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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Realized and Unrealized Gains and Losses on Derivatives Not Designated as Hedges | Realized and unrealized gains and losses on derivative instruments are recorded in other gain (loss) on the consolidated statement of operations as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |
Realized and unrealized gain in earnings on non-designated contracts (1) |  | $ | — |  |  | $ | 3,560 |  |  | $ | 4,053 |  |  | $ | 5,070 |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |
Realized and unrealized gain in earnings on non-designated contracts |  | — |  |  | 965 |  |  | — |  |  | 1,026 |  |  |
__________ (1) Amount in 2023 relates to foreign currency contract entered into on behalf of a sponsored fund, which has no net impact to the Company's earnings, as discussed in Note 16.
Summary of Changes in Recurring Level 3 Fair Value | The following table presents changes in recurring Level 3 fair value assets held for investment. Realized and unrealized gains (losses) are included in other gain (loss).
|  |  |  | Fair Value Option |  | Equity Investment of Consolidated Fund |
(In thousands) |  |  |  | Loans Receivable |  |  |  |
Fair value at December 31, 2021 |  |  |  | $ | 82,930 |  |  |  |  | $ | — |  |
Originations and drawdowns |  |  |  | 371,415 |  |  |  |  | — |  |
Change in accrued interest and capitalization of paid-in-kind interest |  |  |  | 1,217 |  |  |  |  | — |  |
Paydowns |  |  |  | (133,268) |  |  |  |  | — |  |
Unrealized gain (loss) in earnings, net |  |  |  | (21,676) |  |  |  |  | — |  |
Fair value at June 30, 2022 |  |  |  | $ | 300,618 |  |  |  |  | $ | — |  |
Net unrealized gain (loss) in earnings on instruments held at June 30, 2022 |  |  |  | $ | (21,676) |  |  |  |  | $ | — |  |
Fair value at December 31, 2022 |  |  |  | $ | 137,945 |  |  |  |  | $ | 46,770 |  |
Contributions |  |  |  | — |  |  |  |  | 49,549 |  |
Change in consolidated fund's share of equity investment (1) |  |  |  | — |  |  |  |  | 526 |  |
Capitalization of paid-in-kind interest |  |  |  | 544 |  |  |  |  | — |  |
Paydown of loan receivable or underlying loan assets held by equity investment of consolidated fund |  |  |  | (6,804) |  |  |  |  | (2,294) |  |
Unrealized and realized gain (loss) in earnings, net |  |  |  | (131,685) |  |  |  |  | 832 |  |
Fair value at June 30, 2023 |  |  |  | $ | — |  |  |  |  | $ | 95,383 |  |
Net unrealized gain (loss) in earnings on instruments held at June 30, 2023 |  |  |  | $ | (133,307) |  |  |  |  | $ | 832 |  |
__________ (1) Represents reallocation of investment value when relative ownership of the pooling entity across its fund owners change following additional capital contributions.
Summary of Changes in Recurring Level 3 Fair Values | The following table presents changes in recurring Level 3 fair value assets held for investment. Realized and unrealized gains (losses) are included in other gain (loss).
|  |  |  | Fair Value Option |  | Equity Investment of Consolidated Fund |
(In thousands) |  |  |  | Loans Receivable |  |  |  |
Fair value at December 31, 2021 |  |  |  | $ | 82,930 |  |  |  |  | $ | — |  |
Originations and drawdowns |  |  |  | 371,415 |  |  |  |  | — |  |
Change in accrued interest and capitalization of paid-in-kind interest |  |  |  | 1,217 |  |  |  |  | — |  |
Paydowns |  |  |  | (133,268) |  |  |  |  | — |  |
Unrealized gain (loss) in earnings, net |  |  |  | (21,676) |  |  |  |  | — |  |
Fair value at June 30, 2022 |  |  |  | $ | 300,618 |  |  |  |  | $ | — |  |
Net unrealized gain (loss) in earnings on instruments held at June 30, 2022 |  |  |  | $ | (21,676) |  |  |  |  | $ | — |  |
Fair value at December 31, 2022 |  |  |  | $ | 137,945 |  |  |  |  | $ | 46,770 |  |
Contributions |  |  |  | — |  |  |  |  | 49,549 |  |
Change in consolidated fund's share of equity investment (1) |  |  |  | — |  |  |  |  | 526 |  |
Capitalization of paid-in-kind interest |  |  |  | 544 |  |  |  |  | — |  |
Paydown of loan receivable or underlying loan assets held by equity investment of consolidated fund |  |  |  | (6,804) |  |  |  |  | (2,294) |  |
Unrealized and realized gain (loss) in earnings, net |  |  |  | (131,685) |  |  |  |  | 832 |  |
Fair value at June 30, 2023 |  |  |  | $ | — |  |  |  |  | $ | 95,383 |  |
Net unrealized gain (loss) in earnings on instruments held at June 30, 2023 |  |  |  | $ | (133,307) |  |  |  |  | $ | 832 |  |
__________ (1) Represents reallocation of investment value when relative ownership of the pooling entity across its fund owners change following additional capital contributions.
Summary of Fair Value Information on Financial Instruments Reported at Cost | Fair value of financial instruments reported at amortized cost, excluding those held for disposition, are presented below.
|  | Fair Value Measurements |  | Carrying Value
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Corporate debt |  |  |  |  |  |  |  |  |  |
Secured fund fee revenue notes |  | $ | — |  |  | $ | 250,547 |  |  | $ | — |  |  | $ | 250,547 |  |  | $ | 293,219 |
Exchangeable senior notes |  | — |  |  | 124,117 |  |  | — |  |  | 124,117 |  |  | 77,242 |
Non-recourse investment-level debt |  | — |  |  | 4,183,782 |  |  | 515,828 |  |  | 4,699,610 |  |  | 5,025,845 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Corporate debt |  |  |  |  |  |  |  |  |  |
Secured fund fee revenue notes |  | $ | — |  |  | $ | 250,547 |  |  | $ | — |  |  | $ | 250,547 |  |  | $ | 292,171 |
Convertible and exchangeable senior notes |  |  |  | 304,513 |  |  | — |  |  | 304,513 |  |  | 276,741 |
Non-recourse investment-level debt |  | — |  |  | 3,268,508 |  |  | 944,984 |  |  | 4,213,492 |  |  | 4,587,228 |

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