Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.23.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 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 June 30, 2023 and December 31, 2022 (in thousands):
Level 1 Level 2 Level 3 Measured at
NAV		 Total
June 30, 2023
Assets:
Common shares in publicly traded company $ 162  $ —  $ —  $ —  $ 162 
Exchange traded funds 1,824  —  —  —  1,824 
Mutual funds 10,638  —  —  —  10,638 
Accrued performance allocations —  —  —  428,414  428,414 
Partnership interests —  —  —  196,471  196,471 
Other investments —  —  11,379  —  11,379 
Total assets at fair value $ 12,624  $ —  $ 11,379  $ 624,885  $ 648,888 
Liabilities:
General Partner Notes Payable $ —  $ —  $ —  $ 7,091  $ 7,091 
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 1,451 
Conversion of note receivable 1,559 
Balance as of June 30, 2023 $ 11,379 
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
June 30, 2023:
Accrued performance allocations $ 428,414  N/A
Partnership interests:
Company-sponsored open-end fund $ 47,873  $ — 
Company-sponsored closed-end funds 134,445  28,665 
Third-party closed-end funds 14,153  8,127 
Total partnership interests $ 196,471  $ 36,792 
 
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 June 30, 2023:
Notes payable (private notes) $ —  $ —  $ 418,857  $ 418,857  $ 450,000 
As of December 31, 2022:
Notes payable (private notes) $ —  $ —  $ 270,270  $ 270,270  $ 300,000