Quarterly report [Sections 13 or 15(d)]

FAIR VALUE MEASUREMENTS (Tables)

v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table presents assets that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (in thousands):
Level 1 Level 2 Level 3 Measured at
NAV		 Total
March 31, 2025
Assets:
Common shares in publicly traded company $ 51  $ —  $ —  $ —  $ 51 
Exchange traded funds 3,268  —  —  —  3,268 
Mutual funds 18,078  —  —  —  18,078 
Accrued performance allocations —  —  —  327,150  327,150 
Partnership interests —  —  —  162,035  162,035 
Other investments —  —  12,801  —  12,801 
Total assets at fair value $ 21,397  $ —  $ 12,801  $ 489,185  $ 523,383 
Liabilities:
General Partner Notes Payable $ —  $ —  $ —  $ 2,455  $ 2,455 
December 31, 2024
Assets:
Common shares in publicly traded company $ 73  $ —  $ —  $ —  $ 73 
Exchange traded funds 3,157  —  —  —  3,157 
Mutual funds 17,889  —  —  —  17,889 
Accrued performance allocations —  —  —  339,560  339,560 
Partnership interests —  —  —  168,545  168,545 
Other investments —  —  12,615  —  12,615 
Total assets at fair value $ 21,119  $ —  $ 12,615  $ 508,105  $ 541,839 
Liabilities:
General Partner Notes Payable $ —  $ —  $ —  $ 2,782  $ 2,782 
Schedule of Changes in Fair Value of Company's Level 3 Assets
The following table presents a rollforward of Level 3 assets at cost adjusted for any impairment and observable price changes (in thousands):
Other
Investments
Balance as of December 31, 2024 $ 12,615 
Purchases 186 
Balance as of March 31, 2025 $ 12,801 
Schedule of Investments Valued Using NAV The following table presents investments carried at fair value using NAV (in thousands):
Fair Value Unfunded
Commitments
March 31, 2025:
Accrued performance allocations $ 327,150  N/A
Partnership interests:
Company-sponsored open-end fund $ 28,110  $ — 
Company-sponsored closed-end funds 118,145  8,671 
Third-party closed-end funds 15,780  7,082 
Total partnership interests $ 162,035  $ 15,753 
 
December 31, 2024:
Accrued performance allocations $ 339,560  N/A
Partnership interests:
Company-sponsored open-end fund $ 29,147  $ — 
Company-sponsored closed-end funds 124,034  9,994 
Third-party closed-end funds 15,364  6,257 
Total partnership interests $ 168,545  $ 16,251 
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Amortized Cost
The following table presents the carrying amounts and estimated fair values of financial instruments reported at amortized cost (in thousands):
Level 1 Level 2 Level 3 Total Carrying
Value
As of March 31, 2025:
Notes payable (private notes) $ —  $ —  $ 428,782  $ 428,782  $ 450,000 
As of December 31, 2024:
Notes payable (private notes) $ —  $ —  $ 418,347  $ 418,347  $ 450,000