FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Valuation of Investments and Other Financial Instruments by Fair Value Hierarchy Levels

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of September 30, 2021:

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	$	—	$	—	$	54,307	$	—	$	54,307
Common stock and other equity securities	—		1,410		108,397		—		109,807
Partnership interests	—		—		2,575		6,043		8,618
Total investments, at fair value	—		1,410		165,279		6,043		172,732
Derivatives-foreign exchange contracts and interest rate contracts	—		4,361		—		—		4,361
Total assets, at fair value	$	—	$	5,771	$	165,279	$	6,043	$	177,093
Liabilities, at fair value
Derivatives-foreign exchange contracts	—		(265)		—		—		(265)
Contingent consideration	—		—		(41,413)		—		(41,413)
Total liabilities, at fair value	$	—	$	(265)	$	(41,413)	$	—	$	(41,678)

    

Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	406,253	$	27,973	$	—	$	434,226
Loans	—		9,015,066		374,703		—		9,389,769
U.S. Treasury securities	1,000,165		—		—		—		1,000,165
Investments in CLO warehouse	—		28,500		—		—		28,500
Total fixed income investments	1,000,165		9,449,819		402,676		—		10,852,660
Equity securities	3,366		1,590		259,246		—		264,202
Partnership interests	—		—		237,558		6,599		244,157
Total investments, at fair value	$	1,003,531	$	9,451,409	$	899,480	$	6,599	$	11,361,019
Derivatives:
Asset swaps-other	—		—		325		—		325
Total derivative assets, at fair value	—		—		325		—		325
Total assets, at fair value	$	1,003,531	$	9,451,409	$	899,805	$	6,599	$	11,361,344
Liabilities, at fair value
Derivatives:
Warrants	$	(17,000)	$	—	$	—	$	—	$	(17,000)
Asset swaps-other	—		—		(1,513)		—		(1,513)
Total derivative liabilities, at fair value	(17,000)		—		(1,513)		—		(18,513)
Loan obligations of CLOs	—		(10,174,794)		—		—		(10,174,794)
Total liabilities, at fair value	$	(17,000)	$	(10,174,794)	$	(1,513)	$	—	$	(10,193,307)

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31,2020:

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	$	—	$	—	$	53,349	$	—	$	53,349
Common stock and other equity securities	—		1,007		88,412		—		89,419
Partnership interests	—		—		2,575		1,209		3,784
Total investments, at fair value	—		1,007		144,336		1,209		146,552
Derivatives-foreign exchange contracts	—		1,440		—		—		1,440
Total assets, at fair value	$	—	$	2,447	$	144,336	$	1,209	$	147,992
Liabilities, at fair value
Derivatives-foreign exchange contracts	$	—	$	(1,565)	$	—	$	—	$	(1,565)
Total liabilities, at fair value	$	—	$	(1,565)	$	—	$	—	$	(1,565)

Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	397,485	$	9	$	—	$	397,494
Loans	—		9,470,651		542,297		—		10,012,948
Total fixed income investments	—		9,868,136		542,306		—		10,410,442
Equity securities	5,749		239		221,043		—		227,031
Partnership interests	—		—		231,857		7,767		239,624
Total investments, at fair value	5,749		9,868,375		995,206		7,767		10,877,097
Derivatives:
Asset swaps-other	—		—		1,104		—		1,104
Total assets, at fair value	$	5,749	$	9,868,375	$	996,310	$	7,767	$	10,878,201
Liabilities, at fair value
Derivatives:
Asset swaps-other	$	—	$	—	$	(44)	$	—	$	(44)
Loan obligations of CLOs	—		(9,958,076)		—		—		(9,958,076)
Total liabilities, at fair value	$	—	$	(9,958,076)	$	(44)	$	—	$	(9,958,120)

Summary of Changes in the Fair Value of the Level III Investments, Assets

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, 2021:

Level III Assets and Liabilities of the Company	Equity  Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	107,240	$	55,840	$	2,575	$	—	$	165,655
Established in connection with acquisition	—		—		—		(34,200)		(34,200)
Purchases(1)	—		708		—		—		708
Sales/settlements(2)	—		(2,904)		—		—		(2,904)
Realized and unrealized appreciation (depreciation), net	1,157		663		—		(7,213)		(5,393)
Balance, end of period	$	108,397	$	54,307	$	2,575	$	(41,413)	$	123,866
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	1,157	$	675	$	—	$	(7,213)	$	(5,381)

Level III Net Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	229,300	$	455,426	$	255,278	$	(1,658)	$	938,346
Transfer in	—		18,792		—		—		18,792
Transfer out	—		(209,282)		—		—		(209,282)
Purchases(1)	27,346		219,180		—		—		246,526
Sales/settlements(2)	(313)		(88,584)		(30,000)		625		(118,272)
Amortized discounts/premiums	—		394		—		—		394
Realized and unrealized appreciation (depreciation), net	2,913		6,750		12,280		(155)		21,788
Balance, end of period	$	259,246	$	402,676	$	237,558	$	(1,188)	$	898,292
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	2,912	$	1,607	$	12,280	$	(63)	$	16,736

(1)Purchases include paid-in-kind interest and securities received in connection with restructuring.

(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, 2020:

Level III Assets of the Company	Equity  Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	14,704	$	67,355	$	2,575	$	84,634
Transfer in due to changes in consolidation	72,967		—		—		72,967
Purchases(1)	—		5,983		—		5,983
Sales/settlements(2)	—		(899)		—		(899)
Realized and unrealized appreciation (depreciation), net	(1,746)		3,175		—		1,429
Balance, end of period	$	85,925	$	75,614	$	2,575	$	164,114
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(1,746)	$	3,175	$	—	$	1,429

Level III Net Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	42,259	$	586,287	$	312,636	$	1,402	$	942,584
Transfer in	—		96,671		—		—		96,671
Transfer out	—		(230,326)		—		—		(230,326)
Purchases(1)	150		118,558		—		—		118,708
Sales/settlements(2)	(25)		(73,010)		(2,000)		705		(74,330)
Amortized discounts/premiums	—		(135)		—		140		5
Realized and unrealized appreciation (depreciation), net	828		15,836		(1,402)		(393)		14,869
Balance, end of period	$	43,212	$	513,881	$	309,234	$	1,854	$	868,181
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	878	$	13,690	$	(1,402)	$	(604)	$	12,562

(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, 2021:

Level III Assets and Liabilities of the Company	Equity  Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	88,412	$	53,349	$	2,575	$	—	$	144,336
Transfer in due to changes in consolidation	—		7,623		—		—		7,623
Established in connection with acquisition	—		—		—		(34,200)		(34,200)
Purchases(1)	19,278		1,689		—		—		20,967
Sales/settlements(2)	—		(12,120)		—		—		(12,120)
Realized and unrealized appreciation (depreciation), net	707		3,766		—		(7,213)		(2,740)
Balance, end of period	$	108,397	$	54,307	$	2,575	$	(41,413)	$	123,866
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	707	$	2,315	$	—	$	(7,213)	$	(4,191)

Level III Net Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	221,043	$	542,305	$	231,857	$	1,060	$	996,265
Transfer out due to changes in consolidation	(157)		(49,326)		—		—		(49,483)
Transfer in	2,195		47,818		—		—		50,013
Transfer out	(33)		(216,177)		—		—		(216,210)
Purchases(1)	36,201		437,426		13,000		—		486,627
Sales/settlements(2)	(876)		(371,006)		(32,000)		301		(403,581)
Amortized discounts/premiums	1		1,464		—		—		1,465
Realized and unrealized appreciation (depreciation), net	872		10,172		24,701		(2,549)		33,196
Balance, end of period	$	259,246	$	402,676	$	237,558	$	(1,188)	$	898,292
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	790	$	2,700	$	24,701	$	(1,670)	$	26,521

(1)Purchases include paid-in-kind interest and securities received in connection with restructuring.

(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, 2020:

Level III Assets and Liabilities of the Company	Equity  Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	14,704	$	69,183	$	35,192	$	119,079
Transfer in due to changes in consolidation	72,967		3,686		—		76,653
Purchases(1)	—		7,285		—		7,285
Sales/settlements(2)	—		(1,587)		(32,430)		(34,017)
Realized and unrealized depreciation, net	(1,746)		(2,953)		(187)		(4,886)
Balance, end of period	$	85,925	$	75,614	$	2,575	$	164,114
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(1,746)	$	(1,917)	$	5,511	$	1,848

Level III Net Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	85,988	$	339,136	$	296,012	$	(4,106)	$	717,030
Transfer in (out) due to changes in consolidation	(635)		392,672		—		—		392,037
Transfer in	—		146,839		—		—		146,839
Transfer out	—		(350,078)		—		—		(350,078)
Purchases(1)	551		256,514		64,000		—		321,065
Sales/settlements(2)	(714)		(249,027)		(58,000)		813		(306,928)
Amortized discounts/premiums	—		777		—		291		1,068
Realized and unrealized appreciation (depreciation), net	(41,978)		(22,952)		7,222		4,856		(52,852)
Balance, end of period	$	43,212	$	513,881	$	309,234	$	1,854	$	868,181
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(41,930)	$	(25,701)	$	7,222	$	4,439	$	(55,970)

(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 Changes in the Fair Value of the Level III Investments, Liabilities

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, 2021:

Level III Assets and Liabilities of the Company	Equity  Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	107,240	$	55,840	$	2,575	$	—	$	165,655
Established in connection with acquisition	—		—		—		(34,200)		(34,200)
Purchases(1)	—		708		—		—		708
Sales/settlements(2)	—		(2,904)		—		—		(2,904)
Realized and unrealized appreciation (depreciation), net	1,157		663		—		(7,213)		(5,393)
Balance, end of period	$	108,397	$	54,307	$	2,575	$	(41,413)	$	123,866
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	1,157	$	675	$	—	$	(7,213)	$	(5,381)

Level III Net Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	229,300	$	455,426	$	255,278	$	(1,658)	$	938,346
Transfer in	—		18,792		—		—		18,792
Transfer out	—		(209,282)		—		—		(209,282)
Purchases(1)	27,346		219,180		—		—		246,526
Sales/settlements(2)	(313)		(88,584)		(30,000)		625		(118,272)
Amortized discounts/premiums	—		394		—		—		394
Realized and unrealized appreciation (depreciation), net	2,913		6,750		12,280		(155)		21,788
Balance, end of period	$	259,246	$	402,676	$	237,558	$	(1,188)	$	898,292
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	2,912	$	1,607	$	12,280	$	(63)	$	16,736

(1)Purchases include paid-in-kind interest and securities received in connection with restructuring.

(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, 2020:

Level III Assets of the Company	Equity  Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	14,704	$	67,355	$	2,575	$	84,634
Transfer in due to changes in consolidation	72,967		—		—		72,967
Purchases(1)	—		5,983		—		5,983
Sales/settlements(2)	—		(899)		—		(899)
Realized and unrealized appreciation (depreciation), net	(1,746)		3,175		—		1,429
Balance, end of period	$	85,925	$	75,614	$	2,575	$	164,114
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(1,746)	$	3,175	$	—	$	1,429

Level III Net Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	42,259	$	586,287	$	312,636	$	1,402	$	942,584
Transfer in	—		96,671		—		—		96,671
Transfer out	—		(230,326)		—		—		(230,326)
Purchases(1)	150		118,558		—		—		118,708
Sales/settlements(2)	(25)		(73,010)		(2,000)		705		(74,330)
Amortized discounts/premiums	—		(135)		—		140		5
Realized and unrealized appreciation (depreciation), net	828		15,836		(1,402)		(393)		14,869
Balance, end of period	$	43,212	$	513,881	$	309,234	$	1,854	$	868,181
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	878	$	13,690	$	(1,402)	$	(604)	$	12,562

(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, 2021:

Level III Assets and Liabilities of the Company	Equity  Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	88,412	$	53,349	$	2,575	$	—	$	144,336
Transfer in due to changes in consolidation	—		7,623		—		—		7,623
Established in connection with acquisition	—		—		—		(34,200)		(34,200)
Purchases(1)	19,278		1,689		—		—		20,967
Sales/settlements(2)	—		(12,120)		—		—		(12,120)
Realized and unrealized appreciation (depreciation), net	707		3,766		—		(7,213)		(2,740)
Balance, end of period	$	108,397	$	54,307	$	2,575	$	(41,413)	$	123,866
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	707	$	2,315	$	—	$	(7,213)	$	(4,191)

Level III Net Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	221,043	$	542,305	$	231,857	$	1,060	$	996,265
Transfer out due to changes in consolidation	(157)		(49,326)		—		—		(49,483)
Transfer in	2,195		47,818		—		—		50,013
Transfer out	(33)		(216,177)		—		—		(216,210)
Purchases(1)	36,201		437,426		13,000		—		486,627
Sales/settlements(2)	(876)		(371,006)		(32,000)		301		(403,581)
Amortized discounts/premiums	1		1,464		—		—		1,465
Realized and unrealized appreciation (depreciation), net	872		10,172		24,701		(2,549)		33,196
Balance, end of period	$	259,246	$	402,676	$	237,558	$	(1,188)	$	898,292
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	790	$	2,700	$	24,701	$	(1,670)	$	26,521

(1)Purchases include paid-in-kind interest and securities received in connection with restructuring.

(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, 2020:

Level III Assets and Liabilities of the Company	Equity  Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	14,704	$	69,183	$	35,192	$	119,079
Transfer in due to changes in consolidation	72,967		3,686		—		76,653
Purchases(1)	—		7,285		—		7,285
Sales/settlements(2)	—		(1,587)		(32,430)		(34,017)
Realized and unrealized depreciation, net	(1,746)		(2,953)		(187)		(4,886)
Balance, end of period	$	85,925	$	75,614	$	2,575	$	164,114
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(1,746)	$	(1,917)	$	5,511	$	1,848

Level III Net Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	85,988	$	339,136	$	296,012	$	(4,106)	$	717,030
Transfer in (out) due to changes in consolidation	(635)		392,672		—		—		392,037
Transfer in	—		146,839		—		—		146,839
Transfer out	—		(350,078)		—		—		(350,078)
Purchases(1)	551		256,514		64,000		—		321,065
Sales/settlements(2)	(714)		(249,027)		(58,000)		813		(306,928)
Amortized discounts/premiums	—		777		—		291		1,068
Realized and unrealized appreciation (depreciation), net	(41,978)		(22,952)		7,222		4,856		(52,852)
Balance, end of period	$	43,212	$	513,881	$	309,234	$	1,854	$	868,181
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(41,930)	$	(25,701)	$	7,222	$	4,439	$	(55,970)

(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 tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of September 30, 2021:

Level III Measurements of the Company	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities	$	14,704	Transaction price(1)	N/A	N/A	N/A
	46,765		Discounted cash flow	Discount Rates	14.0% - 20.0%	15.3%
	46,928		Market approach	Multiple of Book Value	1.5x	N/A
Partnership interests	2,575		Other	N/A	N/A	N/A
Collateralized loan obligations	32,724		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Other fixed income	21,583		Other	N/A	N/A	N/A
Total assets	$	165,279
Liabilities
Contingent consideration	$	(8,600)	Monte Carlo simulation	Discount Rates	8%	N/A
				Volatility	17%	N/A
	$	(32,813)	Other	N/A	N/A	N/A
Total liabilities	$	(41,413)

Level III Measurements of the Consolidated Funds	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	896	Market approach	EBITDA multiple(2)	1.8x - 83.3x	15.3x
	14		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	258,336		Transaction price(1)	N/A	N/A	N/A
Partnership interest	237,558		Discounted cash flow	Discount rate	22.4%	22.4%
Fixed income securities
	261,064		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	98,055		Income approach	Yield	1.8%-54.7%	6.5%
	14,791		Transaction price	N/A	N/A	N/A
	28,766		Other	N/A	N/A	N/A
Derivative instruments	325		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total assets	$	899,805
Liabilities
Derivative instruments	$	(1,513)	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total liabilities	$	(1,513)

(1)Transaction price consists of securities 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 tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2020:

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
	32,905		Discounted Cash Flow	Discount Rates	14.0% - 20.0%
	40,803		Market Approach	Multiple of Book Value	1.6x
Partnership interests	2,575		Other	N/A	N/A
Collateralized loan obligations	31,766		Broker quotes and/or 3rd party pricing services	N/A	N/A
Other fixed income	21,583		Other	N/A	N/A
Total	$	144,336

Level III Measurements of the Consolidated Funds	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	438	Market approach	EBITDA multiple(2)	2.9x - 19.5x	13.4x
	32,528		Other	Net income multiple	30.0x	30.0x
				Illiquidity discount	25.0%	25.0%
	33		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	188,044		Transaction price(1)	N/A	N/A	N/A
Partnership interests	231,857		Discounted cash flow	Discount rate	23.8%	23.8%
Fixed income securities
	384,419		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	6,605		Market approach	EBITDA multiple(2)	6.5x - 7.8x	6.9x
	122,962		Income approach	Yield	2.7% - 48.1%	7.9%
	28,320		Other	N/A	N/A	N/A
Derivative instruments	1,104		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total assets	$	996,310
Liabilities
Derivative instruments	$	(44)	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total liabilities	$	(44)

(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.