DERIVATIVES AND HEDGING (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Net Forward Currency Sell Contracts Under Freestanding Derivatives

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

As of June 30, 2016	Contract  Amount in Local Currency	Contract  Amount in U.S. Dollars		Market  Value in U.S. Dollars		Net Unrealized Appreciation (Depreciation)
Euro, expiring 7/8/16-9/29/17	273,050	$	307,020	$	304,905	$	2,115
USD (buy GBP), expiring 7/29/16-7/31/17	92,963	92,963		102,697		(9,734		)
Japanese Yen, expiring 9/30/16	6,051,400	56,130		58,778		(2,648		)
Total		$	456,113	$	466,380	$	(10,267	)
As of December 31, 2015
Euro, expiring 1/8/16-12/30/16	246,850	$	274,135	$	269,603	$	4,532
USD (buy GBP), expiring 1/8/16-10/31/16	70,594	70,594		72,476		(1,882		)
Japanese Yen, expiring 1/29/16-9/30/16	5,840,300	48,631		48,692		(61		)
Total		$	393,360	$	390,771	$	2,589

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 in the condensed consolidated statements of operations as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
Foreign-currency Forward Contracts	2016			2015			2016			2015
Investment income	$	6,530		$	—		$	(2,371	)	$	—
General and administrative expense (1)	(8,221		)	(1,114		)	(18,112		)	22,841
Total	$	(1,691	)	$	(1,114	)	$	(20,483	)	$	22,841

(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 condensed consolidated statements of operations was as follows:

	Three Months Ended June 30,
	2016					2015
	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	$	(298	)	$	849	$	175,334		$	(339,448	)
Total-return and interest-rate swaps	(907		)	222		(2,248		)	(56,008		)
Options and futures	(764		)	60		(21,778		)	(5,150		)
Swaptions	—			—		(1,187		)	1,191
Total	$	(1,969	)	$	1,131	$	150,121		$	(399,415	)

	Six Months Ended June 30,
	2016						2015
	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	$	(500	)	$	457		$	471,310		$	(319,064	)
Total-return and interest-rate swaps	(890		)	(1,396		)	(7,174		)	(116,226		)
Options and futures	(849		)	(83		)	(3,977		)	(16,299		)
Swaptions	—			—			(3,007		)	2,342
Total	$	(2,239	)	$	(1,022	)	$	457,152		$	(449,247	)

Balance Sheet Offsetting Assets

	Gross and Net Amounts of Assets (Liabilities) Presented			Gross Amounts Not Offset in Statements of Financial Condition						Net Amount
As of June 30, 2016				Derivative Assets (Liabilities)			Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	4,649		$	4,289		$	—		$	360
Derivative assets of consolidated funds:
Foreign-currency forward contracts	416			11			—			405
Options and futures	4			—			—			4
Subtotal	420			11			—			409
Total	$	5,069		$	4,300		$	—		$	769
Derivative Liabilities:
Foreign-currency forward contracts	$	(14,916	)	$	(4,289	)	$	—		$	(10,627	)
Interest-rate swaps	(712		)	—			—			(712		)
Subtotal	(15,628		)	(4,289		)	—			(11,339		)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(11		)	(11		)	—			—
Total-return and interest-rate swaps	(921		)	—			(921		)	—
Options and futures	(443		)	—			(443		)	—
Subtotal	(1,375		)	(11		)	(1,364		)	—
Total	$	(17,003	)	$	(4,300	)	$	(1,364	)	$	(11,339	)

	Gross and Net Amounts of Assets (Liabilities) Presented			Gross Amounts Not Offset in Statements of Financial Condition						Net Amount
As of December 31, 2015				Derivative Assets (Liabilities)			Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	5,875		$	2,047		$	—		$	3,828
Derivative assets of consolidated funds:
Foreign-currency forward contracts	156,234			38,033			—			118,201
Total-return and interest-rate swaps	16,544			4,526			—			12,018
Options and futures	25,559			5,665			—			19,894
Swaptions	14			14			—			—
Subtotal	198,351			48,238			—			150,113
Total	$	204,226		$	50,285		$	—		$	153,941
Derivative Liabilities:
Foreign-currency forward contracts	$	(3,286	)	$	(2,047	)	$	—		$	(1,239	)
Interest-rate swaps	(943		)	—			—			(943		)
Subtotal	(4,229		)	(2,047		)	—			(2,182		)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(64,364		)	(38,788		)	—			(25,576		)
Total-return and interest-rate swaps	(231,610		)	(5,304		)	(202,677		)	(23,629		)
Options and futures	(4,234		)	(4,146		)	(88		)	—
Subtotal	(300,208		)	(48,238		)	(202,765		)	(49,205		)
Total	$	(304,437	)	$	(50,285	)	$	(202,765	)	$	(51,387	)

Balance Sheet Offsetting Liabilities

	Gross and Net Amounts of Assets (Liabilities) Presented			Gross Amounts Not Offset in Statements of Financial Condition						Net Amount
As of June 30, 2016				Derivative Assets (Liabilities)			Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	4,649		$	4,289		$	—		$	360
Derivative assets of consolidated funds:
Foreign-currency forward contracts	416			11			—			405
Options and futures	4			—			—			4
Subtotal	420			11			—			409
Total	$	5,069		$	4,300		$	—		$	769
Derivative Liabilities:
Foreign-currency forward contracts	$	(14,916	)	$	(4,289	)	$	—		$	(10,627	)
Interest-rate swaps	(712		)	—			—			(712		)
Subtotal	(15,628		)	(4,289		)	—			(11,339		)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(11		)	(11		)	—			—
Total-return and interest-rate swaps	(921		)	—			(921		)	—
Options and futures	(443		)	—			(443		)	—
Subtotal	(1,375		)	(11		)	(1,364		)	—
Total	$	(17,003	)	$	(4,300	)	$	(1,364	)	$	(11,339	)

	Gross and Net Amounts of Assets (Liabilities) Presented			Gross Amounts Not Offset in Statements of Financial Condition						Net Amount
As of December 31, 2015				Derivative Assets (Liabilities)			Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	5,875		$	2,047		$	—		$	3,828
Derivative assets of consolidated funds:
Foreign-currency forward contracts	156,234			38,033			—			118,201
Total-return and interest-rate swaps	16,544			4,526			—			12,018
Options and futures	25,559			5,665			—			19,894
Swaptions	14			14			—			—
Subtotal	198,351			48,238			—			150,113
Total	$	204,226		$	50,285		$	—		$	153,941
Derivative Liabilities:
Foreign-currency forward contracts	$	(3,286	)	$	(2,047	)	$	—		$	(1,239	)
Interest-rate swaps	(943		)	—			—			(943		)
Subtotal	(4,229		)	(2,047		)	—			(2,182		)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(64,364		)	(38,788		)	—			(25,576		)
Total-return and interest-rate swaps	(231,610		)	(5,304		)	(202,677		)	(23,629		)
Options and futures	(4,234		)	(4,146		)	(88		)	—
Subtotal	(300,208		)	(48,238		)	(202,765		)	(49,205		)
Total	$	(304,437	)	$	(50,285	)	$	(202,765	)	$	(51,387	)