FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

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 September 30, 2018:

Financial Instruments of the Company	Level I		Level II			Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income-collateralized loan obligations	$	—	$	—		$	22,648	$	—	$	22,648
Equity securities	397		1,034			10,397		—		11,828
Partnership interests	—		—			41,829		39,985		81,814
Total investments, at fair value	397		1,034			74,874		39,985		116,290
Derivatives—foreign exchange contracts	—		55			—		—		55
Total assets, at fair value	$	397	$	1,089		$	74,874	$	39,985	$	116,345
Liabilities, at fair value
Derivatives—foreign exchange contracts	$	—	$	(1,780	)	$	—	$	—	$	(1,780	)
Total liabilities, at fair value	$	—	$	(1,780	)	$	—	$	—	$	(1,780	)

Financial Instruments of the Consolidated Funds	Level I		Level II			Level III			Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	103,245		$	2,402		$	105,647
Loans	—		6,530,353			381,631			6,911,984
Collateralized loan obligations	—		—			—			—
Total fixed income investments	—		6,633,598			384,033			7,017,631
Equity securities	47,611		—			180,359			227,970
Partnership interests	—		—			269,782			269,782
Total investments, at fair value	47,611		6,633,598			834,174			7,515,383
Derivatives:
Asset swaps - other	—		—			1,454			1,454
Total assets, at fair value	$	47,611	$	6,633,598		$	835,628		$	7,516,837
Liabilities, at fair value
Asset swaps - other	$	—	$	—		$	(633	)	$	(633	)
Loan obligations of CLOs	—		(6,884,696		)	—			(6,884,696		)
Total liabilities, at fair value	$	—	$	(6,884,696	)	$	(633	)	$	(6,885,329	)

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2017:

Financial Instruments of the Company	Level I		Level II			Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income-collateralized loan obligations	$	—	$	—		$	195,158	$	—	$	195,158
Equity securities	520		1,116			—		—		1,636
Partnership interests	—		—			44,769		35,998		80,767
Total investments, at fair value	520		1,116			239,927		35,998		277,561
Derivatives—foreign exchange contracts	—		498			—		—		498
Total assets, at fair value	$	520	$	1,614		$	239,927	$	35,998	$	278,059
Liabilities, at fair value
Derivatives—foreign exchange contracts	$	—	$	(2,639	)	$	—	$	—	$	(2,639	)
Total liabilities, at fair value	$	—	$	(2,639	)	$	—	$	—	$	(2,639	)

Financial Instruments of the Consolidated Funds	Level I		Level II			Level III			Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	82,151		$	7,041		$	89,192
Loans	—		4,755,335			260,848			5,016,183
Collateralized loan obligations	—		10,000			—			10,000
Total fixed income investments	—		4,847,486			267,889			5,115,375
Equity securities	72,558		—			162,577			235,135
Partnership interests	—		—			232,332			232,332
Total investments, at fair value	72,558		4,847,486			662,798			5,582,842
Derivatives:
Asset swaps - other	—		—			1,366			1,366
Total derivative assets, at fair value	—		—			1,366			1,366
Total assets, at fair value	$	72,558	$	4,847,486		$	664,164		$	5,584,208
Liabilities, at fair value
Asset swaps - other	$	—	$	—		$	(462	)	$	(462	)
Loan obligations of CLOs	—		(4,963,194		)	—			(4,963,194		)
Total liabilities, at fair value	$	—	$	(4,963,194	)	$	(462	)	$	(4,963,656	)

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 September 30, 2018:

			Level III Assets
Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income			Partnership  Interests			Total
Balance, beginning of period	—		$	22,125		$	47,219		$	69,344
Transfer in	500		—			—			500
Purchases(1)	750		2,314			—			3,064
Sales/settlements(2)	—		(1,976		)	—			(1,976		)
Realized and unrealized appreciation (decrease), net	9,147		185			(5,390		)	3,942
Balance, end of period	$	10,397	$	22,648		$	41,829		$	74,874
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	9,147	$	220		$	(5,390	)	$	3,977

Level III Assets of Consolidated Funds	Equity Securities			Fixed Income			Partnership Interests		Derivatives, Net			Total
Balance, beginning of period	$	184,583		$	482,375		$	251,608	$	230		$	918,796
Transfer in	—			118,624			—		124			118,748
Transfer out	—			(264,659		)	—		—			(264,659		)
Purchases(1)	—			124,784			9,000		—			133,784
Sales/settlements(2)	—			(78,395		)	—		799			(77,596		)
Amortized discounts/premiums	—			(46		)	—		4			(42		)
Realized and unrealized appreciation (decrease), net	(4,224		)	1,350			9,174		(336		)	5,964
Balance, end of period	$	180,359		$	384,033		$	269,782	$	821		$	834,995
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(13,164	)	$	3,468		$	—	$	125		$	(9,571	)

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

(2) Sales/settlements include distributions, 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 September 30, 2017:

	Level III Assets								Level III Liabilities
Level III Assets and Liabilities of the Company	Fixed Income			Partnership  Interests		Total			Contingent Considerations
Balance, beginning of period	$	164,807		$	33,410	$	198,217		$	1,940
Purchases(1)	29,911			—		29,911			—
Sales/settlements(2)	(33,062		)	—		(33,062		)	(1,000		)
Expired contingent consideration	—			—		—			(1,000		)
Realized and unrealized appreciation, net	605			3,029		3,634			60
Balance, end of period	$	162,261		$	36,439	$	198,700		$	—
Increase in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	442		$	3,029	$	3,471		$	—

Level III Assets of Consolidated Funds	Equity Securities			Fixed Income			Partnership Interests			Derivatives, Net			Total
Balance, beginning of period	$	146,274		$	187,579		$	217,740		$	2,809		$	554,402
Transfer in	—			86,420			—			—			86,420
Transfer out	(271		)	(60,550		)	—			(4		)	(60,825		)
Purchases(1)	—			139,903			15,000			—			154,903
Sales/settlements(2)	(3,701		)	(49,783		)	(15,000		)	(3,127		)	(71,611		)
Additions(3)	—			14,479			—			1,393			15,872
Amortized discounts/premiums	—			63			—			101			164
Realized and unrealized appreciation (depreciation), net	14,556			1,465			6,270			(45		)	22,246
Balance, end of period	$	156,858		$	319,576		$	224,010		$	1,127		$	701,571
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	12,830		$	920		$	6,270		$	(2,021	)	$	17,999

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

(2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

(3) Additions relate to a CLO that was refinanced and restructured that is now consolidated.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2018:

	Level III Assets
Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income			Partnership  Interests			Total
Balance, beginning of period	$	—	$	195,158		$	44,769		$	239,927
Deconsolidation of fund	—		78			—			78
Transfer in	250		—			—			250
Purchases(1)	1,000		51,045			—			52,045
Sales/settlements(2)	—		(222,546		)	—			(222,546		)
Realized and unrealized appreciation (decrease), net	9,147		(1,087		)	(2,940		)	5,120
Balance, end of period	$	10,397	$	22,648		$	41,829		$	74,874
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	9,147	$	(648	)	$	(2,940	)	$	5,559

Level III Assets of Consolidated Funds	Equity Securities		Fixed Income			Partnership Interests		Derivatives, Net			Total
Balance, beginning of period	$	162,577	$	267,889		$	232,332	$	904		$	663,702
Deconsolidation of fund			(233		)						(233		)
Transfer in	—		68,665			—		—			68,665
Transfer out	—		(49,463		)	—		—			(49,463		)
Purchases(1)	—		262,278			25,000		—			287,278
Sales/settlements(2)	—		(163,559		)	—		606			(162,953		)
Amortized discounts/premiums	—		(62		)	—		(10		)	(72		)
Realized and unrealized appreciation (decrease), net	17,782		(1,482		)	12,450		(679		)	28,071
Balance, end of period	$	180,359	$	384,033		$	269,782	$	821		$	834,995
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	17,782	$	593		$	12,450	$	(863	)	$	29,962

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

(2) Sales/settlements include distributions, 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 nine months ended September 30, 2017:

	Level III Assets								Level III Liabilities
Level III Assets and Liabilities of the Company	Fixed Income			Partnership  Interests		Total			Contingent Considerations
Balance, beginning of period	$	89,111		$	33,410	$	122,521		$	22,156
Purchases(1)	110,595			169		110,764			—
Sales/settlements(2)	(38,303		)	—		(38,303		)	(1,000		)
Expired contingent considerations	—			—		—			(1,000		)
Realized and unrealized appreciation (decrease), net	858			2,860		3,718			(20,156		)
Balance, end of period	$	162,261		$	36,439	$	198,700		$	—
Increase in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	29		$	3,029	$	3,058		$	—

Level III Assets of Consolidated Funds	Equity Securities			Fixed Income			Partnership Interests			Derivatives, Net			Total
Balance, beginning of period	$	130,690		$	242,253		$	171,696		$	(2,708	)	$	541,931
Transfer in	—			48,646			—			—			48,646
Transfer out	(6,581		)	(100,228		)	—			(4		)	(106,813		)
Purchases(1)	6,692			224,600			88,000			—			319,292
Sales/settlements(2)	(3,701		)	(114,286		)	(45,000		)	(976		)	(163,963		)
Additions(3)	—			14,479			—			1,393			15,872
Amortized discounts/premiums	—			132			—			317			449
Realized and unrealized appreciation, net	29,758			3,980			9,314			3,105			46,157
Balance, end of period	$	156,858		$	319,576		$	224,010		$	1,127		$	701,571
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	19,175		$	(429	)	$	9,314		$	(787	)	$	27,273

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

(2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

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 September 30, 2018:

	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range
Assets
Equity securities	$	10,397	Transaction price(1)	N/A	N/A
Partnership interests	41,829		Other	N/A	N/A
Collateralized loan obligations	22,648		Broker quotes and/or 3rd party pricing services	N/A	N/A
Total	$	74,874

(1) Transaction price consists of securities recently purchased or restructured. The Company determined that there was 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, 2017:

	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range
Assets
Partnership interests	$	44,769	Other	N/A	N/A
Collateralized loan obligations	195,158		Broker quotes and/or 3rd party pricing services	N/A	N/A
Total	$	239,927

The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of September 30, 2018:

	Fair Value			Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	49,894		Enterprise value market multiple analysis	EBITDA multiple(1)	7.7x	7.7x
	44,637			Market approach (comparable companies)	Net income multiple	38.3x	38.3x
					Illiquidity discount	25.0%	25.0%
	45			Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	85,783			Transaction price(2)	N/A	N/A	N/A
Partnership interest	269,782			Discounted cash flow	Discount rate	17.0%	17.0%
Fixed income securities
	354,818			Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	29,215			Income approach	Yield	0.9% - 12.7%	11.1%
Derivative instruments	1,454			Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total assets	$	835,628
Liabilities
Derivatives instruments	$	(633	)	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total liabilities	$	(633	)

(1) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

(2) Transaction price consists of securities recently purchased or restructured. The Company determined that there was 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 Consolidated Funds’ Level III measurements as of December 31, 2017:

	Fair Value			Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	63,155		Enterprise value market multiple analysis	EBITDA multiple(1)	2.7x	2.7x
	61,215			Market approach (comparable companies)	Net income multiple Illiquidity discount	27.0x - 36.2x 25.0%	33.7x 25.0%
	126			Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	38,081			Transaction price(2)	N/A	N/A	N/A
Partnership interest	232,332			Discounted cash flow	Discount rate	19.0%	19.0%
Fixed income securities
	222,413			Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	45,243			Income approach	Yield	10.8% - 22.5%	12.1%
	233			Market approach (comparable companies)	EBITDA multiple(1)	6.5x	6.5x
Derivative instruments	1,366			Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total assets	$	664,164
Liabilities
Derivatives instruments	$	(462	)	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total liabilities	$	(462	)

(1) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

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

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

The Company's investments valued using net asset value (“NAV”) per share have terms and conditions that do not allow for redemption without certain events or approvals that are outside the Company's control. A summary of fair value by segment and the remaining unfunded commitments are presented below:

	As of September 30, 2018				As of December 31, 2017
	Fair Value		Unfunded  Commitments		Fair Value		Unfunded  Commitments
Non-core investments(1)	$	39,985	$	15,975	$	35,998	$	16,492
Total	$	39,985	$	15,975	$	35,998	$	16,492

(1) Non-core investments are reported within OMG.