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INVESTMENTS (Tables) | 3 Months Ended
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Jun. 30, 2012
INVESTMENTS [Abstract] |
Valuation technique and qualitative information | The table below presents the valuation technique and quantitative information about the significant unobservable inputs utilized by the Company to value our Level 3 investments. Unobservable inputs are those inputs for which little or no market data exists and, therefore, require an entity to develop its own assumptions. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to our determination of fair value.
Type | Valuation Technique |  | Fair Value(in millions) |  | Unobservable Input |  | Range |  |  | Weighted Average |
Preferred & Common Equity | Market Approach |  | $ | 278.0 |  | EBITDA Multiple |  |  | 3.25x - 6.50x |  |  |  | 5.76 | x
| Market Approach |  | $ | 8.2 |  | Revenue Multiple |  |  | 1.10x - 3.00x |  |  |  | 1.42 | x
| Net Book Value |  | $ | 5.7 |  | Cash and Asset Value |  | NA |  |  | NA |
| Discounted Cash Flow |  | $ | 4.4 |  | Discount Rate |  |  | 3.32% - 18.00 | % |  |  | 15.35 | %
| Market Approach |  | $ | 2.3 |  | Multiple of Tangible Book Value |  |  | 1.00 | x |  |  | 1.00 | x
| Market Approach |  | $ | 8.3 |  | Recent Transaction Price |  | NA |  |  | NA |
| Market Approach |  | $ | 0.2 |  | Market Value of Held Securities |  | NA |  |  | NA |
|  |  | $ | 307.1 |  |  |  |  |  |  |  |  |  |
Warrants | Black Scholes Pricing Model |  | $ | 0.0 |  | Stock Price |  | $ | 0.00 |  |  | $ | 0.00 |
Debt | Discounted Cash Flow |  | $ | 8.9 |  | Discount Rate |  |  | 11.75% - 17.42 | % |  |  | 16.14 | %
| Face Value |  | $ | 5.9 |  | Recent Transaction Price |  | NA |  |  | NA |
|  |  | $ | 14.8 |  |  |  |  |  |  |  |  |  |
Partnership Interests | Net Asset Value* |  | $ | 11.6 |  | Fund Value |  | NA |  |  | NA |
| Total |  | $ | 333.5 |  |  |  |  |  |  |  |  |  |
*All funds are valued in accordance with ASC 820.
Investment portfolio | The following fair value hierarchy tables set forth our investment portfolio by level as of June 30, 2012 and March 31, 2012 (in millions):
|  |  |  |  | Fair Value Measurements at 6/30/12 Using |
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Debt |  | $ | 14.8 |  |  | $ | − |  |  | $ | − |  |  | $ | 14.8 |
Partnership Interests |  |  | 11.6 |  |  |  | − |  |  |  | − |  |  |  | 11.6 |
Preferred Equity |  |  | 39.3 |  |  |  | − |  |  |  | − |  |  |  | 39.3 |
Common Equity |  |  | 420.0 |  |  |  | 152.2 |  |  |  | − |  |  |  | 267.8 |
Total Investments |  | $ | 485.7 |  |  | $ | 152.2 |  |  | $ | − |  |  | $ | 333.5 |
|  |  |  |  | Fair Value Measurements at 3/31/12 Using |
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Debt |  | $ | 11.2 |  |  | $ | − |  |  | $ | − |  |  | $ | 11.2 |
Partnership Interests |  |  | 11.0 |  |  |  | − |  |  |  | − |  |  |  | 11.0 |
Preferred Equity |  |  | 33.9 |  |  |  | − |  |  |  | − |  |  |  | 33.9 |
Common Equity |  |  | 502.4 |  |  |  | 240.7 |  |  |  | − |  |  |  | 261.7 |
Total Investments |  | $ | 558.5 |  |  | $ | 240.7 |  |  | $ | − |  |  | $ | 317.8 |
Changes in the fair value of investments | The following table provides a summary of changes in the fair value of investments measured using Level 3 inputs during the quarter ended June 30, 2012 (in millions):
|  | Fair Value 3/31/12 |  |  | Net Unrealized Appreciation (Depreciation) |  |  | Net Changes from Unrealized to Realized |  |  | New / Add-On Invest- ments |  |  | Divesti- tures |  |  | Fair Value 6/30/12 |
Debt |  | $ | 11.2 |  |  | $ | 0.6 |  |  | $ | − |  |  | $ | 3.0 |  |  | $ | − |  |  | $ | 14.8 |
Partnership Interest |  |  | 11.0 |  |  |  | 0.6 |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | 11.6 |
Preferred Equity |  |  | 33.9 |  |  |  | 2.2 |  |  |  | − |  |  |  | 3.2 |  |  |  | − |  |  |  | 39.3 |
Common Equity |  |  | 261.7 |  |  |  | 6.1 |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | 267.8 |
Total Investments |  | $ | 317.8 |  |  | $ | 9.5 |  |  | $ | − |  |  | $ | 6.2 |  |  | $ | − |  |  | $ | 333.5 |

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- Definition Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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