HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [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:

As of March 31, 2013:	Contract  Amount in Local Currency	Contract  Amount in U.S. Dollars		Market  Value in U.S. Dollars		Net Unrealized Appreciation (Depreciation)
Euro, expiring 4/5/13-1/31/14	96,400	$	113,754	$	113,647	$	107
Japanese Yen, expiring 5/31/13-1/31/14	2,745,100	31,647		29,202		2,445
Total		$	145,401	$	142,849	$	2,552
As of December 31, 2012:
Euro, expiring 1/7/13-10/31/13	93,500	$	104,155	$	105,997	$	(1,842	)
Japanese Yen, expiring 2/28/13-5/31/13	1,330,000	16,418		15,379		1,039
Total		$	120,573	$	121,376	$	(803	)

Summary of Impact of Freestanding Derivative Instruments on Condensed Consolidated Statement of Operations

The impact of freestanding derivative instruments (including both realized and unrealized gains and losses) on the condensed consolidated statement of operations was as follows:

	For the Three Months Ended March 31,
Foreign Currency Forward Contracts:	2013		2012
General and administrative expenses (1)	$	4,359	$	764

(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 and administrative expenses.

Impact of Derivative Instruments Held by Consolidated Funds on Condensed Consolidated Statements of Operations

The impact of derivative instruments held by the consolidated funds on the condensed consolidated statements of operations for the three months ended March 31, 2013 and 2012 was as follows:

	Three Months Ended March 31,
	2013					2012
	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, credit-default and interest-rate swaps	$	2,327		$	12,992	$	10,926		$	17,184
Foreign currency forward contracts	(35,989		)	147,889		64,817			(100,818		)
Options and futures	(5,197		)	5,086		(2,263		)	(264		)
Total	$	(38,859	)	$	165,967	$	73,480		$	(83,898	)

The Company has derivative instruments subject to enforceable master netting arrangements with certain counterparties which allow for the derivative instruments to be offset in the condensed consolidated statements of financial condition. However, the Company generally presents derivative instruments on a gross basis in its condensed consolidated statements of financial condition. The table below sets forth the rights of setoff and related arrangements associated with the Company's derivative instruments, which are primarily held by the consolidated funds, as of March 31, 2013 and December 31, 2012:

	Gross Amounts of Assets (Liabilities)			Gross Amounts Offset in Assets (Liabilities)			Net Amounts of Assets (Liabilities) Presented			Gross Amounts Not Offset in Statements of Financial Condition						Net Amount
As of March 31, 2013										Derivative Assets (Liabilities)			Cash Collateral Received (Pledged)
Derivative Assets:
Foreign currency forward contracts	$	5,148		$	1,821		$	3,327		$	1,528		$	—		$	1,799
Derivative assets of consolidated funds:
Foreign currency forward contracts	74,034			—			74,034			11,099			—			62,935
Total-return, credit-default and interest-rate swaps	58,922			—			58,922			419			—			58,503
Options and futures	5,750			—			5,750			—			—			5,750
Subtotal	138,706			—			138,706			11,518			—			127,188
Total	$	143,854		$	1,821		$	142,033		$	13,046		$	—		$	128,987
Derivative Liabilities:
Foreign currency forward contracts	$	(2,596	)	$	(1,821	)	$	(775	)	$	(775	)	$	—		$	—
Interest-rate swaps	(7,400		)	—			(7,400		)	(753		)	—			(6,647		)
Subtotal	(9,996		)	(1,821		)	(8,175		)	(1,528		)	—			(6,647		)
Derivative liabilities of consolidated funds:
Foreign currency forward contracts	(12,027		)	—			(12,027		)	(11,099		)	—			(928		)
Total-return, credit-default and interest-rate swaps	(8,713		)	—			(8,713		)	(419		)	(1,419		)	(6,875		)
Options and futures	(3,328		)	—			(3,328		)	—			(373		)	(2,955		)
Subtotal	(24,068		)	—			(24,068		)	(11,518		)	(1,792		)	(10,758		)
Total	$	(34,064	)	$	(1,821	)	$	(32,243	)	$	(13,046	)	$	(1,792	)	$	(17,405	)

	Gross Amounts of Assets (Liabilities)			Gross Amounts Offset in Assets (Liabilities)			Net Amounts of Assets (Liabilities) Presented			Gross Amounts Not Offset in Statements of Financial Condition						Net Amount
As of December 31, 2012										Derivative Assets (Liabilities)			Cash Collateral Received (Pledged)
Derivative Assets:
Foreign currency forward contracts	$	1,558		$	1,558		$	—		$	(549	)	$	—		$	549
Derivative assets of consolidated funds:
Foreign currency forward contracts	52,663			—			52,663			34,139			—			18,524
Total-return, credit-default and interest-rate swaps	48,727			—			48,727			312			340			48,075
Options and futures	6,170			—			6,170			—			—			6,170
Subtotal	107,560			—			107,560			34,451			340			72,769
Total	$	109,118		$	1,558		$	107,560		$	33,902		$	340		$	73,318
Derivative Liabilities:
Foreign currency forward contracts	$	(2,361	)	$	(1,558	)	$	(803	)	$	654		$	—		$	(1,457	)
Interest-rate swaps	(7,900		)	—			(7,900		)	(105		)	—			(7,795		)
Subtotal	(10,261		)	(1,558		)	(8,703		)	549			—			(9,252		)
Derivative liabilities of consolidated funds:
Foreign currency forward contracts	(146,526		)	—			(146,526		)	(34,139		)	(632		)	(111,755		)
Total-return, credit-default and interest-rate swaps	(9,561		)	—			(9,561		)	(312		)	(1,828		)	(7,421		)
Options and futures	(560		)	—			(560		)	—			(47		)	(513		)
Subtotal	(156,647		)	—			(156,647		)	(34,451		)	(2,507		)	(119,689		)
Total	$	(166,908	)	$	(1,558	)	$	(165,350	)	$	(33,902	)	$	(2,507	)	$	(128,941	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The table below sets forth the rights of setoff and related arrangements associated with the Company's derivative instruments, which are primarily held by the consolidated funds, as of March 31, 2013 and December 31, 2012:

	Gross Amounts of Assets (Liabilities)			Gross Amounts Offset in Assets (Liabilities)			Net Amounts of Assets (Liabilities) Presented			Gross Amounts Not Offset in Statements of Financial Condition						Net Amount
As of March 31, 2013										Derivative Assets (Liabilities)			Cash Collateral Received (Pledged)
Derivative Assets:
Foreign currency forward contracts	$	5,148		$	1,821		$	3,327		$	1,528		$	—		$	1,799
Derivative assets of consolidated funds:
Foreign currency forward contracts	74,034			—			74,034			11,099			—			62,935
Total-return, credit-default and interest-rate swaps	58,922			—			58,922			419			—			58,503
Options and futures	5,750			—			5,750			—			—			5,750
Subtotal	138,706			—			138,706			11,518			—			127,188
Total	$	143,854		$	1,821		$	142,033		$	13,046		$	—		$	128,987
Derivative Liabilities:
Foreign currency forward contracts	$	(2,596	)	$	(1,821	)	$	(775	)	$	(775	)	$	—		$	—
Interest-rate swaps	(7,400		)	—			(7,400		)	(753		)	—			(6,647		)
Subtotal	(9,996		)	(1,821		)	(8,175		)	(1,528		)	—			(6,647		)
Derivative liabilities of consolidated funds:
Foreign currency forward contracts	(12,027		)	—			(12,027		)	(11,099		)	—			(928		)
Total-return, credit-default and interest-rate swaps	(8,713		)	—			(8,713		)	(419		)	(1,419		)	(6,875		)
Options and futures	(3,328		)	—			(3,328		)	—			(373		)	(2,955		)
Subtotal	(24,068		)	—			(24,068		)	(11,518		)	(1,792		)	(10,758		)
Total	$	(34,064	)	$	(1,821	)	$	(32,243	)	$	(13,046	)	$	(1,792	)	$	(17,405	)

	Gross Amounts of Assets (Liabilities)			Gross Amounts Offset in Assets (Liabilities)			Net Amounts of Assets (Liabilities) Presented			Gross Amounts Not Offset in Statements of Financial Condition						Net Amount
As of December 31, 2012										Derivative Assets (Liabilities)			Cash Collateral Received (Pledged)
Derivative Assets:
Foreign currency forward contracts	$	1,558		$	1,558		$	—		$	(549	)	$	—		$	549
Derivative assets of consolidated funds:
Foreign currency forward contracts	52,663			—			52,663			34,139			—			18,524
Total-return, credit-default and interest-rate swaps	48,727			—			48,727			312			340			48,075
Options and futures	6,170			—			6,170			—			—			6,170
Subtotal	107,560			—			107,560			34,451			340			72,769
Total	$	109,118		$	1,558		$	107,560		$	33,902		$	340		$	73,318
Derivative Liabilities:
Foreign currency forward contracts	$	(2,361	)	$	(1,558	)	$	(803	)	$	654		$	—		$	(1,457	)
Interest-rate swaps	(7,900		)	—			(7,900		)	(105		)	—			(7,795		)
Subtotal	(10,261		)	(1,558		)	(8,703		)	549			—			(9,252		)
Derivative liabilities of consolidated funds:
Foreign currency forward contracts	(146,526		)	—			(146,526		)	(34,139		)	(632		)	(111,755		)
Total-return, credit-default and interest-rate swaps	(9,561		)	—			(9,561		)	(312		)	(1,828		)	(7,421		)
Options and futures	(560		)	—			(560		)	—			(47		)	(513		)
Subtotal	(156,647		)	—			(156,647		)	(34,451		)	(2,507		)	(119,689		)
Total	$	(166,908	)	$	(1,558	)	$	(165,350	)	$	(33,902	)	$	(2,507	)	$	(128,941	)