DERIVATIVES AND HEDGING (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Freestanding Derivatives

The fair value of freestanding derivatives consisted of the following:

	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
As of December 31, 2024
Foreign-currency forward contracts	$	—	$	—	$	—	$	—
As of December 31, 2023
Foreign-currency forward contracts	$	221,910	$	8,608	$	(234,353)	$	(8,520)

Schedule of Realized and Unrealized Gains and Losses Arising from Freestanding Derivatives and Impact of Derivatives Held

Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the consolidated statements of operations as follows:

	Year Ended December 31,
	2024		2023		2022
Investment income (loss)	$	—	$	(3,501)	$	16,259
General and administrative expense (1)	—		$	3,153	7,817
Total gain (loss)	$	—	$	(348)	$	24,076

(1)    To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income and management fees earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense.

The impact of derivatives held by the consolidated funds in the consolidated statements of operations was as follows: 

	Year Ended December 31,
	2024				2023				2022
	Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments
Foreign-currency forward contracts	$	337	$	28,193	$	898	$	(14,909)	$	43,145	$	(10,777)
Total-return and interest-rate and credit default swaps	613		(19)		(235)		328		975		284
Options and futures	1,440		(2,176)		4,382		(569)		13,322		(223)
Commodity swaps	8,489		(8,654)		11,162		16,324		(44,626)		(3,956)
Total	$	10,879	$	17,344	$	16,207	$	1,174	$	12,816	$	(14,672)

Schedule of Fair Value of Derivatives Held by Consolidated Funds

The fair value of derivatives held by the consolidated funds consisted of the following:

	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
As of December 31, 2024
Foreign-currency forward contracts	$	797,475	$	17,578	$	(81,625)	$	(8,513)
Total-return and interest-rate and credit default swaps	15,207		15,771		(203,533)		(19)
Options and futures	—		—		(13,435)		(4,853)
Total	$	812,682	$	33,349	$	(298,593)	$	(13,385)
As of December 31, 2023
Foreign-currency forward contracts	$	508,174	$	475	$	(118,263)	$	(21,659)
Total-return and interest-rate and credit default swaps	41,113		8,658		—		—
Options and futures	6,749		—		(163,187)		(571)
Total	$	556,036	$	9,133	$	(281,450)	$	(22,230)

Schedule of Balance Sheet Offsetting Assets

The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.

	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2024			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts	17,578		—		—		17,578
Total-return and interest-rate and credit default swaps	15,771		—		—		15,771
Subtotal	33,349		—		—		33,349
Total	$	33,349	$	—	$	—	$	33,349
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(8,513)		—		—		(8,513)
Total-return and interest-rate and credit default swaps	(19)		—		—		(19)
Options and futures	(4,853)		—		—		(4,853)
Subtotal	(13,385)		—		—		(13,385)
Total	$	(13,385)	$	—	$	—	$	(13,385)

	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2023			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	8,608	$	510	$	—	$	8,098
Derivative assets of consolidated funds:
Foreign-currency forward contracts	475		—		—		475
Total-return and interest-rate and credit default swaps	8,658		—		—		8,658
Subtotal	9,133		—		—		9,133
Total	$	17,741	$	510	$	—	$	17,231
Derivative Liabilities:
Foreign-currency forward contracts	$	(8,520)	$	(510)	$	—	$	(8,010)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(21,659)		—		—		(21,659)
Options and futures	(571)		—		—		(571)
Subtotal	(22,230)		—		—		(22,230)
Total	$	(30,750)	$	(510)	$	—	$	(30,240)

Schedule of Balance Sheet Offsetting Liabilities

The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.

	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2024			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts	17,578		—		—		17,578
Total-return and interest-rate and credit default swaps	15,771		—		—		15,771
Subtotal	33,349		—		—		33,349
Total	$	33,349	$	—	$	—	$	33,349
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(8,513)		—		—		(8,513)
Total-return and interest-rate and credit default swaps	(19)		—		—		(19)
Options and futures	(4,853)		—		—		(4,853)
Subtotal	(13,385)		—		—		(13,385)
Total	$	(13,385)	$	—	$	—	$	(13,385)

	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2023			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	8,608	$	510	$	—	$	8,098
Derivative assets of consolidated funds:
Foreign-currency forward contracts	475		—		—		475
Total-return and interest-rate and credit default swaps	8,658		—		—		8,658
Subtotal	9,133		—		—		9,133
Total	$	17,741	$	510	$	—	$	17,231
Derivative Liabilities:
Foreign-currency forward contracts	$	(8,520)	$	(510)	$	—	$	(8,010)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(21,659)		—		—		(21,659)
Options and futures	(571)		—		—		(571)
Subtotal	(22,230)		—		—		(22,230)
Total	$	(30,750)	$	(510)	$	—	$	(30,240)