Hedges and Other Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Hedges and Other Derivative Financial Instruments [Abstract]

Summary of net forward currency sell contracts under freestanding derivatives

The Company’s freestanding derivatives consisted of the following net forward currency sell contracts at June 30, 2012 and December 31, 2011:

June 30, 2012:	Contract amount in local currency		Contract amount in U.S. dollars		Market value in    U.S. dollars		Net unrealized appreciation (depreciation)
Pound Sterling, expiring 7/6/12-4/5/13		18,765	$	29,474	$	28,569	$	905
Euro, expiring 7/31/12-4/30/13		49,000		64,999		62,032		2,967
Japanese Yen, expiring 8/23/12-11/21/12		1,430,000		18,059		17,936		123
Total			$	112,532	$	108,537	$	3,995
December 31, 2011:
Euro, expiring 1/31/12		16,000	$	22,720	$	20,733	$	1,987
Japanese Yen, expiring 2/29/12		1,250,000		16,073		16,241		(168	)
Total			$	38,793	$	36,974	$	1,819

Summary of the impact of freestanding derivative instruments on condensed consolidated statement of operations

	Three Months Ended June 30,					Six Months Ended June 30,
Foreign currency forward contracts:	2012		2011			2012		2011
General, administrative and other expense (1)	$	2,260	$	(1,300	)	$	3,024	$	(3,344	)

(1) To the extent that the Company’s freestanding derivatives are utilized to hedge its 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 of expenses) reflected in consolidated general, administrative and other expenses.

Impact of derivative instruments held by the consolidated funds on the condensed consolidated statements of operations

	Three Months Ended June 30,
	2012					2011
	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
Total return and credit default swaps	$	19,538		$	18,938	$	7,382		$	(4,710	)
Foreign currency forward contracts		(1,913	)		98,624		72,764			(122,643	)
Options and futures		(10,254	)		4,740		(2,322	)		(9,594	)
Total	$	7,371		$	122,302	$	77,824		$	(136,947	)

	Six Months Ended June 30,
	2012						2011
	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
Total return and credit default swaps	$	30,464		$	36,122		$	12,727		$	20,953
Foreign currency forward contracts		62,904			(2,194	)		(338,613	)		10,442
Options and futures		(12,517	)		4,476			(4,087	)		(36,927	)
Total	$	80,851		$	38,404		$	(329,973	)	$	(5,532	)