Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 (in thousands):
Level 1 Level 2 Level 3 Measured at
NAV		 Total
September 30, 2023
Assets:
Common shares in publicly traded company $ 110  $ —  $ —  $ —  $ 110 
Exchange traded funds 1,864  —  —  —  1,864 
Mutual funds 10,826  —  —  —  10,826 
Accrued performance allocations —  —  —  377,474  377,474 
Partnership interests —  —  —  192,211  192,211 
Other investments —  —  8,272  —  8,272 
Total assets at fair value $ 12,800  $ —  $ 8,272  $ 569,685  $ 590,757 
Liabilities:
General Partner Notes Payable $ —  $ —  $ —  $ 4,165  $ 4,165 
December 31, 2022
Assets:
Common shares in publicly traded company $ 86  $ —  $ —  $ —  $ 86 
Exchange traded funds 2,117  —  —  —  2,117 
Mutual funds 12,411  —  —  —  12,411 
Accrued performance allocations —  —  —  554,723  554,723 
Partnership interests —  —  —  77,087  77,087 
Other investments —  —  8,369  —  8,369 
Total assets at fair value $ 14,614  $ —  $ 8,369  $ 631,810  $ 654,793 
Liabilities:
General Partner Notes Payable $ —  $ —  $ —  $ 8,633  $ 8,633 
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, 2022 $ 8,369 
Purchases 1,461 
Conversion of note receivable 1,559 
Contribution of warehoused investments to managed funds (3,117)
Balance as of September 30, 2023 $ 8,272 
Schedule of Investments Valued Using NAV Per Share The following table presents investments carried at fair value using NAV (in thousands):
Fair Value Unfunded
Commitments
September 30, 2023:
Accrued performance allocations $ 377,474  N/A
Partnership interests:
Company-sponsored open-end fund $ 49,533  $ — 
Company-sponsored closed-end funds 133,194  18,997 
Third-party closed-end funds 9,484  593 
Total partnership interests $ 192,211  $ 19,590 
 
December 31, 2022:
Accrued performance allocations $ 554,723  N/A
Partnership interests:
Company-sponsored open-end fund $ 26,169  $ 20,755 
Company-sponsored closed-end funds 39,120  3,763 
Third-party closed-end funds 11,798  5,569 
Total partnership interests $ 77,087  $ 30,087 
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 September 30, 2023:
Notes payable (private notes) $ —  $ —  $ 407,258  $ 407,258  $ 450,000 
As of December 31, 2022:
Notes payable (private notes) $ —  $ —  $ 270,270  $ 270,270  $ 300,000