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Fair Value (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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