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FAIR VALUE | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE | FAIR VALUE Fair Value of Financial Assets and Liabilities The Company’s other financial assets by fair-value hierarchy level are set forth below. There were no other financial liabilities as of September 30, 2025 and December 31, 2024.
| As of September 30, 2025 |  | As of December 31, 2024
| Level I |  | Level II |  | Level III |  | Total |  | Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate investments | $ | — |  |  | $ | 306,687 |  |  | $ | — |  |  | $ | 306,687 |  |  | $ | — |  |  | $ | 307,825 |  |  | $ | — |  |  | $ | 307,825 |
Total assets | $ | — |  |  | $ | 306,687 |  |  | $ | — |  |  | $ | 306,687 |  |  | $ | — |  |  | $ | 307,825 |  |  | $ | — |  |  | $ | 307,825 |
Fair Value of Financial Instruments Held By Consolidated Funds The short-term nature of cash and cash-equivalents held at the consolidated funds causes their carrying value to approximate fair value. The fair value of cash-equivalents is a Level I valuation. Derivatives may relate to a mix of Level I, II or III investments, and therefore their fair-value hierarchy level may not correspond to the fair-value hierarchy level of the economically hedged investment. The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level:
| As of September 30, 2025 |  | As of December 31, 2024
Level I |  | Level II |  | Level III |  | Total |  | Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt – bank debt | $ | — |  |  | $ | 111,310 |  |  | $ | 1,599,660 |  |  | $ | 1,710,970 |  |  | $ | — |  |  | $ | 281,918 |  |  | $ | 1,936,315 |  |  | $ | 2,218,233 |
Corporate debt – all other | — |  |  | 183,264 |  |  | 81,422 |  |  | 264,686 |  |  | — |  |  | 353,922 |  |  | 111,552 |  |  | 465,474 |
Equities – common stock | 209,439 |  |  | 99,553 |  |  | 1,465,364 |  |  | 1,774,356 |  |  | 222,670 |  |  | 39,290 |  |  | 1,187,023 |  |  | 1,448,983 |
Equities – preferred stock | 2,201 |  |  | — |  |  | 765,451 |  |  | 767,652 |  |  | 1,850 |  |  | — |  |  | 606,141 |  |  | 607,991 |
Real estate | — |  |  | — |  |  | 329,735 |  |  | 329,735 |  |  | — |  |  | — |  |  | 206,181 |  |  | 206,181 |
Total investments | 211,640 |  |  | 394,127 |  |  | 4,241,632 |  |  | 4,847,399 |  |  | 224,520 |  |  | 675,130 |  |  | 4,047,212 |  |  | 4,946,862 |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign-currency forward contracts | 3,559 |  |  | 23,165 |  |  | — |  |  | 26,724 |  |  | — |  |  | 17,578 |  |  | — |  |  | 17,578 |
Swaps | — |  |  | 858 |  |  | 16,469 |  |  | 17,327 |  |  | — |  |  | — |  |  | 15,771 |  |  | 15,771 |
Total derivatives (1) | 3,559 |  |  | 24,023 |  |  | 16,469 |  |  | 44,051 |  |  | — |  |  | 17,578 |  |  | 15,771 |  |  | 33,349 |
Total assets | $ | 215,199 |  |  | $ | 418,150 |  |  | $ | 4,258,101 |  |  | $ | 4,891,450 |  |  | $ | 224,520 |  |  | $ | 692,708 |  |  | $ | 4,062,983 |  |  | $ | 4,980,211 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign-currency forward contracts | $ | (6,982) |  |  | $ | (63,723) |  |  | $ | — |  |  | $ | (70,705) |  |  | $ | — |  |  | $ | (8,513) |  |  | $ | — |  |  | $ | (8,513) |
Swaps | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19) |  |  | — |  |  | (19) |
Options and futures | — |  |  | (160) |  |  | — |  |  | (160) |  |  | — |  |  | (4,853) |  |  | — |  |  | (4,853) |
Total derivatives (2) | (6,982) |  |  | (63,883) |  |  | — |  |  | (70,865) |  |  | — |  |  | (13,385) |  |  | — |  |  | (13,385) |
Total liabilities | $ | (6,982) |  |  | $ | (63,883) |  |  | $ | — |  |  | $ | (70,865) |  |  | $ | — |  |  | $ | (13,385) |  |  | $ | — |  |  | $ | (13,385) |
(1) Amounts are included in derivative assets under “assets of consolidated funds” in the condensed consolidated statements of financial condition. (2) Amounts are included in derivative liabilities under “liabilities of consolidated funds” in the condensed consolidated statements of financial condition. The following tables set forth a summary of changes in the fair value of Level III investments:
| Corporate Debt – Bank Debt |  | Corporate Debt – All Other |  | Equities – Common Stock |  | Equities – Preferred Stock |  | Real Estate |  | Swaps |  | Total
Three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 1,546,171 |  |  | $ | 132,169 |  |  | $ | 1,276,658 |  |  | $ | 700,259 |  |  | $ | 330,423 |  |  | $ | 17,346 |  |  | $ | 4,003,026 |
Transfers into Level III | 157,521 |  |  | 41,641 |  |  | 3,919 |  |  | — |  |  | 22,033 |  |  | — |  |  | 225,114 |
Transfers out of Level III | (136,382) |  |  | (36,351) |  |  | (24,402) |  |  | — |  |  | (22,032) |  |  | — |  |  | (219,167) |
Purchases | 369,228 |  |  | 29,676 |  |  | 182,226 |  |  | 60,239 |  |  | 14,182 |  |  | 1 |  |  | 655,552 |
Sales | (253,715) |  |  | (69,632) |  |  | (6,677) |  |  | (28,771) |  |  | (11,691) |  |  | (1,121) |  |  | (371,607) |
Realized gain (losses), net | 3,793 |  |  | (358) |  |  | 5,884 |  |  | 1,601 |  |  | 3,328 |  |  | — |  |  | 14,248 |
Unrealized appreciation (depreciation), net | (86,956) |  |  | (15,723) |  |  | 27,756 |  |  | 32,123 |  |  | (6,508) |  |  | 243 |  |  | (49,065) |
Ending balance | $ | 1,599,660 |  |  | $ | 81,422 |  |  | $ | 1,465,364 |  |  | $ | 765,451 |  |  | $ | 329,735 |  |  | $ | 16,469 |  |  | $ | 4,258,101 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | (26,611) |  |  | $ | (8,241) |  |  | $ | 14,036 |  |  | $ | 7,411 |  |  | $ | 1,567 |  |  | $ | — |  |  | $ | (11,838) |
Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 1,654,942 |  |  | $ | 198,028 |  |  | $ | 1,049,656 |  |  | $ | 667,154 |  |  | $ | 246,862 |  |  | $ | 18,254 |  |  | $ | 3,834,896 |
Deconsolidation of funds | (70,255) |  |  | (10) |  |  | (575) |  |  | (2,356) |  |  | — |  |  |  |  | (73,196) |
Transfers into Level III | 136,725 |  |  | 11,231 |  |  | 84,494 |  |  | 153 |  |  | 17,603 |  |  | — |  |  | $ | 250,206 |
Transfers out of Level III | (105,000) |  |  | (93,971) |  |  | (57,113) |  |  | (7,134) |  |  | (28,618) |  |  | — |  |  | $ | (291,836) |
Purchases | 173,975 |  |  | 134 |  |  | 29,316 |  |  | 24,043 |  |  | 21,572 |  |  | 6 |  |  | $ | 249,046 |
Sales | (87,091) |  |  | (8,496) |  |  | (32,785) |  |  | (121,764) |  |  | (17,732) |  |  | — |  |  | $ | (267,868) |
Realized gain (losses), net | 1,502 |  |  | (155) |  |  | 3,217 |  |  | 30,760 |  |  | — |  |  | (39) |  |  | $ | 35,285 |
Unrealized appreciation (depreciation), net | 7,513 |  |  | (6,131) |  |  | 27,397 |  |  | (20,689) |  |  | 20,419 |  |  | — |  |  | 28,509 |
Ending balance | $ | 1,712,311 |  |  | $ | 100,630 |  |  | $ | 1,103,607 |  |  | $ | 570,167 |  |  | $ | 260,106 |  |  | $ | 18,221 |  |  | $ | 3,765,042 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | (125) |  |  | $ | (3,539) |  |  | $ | 33,705 |  |  | $ | (20,028) |  |  | $ | 20,419 |  |  | $ | — |  |  | $ | 30,432 |
| Corporate Debt – Bank Debt |  | Corporate Debt – All Other |  | Equities – Common Stock |  | Equities – Preferred Stock |  | Real Estate |  | Swaps |  | Total
Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 1,936,315 |  |  | $ | 111,552 |  |  | $ | 1,187,023 |  |  | $ | 606,141 |  |  | $ | 206,181 |  |  | $ | 15,771 |  |  | $ | 4,062,983 |
Transfers into Level III | 1,085,276 |  |  | 46,298 |  |  | 13,025 |  |  | 37 |  |  | 28,839 |  |  | — |  |  | 1,173,475 |
Transfers out of Level III | (972,332) |  |  | (41,190) |  |  | (39,425) |  |  | — |  |  | (22,032) |  |  | — |  |  | (1,074,979) |
Purchases | 1,302,029 |  |  | 37,497 |  |  | 282,682 |  |  | 216,325 |  |  | 109,090 |  |  | 1,576 |  |  | 1,949,199 |
Sales | (1,602,987) |  |  | (78,426) |  |  | (82,642) |  |  | (116,320) |  |  | (31,220) |  |  | (1,121) |  |  | (1,912,716) |
Realized gain (losses), net | 21,815 |  |  | 7,146 |  |  | 40,621 |  |  | (36,423) |  |  | 5,195 |  |  | — |  |  | 38,354 |
Unrealized appreciation (depreciation), net | (170,456) |  |  | (1,455) |  |  | 64,080 |  |  | 95,691 |  |  | 33,682 |  |  | 243 |  |  | 21,785 |
Ending balance | $ | 1,599,660 |  |  | $ | 81,422 |  |  | $ | 1,465,364 |  |  | $ | 765,451 |  |  | $ | 329,735 |  |  | $ | 16,469 |  |  | $ | 4,258,101 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | (149,532) |  |  | $ | 3,051 |  |  | $ | 70,410 |  |  | $ | 75,930 |  |  | $ | 41,757 |  |  | $ | — |  |  | $ | 41,616 |
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 1,721,888 |  |  | $ | 260,292 |  |  | $ | 846,773 |  |  | $ | 599,636 |  |  | $ | 175,353 |  |  | $ | — |  |  | $ | 3,603,942 |
Deconsolidation of funds | (70,255) |  |  | (10) |  |  | (575) |  |  | (2,356) |  |  | — |  |  | — |  |  | (73,196) |
Initial consolidation of funds | 2,962 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,962 |
Transfers into Level III | 358,757 |  |  | 26,590 |  |  | 139,172 |  |  | 153 |  |  | 23,738 |  |  | — |  |  | 548,410 |
Transfers out of Level III | (388,815) |  |  | (159,901) |  |  | (72,773) |  |  | (7,134) |  |  | (28,618) |  |  | — |  |  | (657,241) |
Purchases | 516,419 |  |  | 25,727 |  |  | 235,083 |  |  | 102,272 |  |  | 89,190 |  |  | 18,221 |  |  | 986,912 |
Sales | (444,229) |  |  | (46,636) |  |  | (124,069) |  |  | (154,744) |  |  | (17,732) |  |  | — |  |  | (787,410) |
Realized gain (losses), net | 5,505 |  |  | (407) |  |  | 51,081 |  |  | (57,207) |  |  | — |  |  | — |  |  | (1,028) |
Unrealized appreciation (depreciation), net | 10,079 |  |  | (5,025) |  |  | 28,915 |  |  | 89,547 |  |  | 18,175 |  |  | — |  |  | 141,691 |
Ending balance | $ | 1,712,311 |  |  | $ | 100,630 |  |  | $ | 1,103,607 |  |  | $ | 570,167 |  |  | $ | 260,106 |  |  | $ | 18,221 |  |  | $ | 3,765,042 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | 12,230 |  |  | $ | (5,174) |  |  | $ | 28,804 |  |  | $ | 89,330 |  |  | $ | 18,175 |  |  | $ | — |  |  | $ | 143,365 |
Total realized and unrealized gains and losses recorded for Level III investments are included in net realized gain on consolidated funds’ investments or net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Transfers out of Level III are generally attributable to certain investments that experienced a more significant level of market trading activity or completed an initial public offering during the respective period and thus were valued using observable inputs. Transfers into Level III typically reflect either investments that experienced a less significant level of market trading activity during the period or portfolio companies that underto ok restructurings or bankruptcy proceedings and thus were valued in the absence of observable inputs. The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of September 30, 2025:
Investment Type |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs (1)(2) |  | Range |  | Weighted Average (3)
Credit-oriented investments: |  |  |  |  |  |  |  |  |  |
|  | $ | 960,146 |  |  | Discounted cash flow (6) |  | Discount rate |  | 2% - 20% |  | 13%
|  | 330,899 |  |  | Recent market information (5) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 189,841 |  |  | Market approach (comparable companies) (7) |  | Multiple of underlying assets (9) |  | 0.5x - 1x |  | 1x
|  | 49,495 |  |  | Market approach (comparable companies) (7) |  | Earnings multiple (10) |  | 3.0x - 7.3x |  | 5.2x
|  | 116,376 |  |  | Recent transaction price (4) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 20,638 |  |  | Expected Recovery (11) |  | Not applicable |  | Not applicable |  | Not applicable
|  | 30,156 |  |  | Market approach (comparable companies) (7) |  | Revenue multiple (8) |  | 1x - 2.2x |  | 1.5x
Equity investments: |  |  |  |  |  |  |  |  |  |
|  | 195,281 |  |  | Recent transaction price (4) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 3,598 |  |  | Recent market information (5) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 397,640 |  |  | Discounted cash flow (6) |  | Discount rate |  | 11% - 19% |  | 14%
|  | 28,680 |  |  | Discounted cash flow (6) / market approach (comparable companies) (7) |  | Discount rate |  | 13% - 13% |  | 13%
|  |  |  | Earnings multiple (10) |  | 6.0x - 7.0x |  | 6.5x
|  | 654,194 |  |  | Market approach (comparable companies) (7) |  | Earnings multiple (10) |  | 1.0x - 15.0x |  | 8.9x
|  | 93,814 |  |  | Market approach (comparable companies) (7) |  | Revenue multiple (8) |  | 1.0x - 2.2x |  | 2.0x
|  | 839,232 |  |  | Market approach (comparable companies) (7) |  | Multiple of underlying assets (9) |  | 0.5x - 1x |  | 1.0x
|  | 13,765 |  |  | Expected Recovery (11) |  | Not applicable |  | Not applicable |  | Not applicable
|  | 4,611 |  |  | Black Scholes (12) |  | Not applicable |  | Not applicable |  | Not applicable
Real estate-oriented investments: |  |  |  |  |  |  |  |  |  |
|  | 51,297 |  |  | Market approach (comparable companies) (7) |  | Multiple of underlying assets (9) |  | 1x - 1x |  | 1x
|  | 21,954 |  |  | Recent transaction price (4) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 256,484 |  |  | Discounted cash flow (6) |  | Discount rate |  | 11% - 27% |  | 17%
Total Level III investments |  | $ | 4,258,101 |  |  |  |  |  |  |  |  |
The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2024:
Investment Type |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs (1)(2) |  | Range |  | Weighted Average (3)
Credit-oriented investments: |  |  |  |  |  |  |  |  |  |
|  | $ | 1,216,750 |  |  | Discounted cash flow (6) |  | Discount rate |  | 5% – 27% |  | 15%
|  | 378,875 |  |  | Recent market information (5) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 206,107 |  |  | Recent transaction price (4) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 10,854 |  |  | Market approach (comparable companies) (7) |  | Revenue multiple (8) |  | 2.1x - 2.1x |  | 2.1x
|  | 229,042 |  |  | Market approach (comparable companies) (7) |  | Multiple of underlying assets (9) |  | 0.5x - 1.0x |  | 0.9x
|  | 11 |  |  | Expected Recovery (11) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 21,999 |  |  | Market approach (comparable companies) (7) |  | Earnings multiple (10) |  | 6.5x -7.0x |  | 7.0x
Equity investments: |  |  |  |  |  |  |  |  |  |
|  | 202,057 |  |  | Recent transaction price (4) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 850,420 |  |  | Market approach (comparable companies) (7) |  | Multiple of underlying assets (9) |  | 1.0x - 1.0x |  | 1.0x
|  | 458,953 |  |  | Market approach (comparable companies) (7) |  | Earnings multiple (10) |  | 5.0x - 14.0x |  | 9.6x
|  | 213,813 |  |  | Discounted cash flow (6) |  | Discount rate |  | 4% – 18% |  | 14%
|  | 26,445 |  |  | Market approach (comparable companies) (7) |  | Revenue multiple (8) |  | 1.0x - 2.1x |  | 1.2x
|  | 25,295 |  |  | Discounted cash flow (6) / Market approach (comparable companies) (7) |  | Discount rate |  | 11% – 11% |  | 11%
|  |  |  | Earnings multiple (10) |  | 10.0x - 12.0x |  | 11.0x
|  | 5,979 |  |  | Recent market information (5) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 8,903 |  |  | Expected Recovery (11) |  | Quoted prices |  | Not applicable |  | Not applicable
|  | 1,299 |  |  | Black Scholes (12) |  | Quoted prices |  | Not applicable |  | Not applicable
Real estate-oriented: |  |  |  |  |  |  |  |  |  |
|  | 206,181 |  |  | Discounted cash flow (6) |  | Discount rate |  | 4% – 26% |  | 15%
Total Level III investments |  | $ | 4,062,983 |  |  |  |  |  |  |  |  |
(1) The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement. (2) Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement. (3) The weighted average is based on the fair value of the investments included in the range. (4) Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date. (5) Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. (6) A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios. (7) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying. (8) Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant. (9) A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets. (10) Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant. (11) Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down. (12) The fair value of options/warrants is estimated using the Black-Scholes-Merton valuation model. The company uses the following methods to determine the underlying assumptions: expected volatilities are based on the historical and implied volatilities of comparable companies or the subject company if the subject company is publicly traded; expected term is based on the shorter of the expected hold period for the option or the contractual term; and the risk-free rate is based on the yields on U.S. Treasury bills or bonds issued with similar terms to the expected term of the option. A significant amount of judgment may be required when using unobservable inputs, including assessing the accuracy of source data and the results of pricing models. The Company assesses the accuracy and reliability of the sources it uses to develop unobservable inputs. These sources may include third-party vendors that the Company believes are reliable and commonly utilized by other marketplace participants. As described in note 2, other factors beyond the unobservable inputs described above may have a significant impact on investment valuations. During the nine months ended September 30, 2025, the valuation techniques for five credit-oriented investments were changed from market approach (comparable companies) to discounted cash flow, four credit-oriented investments were changed from discounted cash flow to market approach (comparable companies), three credit-oriented investments were changed from recent market information to discounted cash flow, one credit-oriented investment was changed from discounted cash flow to expected recovery, one credit-oriented investment was changed from expected recovery to discounted cash flow, one credit-oriented investment was changed from market approach (value of underlying assets) to discounted cash flow and one equity investment was changed from market approach (value of underlying assets) to expected recovery. During the nine months ended September 30, 2024, the valuation techniques for four credit-oriented investments were changed from market approach (comparable companies) to discounted cash flow, three credit-oriented investments were changed from discounted cash flow to market approach (comparable companies) and one equity investment was changed from market approach (comparable companies) to recent market information.

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- 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
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