FAIR VALUE

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE

5. FAIR VALUE

Fair Value of Financial Instruments Held by the Company and Consolidated Funds

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, 2024:

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	$	—	$	102,622	$	377,087	$	—	$	479,709
Collateralized loan obligations and fixed income securities	—		—		109,993		—		109,993
Partnership interests	—		—		—		2,321		2,321
Total investments, at fair value	—		102,622		487,080		2,321		592,023
Derivatives-foreign currency forward contracts	—		752		—		—		752
Total assets, at fair value	$	—	$	103,374	$	487,080	$	2,321	$	592,775
Liabilities, at fair value
Derivatives-foreign currency forward contracts	$	—	$	(3,162)	$	—	$	—	$	(3,162)
Total liabilities, at fair value	$	—	$	(3,162)	$	—	$	—	$	(3,162)

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	$	—	$	8,362,059	$	757,956	$	—	$	9,120,015
Money market funds and U.S. treasury securities	544,254		—		—		—		544,254
Bonds	—		486,781		—		—		486,781
Total fixed income investments	544,254		8,848,840		757,956		—		10,151,050
Partnership interests	—		—		—		1,934,868		1,934,868
Equity securities	33,709		3,162		1,731,563		—		1,768,434
Total investments, at fair value	577,963		8,852,002		2,489,519		1,934,868		13,854,352
Derivatives-foreign currency forward contracts	—		5,904		—		—		5,904
Total assets, at fair value	$	577,963	$	8,857,906	$	2,489,519	$	1,934,868	$	13,860,256
Liabilities, at fair value
Loan obligations of CLOs	$	—	$	(11,070,261)	$	—	$	—	$	(11,070,261)
Derivatives:
Foreign currency forward contracts	—		(6,056)		—		—		(6,056)
Asset swaps	—		—		(1,903)		—		(1,903)
Total derivative liabilities, at fair value	—		(6,056)		(1,903)		—		(7,959)
Total liabilities, at fair value	$	—	$	(11,076,317)	$	(1,903)	$	—	$	(11,078,220)

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 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 June 30, 2024	$	379,443	$	92,374	$	471,817
Purchases(1)	859		18,240		19,099
Sales/settlements(2)	1,093		(2,430)		(1,337)
Realized and unrealized appreciation (depreciation), net	(4,308)		1,809		(2,499)
Balance as of September 30, 2024	$	377,087	$	109,993	$	487,080
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(5,041)	$	2,218	$	(2,823)

Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Derivatives, Net		Total
Balance as of June 30, 2024	$	1,586,854	$	803,497	$	(1,615)	$	2,388,736
Transfer in	—		143,738		—		143,738
Transfer out	(508)		(227,541)		—		(228,049)
Purchases(1)	136,313		250,554		—		386,867
Sales/settlements(2)	(111)		(213,489)		—		(213,600)
Realized and unrealized appreciation (depreciation), net	9,015		1,197		(288)		9,924
Balance as of September 30, 2024	$	1,731,563	$	757,956	$	(1,903)	$	2,487,616
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	9,300	$	(425)	$	(222)	$	8,653

(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.

Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Total
Balance as of June 30, 2023	$	165,371	$	73,777	$	239,148
Purchases(1)	7		1,499		1,506
Sales/settlements(2)	(350)		(1,047)		(1,397)
Realized and unrealized appreciation (depreciation), net	(10,116)		986		(9,130)
Balance as of September 30, 2023	$	154,912	$	75,215	$	230,127
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(10,116)	$	986	$	(9,130)

Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Derivatives, Net		Total
Balance as of June 30, 2023	$	1,066,065	$	648,131	$	(2,693)	$	1,711,503
Transfer in	848		63,379		—		64,227
Transfer out	(36,064)		(149,624)		—		(185,688)
Purchases(1)	65,220		150,370		26		215,616
Sales/settlements(2)	(2,364)		(165,177)		—		(167,541)
Realized and unrealized appreciation, net	17,888		4,949		522		23,359
Balance as of September 30, 2023	$	1,111,593	$	552,028	$	(2,145)	$	1,661,476
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	17,950	$	(23,157)	$	426	$	(4,781)

(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.

Level III Assets of the Company	Equity Securities		Fixed Income		Total
Balance as of December 31, 2023	$	412,491	$	126,294	$	538,785
Transfer in	—		60,917		60,917
Transfer out	(37,587)		—		(37,587)
Purchases(1)	2,539		283,913		286,452
Sales/settlements(2)	(1,478)		(362,164)		(363,642)
Realized and unrealized appreciation, net	1,122		1,033		2,155
Balance as of September 30, 2024	$	377,087	$	109,993	$	487,080
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(1,260)	$	1,975	$	715

Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Derivatives, Net		Total
Balance as of December 31, 2023	$	1,190,400	$	740,113	$	(1,291)	$	1,929,222
Transfer in	—		199,112		—		199,112
Transfer out	(35)		(305,887)		—		(305,922)
Purchases(1)	482,424		711,190		114		1,193,728
Sales/settlements(2)	(111)		(585,977)		—		(586,088)
Realized and unrealized appreciation (depreciation), net	58,885		(595)		(726)		57,564
Balance as of September 30, 2024	$	1,731,563	$	757,956	$	(1,903)	$	2,487,616
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	60,995	$	(2,921)	$	(664)	$	57,410

(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.

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)	38,267		3,465		41,732
Sales/settlements(2)	(1,186)		(3,424)		(4,610)
Realized and unrealized depreciation, net	(3,954)		(1,760)		(5,714)
Balance as of September 30, 2023	$	154,912	$	75,215	$	230,127
Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date	$	(4,167)	$	(1,547)	$	(5,714)

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	—		192,359		—		—		192,359
Transfer out	(36,681)		(553,638)		—		—		(590,319)
Purchases(1)	295,030		484,574		49,000		—		828,604
Sales/settlements(2)	(2,490)		(451,426)		(48,889)		(122)		(502,927)
Realized and unrealized appreciation, net	126,930		15,054		5,283		1,533		148,800
Balance as of September 30, 2023	$	1,111,593	$	552,028	$	—	$	(2,145)	$	1,661,476
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	127,001	$	(15,704)	$	—	$	1,283	$	112,580

(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.

Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service.

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, 2024:

Level III Measurements of the Company	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	123,859	Market approach	Multiple of book value	1.4x - 1.5x	1.4x
	112,565		Discounted cash flow	Discount rate	18.5% - 30.0%	25.0%
	100,000		Market approach	Yield	8.0%	8.0%
	7,220		Market approach	Earnings multiple	15.4x	15.4x
	33,444		Other	N/A	N/A	N/A
Fixed income investments
	88,542		Market approach	Yield	10.0% - 12.0%	11.0%
	20,601		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	849		Other	N/A	N/A	N/A
Total assets	$	487,080

Level III Measurements of the Consolidated Funds	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range	Weighted Average
Assets
Equity securities
	$	914,196	Discounted cash flow	Discount rate	10.0% - 18.7%	13.0%
	793,106		Market approach	Multiple of book value	1.0x - 1.7x	1.4x
	22,636		Market approach	EBITDA multiple(1)	1.0x - 34.6x	14.4x
	871		Transaction price(2)	N/A	N/A	N/A
	754		Other	N/A	N/A	N/A
Fixed income investments
	502,042		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	253,514		Market approach	Yield	6.0% - 23.2%	10.3%
	2,363		Market approach	EBITDA multiple(1)	5.0x - 34.6x	10.8x
	37		Other	N/A	N/A	N/A
Total assets	$	2,489,519
Liabilities
Derivative instruments	$	(1,903)	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total liabilities	$	(1,903)

(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 was no change to the valuation based on the underlying assumptions used at the closing of such transactions.

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	N/A	N/A
	6,447		Market approach	Enterprise value / Earnings multiple	15.4x	15.4x
	32,738		Other	N/A	N/A	N/A
Fixed income investments
	83,000		Transaction price(1)	N/A	N/A	N/A
	20,799		Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
	22,495		Other	N/A	N/A	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	N/A	N/A
Fixed income investments
	548,264		Broker quotes and/or 3rd party pricing services	N/A	N/A	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
	104		Discounted cash flow	Discount rate	12.3%	12.3%
	449		Other	N/A	N/A	N/A
Total assets	$	1,930,513
Liabilities
Derivative instruments	$	(1,291)	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
Total liabilities	$	(1,291)

(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.

The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using net asset value (“NAV”) per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control.

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 September 30, 2024		As of December 31, 2023
Investments (held at fair value)	$	1,934,868	$	1,642,489
Unfunded commitments	1,000,749		738,621