HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Net Forward Currency Sell Contracts Under Freestanding Derivatives

The fair value of forward currency sell contracts consisted of the following:

As of December 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 1/8/14-10/31/14	115,685	$	153,959	$	159,485	$	(5,526	)
USD (buy GBP), expiring 1/8/14-9/30/14	54,361	54,361		50,286		4,075
GBP, expiring 4/30/14	3,000	4,643		4,966		(323		)
Japanese Yen, expiring 1/31/14-1/30/15	6,261,700	63,107		59,581		3,526
Total		$	276,070	$	274,318	$	1,752
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	)

Schedule of Fair Values of Total Return Swaps

The fair value of the TRS contract, which is included in other assets in the consolidated statements of financial condition, consisted of the following:

As of December 31, 2013	Notional		Fair Value
Total-return swap	$	189,089	$	4,515

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

Realized and unrealized gains and losses arising from freestanding derivative instruments were recorded on the consolidated statements of operations as follows:

	For the Year Ended December 31,
Foreign Currency Forward Contracts:	2013		2012		2011
General and administrative expenses (1)	$	3,763	$	1,545	$	(1,688	)
Total-return Swap:
Investment income	$	4,515	$	—	$	—

(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 consolidated statements of operations was as follows:

	Year Ended December 31,
	2013						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			Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation (Depreciation) on Investments
Total-return, credit-default and interest-rate swaps	$	89,333		$	(22,619	)	$	66,992		$	33,445		$	80,398		$	(60,023	)
Foreign currency forward contracts	(217,234		)	(286,336		)	85,773			(148,791		)	(307,681		)	233,816
Options and futures	(17,922		)	(238		)	(13,202		)	(1,972		)	(36,693		)	(5,367		)
Total	$	(145,823	)	$	(309,193	)	$	139,563		$	(117,318	)	$	(263,976	)	$	168,426

Schedule of Notional Amounts of Outstanding Derivative Positions

Outstanding foreign currency contracts as of December 31, 2013 and 2012, which included $51.8 million and $53.3 million of gross unrealized appreciation, and $135.2 million and $147.2 million of gross unrealized depreciation, respectively, were as follows.

As of December 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 1/6/14-3/4/15	(1,324,989	)	$	1,832,932		$	1,878,449		$	(45,517	)
Pound Sterling, expiring 1/6/14-12/12/14	(905,090	)	1,437,028			1,510,779			(73,751		)
Canadian Dollar, expiring 1/16/14-2/13/14	(8,289	)	7,864			7,706			158
Australian Dollar, expiring 1/16/14-6/12/14	(404,642	)	376,193			361,010			15,183
Hong Kong Dollar, expiring 1/23/14	(37,208	)	4,800			4,799			1
Japanese Yen, expiring 1/10/14-11/28/14	(37,773,587	)	383,383			359,072			24,311
Swiss Franc, expiring 1/23/14	(2,355	)	2,635			2,648			(13		)
Singapore Dollar, expiring 1/23/14	(5,741	)	2,717			2,633			84
South Korean Won, expiring 1/23/14	(1,236,110	)	1,161			1,177			(16		)
New Zealand Dollar, expiring 2/13/14-6/12/14	(114,303	)	94,065			92,984			1,081
Danish Krone, expiring 11/4/14	(314,524	)	57,007			58,047			(1,040		)
Indian Rupee, expiring 1/2/14-12/1/15	424,331		(6,106		)	(6,502		)	396
Korean Won, expiring 2/4/14-7/23/14	(104,273,576	)	93,775			98,133			(4,358		)
Total			$	4,287,454		$	4,370,935		$	(83,481	)

As of December 31, 2012:	Contract Amount in Local Currency		Contract Amount in U.S. Dollars		Market Value in U.S. Dollars			Net Unrealized Appreciation (Depreciation)
Euro, expiring 1/7/13-6/27/14	(1,612,565	)	$	2,030,641	$	2,126,806		$	(96,165	)
Pound Sterling, expiring 1/7/13-8/3/15	(419,386	)	666,362		680,600			(14,238		)
Canadian Dollar, expiring 1/10/13-3/14/13	(14,743	)	15,056		14,789			267
Australian Dollar, expiring 1/10/13-3/14/13	(643,136	)	654,139		665,263			(11,124		)
Hong Kong Dollar, expiring 1/17/13	(31,301	)	4,038		4,038			—
Japanese Yen, expiring 1/10/13-11/29/13	(32,661,235	)	413,138		377,884			35,254
Swiss Franc, expiring 1/7/13-1/17/13	(10,041	)	10,803		10,971			(168		)
Singapore Dollar, expiring 1/17/13	(1,858	)	1,520		1,521			(1		)
Chinese Yuan, expiring 3/7/13	—		—		(55		)	(632		)
New Zealand Dollar, expiring 1/10/13	(68,079	)	54,573		56,133			(1,560		)
Korean Won, expiring 2/4/13-6/19/14	(85,515,234	)	74,002		79,498			(5,496		)
Total			$	3,924,272	$	4,017,448		$	(93,863	)

Disclosure of Credit Derivatives

The current credit spreads for each contract term period where the consolidated funds were protection sellers is summarized below:

	Maximum Payout Amounts By Contract Term
Current Credit Spread (in Basis Points)	0-1 Year		1-3 Years
0-1,000	$	269,800	$	—

The table below summarizes the CDSs for which the consolidated funds were protection sellers as of December 31, 2012:

	Single-name CDS						Bank Loan Swap Index
Reference Asset Type	Bank Loan			Corporate Bond
Fair value of sell protection	$	3,115		$	164		$	92
Maximum potential future payments	221,700			5,600			42,500
Collateral held at third party	(20,503		)	(196		)	(3,040		)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The “gross amounts not offset in statements of financial condition” column in the table below relates to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance, but for which management has elected not to offset in the consolidated statements of financial condition.

	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, 2013									Derivative Assets (Liabilities)			Cash Collateral Received (Pledged)
Derivative Assets:
Foreign currency forward contracts	$	7,893		$	—	$	7,893		$	5,951		$	—		$	1,942
Total-return swaps	4,515			—		4,515			—			—			4,515
Subtotal	12,408			—		12,408			5,951			—			6,457
Derivative assets of consolidated funds:
Foreign currency forward contracts	51,765			—		51,765			31,223			—			20,542
Total-return, credit-default and interest-rate swaps	18,318			—		18,318			483			—			17,835
Options and futures	18,138			—		18,138			—			—			18,138
Swaptions	6,716			—		6,716			1,324			—			5,392
Subtotal	94,937			—		94,937			33,030			—			61,907
Total	$	107,345		$	—	$	107,345		$	38,981		$	—		$	68,364
Derivative Liabilities:
Foreign currency forward contracts	$	(6,141	)	$	—	$	(6,141	)	$	(4,466	)	$	—		$	(1,675	)
Interest-rate swaps	(4,171		)	—		(4,171		)	(1,485		)	—			(2,686		)
Subtotal	(10,312		)	—		(10,312		)	(5,951		)	—			(4,361		)
Derivative liabilities of consolidated funds:
Foreign currency forward contracts	(135,246		)	—		(135,246		)	(31,223		)	(11,583		)	(92,440		)
Total-return, credit-default and interest-rate swaps	(7,096		)	—		(7,096		)	(483		)	(4,358		)	(2,255		)
Options and futures	(6,214		)	—		(6,214		)	—			(3,067		)	(3,147		)
Swaptions	(1,324		)	—		(1,324		)	(1,324		)	—			—
Subtotal	(149,880		)	—		(149,880		)	(33,030		)	(19,008		)	(97,842		)
Total	$	(160,192	)	$	—	$	(160,192	)	$	(38,981	)	$	(19,008	)	$	(102,203	)

	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	)