| REALIZED AND UNREALIZED GAINS (LOSSES) |
REALIZED AND UNREALIZED GAINS (LOSSES) Realized gains (losses) in the condensed consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments and other financial instruments, including the General Partner Notes Payable for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.
The following tables summarize realized gains (losses) on investments and other financial instruments for the three and nine months ended September 30, 2024 and 2023 (in thousands):
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Three Months Ended
September 30, 2024 |
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Three Months Ended
September 30, 2023 |
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Net Realized
Gains (Losses)
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Net Unrealized Gains (Losses)
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Total |
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Net Realized
Gains (Losses)
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Net Unrealized
Gains (Losses)
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Total |
| Investment in Company-sponsored funds |
$ |
432 |
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$ |
(939) |
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$ |
(507) |
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$ |
(2,474) |
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$ |
883 |
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$ |
(1,591) |
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| Investment in third-party partnerships |
(120) |
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(2,596) |
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(2,716) |
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(241) |
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65 |
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(176) |
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| Other investments |
— |
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(566) |
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(566) |
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— |
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— |
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— |
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| General Partner Notes Payable |
— |
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237 |
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237 |
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(136) |
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1,426 |
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1,290 |
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| Total realized and unrealized gains (losses) |
$ |
312 |
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$ |
(3,864) |
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$ |
(3,552) |
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$ |
(2,851) |
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$ |
2,374 |
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$ |
(477) |
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Nine Months Ended
September 30, 2024 |
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Nine Months Ended
September 30, 2023 |
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Net Realized
Gains (Losses) |
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Net Unrealized
Gains (Losses) |
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Total |
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Net Realized
Gains (Losses) |
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Net Unrealized
Gains (Losses) |
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Total |
| Investment in Company-sponsored funds |
$ |
(417) |
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$ |
(11,860) |
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$ |
(12,277) |
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$ |
(1,755) |
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$ |
(1,188) |
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$ |
(2,943) |
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| Investment in third-party partnerships |
(381) |
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81 |
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(300) |
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(391) |
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98 |
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(293) |
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| Other investments |
— |
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1,785 |
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1,785 |
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— |
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— |
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— |
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| General Partner Notes Payable |
— |
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— |
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— |
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(327) |
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3,003 |
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2,676 |
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| Total realized and unrealized (losses) gains |
$ |
(798) |
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$ |
(9,994) |
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$ |
(10,792) |
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$ |
(2,473) |
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$ |
1,913 |
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$ |
(560) |
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