Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| 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 March 31, 2022 and December 31, 2021 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at |
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
NAV |
|
|
Total |
|
March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange traded funds |
|
$ |
1,576 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,576 |
|
Mutual funds |
|
|
9,374 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,374 |
|
Accrued performance allocations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
505,410 |
|
|
|
505,410 |
|
Partnership interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
53,888 |
|
|
|
53,888 |
|
Other investments |
|
|
— |
|
|
|
— |
|
|
|
4,326 |
|
|
|
— |
|
|
|
4,326 |
|
Total assets at fair value |
|
$ |
10,950 |
|
|
$ |
— |
|
|
$ |
4,326 |
|
|
$ |
559,298 |
|
|
$ |
574,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Partner notes payable |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,729 |
|
|
$ |
11,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2021 |
$ |
4,321 |
|
Purchases |
|
5 |
|
Balance as of March 31, 2022 |
$ |
4,326 |
|
|
| Summary of Investments Valued Using NAV Per Share |
The following table presents investments carried at fair value using NAV (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
|
|
|
Fair Value |
|
|
Commitments |
|
March 31, 2022: |
|
|
|
|
|
|
Accrued performance allocations |
|
$ |
505,410 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
Partnership interests: |
|
|
|
|
|
|
Company-sponsored open-end fund |
|
|
14,440 |
|
|
|
— |
|
Company-sponsored closed-end funds |
|
|
28,983 |
|
|
|
3,927 |
|
Third-party closed-end funds |
|
|
10,465 |
|
|
|
4,258 |
|
Total partnership interests |
|
$ |
53,888 |
|
|
$ |
8,185 |
|
|
|
\ |
|
|
|
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Value |
|
As of March 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable (private notes) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
138,122 |
|
|
$ |
138,122 |
|
|
$ |
150,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable (private notes) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
144,577 |
|
|
$ |
144,577 |
|
|
$ |
150,000 |
|
|