FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The Company’s other financial assets and financial liabilities by fair-value hierarchy level are set forth below. Please see notes 8 and 14 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively.

	As of March 31, 2023								As of December 31, 2022
	Level I		Level II		Level III(1)		Total		Level I		Level II		Level III		Total
Assets
Corporate investments	$	88,415	$	1,129	$	3,455	$	92,999	$	109,078	$	1,172	$	8,470	$	118,720
SPAC common stock and sponsor earn-out shares included in other assets	29,025		—		2,303		31,328		—		—		—		$	—
Foreign-currency forward contracts included in corporate investments	—		692		—		692		—		1,279		—		1,279
Foreign-currency forward contracts included in other assets	—		—		—		—		—		12,061		—		12,061
Total assets	$	117,440	$	1,821	$	5,758	$	125,019	$	109,078	$	14,512	$	8,470	$	132,060
Liabilities
Foreign-currency forward contracts included in corporate investments	$	—	$	(229)	$	—	$	(229)	$	—	$	(11,840)	$	—	$	(11,840)
Foreign-currency forward contracts included in other liabilities	—		(648)		—		(648)		—		—		—		—
Total liabilities	$	—	$	(877)	$	—	$	(877)	$	—	$	(11,840)	$	—	$	(11,840)

(1)    The level III financial instrument represents SPAC sponsor earn-out shares. Those shares were valued using a Black-Scholes option pricing model and the significant unobservable input was volatility, which was 55%. The primary change of Level III financial instrument during the period was for the conversion of earn-out shares to common shares.

Schedule of Changes in Fair Value of Level III Investments

The following tables set forth a summary of changes in the fair value of Level III investments:

	Corporate Debt – Bank Debt		Corporate Debt – All Other		Equities – Common Stock		Equities – Preferred Stock		Real Estate		Total
Three months ended March 31, 2023
Beginning balance	$	702,497	$	219,503	$	777,198	$	616,604	$	74,471	$	2,390,273
Transfers into Level III	159		5,421		—		—		—		5,580
Transfers out of Level III	(4,473)		(978)		—		—		—		(5,451)
Purchases	278,808		657		44,992		4,191		7,286		335,934
Sales	(2,863)		—		(25,201)		(35,223)		—		(63,287)
Realized gain (losses), net	31		(228)		12,868		8,987		(2)		21,656
Unrealized appreciation (depreciation), net	(11,843)		2,789		(48)		(11,959)		3,550		(17,511)
Ending balance	$	962,316	$	227,164	$	809,809	$	582,600	$	85,305	$	2,667,194
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(11,987)	$	2,789	$	(49)	$	(11,959)	$	3,552	$	(17,654)
Three months ended March 31, 2022
Beginning balance	$	597,188	$	229,576	$	581,748	$	486,030	$	33,834	$	1,928,376
Transfers into Level III	4,407		1,412		—		—		—		5,819
Transfers out of Level III	(20,683)		(2,475)		(6)		—		—		(23,164)
Purchases	351,155		1,962		100,462		91,378		3,947		548,904
Sales	(65,804)		(7)		(43,063)		—		—		(108,874)
Realized gains (losses), net	2,888		(22)		(128,379)		—		—		(125,513)
Unrealized appreciation (depreciation), net	(1,857)		(5,956)		179,516		16,344		(894)		187,153
Ending balance	$	867,294	$	224,490	$	690,278	$	593,752	$	36,887	$	2,412,701
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(486)	$	(67)	$	37	$	(7)	$	2	$	(521)

Schedule of Valuation Techniques and Quantitative Information

The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of March 31, 2023:

Investment Type	Fair Value		Valuation Technique	Significant Unobservable Inputs (1)(2)	Range	Weighted Average (3)
Credit-oriented investments:
Consumer discretionary:	$	59,674	Discounted cash flow (6)	Discount rate	13% - 15%	13%
	316		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Energy:	32,282		Discounted cash flow (6)	Discount rate	13% - 20%	18%
	104,061		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	2,254		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Financials:	70,478		Discounted cash flow (6)	Discount rate	12% - 42%	19%
	12,744		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	670		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	7,840		Market approach (value of underlying assets)	Multiple of underlying assets (9)	0.9x - 1.0x	1.0x
Industrials	22,735		Discounted cash flow (6)	Discount rate	12% - 16%	13%
	—		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	21,643		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	35,531		Market approach (value of underlying assets)	Multiple of underlying assets (9)	0.9x - 1.0x	1.0x
Materials:	197,397		Discounted cash flow (6)	Discount rate	10% - 14%	12%
	—		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
Real estate:	4,735		Discounted cash flow (6)	Discount rate	9% - 9%	9%
	106,581		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	291,026		Market approach (value of underlying assets)	Multiple of underlying assets (9)	0.2x - 1.0x	0.9x
	40,137		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Other:	140,381		Discounted cash flow (6)	Discount rate	10% - 18%	13%
	(1,414)		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	40,408		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
Equity investments:
	108,463		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	220,395		Discounted cash flow (6)	Discount rate	12% - 22%	20%
	29,567		Discounted cash flow (6) / market approach (comparable companies) (7)	Discount rate	13% - 13%	13%
			Discounted cash flow (6) / market approach (comparable companies) (7)	Earnings multiple (10)	6.0x - 8.0x	7.0x
	310,874		Market approach (comparable companies) (7)	Earnings multiple (10)	5.0x - 20.0x	8.5x
	70,365		Market approach (comparable companies) (7)	Revenue multiple (8)	2.0x - 4.0x	3.0x
	75,505		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	577,240		Market approach (comparable companies) (4)	Multiple of underlying assets (9)	1.0x - 2.0x	1.0x
Real estate-oriented investments:
	70,669		Discounted cash flow (6)	Discount rate	23% - 25%	24%
	14,637		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
Total Level III    investments	$	2,667,194

The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2022:

Investment Type	Fair Value		Valuation Technique	Significant Unobservable Inputs (1)(2)	Range	Weighted Average (3)
Credit-oriented investments:
Consumer discretionary:	$	43,934	Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	293		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	16,062		Discounted cash flow (6)	Discount rate	12% – 15%	14%
Communication services:	67,500		Discounted cash flow (6)	Discount rate	12% – 13%	13%
	—		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	—		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
Energy:	32,765		Discounted cash flow (6)	Discount rate	13% – 21%	18%
	—		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	2,676		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Financials:	66,204		Discounted cash flow (6)	Discount rate	12% – 19%	15%
	12,880		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	6,143		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.9x – 1.0x	1.0x
Industrials:	9,875		Discounted cash flow (6)	Discount rate	12% – 15%	14%
	35,124		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.9x – 1.0x	1.0x
	4,527		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
Materials:	197,427		Discounted cash flow (6)	Discount rate	10% – 14%	12%
	—		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	—		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Real estate:	32,173		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	3,643		Discounted cash flow (6)	Discount rate	9% – 9%	9%
	302,179		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.76x – 1.0x	0.95x
	35,525		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Other:	(1,137)		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	22,732		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	31,474		Discounted cash flow (6)	Discount rate	10% – 18%	14%
Equity investments:
	74,329		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	582,299		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.9x – 1.1x	1.0x
	336,831		Market approach (comparable companies) (7)	Earnings multiple (10)	5x – 20x	9x
	214,172		Discounted cash flow (6)	Discount rate	12% – 21%	19%
	83,644		Market approach (comparable companies) (7)	Revenue multiple (8)	1x – 2x	1.81x
	27,347		Discounted cash flow (6) / market approach (comparable companies) (7)	Discount rate	14% – 14%	14%
	75,181		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Real estate-oriented:
	7,695		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	66,776		Discounted cash flow (6)	Discount rate	14% – 25%	18%
Total Level III    investments	$	2,390,273

(1)    The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement.

(2)    Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement.

(3)    The weighted average is based on the fair value of the investments included in the range.

(4)    Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date.

(5)    Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions.

(6)    A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios.

(7)    A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying.

(8)    Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant.

(9)    A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets.

(10)    Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant.

Schedule of Valuation of Investments and Other Financial Instruments

The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level:

	As of March 31, 2023								As of December 31, 2022
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
Investments:
Corporate debt – bank debt	$	—	$	424,808	$	962,316	$	1,387,124	$	—	$	411,997	$	702,497	$	1,114,494
Corporate debt – all other	—		810,882		227,164		1,038,046		—		764,841		219,503		984,344
Equities – common stock	192,004		33,687		809,809		1,035,500		226,862		34,389		777,198		1,038,449
Equities – preferred stock	82,003		—		582,600		664,603		80,251		—		616,604		696,855
Real estate	—		—		85,305		85,305		—		—		74,471		74,471
Total investments	274,007		1,269,377		2,667,194		4,210,578		307,113		1,211,227		2,390,273		3,908,613
Derivatives:
Foreign-currency forward contracts	—		1,813		—		1,813		—		9,758		—		9,758
Swaps	7,503		115		—		7,618		—		700		—		700
Options and futures	312		—		—		312		279		—		—		279
Total derivatives	7,815		1,928		—		9,743		279		10,458		—		10,737
Total assets	$	281,822	$	1,271,305	$	2,667,194	$	4,220,321	$	307,392	$	1,221,685	$	2,390,273	$	3,919,350
Liabilities
Derivatives:
Foreign-currency forward contracts	—		(13,232)		—		(13,232)		—		(16,356)		—		(16,356)
Swaps	—		(38)		—		(38)		(7,666)		—		—		(7,666)
Options and futures	(818)		—		—		(818)		—		—		—		—
Total derivatives	(818)		(13,270)		—		(14,088)		(7,666)		(16,356)		—		(24,022)
Total liabilities	$	(818)	$	(13,270)	$	—	$	(14,088)	$	(7,666)	$	(16,356)	$	—	$	(24,022)