FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2019

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 the Consolidated Funds as of December 31, 2019:

Financial Instruments of the Company	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income	$	—	$	—	$	69,183	$	—	$	69,183
Common stock and other equity securities	—		1,043		14,704		—		15,747
Partnership interests	—		—		35,192		1,632		36,824
Total investments, at fair value	—		1,043		119,079		1,632		121,754
Derivatives-foreign exchange contracts	—		4,023		—		—		4,023
Total assets, at fair value	$	—	$	5,066	$	119,079	$	1,632	$	125,777
Liabilities, at fair value
Derivatives-foreign exchange contracts	$	—	$	(113)	$	—	$	—	$	(113)
Total liabilities, at fair value	$	—	$	(113)	$	—	$	—	$	(113)

Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	207,966	$	4,410	$	212,376
Loans	—		7,728,014		334,726		8,062,740
Investments in CLO warehouse	—		44,435		—		44,435
Total fixed income investments	—		7,980,415		339,136		8,319,551
Equity securities	26,396		—		85,988		112,384
Partnership interests	—		—		296,012		296,012
Total investments, at fair value	26,396		7,980,415		721,136		8,727,947
Derivatives-foreign exchange contracts	—		667		—		667
Total assets, at fair value	$	26,396	$	7,981,082	$	721,136	$	8,728,614
Liabilities, at fair value
Derivatives:
Foreign exchange contracts	$	—	$	(670)	$	—	$	(670)
Asset swaps-other	—		—		(4,106)		(4,106)
Total derivative liabilities, at fair value	—		(670)		(4,106)		(4,776)
Loan obligations of CLOs	—		(7,973,748)		—		(7,973,748)
Total liabilities, at fair value	$	—	$	(7,974,418)	$	(4,106)	$	(7,978,524)

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2018:

Financial Instruments of the Company	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income	$	—	$	—	$	60,824	$	—	$	60,824
Common stock and other equity securities	280		1,004		10,397		—		11,681
Partnership interests	—		—		35,192		861		36,053
Total investments, at fair value	280		1,004		106,413		861		108,558
Derivatives-foreign exchange contracts	—		1,066		—		—		1,066
Total assets, at fair value	$	280	$	2,070	$	106,413	$	861	$	109,624
Liabilities, at fair value
Derivatives-foreign exchange contracts	$	—	$	(869)	$	—	$	—	$	(869)
Total liabilities, at fair value	$	—	$	(869)	$	—	$	—	$	(869)

Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	316,850	$	1,649	$	318,499
Loans	—		6,340,440		546,309		6,886,749
Total fixed income investments	—		6,657,290		547,958		7,205,248
Equity securities	45,718		—		150,752		196,470
Partnership interests	—		—		271,447		271,447
Total investments, at fair value	45,718		6,657,290		970,157		7,673,165
Derivatives:
Foreign exchange contracts	—		1,881		—		1,881
Asset swaps-other	—		—		1,328		1,328
Total derivative assets, at fair value	—		1,881		1,328		3,209
Total assets, at fair value	$	45,718	$	6,659,171	$	971,485	$	7,676,374
Liabilities, at fair value
Derivatives:
Foreign exchange contracts	$	—	$	(1,864)	$	—	$	(1,864)
Asset swaps-other	—		—		(648)		(648)
Total derivative liabilities, at fair value	—		(1,864)		(648)		(2,512)
Loan obligations of CLOs	—		(6,678,091)		—		(6,678,091)
Total liabilities, at fair value	$	—	$	(6,679,955)	$	(648)	$	(6,680,603)

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 year ended December 31, 2019:

	Level III Assets
Level III Assets of the Company	Equity  Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	10,397	$	60,824	$	35,192	$	106,413
Deconsolidation of fund	—		10,021		—		10,021
Purchases(1)	3,000		27,795		—		30,795
Sales/settlements(2)	—		(31,387)		—		(31,387)
Realized and unrealized appreciation, net	1,307		1,930		—		3,237
Balance, end of period	$	14,704	$	69,183	$	35,192	$	119,079
Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	1,307	$	1,365	$	—	$	2,672

Level III Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	150,752	$	547,958	$	271,447	$	680	$	970,837
Deconsolidation of fund	—		(184,919)		—		—		(184,919)
Transfer in	—		56,914		—		—		56,914
Transfer out	—		(187,925)		—		—		(187,925)
Purchases(1)	1,363		432,760		13,000		—		447,123
Sales/settlements(2)	(40,857)		(333,220)		(22,000)		(431)		(396,508)
Amortized discounts/premiums	—		361		—		(129)		232
Realized and unrealized appreciation (depreciation), net	(25,270)		7,207		33,565		(4,226)		11,276
Balance, end of period	$	85,988	$	339,136	$	296,012	$	(4,106)	$	717,030
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(24,690)	$	783	$	33,565	$	(4,400)	$	5,258

(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 year ended December 31, 2018:

	Level III Assets
Level III Assets 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		92,797		—		93,797
Sales/settlements(2)	—		(222,934)		—		(222,934)
Realized and unrealized appreciation (depreciation), net	9,147		(4,275)		(9,577)		(4,705)
Balance, end of period	$	10,397	$	60,824	$	35,192	$	106,413
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	9,147	$	(3,923)	$	(9,577)	$	(4,353)

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
Consolidation of fund	506		46,829		—		—		47,335
Transfer in	—		86,995		—		—		86,995
Transfer out	—		(45,647)		—		—		(45,647)
Purchases(1)	203		492,142		25,000		—		517,345
Sales/settlements(2)	(21,141)		(283,620)		(5,000)		(186)		(309,947)
Amortized discounts/premiums	—		380		—		(140)		240
Realized and unrealized appreciation (depreciation), net	8,607		(17,010)		19,115		102		10,814
Balance, end of period	$	150,752	$	547,958	$	271,447	$	680	$	970,837
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	8,686	$	(13,157)	$	19,115	$	(57)	$	14,587

(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 and the Consolidated Funds' Level III measurements as of December 31, 2019:

Level III Measurements of the Company	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range
Assets
Equity securities	$	14,704	Transaction price(1)	N/A	N/A
Partnership interests	32,661		Transaction price(1)	N/A	N/A
	2,531		Other	N/A	N/A
Collateralized loan obligations	22,265		Broker quotes and/or 3rd party pricing services	N/A	N/A
Other fixed income	46,918		Other	N/A	N/A
Total	$	119,079

Level III Measurements of the Consolidated Funds	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	431	Enterprise value market multiple analysis	EBITDA multiple(2)	8.2x - 21.3x	16.1x
	40,745		Other	Net income multiple	36.2x	36.2x
				Illiquidity discount	25.0%	25.0%
	44,812		Transaction price(1)	N/A	N/A	N/A
Partnership interest	296,012		Discounted cash flow	Discount rate	19.6%	19.6%
Fixed income securities
	271,919		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	67,217		Income approach	Yield	4.8% - 14.3%	9.7%
Total assets	$	721,136
Liabilities
Derivatives instruments	$	(4,106)	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total liabilities	$	(4,106)

(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.

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

The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2018:

Level III Measurements of the Company	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range
Assets
Equity securities	$	10,397	Transaction price(1)	N/A	N/A
Partnership interests	35,192		Discounted cash flow	Discount rate	8.0%
Collateralized loan obligations	20,824		Broker quotes and/or 3rd party pricing services	N/A	N/A
Other fixed income	40,000		Other	N/A	N/A
Total	$	106,413

Level III Measurements of the Consolidated Funds	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	23,871	Enterprise value market multiple analysis	EBITDA multiple(2)	7.2x - 22.9x	7.7x
	41,562		Other	Net income multiple	38.8x	38.8x
				Illiquidity discount	25.0%	25.0%
	271,447		Discounted cash flow	Discount rate	20.8%	20.8%
	85,319		Transaction price(1)	N/A	N/A	N/A
Fixed income securities
	441,368		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	106,590		Income approach	Yield	1.0% - 14.8%	9.6%
Derivative instruments	1,328		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total assets	$	971,485
Liabilities
Derivatives instruments	$	(648)	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total liabilities	$	(648)

(1)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.

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