Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.22.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
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 December 31, 2022 and 2021 (in thousands):
Level 1 Level 2 Level 3 Measured at
NAV		 Total
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 
December 31, 2021
Assets:
Exchange traded funds $ 1,171  $ —  $ —  $ —  $ 1,171 
Mutual funds 6,864  —  —  —  6,864 
Accrued performance allocations —  —  —  439,548  439,548 
Partnership interests —  —  —  39,685  39,685 
Other investments —  —  4,321  —  4,321 
Total assets at fair value $ 8,035  $ —  $ 4,321  $ 479,233  $ 491,589 
Liabilities:
General Partner Notes Payable $ —  $ —  $ —  $ 12,003  $ 12,003 
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):
Other
Investments
Balance as of December 31, 2020 $ 345 
Purchases 1,141 
Net unrealized gains 2,835 
Balance as of December 31, 2021 $ 4,321 
Purchases 4,048 
Balance as of December 31, 2022 $ 8,369 
Summary of Investments Valued Using NAV The following table presents investments carried at fair value using NAV (in thousands):
Fair Value Unfunded
Commitments
December 31, 2022:
Accrued performance allocations $ 554,723  $ — 
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 
 
December 31, 2021:
Accrued performance allocations $ 439,548  $ — 
Partnership interests:
Company-sponsored open-end fund 15,474  — 
Company-sponsored closed-end funds 16,510  20,885 
Third-party closed-end funds 7,701  2,436 
Total partnership interests $ 39,685  $ 23,321 
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):
Level 1 Level 2 Level 3 Total Carrying
Value
As of December 31, 2022:
Notes payable (private notes) $ —  $ —  $ 270,270  $ 270,270  $ 300,000 
As of December 31, 2021:
Notes payable (private notes) $ —  $ —  $ 144,577  $ 144,577  $ 150,000