FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The Company’s other financial assets and financial liabilities by fair-value hierarchy level are set forth below. Please see notes 8 and 14 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively.

	As of March 31, 2024								As of December 31, 2023
	Level I		Level II		Level III (1)		Total		Level I		Level II		Level III		Total
Assets
Corporate investments	$	67,028	$	299,886	$	16,074	$	382,988	$	72,085	$	317,551	$	20,994	$	410,630
SPAC common stock and earn-out shares included in other assets	26,959		—		—		26,959		25,360		—		1,797		$	27,157
Foreign-currency forward contracts included in corporate investments	—		1,775		—		1,775		—		—		—		—
Foreign-currency forward contracts included in other assets	—		—		—		—		—		8,098		—		8,098
Total assets	$	93,987	$	301,661	$	16,074	$	411,722	$	97,445	$	325,649	$	22,791	$	445,885
Liabilities
Foreign-currency forward contracts included in corporate investments	$	—	$	—	$	—	$	—	$	—	$	(8,010)	$	—	$	(8,010)
Foreign-currency forward contracts included in other liabilities	—		(1,511)		—		(1,511)		—		—		—		—
Total liabilities	$	—	$	(1,511)	$	—	$	(1,511)	$	—	$	(8,010)	$	—	$	(8,010)

(1)    The level III financial instrument represents a mezzanine loan purchased during the second quarter of 2023. The loan was valued using recent market information and the significant unobservable input was broker quotations. The primary change of Level III financial instrument during the period was for the conversion of earn-out shares to common shares, which are included in Level I.

Schedule of Valuation Techniques and Quantitative Information

The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of March 31, 2024:

Investment Type	Fair Value		Valuation Technique	Significant Unobservable Inputs (1)(2)	Range	Weighted Average (3)
Credit-oriented investments:
Consumer discretionary:	$	51,724	Discounted cash flow (6)	Discount rate	13% - 17%	16%
	29,664		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	29,434		Recent transaction price (7)	Quoted prices	Not applicable	Not applicable
Energy:	67,564		Discounted cash flow (6)	Discount rate	18% - 18%	18%
	2,282		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Financials:	29,467		Discounted cash flow (6)	Discount rate	9% - 15%	15%
	30,929		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	21,252		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.5x - 1.0x	0.9x
	197		Expected Recovery (11)	Not applicable	Not applicable	Not applicable
Industrials	154,026		Discounted cash flow (6)	Discount rate	10% - 15%	13%
	7,870		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	4,160		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
Materials:	366,923		Discounted cash flow (6)	Discount rate	10% - 15%	13%
	3,708		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	67,056		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
Real estate:	204,909		Discounted cash flow (6)	Discount rate	4% - 19%	15%
	32,174		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	186,479		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	1.0x - 1.0x	1.0x
	36,477		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Other:	576,440		Discounted cash flow (6)	Discount rate	6% - 19%	17%
	24,390		Market approach (comparable companies) (7)	Earnings multiple (10)	6.0x - 9.0x	6.5x
	7,668		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	972		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
Equity investments:
	150,186		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	98,616		Discounted cash flow (6)	Discount rate	12% - 18%	15%
	22,364		Discounted cash flow (6) / market approach (comparable companies) (7)	Discount rate	11% - 11%	11%
				Earnings multiple (10)	10.0x - 12.0x	11.0x
	372,859		Market approach (comparable companies) (7)	Earnings multiple (10)	6.0x - 13.0x	9.4x
	31,742		Market approach (comparable companies) (7)	Revenue multiple (8)	2.0x - 2.0x	2.0x
	10,731		Expected Recovery (11)	Not applicable	Not applicable	Not applicable
	1,084		Black Scholes (12)	Not applicable	Not applicable	Not applicable
	24,831		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	840,279		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.5x - 1.0x	1.0x
Real estate-oriented investments:
Consumer discretionary:	60,800		Discounted cash flow (6)	Discount rate	20% - 20%	20%
Real estate:	125,881		Discounted cash flow (6)	Discount rate	4% - 23%	15%
Total Level III    investments	$	3,675,138

The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2023:

Investment Type	Fair Value		Valuation Technique	Significant Unobservable Inputs (1)(2)	Range	Weighted Average (3)
Credit-oriented investments:
Consumer discretionary:	$	11,311	Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	351		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	55,326		Discounted cash flow (6)	Discount rate	13% – 17%	16%
Energy:	15,873		Discounted cash flow (6)	Discount rate	14% – 14%	14%
	69,871		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	2,325		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Financials:	26,689		Discounted cash flow (6)	Discount rate	12% – 15%	15%
	3,646		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	26,102		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	20,520		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.5x – 1.0x	0.7x
Industrials:	79,824		Discounted cash flow (6)	Discount rate	11% – 15%	13%
	62,544		Market approach (comparable companies) (7)	Earnings multiple (10)	9.8x – 9.8x	9.8x
	51,788		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	452		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Materials:	306,319		Discounted cash flow (6)	Discount rate	10% – 15%	12%
	193,614		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	—		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Real estate:	35,084		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	211,211		Discounted cash flow (6)	Discount rate	13% – 15%	15%
	193,771		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	1.0x – 1.0x	1.0x
	37,419		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Other:	4,316		Recent market information (5)	Quoted prices	Not applicable	Not applicable
	19,820		Market approach (comparable companies) (7)	Earnings multiple (10)	6.0x – 6.0x	6.0x
	1,345		Market approach (comparable companies) (7)	Revenue multiple (8)	0.3x – 0.3x	0.3x
	1,612		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	551,047		Discounted cash flow (6)	Discount rate	9% – 19%	18%
Equity investments:
	179,009		Recent transaction price (4)	Quoted prices	Not applicable	Not applicable
	670,215		Market approach (comparable companies) (7)	Multiple of underlying assets (9)	0.9x – 1.0x	1.0x
	396,688		Market approach (comparable companies) (7)	Earnings multiple (10)	2.0x – 11.0x	8.5x
	102,981		Discounted cash flow (6)	Discount rate	12% – 20%	15%
	60,841		Market approach (comparable companies) (7)	Revenue multiple (8)	1.0x – 2.0x	1.5x
	22,573		Discounted cash flow (6) / market approach (comparable companies) (7)	Discount rate	12% – 12%	12%
				Earnings multiple (10)	9.0x – 11.0x	10.0x
	14,102		Recent market information (5)	Quoted prices	Not applicable	Not applicable
Real estate-oriented:
Consumer discretionary:	61,357		Discounted cash flow (6)	Discount rate	20% – 20%	20%
Real estate:	113,996		Discounted cash flow (6)	Discount rate	4% – 27%	14%
Total Level III    investments	$	3,603,942

(1)    The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement.

(2)    Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement.

(3)    The weighted average is based on the fair value of the investments included in the range.

(4)    Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date.

(5)    Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions.

(6)    A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios.

(7)    A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying.

(8)    Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant.

(9)    A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets.

(10)    Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant.

(11)    Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down.

(12)     The fair value of options/warrants is estimated using the Black-Scholes-Merton valuation model. The company uses the following methods to determine the underlying assumptions: expected volatilities are based on the historical and implied volatilities of comparable companies or the subject company if the subject company is publicly traded; expected term is based on the shorter of the expected hold period for the option or the contractual term; and the risk-free rate is based on the yields on U.S. Treasury bills or bonds issued with similar terms to the expected term of the option.

The following table set forth the significant valuation inputs, including the input range and weighted average rate utilized in determining the fair value of the Company’s CLO beneficial interests held at March 31, 2024:

Valuation Input	Low	High	Weighted Average Rate
Discount rates	16.0%	37.0%	22.6%
Constant default rates	2.0%	2.0%	2.0%
Recovery rates	60.0%	65.0%	62.8%

Schedule of Valuation of Investments and Other Financial Instruments

The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level:

	As of March 31, 2024								As of December 31, 2023
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
Investments:
Corporate debt – bank debt	$	—	$	1,367,064	$	1,759,502	$	3,126,566	$	—	$	641,615	$	1,721,888	$	2,363,503
Corporate debt – all other	—		543,566		176,263		719,829		—		698,763		260,292		959,055
Equities – common stock	183,341		—		946,821		1,130,162		165,649		31,779		846,773		1,044,201
Equities – preferred stock	2,667		—		605,871		608,538		1,929		—		599,636		601,565
Real estate	—		—		186,681		186,681		—		—		175,353		175,353
Total investments	186,008		1,910,630		3,675,138		5,771,776		167,578		1,372,157		3,603,942		5,143,677
Derivatives:
Foreign-currency forward contracts	—		1,591		—		1,591		—		475		—		475
Swaps	7,711		—		—		7,711		8,658		—		—		8,658
Options and futures	6		—		—		6		—		—		—		—
Total derivatives (1)	7,717		1,591		—		9,308		8,658		475		—		9,133
Total assets	$	193,725	$	1,912,221	$	3,675,138	$	5,781,084	$	176,236	$	1,372,632	$	3,603,942	$	5,152,810
Liabilities
CLO debt obligations:
Senior secured notes	$	—	$	(381,666)	$	—	$	(381,666)	$	—	$	—	$	—	$	—
Total CLO debt obligations (2)	—		(381,666)		—		(381,666)		—		—		—		—
Derivatives:
Foreign-currency forward contracts	—		(16,218)		—		(16,218)		—		(21,659)		—		(21,659)
Swaps	—		(29)		—		(29)		—		—		—		—
Options and futures	(2,714)		—		—		(2,714)		(571)		—		—		(571)
Total derivatives (3)	(2,714)		(16,247)		—		(18,961)		(571)		(21,659)		—		(22,230)
Total liabilities	$	(2,714)	$	(397,913)	$	—	$	(400,627)	$	(571)	$	(21,659)	$	—	$	(22,230)

(1)    Amounts are included in other assets under “assets of consolidated funds” in the condensed consolidated statements of financial condition.

(2)    The fair value of CLO liabilities is classified based on the more observable fair value of CLO assets. Please see notes 2 and 8 for more information.

(3)    Amounts are included in accounts payable, accrued expenses and other liabilities under “liabilities of consolidated funds” in the condensed consolidated statements of financial condition.

Schedule of Changes in Fair Value of Level III Investments

The following tables set forth a summary of changes in the fair value of Level III investments:

	Corporate Debt – Bank Debt		Corporate Debt – All Other		Equities – Common Stock		Equities – Preferred Stock		Real Estate		Total
Three months ended March 31, 2024
Beginning balance	$	1,721,888	$	260,292	$	846,773	$	599,636	$	175,353	$	3,603,942
Initial consolidation of funds	2,962		—		—		—		—		2,962
Transfers into Level III	190,733		15,359		54,678		—		6,135		266,905
Transfers out of Level III	(255,229)		(65,930)		(15,660)		—		—		(336,819)
Purchases	169,907		1,408		86,233		16,966		6,948		281,462
Sales	(85,491)		(37,144)		(42,358)		(46)		—		(165,039)
Realized gain (losses), net	(328)		915		11,149		(94,657)		—		(82,921)
Unrealized appreciation (depreciation), net	15,060		1,363		6,006		83,972		(1,755)		104,646
Ending balance	$	1,759,502	$	176,263	$	946,821	$	605,871	$	186,681	$	3,675,138
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	11,488	$	(37)	$	3,784	$	83,972	$	(1,753)	$	97,454
Three months ended March 31, 2023
Beginning balance	$	702,497	$	219,503	$	777,198	$	616,604	$	74,471	$	2,390,273
Transfers into Level III	159		5,421		—		—		—		5,580
Transfers out of Level III	(4,473)		(978)		—		—		—		(5,451)
Purchases	278,808		657		44,992		4,191		7,286		335,934
Sales	(2,863)		—		(25,201)		(35,223)		—		(63,287)
Realized gains (losses), net	31		(228)		12,868		8,987		(2)		21,656
Unrealized appreciation (depreciation), net	(11,843)		2,789		(48)		(11,959)		3,550		(17,511)
Ending balance	$	962,316	$	227,164	$	809,809	$	582,600	$	85,305	$	2,667,194
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(11,987)	$	2,789	$	(49)	$	(11,959)	$	3,552	$	(17,654)