FAIR VALUE MEASUREMENTS (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Fair Value Disclosures [Abstract] |
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| Summary 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 September 30, 2022 and December 31, 2021 (in thousands):
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Level 1 |
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Level 2 |
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Level 3 |
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Measured at
NAV |
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Total |
| September 30, 2022 |
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| Assets: |
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| Common shares in publicly traded company |
$ |
77 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
77 |
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| Exchange traded funds |
1,374 |
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— |
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— |
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— |
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1,374 |
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| Mutual funds |
8,058 |
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— |
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— |
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— |
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8,058 |
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| Accrued performance allocations |
— |
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— |
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— |
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559,160 |
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559,160 |
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| Partnership interests |
— |
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— |
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— |
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76,034 |
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76,034 |
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| Other investments |
— |
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— |
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7,364 |
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— |
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7,364 |
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| Total assets at fair value |
$ |
9,509 |
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$ |
— |
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$ |
7,364 |
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$ |
635,194 |
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$ |
652,067 |
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| Liabilities: |
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| General Partner notes payable |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
9,786 |
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$ |
9,786 |
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| December 31, 2021 |
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| Assets: |
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| Exchange traded funds |
$ |
1,171 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
1,171 |
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| Mutual funds |
6,864 |
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— |
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— |
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— |
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6,864 |
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| Accrued performance allocations |
— |
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— |
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— |
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439,548 |
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439,548 |
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| Partnership interests |
— |
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— |
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— |
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39,685 |
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39,685 |
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| Other investments |
— |
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— |
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4,321 |
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— |
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4,321 |
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| Total assets at fair value |
$ |
8,035 |
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$ |
— |
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$ |
4,321 |
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$ |
479,233 |
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$ |
491,589 |
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| Liabilities: |
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| General Partner notes payable |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
12,003 |
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$ |
12,003 |
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| Summary 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):
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Other
Investments |
| Balance as of December 31, 2021 |
$ |
4,321 |
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| Purchases |
3,043 |
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| Balance as of September 30, 2022 |
$ |
7,364 |
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| Summary of Investments Valued Using NAV Per Share |
The following table presents investments carried at fair value using NAV (in thousands):
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Fair Value |
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Unfunded
Commitments |
| September 30, 2022: |
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| Accrued performance allocations |
$ |
559,160 |
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$ |
— |
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| Partnership interests: |
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| Company-sponsored open-end fund |
27,198 |
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|
150 |
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| Company-sponsored closed-end funds |
37,267 |
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|
5,330 |
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| Third-party closed-end funds |
11,569 |
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|
6,072 |
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| Total partnership interests |
$ |
76,034 |
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$ |
11,552 |
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| December 31, 2021: |
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| Accrued performance allocations |
$ |
439,548 |
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$ |
— |
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| Partnership interests: |
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| Company-sponsored open-end fund |
15,474 |
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— |
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| Company-sponsored closed-end funds |
16,510 |
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|
20,885 |
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| Third-party closed-end funds |
7,701 |
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|
2,436 |
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| Total partnership interests |
$ |
39,685 |
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$ |
23,321 |
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| Summary 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):
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Carrying
Value |
| As of September 30, 2022: |
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| Notes payable (private notes) |
$ |
— |
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$ |
— |
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$ |
270,857 |
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$ |
270,857 |
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$ |
300,000 |
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| As of December 31, 2021: |
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| Notes payable (private notes) |
$ |
— |
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$ |
— |
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$ |
144,577 |
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$ |
144,577 |
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$ |
150,000 |
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