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FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2016
FAIR VALUE  
Summary of changes in the fair value of the Level III investments for the CLO loan obligations

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

    

2016

    

2015

 

Balance, beginning of period

 

$
2,174,352

 

$
12,049,019

 

Accounting change due to the adoption of ASU 2014-13(1)

 

 
(2,174,352)

 

 

 —

 

Deconsolidation of funds

 

 

 —

 

 
(10,264,884)

 

Borrowings

 

 

 —

 

 
602,077

 

Paydowns

 

 

 —

 

 
(409)

 

Realized and unrealized gains, net

 

 

 —

 

 
(85,833)

 

Balance, end of period

 

$

 —

 

$
2,299,970

 

(1)

Upon adoption of ASU 2014-13, the debt obligations of consolidated CLOs are no longer considered Level III financial liabilities under the GAAP fair value hierarchy. As of January 1, 2016, the debt obligations of consolidated CLOs are measured on the basis of the fair value of the financial assets of the CLO and are classified as Level II financial liabilities.

 

Summary of fair value by segment, remaining unfunded commitment, and any redemption restriction of investments valued using NAV per share

As of March 31, 2016

 

Segment

    

Fair Value 

    

Unfunded Commitments 

    

Redemption Restriction(s) 

 

Credit Group

 

$
104,824

 

$
86,351

 

(1)(2)(3)

 

Private Equity Group

 

 
163,988

 

 
77,418

 
(1)

 

Real Estate Group

 

 
59,589

 

 
100,579

 
(1)

 

Operations Management Group

 

 
33,001

 

 
17,374

 

(1)(2)

 

Totals

 

$
361,402

 

$
281,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

Segment

    

Fair Value

    

Unfunded Commitments

    

Redemption Restriction(s)

 

Credit Group

 

$
98,251

 

$
89,917

 

(1)(2)(3)

 

Private Equity Group

 

 
157,234

 

 
78,700

 
(1)

 

Real Estate Group

 

 
56,547

 

 
99,802

 
(1)

 

Operations Management Group

 

 
27,211

 

 
22,789

 

(1)(2)

 

Totals

 

$
339,243

 

$
291,208

 

 

 

(1)

Includes certain closed‑ended funds that do not permit investors to redeem their interests.

(2)

Includes certain open‑ended funds that are subject to a lock‑up period of six months after the closing date; after which an investor has the right to withdraw its capital.

(3)

Includes certain funds that are separately managed investment vehicles, which may be redeemed only upon dissolution or liquidation of the fund at the discretion of a simple majority of investors.

 

Parent Company  
FAIR VALUE  
Summary of valuation of investments and other financial instruments by fair value hierarchy levels

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of March 31, 2016:

Investments and Derivatives of the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of the Company, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Collateralized loan obligations

 

$

 —

 

$

 —

 

$
54,118

 

$

 —

 

$
54,118

 

Total fixed income

 

 

 —

 

 

 —

 

 
54,118

 

 

 —

 

 
54,118

 

Equity securities

 

 
83

 

 

 —

 

 

 —

 

 

 —

 

 
83

 

Partnership interests

 

 

 —

 

 

 —

 

 
58,203

 

 
361,402

 

 
419,605

 

Total investments, at fair value

 

 
83

 

 

 —

 

 
112,321

 

 
361,402

 

 
473,806

 

Derivative assets of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

 —

 

 
1,038

 

 

 —

 

 

 —

 

 
1,038

 

Total derivative assets, at fair value

 

 

 —

 

 
1,038

 

 

 —

 

 

 —

 

 
1,038

 

Total

 

$
83

 

$
1,038

 

$
112,321

 

$
361,402

 

$
474,844

 

Derivative liabilities of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$
(2,402)

 

$

 —

 

$

 —

 

$
(2,402)

 

Interest rate contracts

 

 

 —

 

 
(66)

 

 

 —

 

 

 —

 

 
(66)

 

Total derivative liabilities, at fair value

 

$

 —

 

$
(2,468)

 

$

 —

 

$

 —

 

$
(2,468)

 

 

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2015:

 

Investments and Derivatives of the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of the Company, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Collateralized loan obligations

 

$

 —

 

$

 —

 

$
55,752

 

$

 —

 

$
55,752

 

Total fixed income

 

 

 —

 

 

 —

 

 
55,752

 

 

 —

 

 
55,752

 

Equity securities

 

 
81

 

 

 —

 

 

 —

 

 

 —

 

 
81

 

Partnership interests

 

 

 —

 

 

 —

 

 
51,703

 

 
339,243

 

 
390,946

 

Total investments, at fair value

 

 
81

 

 

 —

 

 
107,455

 

 
339,243

 

 
446,779

 

Derivative assets of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

 —

 

 
1,339

 

 

 —

 

 

 —

 

 
1,339

 

Total derivative assets, at fair value

 

 

 —

 

 
1,339

 

 

 —

 

 

 —

 

 
1,339

 

Total

 

$
81

 

$
1,339

 

$
107,455

 

$
339,243

 

$
448,118

 

Derivative liabilities of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$
(176)

 

$

 —

 

$

 —

 

$
(176)

 

Interest rate contracts

 

 

 —

 

 
(214)

 

 

 —

 

 

 —

 

 
(214)

 

Total derivative liabilities, at fair value

 

$

 —

 

$
(390)

 

$

 —

 

$

 —

 

$
(390)

 

 

 

Summary of changes in the fair value of the Level III investments

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2016:

 

Investments and Derivatives of the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments and Derivatives of the Company

Fixed Income

 

Partnership Interests 

    

Total

 

Balance, beginning of period

$
55,752

 

$
51,703

 

$
107,455

 

Purchases(1)

 
3

 

 
6,500

 

 
6,503

 

Sales(2)

 
(775)

 

 

 —

 

 
(775)

 

Realized and unrealized depreciation, net

 
(862)

 

 

 —

 

 
(862)

 

Balance, end of period

$
54,118

 

$
58,203

 

$
112,321

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

$
(1,173)

 

$

 —

 

$
(1,173)

 

 

(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include paid‑in‑kind interest, principal redemptions and securities disposed of in connection with restructurings.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2015:

Investments and Derivatives of the Company

 

 

 

 

 

 

 

 

 

 

 

Investments and Derivatives of the Company

Fixed Income

 

Partnership Interests 

 

Total

 

Balance, beginning of period

$

 —

 

$
45,348

 

$
45,348

 

Deconsolidation of funds(3)

 
17,815

 

 

 —

 

 
17,815

 

Purchases(1)

 
3

 

 
5,000

 

 
5,003

 

Sales(2)

 
(763)

 

 

 —

 

 
(763)

 

Realized and unrealized appreciation (depreciation), net

 
(1,232)

 

 

 —

 

 
(1,232)

 

Balance, end of period

$
15,823

 

$
50,348

 

$
66,171

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

$
(1,510)

 

$

 —

 

$
(1,510)

 

(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include paid‑in‑kind interest, principal redemptions and securities disposed of in connection with restructurings.

(3)

Balances for the Company were previously eliminated upon consolidation and not reported as Level III investment.  
Summary of quantitative inputs and assumptions used for Level III inputs

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

  

Fair

  

 

  

Unobservable

  

 

 

    

Value

    

Valuation Technique(s)

    

Input(s)

    

Range

Assets

 

 

 

 

 

 

 

 

 

Partnership interests

 

$
40,703

 

Discounted Cash Flow

 

Discount Rate

 
10% 

Partnership interests

 

 
17,500

 

Recent Transaction Price (1)

 

N/A

 

N/A

Collateralized loan obligations

 

 
54,118

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

Total

 

$
112,321

 

 

 

 

 

 

(1)

Recent transaction price consists of securities recently purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

 

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair

 

 

 

Unobservable

 

 

 

 

    

Value 

    

Valuation Technique(s) 

    

Input(s) 

    

Range 

 

Assets

 

 

 

 

 

 

 

 

 

 

Partnership interests

 

$
40,703

 

Discounted Cash Flow

 

Discount Rate

 
10%

 

Partnership interests

 

 
11,000

 

Recent Transaction Price (1)

 

N/A

 

N/A

 

Collateralized loan obligations

 

 
55,752

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

Total

 

$
107,455

 

 

 

 

 

 

 

(1)

Recent transaction price consists of securities recently purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

 

Consolidated Funds  
FAIR VALUE  
Summary of valuation of investments and other financial instruments by fair value hierarchy levels

 

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of March 31, 2016:

Investments and Derivatives of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of Consolidated Funds, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Bonds

 

$

 —

 

$
127,926

 

$
105,812

 

$

 —

 

$
233,738

 

Loans

 

 

 —

 

 
1,921,021

 

 
100,135

 

 

 —

 

 
2,021,156

 

Collateralized loan obligations

 

 

 —

 

 

 —

 

 
6,262

 

 

 —

 

 
6,262

 

Total fixed income

 

 

 —

 

 
2,048,947

 

 
212,209

 

 

 —

 

 
2,261,156

 

Equity securities

 

 
44,692

 

 
1,740

 

 
141,805

 

 

 —

 

 
188,237

 

Partnership interests

 

 

 —

 

 

 —

 

 
103,621

 

 

 —

 

 
103,621

 

Other

 

 

 —

 

 
155

 

 

 —

 

 

 —

 

 
155

 

Total investments, at fair value

 

$
44,692

 

$
2,050,842

 

$
457,635

 

$

 —

 

$
2,553,169

 

Derivative liabilities of Consolidated Funds, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$
(1,731)

 

$

 —

 

$

 —

 

$
(1,731)

 

Others

 

 

 —

 

 

 —

 

 
(4,127)

 

 

 —

 

 
(4,127)

 

Total derivative liabilities, at fair value

 

 

 —

 

 
(1,731)

 

 
(4,127)

 

 

 —

 

 
(5,858)

 

Loan obligations of CLOs

 

 

 —

 

 
(2,167,773)

 

 

 —

 

 

 —

 

 
(2,167,773)

 

Total

 

$

 —

 

$
(2,169,504)

 

$
(4,127)

 

$

 —

 

$
(2,173,631)

 

 

 

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2015:

 

Investments and Derivatives of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of Consolidated Funds, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Bonds

 

$

 —

 

$
126,289

 

$
109,023

 

$

 —

 

$
235,312

 

Loans

 

 

 —

 

 
1,875,341

 

 
134,346

 

 

 —

 

 
2,009,687

 

Collateralized loan obligations

 

 

 —

 

 

 —

 

 
6,121

 

 

 —

 

 
6,121

 

Total fixed income

 

 

 —

 

 
2,001,630

 

 
249,490

 

 

 —

 

 
2,251,120

 

Equity securities

 

 
76,033

 

 
15,760

 

 
129,809

 

 

 —

 

 
221,602

 

Partnership interests

 

 

 —

 

 

 —

 

 
86,902

 

 

 —

 

 
86,902

 

Other

 

 

 —

 

 
159

 

 

 —

 

 

 —

 

 
159

 

Total investments, at fair value

 

$
76,033

 

$
2,017,549

 

$
466,201

 

$

 —

 

$
2,559,783

 

Derivative liabilities of Consolidated Funds, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$
(369)

 

$

 —

 

$

 —

 

$
(369)

 

Others

 

 

 —

 

 

 —

 

 
(10,307)

 

 

 —

 

 
(10,307)

 

Total derivative liabilities, at fair value

 

 

 —

 

 
(369)

 

 
(10,307)

 

 

 —

 

 
(10,676)

 

Loan obligations of CLOs

 

 

 —

 

 

 —

 

 
(2,174,352)

 

 

 —

 

 
(2,174,352)

 

Total

 

$

 —

 

$
(369)

 

$
(2,184,659)

 

$

 —

 

$
(2,185,028)

 

 

Summary of changes in the fair value of the Level III investments

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2016:

 

Investments and Derivatives of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

 

  

 

 

  

Other

  

 

 

 

 

 

 

 

 

 

 

 

Partnership

 

Financial

 

 

 

 

Investments and Derivatives of Consolidated Funds

    

Equity Securities 

    

Fixed Income 

    

Interests 

    

Instruments 

    

Total 

 

Balance, beginning of period

 

$
129,809

 

$
249,490

 

$
86,902

 

$
(10,307)

 

$
455,894

 

Transfer in

 

 
15,759

 

 
30,711

 

 

 —

 

 

 —

 

 
46,470

 

Transfer out

 

 
(345)

 

 
(74,213)

 

 

 —

 

 

 —

 

 
(74,558)

 

Purchases(1)

 

 

 —

 

 
19,469

 

 
7,300

 

 

 —

 

 
26,769

 

Sales(2)

 

 

 —

 

 
(9,443)

 

 
(300)

 

 
496

 

 
(9,247)

 

Accrued discounts/premiums

 

 

 —

 

 
453

 

 

 —

 

 
284

 

 
737

 

Realized and unrealized appreciation (depreciation), net

 

 
(3,418)

 

 
(4,258)

 

 
9,719

 

 
5,400

 

 
7,443

 

Balance, end of period

 

$
141,804

 

$
212,209

 

$
103,621

 

$
(4,127)

 

$
453,508

 

Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

 

$
(3,419)

 

$
(6,032)

 

$
9,635

 

$
5,294

 

$
5,478

 

 

 

(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include paid‑in‑kind interest, principal redemptions and securities disposed of in connection with restructurings.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2015:

Investments and Derivatives of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

 

  

 

 

  

Other

  

 

 

 

 

 

 

 

 

 

 

 

Partnership

 

Financial

 

 

 

 

Investments and Derivatives of Consolidated Funds

    

Equity Securities

    

Fixed Income

    

Interests

    

Instruments

    

Total

 

Balance, beginning of period

 

$
3,263,311

 

$
2,192,395

 

$
17,582

 

$
(20,993)

 

$
5,452,295

 

Deconsolidation of funds(4)

 

 
(3,080,402)

 

 
(1,897,304)

 

 
(17,582)

 

 
12,980

 

 
(4,982,308)

 

Transfer in

 

 

 —

 

 
26,144

 

 

 —

 

 

 —

 

 
26,144

 

Transfer out

 

 

 —

 

 
(89,214)

 

 

 —

 

 

 —

 

 
(89,214)

 

Purchases(1)

 

 

 —

 

 
44,835

 

 

 —

 

 
4

 

 
44,839

 

Sales(2)

 

 
(1,689)

 

 
(23,171)

 

 

 —

 

 
(1)

 

 
(24,861)

 

Accrued discounts/premiums

 

 

 —

 

 
(858)

 

 

 —

 

 
(267)

 

 
(1,125)

 

Realized and unrealized appreciation (depreciation), net

 

 
(7,185)

 

 
(18,706)

 

 

 —

 

 
(6,116)

 

 
(32,007)

 

Balance, end of period

 

$
174,035

 

$
234,121

 

$

 —

 

$
(14,393)

 

$
393,763

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

 

$
(8,932)

 

$
(14,877)

 

$

 —

 

$
(7,618)

 

$
(31,427)

 

 

 

(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include paid‑in‑kind interest, principal redemptions and securities disposed of in connection with restructurings.

(3)

Balances for the Company were previously eliminated upon consolidation and not reported as Level III investment.

(4)

Represents investment in Consolidated Funds that were deconsolidated during the period.

 

Summary of quantitative inputs and assumptions used for Level III inputs

 

The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

  

 

  

 

Weighted

 

 

    

Fair Value 

 

Valuation Technique(s) 

 

Unobservable Input(s) 

 

Range

    

Average

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

$
53,247

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x-9.1x

 

5.4x

 

 

 
73,174

 

Market approach (comparable companies)

 

Net income multiple
Illiquidity discount

 

9.1x - 40.0x
25%

 

20.6x
25%

 

 

 
15,384

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 
103,621

 

Discounted cash flow

 

Discount rate

 

14.0%

 

14.0%

 

Fixed Income securities

 

 

 

 

 

 

 

 

 

 

 

 

 
92,891

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 
21,010

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 11.0x

 

7.3x

 

 

 
83,045

 

Income approach

 

Yield

 

3.3% - 13.3%

 

9.4%

 

 

 
5,622

 

Discounted cash flow

 

Discount rate

 

11.0% - 15.3%

 

12.7%

 

 

 
1,756

 

Market approach (comparable companies)

 

EBITDA multiple

 

6.5x

 

6.5x

 

 

 
2,800

 

Income approach

 

Collection rates

 

1.2x

 

1.2x

 

 

 
5,085

 

Income approach

 

Constant prepayment rate
Constant default rate
Recovery rate

 

5.0% - 10.0%
11.9% - 25.1%
0.0% - 40.0%

 

6.9%
14.2%
15.0%

 

Total assets

$
457,635

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Derivatives instruments of Consolidated Funds

 
4,127

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

Total liabilities

$
4,127

 

 

 

 

 

 

 

 

 

 

The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Fair Value 

 

Valuation Technique(s) 

 

Unobservable Input(s) 

 

Range

    

Average

 

Assets

 

 

 

 

 

 

 

 

 

 

   

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 
42,887

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 10.4x

 

4.1x

 

 

 
73,686

 

Market approach (comparable companies)

 

Net income multiple

 

10.0x - 40.0x

 

21.7x

 

 

 
344

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 
12,891

 

Recent transaction price (1)

 

N/A

 

N/A

 

N/A

 

 

 
86,902

 

Discounted cash flow

 

Discount rate

 

14.0%

 

14.0%

 

Fixed Income securities

 

 

 

 

 

 

 

 

 

 

 

 

 
22,934

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 11.0x

 

7.8x

 

 

 
1,626

 

Market approach (comparable companies)

 

EBITDA multiple

 

6.5x

 

6.5x

 

 

 
130,131

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 
5,516

 

Discounted cash flow

 

Discount rate

 

11.0% - 15.3%

 

12.7%

 

 

 
84,464

 

Income approach

 

Yield

 

3.3% - 13.3%

 

9.1%

 

 

 
1,133

 

Income approach

 

Collection rates

 

1.2x

 

1.2x

 

 

 
3,687

 

Income approach

 

Constant prepayment rate
Constant default rate
Recovery rate

 

5.0% - 10.0%
11.9% - 25.1%
0.0% - 40.0%

 

7.1%
14.6%
16.8%

 

Total assets

$
466,201

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Loans payable of Consolidated Funds:

 

 

 

 

 

 

 

 

 

 

 

Fixed income

$
2,146,255

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 
28,097

 

Discounted cash flow

 

Discount rate
Constant prepayment rate
Constant default rate
Recovery rate

 

8.0% - 10.0%
19.7% - 20.0%
2.0%
70.0% - 71.1%

 

8.7%
19.8%
 2.0% 
70.8%

 

Derivatives instruments of Consolidated Funds

 
10,307

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

Total liabilities

$
2,184,659

 

 

 

 

 

 

 

 

 

 

(1)

Recent transaction price consists of securities purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.