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DERIVATIVES AND HEDGING (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Exchange Contracts, Statement of Financial Position
The fair value of freestanding derivatives consisted of the following:
AssetsLiabilities
NotionalFair ValueNotionalFair Value
As of March 31, 2024
Foreign-currency forward contracts$236,682 $1,906 $(226,612)$(1,642)
As of December 31, 2023
Foreign-currency forward contracts$221,910 $8,608 $(234,353)$(8,520)
Schedule of Impact of Derivative Instruments on Condensed Consolidated Statement of Operations
Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations as follows:
Three months ended March 31,
20242023
Investment income
$6,067 $(2,575)
General and administrative expense (1)
(5,757)— 
Total gain (loss)
$310 $(2,575)
(1)    To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income 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 March 31,
 20242023
Net Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on InvestmentsNet Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on Investments
Foreign-currency forward contracts
$(351)$5,735 $(1,614)$(3,984)
Total-return and interest-rate and credit default swaps— 633 (5)(12)
Options and futures(206)(388)432 (398)
Commodity swaps4,493 (1,581)2,608 15,170 
Total$3,936 $4,399 $1,421 $10,776 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of derivatives held by the consolidated funds consisted of the following:
AssetsLiabilities
NotionalFair ValueNotionalFair Value
As of March 31, 2024
Foreign-currency forward contracts$739,304 $1,591 $(26,973)$(16,218)
Total-return and interest-rate and credit default swaps34,351 7,711 (43,588)(29)
Options and futures15,797 6 (155,640)(2,714)
Total
$789,452 $9,308 $(226,201)$(18,961)
As of December 31, 2023
Foreign-currency forward contracts$508,174 $475 $(118,263)$(21,659)
Total-return and interest-rate and credit default swaps41,113 8,658 — — 
Options and futures6,749 — (163,187)(571)
Total
$556,036 $9,133 $(281,450)$(22,230)
Schedule of Balance Sheet Offsetting Assets The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of March 31, 2024Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts$1,906 $131 $— $1,775 
Derivative assets of consolidated funds:
Foreign-currency forward contracts
1,591 — — 1,591 
Total-return and interest-rate and credit default swaps7,711 — — 7,711 
Options and futures6 — — 6 
Subtotal9,308 — — 9,308 
Total$11,214 $131 $— $11,083 
Derivative Liabilities:
Foreign-currency forward contracts
$(1,642)$(131)$— $(1,511)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts
(16,218)— — (16,218)
Total-return and interest-rate and credit default swaps(29)— — (29)
Options and futures(2,714)— — (2,714)
Subtotal(18,961)— — (18,961)
Total$(20,603)$(131)$— $(20,472)

Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of December 31, 2023Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts$8,608 $510 $— $8,098 
Derivative assets of consolidated funds:
Foreign-currency forward contracts
475 — — 475 
Total-return and interest-rate and credit default swaps8,658 — — 8,658 
Options and futures
— — — — 
Subtotal
9,133 — — 9,133 
Total$17,741 $510 $— $17,231 
Derivative Liabilities:
Foreign-currency forward contracts$(8,520)$(510)$— $(8,010)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts(21,659)— — (21,659)
Options and futures
(571)— — (571)
Subtotal
(22,230)— — (22,230)
Total$(30,750)$(510)$— $(30,240)
Schedule of Balance Sheet Offsetting Liabilities The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of March 31, 2024Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts$1,906 $131 $— $1,775 
Derivative assets of consolidated funds:
Foreign-currency forward contracts
1,591 — — 1,591 
Total-return and interest-rate and credit default swaps7,711 — — 7,711 
Options and futures6 — — 6 
Subtotal9,308 — — 9,308 
Total$11,214 $131 $— $11,083 
Derivative Liabilities:
Foreign-currency forward contracts
$(1,642)$(131)$— $(1,511)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts
(16,218)— — (16,218)
Total-return and interest-rate and credit default swaps(29)— — (29)
Options and futures(2,714)— — (2,714)
Subtotal(18,961)— — (18,961)
Total$(20,603)$(131)$— $(20,472)

Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of December 31, 2023Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts$8,608 $510 $— $8,098 
Derivative assets of consolidated funds:
Foreign-currency forward contracts
475 — — 475 
Total-return and interest-rate and credit default swaps8,658 — — 8,658 
Options and futures
— — — — 
Subtotal
9,133 — — 9,133 
Total$17,741 $510 $— $17,231 
Derivative Liabilities:
Foreign-currency forward contracts$(8,520)$(510)$— $(8,010)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts(21,659)— — (21,659)
Options and futures
(571)— — (571)
Subtotal
(22,230)— — (22,230)
Total$(30,750)$(510)$— $(30,240)