FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022:

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	$	—	$	—	$	51,458	$	—	$	51,458
Common stock and other equity securities	—		1,471		114,499		—		115,970
Partnership interests	—		—		2,575		6,016		8,591
Total investments, at fair value	—		1,471		168,532		6,016		176,019
Derivatives-foreign currency forward contracts and interest rate swaps	—		5,457		—		—		5,457
Total assets, at fair value	$	—	$	6,928	$	168,532	$	6,016	$	181,476
Liabilities, at fair value
Derivatives-foreign currency forward contracts	$	—	$	(203)	$	—	$	—	$	(203)
Contingent consideration	—		—		(10,550)		—		(10,550)
Total liabilities, at fair value	$	—	$	(203)	$	(10,550)	$	—	$	(10,753)

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	$	—	$	547,060	$	329,547	$	—	$	876,607
Loans	—		8,932,367		529,754		—		9,462,121
U.S. Treasury securities	1,000,615		—		—		—		1,000,615
Collateralized loan obligations	—		10,000		—		—		10,000
Total fixed income investments	1,000,615		9,489,427		859,301		—		11,349,343
Equity securities	640		—		351,140		—		351,780
Partnership interests	—		—		241,123		719,936		961,059
Total assets, at fair value	$	1,001,255	$	9,489,427	$	1,451,564	$	719,936	$	12,662,182
Liabilities, at fair value
Derivatives:
Warrants	$	(8,240)	$	—	$	—	$	—	$	(8,240)
Asset swaps	—		—		(3,162)		—		(3,162)
Total derivative liabilities, at fair value	(8,240)		—		(3,162)		—		(11,402)
Loan obligations of CLOs	—		(10,397,615)		—		—		(10,397,615)
Total liabilities, at fair value	$	(8,240)	$	(10,397,615)	$	(3,162)	$	—	$	(10,409,017)

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, 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	$	—	$	—	$	52,397	$	—	$	52,397
Common stock and other equity securities	—		1,440		108,949		—		110,389
Partnership interests	—		—		2,575		6,016		8,591
Total investments, at fair value	—		1,440		163,921		6,016		171,377
Derivatives-foreign currency forward contracts	—		5,682		—		—		5,682
Total assets, at fair value	$	—	$	7,122	$	163,921	$	6,016	$	177,059
Liabilities, at fair value
Derivatives-foreign currency forward contracts	$	—	$	(328)	$	—	$	—	$	(328)
Contingent consideration	—		—		(57,435)		—		(57,435)
Total liabilities, at fair value	$	—	$	(328)	$	(57,435)	$	—	$	(57,763)

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	$	—	$	525,393	$	331,732	$	—	$	857,125
Loans	—		9,499,469		411,220		—		9,910,689
U. S. Treasury Securities	1,000,285		—		—		—		1,000,285
Total fixed income investments	1,000,285		10,024,862		742,952		—		11,768,099
Equity securities	956		133		339,183		—		340,272
Partnership interests	—		—		238,673		469,634		708,307
Total assets, at fair value	$	1,001,241	$	10,024,995	$	1,320,808	$	469,634	$	12,816,678
Liabilities, at fair value
Derivatives:
Derivatives-foreign exchange contracts	$	(17,822)	$	—	$	—	$	—	$	(17,822)
Asset swaps	—		—		(3,105)		—		(3,105)
Total derivative liabilities, at fair value	(17,822)		—		(3,105)		—		(20,927)
Loan obligations of CLOs	—		(10,657,661)		—		—		(10,657,661)
Total liabilities, at fair value	$	(17,822)	$	(10,657,661)	$	(3,105)	$	—	$	(10,678,588)

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 March 31, 2022:

Level III Assets and Liabilities of the Company	Equity  Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	108,949	$	52,397	$	2,575	$	(57,435)	$	106,486
Transfer in due to changes in consolidation	1,491		—		—		—		1,491
Sales/settlements(1)	(213)		(885)		—		47,873		46,775
Change in fair value	—		—		—		(988)		(988)
Realized and unrealized appreciation (depreciation), net	4,272		(54)		—		—		4,218
Balance, end of period	$	114,499	$	51,458	$	2,575	$	(10,550)	$	157,982
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	$	4,272	$	(54)	$	—	$	(988)	$	3,230

Level III Net Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	339,183	$	742,952	$	238,673	$	(3,105)	$	1,317,703
Transfer in	—		171,945		—		—		171,945
Transfer out	—		(90,417)		—		—		(90,417)
Purchases(2)	7,320		143,577		24,000		—		174,897
Sales/settlements(1)	(10,189)		(97,975)		(21,500)		(2)		(129,666)
Amortized discounts/premiums	—		654		—		—		654
Realized and unrealized appreciation (depreciation), net	14,826		(11,435)		(50)		(55)		3,286
Balance, end of period	$	351,140	$	859,301	$	241,123	$	(3,162)	$	1,448,402
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	20	$	(9,031)	$	(50)	$	(112)	$	(9,173)

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

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

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, 2021:

Level III Assets of the Company	Equity  Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	88,412	$	53,349	$	2,575	$	144,336
Sales/settlements(1)	—		(1,539)		—		(1,539)
Realized and unrealized appreciation, net	821		1,720		—		2,541
Balance, end of period	$	89,233	$	53,530	$	2,575	$	145,338
Change in net unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	821	$	1,720	$	—	$	2,541

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 in	2,289		221,555		—		—		223,844
Transfer out	(33)		(209,002)		—		—		(209,035)
Purchases(2)	8,308		137,655		1,000		—		146,963
Sales/settlements(1)	(424)		(127,350)		—		185		(127,589)
Amortized discounts/premiums	—		770		—		—		770
Realized and unrealized appreciation (depreciation), net	(549)		(5,553)		10,595		(3,346)		1,147
Balance, end of period	$	230,634	$	560,380	$	243,452	$	(2,101)	$	1,032,365
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(582)	$	(863)	$	10,594	$	(2,705)	$	6,444

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

(2)Purchases include paid-in-kind interest and securities received 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 March 31, 2022:

Level III Assets and Liabilities of the Company	Equity  Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	108,949	$	52,397	$	2,575	$	(57,435)	$	106,486
Transfer in due to changes in consolidation	1,491		—		—		—		1,491
Sales/settlements(1)	(213)		(885)		—		47,873		46,775
Change in fair value	—		—		—		(988)		(988)
Realized and unrealized appreciation (depreciation), net	4,272		(54)		—		—		4,218
Balance, end of period	$	114,499	$	51,458	$	2,575	$	(10,550)	$	157,982
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	$	4,272	$	(54)	$	—	$	(988)	$	3,230

Level III Net Assets of Consolidated Funds	Equity  Securities		Fixed  Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	339,183	$	742,952	$	238,673	$	(3,105)	$	1,317,703
Transfer in	—		171,945		—		—		171,945
Transfer out	—		(90,417)		—		—		(90,417)
Purchases(2)	7,320		143,577		24,000		—		174,897
Sales/settlements(1)	(10,189)		(97,975)		(21,500)		(2)		(129,666)
Amortized discounts/premiums	—		654		—		—		654
Realized and unrealized appreciation (depreciation), net	14,826		(11,435)		(50)		(55)		3,286
Balance, end of period	$	351,140	$	859,301	$	241,123	$	(3,162)	$	1,448,402
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	20	$	(9,031)	$	(50)	$	(112)	$	(9,173)

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

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

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, 2021:

Level III Assets of the Company	Equity  Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	88,412	$	53,349	$	2,575	$	144,336
Sales/settlements(1)	—		(1,539)		—		(1,539)
Realized and unrealized appreciation, net	821		1,720		—		2,541
Balance, end of period	$	89,233	$	53,530	$	2,575	$	145,338
Change in net unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	821	$	1,720	$	—	$	2,541

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 in	2,289		221,555		—		—		223,844
Transfer out	(33)		(209,002)		—		—		(209,035)
Purchases(2)	8,308		137,655		1,000		—		146,963
Sales/settlements(1)	(424)		(127,350)		—		185		(127,589)
Amortized discounts/premiums	—		770		—		—		770
Realized and unrealized appreciation (depreciation), net	(549)		(5,553)		10,595		(3,346)		1,147
Balance, end of period	$	230,634	$	560,380	$	243,452	$	(2,101)	$	1,032,365
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(582)	$	(863)	$	10,594	$	(2,705)	$	6,444

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

(2)Purchases include paid-in-kind interest and securities received 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 March 31, 2022:

Level III Measurements of the Company	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	14,610	Transaction price(1)	N/A	N/A	N/A
	53,462		Discounted cash flow	Discount rates	14% - 20%	14.3%
	46,426		Market approach	Multiple of book value	1.4x	1.4x
Partnership interests	2,575		Other	N/A	N/A	N/A
Collateralized loan obligations	29,876		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	$	168,532
Liabilities
Contingent consideration	$	(10,550)	Monte Carlo simulation	Discount rates	8.5%	8.5%
				Volatility	18.0%	18.0%
Total liabilities	$	(10,550)

Level III Measurements of the Consolidated Funds	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	1,196	Market approach	EBITDA multiple(2)	7.0x - 55.8x	17.6x
	116,792		Market approach	Multiple of book value	1.0x - 1.2x	1.1x
	147,078		Discounted cash flow	Discount rate	20.0%	20.0%
	352		Other	N/A	N/A	N/A
	11		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	85,711		Transaction price(1)	N/A	N/A	N/A
Partnership interest	241,123		Discounted cash flow	Discount rate	18.4%	18.4%
Fixed income securities
	716,870		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	140,539		Income approach	Yield	1.5% -21.8%	12.8%
	1,891		Transaction price	N/A	N/A	N/A
Total assets	$	1,451,564
Liabilities
Derivative instruments	$	(3,162)	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total liabilities	$	(3,162)

(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, 2021:

Level III Measurements of the Company	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	14,610	Transaction price(1)	N/A	N/A	N/A
	50,690		Discounted cash flow	Discount rates	14.0% - 20.0%	14.3%
	43,649		Market approach	Multiple of book value	1.4x	1.4x
Partnership interests	2,575		Other	N/A	N/A	N/A
Collateralized loan obligations	30,815		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Other fixed income	21,582		Other	N/A	N/A	N/A
Total assets	$	163,921
Liabilities
Contingent Consideration	$	(9,562)	Monte Carlo simulation	Discount rates	8.5%	8.5%
				Volatility	18%	18%
	(47,873)		Other	N/A	N/A	N/A
Total liabilities	$	(57,435)

Level III Measurements of the Consolidated Funds	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	1,261	Market approach	EBITDA multiple(2)	1.0x - 64.4x	17.5x
	140,185		Market approach	Multiple of book value	1.0x- 1.2x	1.1x
	123,685		Discounted cash flow	Discount rate	20.0%	20.0%
	11		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	74,041		Transaction price(1)	N/A	N/A	N/A
Partnership interests	238,673		Discounted cash flow	Discount rate	23.4%	23.4%
Fixed income securities
	614,754		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	128,198		Income approach	Yield	3.5% - 16.2%	6.7%
Total assets	$	1,320,808
Liabilities
Derivative instruments	$	(3,105)	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total liabilities	$	(3,105)

(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.