  | $7,964.7 |  | $366.9 |  | $66.3 |  | $9,877.7
Initial consolidation/deconsolidation of funds(1) | — |  | (87.7) |  | (920.6) |  | (0.7) |  | — |  | (1,009.0)
Purchases | 78.6 |  | 253.0 |  | 3,601.0 |  | 27.7 |  | 0.6 |  | 3,960.9
Sales and distributions | (11.1) |  | (102.8) |  | (2,023.6) |  | (18.8) |  | (58.2) |  | (2,214.5)
Settlements | — |  | — |  | (529.3) |  | — |  | — |  | (529.3)
Realized and unrealized gains (losses), net |  |  |  |  |  |  |  |  |  |  |
Included in earnings | (34.1) |  | 2.5 |  | (1.8) |  | 10.1 |  | (2.0) |  | (25.3)
Included in other comprehensive income | — |  | (0.1) |  | (0.9) |  | (4.5) |  | — |  | (5.5)
Balance, end of period | $943.5 |  | $634.6 |  | $8,089.5 |  | $380.7 |  | $6.7 |  | $10,055.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $(39.2) |  | $1.0 |  | $(1.0) |  | $8.3 |  | $(4.7) |  | $(35.6)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date | $— |  | $0.1 |  | $0.6 |  | $(3.9) |  | $— |  | $(3.2)
| Financial Assets
| Nine Months Ended September 30, 2025
| Investments of Consolidated Funds |  |  |  |  |
| Equity securities |  | Bonds |  | Loans |  | Investments in CLOs |  | Other investments | Total
Balance, beginning of period | $572.0 |  | $465.1 |  | $6,431.4 |  | $378.9 |  | $85.1 |  | $7,932.5
Initial consolidation/deconsolidation of funds(2) | — |  | (140.3) |  | (1,176.7) |  | 23.5 |  | — |  | (1,293.5)
Transfer out related to the Exchange(3) | — |  | — |  | — |  | — |  | (50.4) |  | (50.4)
Purchases | 406.4 |  | 536.2 |  | 7,119.7 |  | 30.9 |  | 60.6 |  | 8,153.8
Sales and distributions | (39.6) |  | (287.1) |  | (3,354.0) |  | (100.6) |  | (89.4) |  | (3,870.7)
Settlements | — |  | (0.6) |  | (1,238.4) |  | — |  | — |  | (1,239.0)
Realized and unrealized gains (losses), net |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 4.7 |  | 6.4 |  | (62.7) |  | 23.9 |  | 0.8 |  | (26.9)
Included in other comprehensive income | — |  | 54.9 |  | 370.2 |  | 24.1 |  | — |  | 449.2
Balance, end of period | $943.5 |  | $634.6 |  | $8,089.5 |  | $380.7 |  | $6.7 |  | $10,055.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $(1.9) |  | $2.8 |  | $(49.1) |  | $22.8 |  | $1.0 |  | $(24.4)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date | $— |  | $26.3 |  | $193.0 |  | $24.7 |  | $— |  | $244.0
(1)As a result of the initial consolidation of three funds and deconsolidation of one fund during the three months ended September 30, 2025. (2)As a result of the initial consolidation of four funds and deconsolidation of two funds during the nine months ended September 30, 2025. (3)Represents the exchange of the BDC Preferred Shares, which were valued using Level III inputs, for common shares of CGBD, which are valued using Level I inputs. See Note 9, Related Party Transactions, for more information.
| Financial Assets
| Three Months Ended September 30, 2024
| Investments of Consolidated Funds |  |  |  |  |  |
| Equity securities |  | Bonds |  | Loans |  | Investments in CLOs |  | Other investments |  | Total
Balance, beginning of period | $420.0 |  | $489.5 |  | $7,024.0 |  | $494.6 |  | $108.6 |  | $8,536.7
Deconsolidation of funds(1) | — |  | (34.1) |  | (1,190.3) |  | 2.3 |  | — |  | (1,222.1)
Purchases | 76.7 |  | 147.0 |  | 888.5 |  | 0.8 |  | — |  | 1,113.0
Sales and distributions | (1.2) |  | (123.1) |  | (310.9) |  | (51.1) |  | (8.2) |  | (494.5)
Settlements | — |  | — |  | (570.2) |  | — |  | — |  | (570.2)
Realized and unrealized gains (losses), net |  |  |  |  |  |  |  |  |  |  |
Included in earnings | (8.6) |  | 7.4 |  | (33.4) |  | (2.7) |  | (47.0) |  | (84.3)
Included in other comprehensive income | — |  | 16.4 |  | 112.8 |  | 20.6 |  | — |  | 149.8
Balance, end of period | $486.9 |  | $503.1 |  | $5,920.5 |  | $464.5 |  | $53.4 |  | $7,428.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $(9.4) |  | $5.6 |  | $(28.0) |  | $(3.6) |  | $(48.1) |  | $(83.5)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date | $— |  | $13.2 |  | $96.7 |  | $19.8 |  | $— |  | $129.7
| Financial Assets
| Nine Months Ended September 30, 2024
| Investments of Consolidated Funds |  |  |  |  |  |
| Equity securities |  | Bonds |  | Loans |  | Investments in CLOs |  | Other investments |  | Total
Balance, beginning of period | $377.6 |  | $522.5 |  | $5,862.1 |  | $532.6 |  | $84.6 |  | $7,379.4
Deconsolidation of funds(1) | — |  | (34.1) |  | (1,190.3) |  | 2.3 |  | — |  | (1,222.1)
Purchases | 139.7 |  | 265.1 |  | 4,565.6 |  | 1.8 |  | 7.2 |  | 4,979.4
Sales and distributions | (11.3) |  | (265.9) |  | (1,841.6) |  | (111.6) |  | (9.1) |  | (2,239.5)
Settlements | — |  | — |  | (1,555.6) |  | — |  | — |  | (1,555.6)
Realized and unrealized gains (losses), net |  |  |  |  |  |  |  |  |  |  |
Included in earnings | (19.1) |  | 13.3 |  | 60.1 |  | 23.2 |  | (29.3) |  | 48.2
Included in other comprehensive income | — |  | 2.2 |  | 20.2 |  | 16.2 |  | — |  | 38.6
Balance, end of period | $486.9 |  | $503.1 |  | $5,920.5 |  | $464.5 |  | $53.4 |  | $7,428.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $(22.2) |  | $9.8 |  | $9.1 |  | $22.3 |  | $(31.3) |  | $(12.3)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date | $— |  | $2.5 |  | $19.6 |  | $15.4 |  | $— |  | $37.5
(1)As a result of the deconsolidation of three funds during each of the three and nine months ended September 30, 2024.
| Financial Liabilities
| Loans Payable of Consolidated Funds
| Three Months Ended September 30,
| 2025 |  | 2024
Balance, beginning of period | $7,923.0 |  | $7,623.4
Initial consolidation/deconsolidation of funds(1) | (521.3) |  | (1,269.3)
Borrowings | 3,446.7 |  | 591.6
Paydowns | (713.9) |  | (707.9)
Sales | (1,890.5) |  | —
Realized and unrealized (gains) losses, net |  |  |
Included in earnings | (34.7) |  | (27.5)
Included in other comprehensive income | (0.6) |  | 135.0
Balance, end of period | $8,208.7 |  | $6,345.3
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | $(21.4) |  | $(19.1)
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date | $1.9 |  | $135.2
| Financial Liabilities
| Loans Payable of Consolidated Funds
| Nine Months Ended September 30,
| 2025 |  | 2024
Balance, beginning of period | $6,809.1 |  | $6,298.6
Initial consolidation/deconsolidation of funds(2) | (801.4) |  | (1,269.3)
Borrowings | 5,659.0 |  | 4,138.5
Paydowns | (1,555.5) |  | (1,174.3)
Sales | (2,243.7) |  | (1,741.9)
Realized and unrealized (gains) losses, net |  |  |
Included in earnings | (74.0) |  | 67.7
Included in other comprehensive income | 415.2 |  | 26.0
Balance, end of period | $8,208.7 |  | $6,345.3
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | $(35.9) |  | $71.1
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date | $452.4 |  | $30.2
(1) As a result of the initial consolidation of three funds and deconsolidation of one fund during the three months ended September 30, 2025, and the deconsolidation of three funds during the three months ended September 30, 2024. (2) As a result of the initial consolidation of four funds and deconsolidation of two funds during the nine months ended September 30, 2025, and the deconsolidation of three funds during the nine months ended September 30, 2024. Realized and unrealized gains and losses included in earnings for Level III investments for investments in CLOs and other investments are included in investment income (loss), and such gains and losses for investments of Consolidated Funds and loans payable of the Consolidated Funds are included in net investment gains (losses) of Consolidated Funds in the condensed consolidated statements of operations. Gains and losses included in other comprehensive income for all Level III financial asset and liabilities are included in accumulated other comprehensive loss and non-controlling interests in consolidated entities. The following table summarizes quantitative information about the Company’s Level III inputs as of September 30, 2025:
| Fair Value at |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average) |  | Impact to Valuation from Increase in Input
(Dollars in millions) | September 30, 2025 |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Investments of Consolidated Funds: |  |  |  |  |  |  |  |  |
Equity securities | $1.6 |  | Consensus Pricing |  | Indicative Quotes ($ per share) |  | 0.00 - 22.02 (0.17) |  | Higher
| 797.3 |  | Discounted Cash Flow |  | Discount Rates |  | 7% - 19% (11%) |  | Lower
|  |  |  |  | Terminal Growth Rate |  | 0% - 11% (4%) |  | Higher
|  |  | Comparable Multiple |  | EBITDA Multiple |  | 1.4x - 23.4x (12.6x) |  | Higher
|  |  |  |  | TCF Multiple |  | 25.8x - 25.8x (25.8x) |  | Higher
| 1.6 |  | Comparable Multiple |  | Market Approach |  | 9.0x - 9.0x (9.0x) |  | Higher
| 108.1 |  | Discounted Cash Flow |  | Discount Rates |  | 7% - 43% (17%) |  | Lower
|  |  |  |  | Constant Prepayment Rate |  | 6% - 21% (9%) |  | Lower
|  |  |  |  | Constant Default Rate |  | 0% - 6% (2%) |  | Lower
|  |  |  |  | Recovery Rate |  | 0% - 40% (24%) |  | Higher
| 34.9 |  | Other(1) |  | N/A |  | N/A |  | N/A
Bonds | 634.6 |  | Consensus Pricing |  | Indicative Quotes (% of Par) |  | 27 - 106 (96) |  | Higher
Loans | 7,859.7 |  | Consensus Pricing |  | Indicative Quotes (% of Par) |  | 0 - 101 (98) |  | Higher
| 194.3 |  | Discounted Cash Flow |  | Discount Rates |  | 7% - 20% (10%) |  | Lower
| 3.7 |  | Discounted Cash Flow |  | Discount Rates |  | 14% - 14% (14%) |  | Lower
|  |  |  |  | Constant Prepayment Rate |  | 8% - 14% (11%) |  | Lower
|  |  |  |  | Constant Default Rate |  | 1% - 1% (1%) |  | Lower
|  |  |  |  | Recovery Rate |  | 0% - 0% (0%) |  | Higher
| 31.8 |  | Other(1) |  | N/A |  | N/A |  | N/A
| 9,667.6 |  |  |  |  |  |  |  |
Investments in CLOs: |  |  |  |  |  |  |  |  |
Senior secured notes | 325.2 |  | Consensus Pricing with Discounted Cash Flow |  | Indicative Quotes (% of Par) |  | 93 - 101 (100) |  | Higher
|  |  |  |  | Discount Margins (Basis Points) |  | 80 - 1,062 (208) |  | Lower
|  |  |  |  | Default Rates |  | 2% - 2% (2%) |  | Lower
|  |  |  |  | Recovery Rates |  | 60% - 60% (60%) |  | Higher
Subordinated notes and preferred shares | 55.5 |  | Consensus Pricing with Discounted Cash Flow |  | Indicative Quotes (% of Par) |  | 0 - 89 (41) |  | Higher
|  |  |  |  | Discount Rates |  | (3)% - 30% (9%) |  | Lower
|  |  |  |  | Default Rates |  | 1% - 2% (2%) |  | Lower
|  |  |  |  | Recovery Rates |  | 60% - 60% (60%) |  | Higher
Other investments: |  |  |  |  |  |  |  |  |
Aviation subordinated notes | 6.3 |  | Discounted Cash Flow |  | Discount Rates |  | 21% - 21% (21%) |  | Lower
| 0.4 |  | Other(1) |  | N/A |  | N/A |  | N/A
Total | $10,055.0 |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Loans payable of Consolidated Funds: |  |  |  |  |  |  |  |  |
Senior secured notes | $7,896.6 |  | Other(2) |  | N/A |  | N/A |  | N/A
Subordinated notes and preferred shares | 312.1 |  | Consensus Pricing with Discounted Cash Flow |  | Indicative Quotes (% of Par) |  | 12 - 89 (70) |  | Higher
|  |  |  |  | Discount Rates |  | 5% - 23% (9%) |  | Lower
|  |  |  |  | Default Rates |  | 1% - 2% (2%) |  | Lower
|  |  |  |  | Recovery Rates |  | 60% - 60% (60%) |  | Higher
Total | $8,208.7 |  |  |  |  |  |  |  |
(1)Fair value approximates transaction price that was in close proximity to the reporting date. (2)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent compensation for services. The following table summarizes quantitative information about the Company’s Level III inputs as of December 31, 2024:
| Fair Value at |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average) |  | Impact to Valuation from Increase in Input
(Dollars in millions) | December 31, 2024 |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Investments of Consolidated Funds: |  |  |  |  |  |  |  |  |
Equity securities | $3.9 |  | Consensus Pricing |  | Indicative Quotes ($ per share) |  | 0.00 - 112.17 (0.01) |  | Higher
| 485.0 |  | Discounted Cash Flow |  | Discount Rates |  | 10% - 13% (11%) |  | Lower
|  |  |  |  | Terminal Growth Rate |  | 3% - 7% (6%) |  | Higher
|  |  | Comparable Multiple |  | EBITDA Multiple |  | 7.7x - 23.2x (12.8x) |  | Higher
|  |  |  |  | TCF Multiple |  | 26.0x - 26.0x (26.0x) |  | Higher
| 38.2 |  | Discounted Cash Flow |  | Discount Rates |  | 14% - 34% (18%) |  | Lower
|  |  |  |  | Constant Prepayment Rate |  | 6% - 16% (11%) |  | Lower
|  |  |  |  | Constant Default Rate |  | 1% - 4% (2%) |  | Lower
|  |  |  |  | Recovery Rate |  | 0% - 40% (17%) |  | Higher
| 44.9 |  | Other(1) |  | N/A |  | N/A |  | N/A
Bonds | 465.1 |  | Consensus Pricing |  | Indicative Quotes (% of Par) |  | 30 - 103 (93) |  | Higher
Loans | 6,408.2 |  | Consensus Pricing |  | Indicative Quotes (% of Par) |  | 0 - 105 (97) |  | Higher
| 10.2 |  | Discounted Cash Flow |  | Discount Rates |  | 9% - 19% (18%) |  | Lower
| 6.4 |  | Discounted Cash Flow |  | Discount Rates |  | 16% - 16% (16%) |  | Lower
|  |  |  |  | Constant Prepayment Rate |  | 8% - 14% (11%) |  | Lower
|  |  |  |  | Constant Default Rate |  | 1% - 1% (1%) |  | Lower
|  |  |  |  | Recovery Rate |  | 0% - 0% (0%) |  | Higher
Other | 6.6 |  | Other(1) |  | N/A |  | N/A |  | N/A
| 7,468.5 |  |  |  |  |  |  |  |
Investments in CLOs |  |  |  |  |  |  |  |  |
Senior secured notes | 321.8 |  | Discounted Cash Flow with Consensus Pricing |  | Indicative Quotes (% of Par) |  | 80 - 101 (99) |  | Higher
|  |  |  |  | Discount Margins (Basis Points) |  | 113 - 1,535 (214) |  | Lower
|  |  |  |  | Default Rates |  | 2% - 2% (2%) |  | Lower
|  |  |  |  | Recovery Rates |  | 60% - 60% (60%) |  | Higher
Subordinated notes and preferred shares | 57.1 |  | Discounted Cash Flow with Consensus Pricing |  | Indicative Quotes (% of Par) |  | 1 - 103 (38) |  | Higher
|  |  |  |  | Discount Rate |  | 4% - 35% (16%) |  | Lower
|  |  |  |  | Default Rates |  | 1% - 2% (2%) |  | Lower
|  |  |  |  | Recovery Rates |  | 60% - 60% (60%) |  | Higher
Other investments: |  |  |  |  |  |  |  |  |
BDC preferred shares | 53.4 |  | Other(2) |  | Net Asset Value per Share |  | 16.80 - 16.80 (16.80) |  | Lower
Aviation subordinated notes | 2.9 |  | Discounted Cash Flow |  | Discount Rates |  | 21% - 21% (21%) |  | Lower
Loans | 28.8 |  | Consensus Pricing |  | Indicative Quotes (% of Par) |  | 99 - 99 (99) |  | Higher
Total | $7,932.5 |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Loans payable of Consolidated Funds: |  |  |  |  |  |  |  |  |
Senior secured notes | $6,598.8 |  | Other(3) |  | N/A |  | N/A |  | N/A
Subordinated notes and preferred shares | 210.3 |  | Discounted Cash Flow with Consensus Pricing |  | Indicative Quotes (% of Par) |  | 11 - 87 (34) |  | Higher
|  |  |  |  | Discount Rates |  | 2% - 35% (15%) |  | Lower
|  |  |  |  | Default Rates |  | 1% - 2% (2%) |  | Lower
|  |  |  |  | Recovery Rates |  | 60% - 60% (60%) |  | Higher
Total | $6,809.1 |  |  |  |  |  |  |  |
(1)Fair value approximates transaction price that was in close proximity to the reporting date. (2)See Note 9, Related Party Transactions, for more information. (3)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent compensation for services.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration