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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2023

Schedule 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 December 31, 2023:


Financial Instruments of the Company	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Common stock and other equity securities	$	—	$	86,572	$	412,491	$	—	$	499,063
Collateralized loan obligations and fixed income securities	—		—		126,294		—		126,294
Partnership interests	—		—		—		6,287		6,287
Total investments, at fair value	—		86,572		538,785		6,287		631,644
Derivatives-foreign currency forward contracts	—		1,129		—		—		1,129
Total assets, at fair value	$	—	$	87,701	$	538,785	$	6,287	$	632,773
Liabilities, at fair value
Derivatives-foreign currency forward contracts	$	—	$	(2,645)	$	—	$	—	$	(2,645)

Total liabilities, at fair value	$	—	$	(2,645)	$	—	$	—	$	(2,645)


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:
Loans and securitization vehicles	$	—	$	9,879,915	$	736,543	$	—	$	10,616,458
Bonds	—		575,379		3,570		—		578,949
Money market funds and U.S. treasury securities	523,038		—		—		—		523,038


Total fixed income investments	523,038		10,455,294		740,113		—		11,718,445
Partnership interests	—		—		—		1,642,489		1,642,489
Equity securities	47,503		2,750		1,190,400		—		1,240,653
Total investments, at fair value	570,541		10,458,044		1,930,513		1,642,489		14,601,587

Derivatives-foreign currency forward contracts	—		9,126		—		—		9,126


Total assets, at fair value	$	570,541	$	10,467,170	$	1,930,513	$	1,642,489	$	14,610,713
Liabilities, at fair value
Loan obligations of CLOs	$	—	$	(12,345,657)	$	—	$	—	$	(12,345,657)
Derivatives:

Foreign currency forward contracts	—		(9,491)		—		—		(9,491)
Asset swaps	—		—		(1,291)		—		(1,291)


Total derivative liabilities, at fair value	—		(9,491)		(1,291)		—		(10,782)
Total liabilities, at fair value	$	—	$	(12,355,148)	$	(1,291)	$	—	$	(12,356,439)

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, 2022:


Financial Instruments of the Company	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Common stock and other equity securities	$	—	$	77,022	$	121,785	$	—	$	198,807
Collateralized loan obligations and fixed income securities	—		—		76,934		—		76,934
Partnership interests	—		—		—		1,385		1,385
Total investments, at fair value	—		77,022		198,719		1,385		277,126
Derivatives-foreign currency forward contracts	—		4,173		—		—		4,173
Total assets, at fair value	$	—	$	81,195	$	198,719	$	1,385	$	281,299
Liabilities, at fair value
Derivatives-foreign currency forward contracts	$	—	$	(3,423)	$	—	$	—	$	(3,423)

Total liabilities, at fair value	$	—	$	(3,423)	$	—	$	—	$	(3,423)


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:
Loans and securitization vehicles	$	—	$	8,663,678	$	616,844	$	—	$	9,280,522
Money market funds and U.S. treasury securities	1,013,382		—		—		—		1,013,382
Bonds	—		534,137		252,824		—		786,961
Total fixed income investments	1,013,382		9,197,815		869,668		—		11,080,865
Partnership interests	—		—		368,655		1,023,514		1,392,169
Equity securities	719		—		730,880		—		731,599
Total investments, at fair value	1,014,101		9,197,815		1,969,203		1,023,514		13,204,633

Derivatives-foreign currency forward contracts	—		2,900		—		—		2,900


Total assets, at fair value	$	1,014,101	$	9,200,715	$	1,969,203	$	1,023,514	$	13,207,533
Liabilities, at fair value
Loan obligations of CLOs	$	—	$	(10,701,720)	$	—	$	—	$	(10,701,720)
Derivatives:
Warrants	(9,326)		—		—		—		(9,326)
Asset swaps	—		—		(3,556)		—		(3,556)
Foreign currency forward contracts	—		(2,942)		—		—		(2,942)
Total derivative liabilities, at fair value	(9,326)		(2,942)		(3,556)		—		(15,824)
Total liabilities, at fair value	$	(9,326)	$	(10,704,662)	$	(3,556)	$	—	$	(10,717,544)

Schedule 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:


Level III Assets of the Company	Equity Securities		Fixed Income		Total
Balance as of December 31, 2022	$	121,785	$	76,934	$	198,719


Purchases(1)	244,335		88,480		332,815
Sales/settlements(2)	(2)		(37,332)		(37,334)

Realized and unrealized appreciation (depreciation), net	46,373		(1,788)		44,585
Balance as of December 31, 2023	$	412,491	$	126,294	$	538,785
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	46,161	$	(1,577)	$	44,584


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance as of December 31, 2022	$	730,880	$	869,668	$	368,655	$	(3,556)	$	1,965,647
Transfer out due to changes in consolidation	(2,076)		(4,563)		(374,049)		—		(380,688)
Transfer in	—		247,661		—		—		247,661
Transfer out	(36,681)		(504,037)		—		—		(540,718)
Purchases(1)	347,583		813,564		49,000		—		1,210,147
Sales/settlements(2)	(2,595)		(700,944)		(48,889)		(154)		(752,582)

Realized and unrealized appreciation, net	153,289		18,764		5,283		2,419		179,755
Balance as of December 31, 2023	$	1,190,400	$	740,113	$	—	$	(1,291)	$	1,929,222
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	152,336	$	(15,623)	$	—	$	1,590	$	138,303

(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:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance as of December 31, 2021	$	108,949	$	52,397	$	2,575	$	(57,435)	$	106,486
Transfer in due to changes in consolidation	1,491		—		—		—		1,491

Purchases(1)	894		32,392		—		—		33,286
Sales/settlements(2)	68		(2,425)		(2,538)		58,873		53,978
Change in fair value	—		—		—		(1,438)		(1,438)
Realized and unrealized appreciation (depreciation), net	10,383		(5,430)		(37)		—		4,916
Balance as of December 31, 2022	$	121,785	$	76,934	$	—	$	—	$	198,719
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	12,448	$	(5,430)	$	—	$	—	$	7,018


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance as of December 31, 2021	$	339,183	$	742,952	$	238,673	$	(3,105)	$	1,317,703

Transfer in	—		184,037		94,386		—		278,423
Transfer out	—		(202,333)		—		—		(202,333)
Purchases(1)	323,699		732,477		59,258		—		1,115,434
Sales/settlements(2)	(31,932)		(536,125)		(52,828)		—		(620,885)

Realized and unrealized appreciation (depreciation), net	99,930		(51,340)		29,166		(451)		77,305
Balance as of December 31, 2022	$	730,880	$	869,668	$	368,655	$	(3,556)	$	1,965,647
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	70,591	$	(54,058)	$	29,166	$	(376)	$	45,323

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

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

Schedule 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 December 31, 2023:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

154,460

Discounted cash flow

Discount rate

20.0% -30.0%

25.0%

118,846

Market approach

Multiple of book value

1.3x - 1.6x

1.5x

100,000

Transaction price(1)

N/A

6,447

Market approach

Enterprise value / LTM multiple of FRE

15.4x

32,738

Other

N/A

Fixed income investments

83,000

Transaction price(1)

N/A

20,799

Broker quotes and/or 3rd party pricing services

N/A

22,495

Other

N/A

Total assets

538,785

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

648,581

Discounted cash flow

Discount rate

10.0% - 16.0%

13.0%

537,733

Market approach

Multiple of book value

1.0x - 1.7x

1.3x

3,909

Market approach

EBITDA multiple(2)

4.5x - 32.4x

8.9x

177

Other

N/A

Fixed income investments

516,070

Broker quotes and/or 3rd party pricing services

N/A

188,322

Market approach

Yield

8.3% - 24.1%

12.2%

2,974

Market approach

EBITDA multiple(2)

4.5x - 32.4x

9.0x

32,747

Other

N/A

Total assets

1,930,513

Liabilities

Derivative instruments

(1,291)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

(1,291)

(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, 2022:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

106,295

Market approach

Multiple of book value

1.3x - 3.2x

2.4x

15,490

Transaction price(1)

N/A

Fixed income investments

30,189

Transaction price(1)

N/A

25,163

Broker quotes and/or 3rd party pricing services

N/A

21,582

Other

N/A

Total assets

198,719

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

401,229

Discounted cash flow

Discount rate

8.0% - 18.0%

12.0%

290,258

Market approach

Multiple of book value

1.0x - 1.2x

1.2x

36,681

Market approach

Net income multiple

30.0x

2,064

Market approach

EBITDA multiple(2)

6.3x - 31.0x

13.6x

648

Other

N/A

Partnership interests

368,655

Discounted cash flow

Discount rate

10.3% - 22.0%

18.9%

Fixed income investments

731,708

Broker quotes and/or 3rd party pricing services

N/A

125,612

Market approach

Yield

6.6% - 21.7%

12.8%

6,155

Transaction price(1)

N/A

4,479

Market approach

EBITDA multiple(2)

8.0x - 9.0x

8.5x

1,714

Other

N/A

Total assets

1,969,203

Liabilities

Derivative instruments

(3,556)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

(3,556)

(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.

Schedule of Investments and Unfunded Commitments Valued Using NAV per Share

The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:


	As of December 31,
	2023		2022

Investments (held at fair value)	$	1,642,489	$	1,023,514
Unfunded commitments	738,621		869,016