| FAIR VALUE |
FAIR VALUE Fair Value of Financial Assets and Liabilities The Company’s other financial assets by fair-value hierarchy level are set forth below. There were no other financial liabilities as of March 31, 2025 and December 31, 2024. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2025 | | As of December 31, 2024 | | Level I | | Level II | | Level III (1) | | Total | | Level I | | Level II | | Level III | | Total | | Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate investments | $ | — | | | $ | 299,905 | | | $ | — | | | $ | 299,905 | | | $ | — | | | $ | 307,825 | | | $ | — | | | $ | 307,825 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets | $ | — | | | $ | 299,905 | | | $ | — | | | $ | 299,905 | | | $ | — | | | $ | 307,825 | | | $ | — | | | $ | 307,825 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair Value of Financial Instruments Held By Consolidated Funds The short-term nature of cash and cash-equivalents held at the consolidated funds causes their carrying value to approximate fair value. The fair value of cash-equivalents is a Level I valuation. Derivatives may relate to a mix of Level I, II or III investments, and therefore their fair-value hierarchy level may not correspond to the fair-value hierarchy level of the economically hedged investment. The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2025 | | As of December 31, 2024 | | Level I | | Level II | | Level III | | Total | | Level I | | Level II | | Level III | | Total | | Assets | | | | | | | | | | | | | | | | Investments: | | | | | | | | | | | | | | | | Corporate debt – bank debt | $ | — | | | $ | 242,768 | | | $ | 1,678,670 | | | $ | 1,921,438 | | | $ | — | | | $ | 281,918 | | | $ | 1,936,315 | | | $ | 2,218,233 | | Corporate debt – all other | — | | | 320,154 | | | 117,587 | | | 437,741 | | | — | | | 353,922 | | | 111,552 | | | 465,474 | | Equities – common stock | 198,980 | | | 81,389 | | | 1,171,456 | | | 1,451,825 | | | 222,670 | | | 39,290 | | | 1,187,023 | | | 1,448,983 | | Equities – preferred stock | 1,384 | | | — | | | 661,719 | | | 663,103 | | | 1,850 | | | — | | | 606,141 | | | 607,991 | | Real estate | — | | | — | | | 294,977 | | | 294,977 | | | — | | | — | | | 206,181 | | | 206,181 | | Total investments | 200,364 | | | 644,311 | | | 3,924,409 | | | 4,769,084 | | | 224,520 | | | 675,130 | | | 4,047,212 | | | 4,946,862 | | Derivatives: | | | | | | | | | | | | | | | | Foreign-currency forward contracts | 1,111 | | | 2,612 | | | — | | | 3,723 | | | — | | | 17,578 | | | — | | | 17,578 | | | Swaps | 697 | | | — | | | 17,346 | | | 18,043 | | | — | | | — | | | 15,771 | | | 15,771 | | | | | | | | | | | | | | | | | | Total derivatives (1) | 1,808 | | | 2,612 | | | 17,346 | | | 21,766 | | | — | | | 17,578 | | | 15,771 | | | 33,349 | | | Total assets | $ | 202,172 | | | $ | 646,923 | | | $ | 3,941,755 | | | $ | 4,790,850 | | | $ | 224,520 | | | $ | 692,708 | | | $ | 4,062,983 | | | $ | 4,980,211 | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives: | | | | | | | | | | | | | | | | Foreign-currency forward contracts | (19,018) | | | (1,111) | | | — | | | (20,129) | | | — | | | (8,513) | | | — | | | (8,513) | | | Swaps | — | | | — | | | — | | | — | | | — | | | (19) | | | — | | | (19) | | Options and futures | (6,161) | | | — | | | — | | | (6,161) | | | — | | | (4,853) | | | — | | | (4,853) | | | | | | | | | | | | | | | | | | Total derivatives (2) | (25,179) | | | (1,111) | | | — | | | (26,290) | | | — | | | (13,385) | | | — | | | (13,385) | | Total liabilities | $ | (25,179) | | | $ | (1,111) | | | $ | — | | | $ | (26,290) | | | $ | — | | | $ | (13,385) | | | $ | — | | | $ | (13,385) | |
(1) Amounts are included in derivative assets under “assets of consolidated funds” in the condensed consolidated statements of financial condition. (2) Amounts are included in derivative liabilities under “liabilities of consolidated funds” in the condensed consolidated statements of financial condition. The following tables set forth a summary of changes in the fair value of Level III investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate Debt – Bank Debt | | Corporate Debt – All Other | | Equities – Common Stock | | Equities – Preferred Stock | | Real Estate | | Swaps | | Total | | Three months ended March 31, 2025 | | | | | | | | | | | | | | | Beginning balance | $ | 1,936,315 | | | $ | 111,552 | | | $ | 1,187,023 | | | $ | 606,141 | | | $ | 206,181 | | | $ | 15,771 | | | $ | 4,062,983 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Transfers into Level III | 136,694 | | | 624 | | | — | | | 37 | | | 6,806 | | | — | | | 144,161 | | Transfers out of Level III | (93,836) | | | — | | | (6,806) | | | — | | | — | | | — | | | (100,642) | | | Purchases | 776,462 | | | 11,768 | | | 28,361 | | | 133,007 | | | 70,382 | | | 1,575 | | | 1,021,555 | | | Sales | (1,044,105) | | | (7,617) | | | (50,403) | | | (81,903) | | | (5,181) | | | — | | | (1,189,209) | | | Realized gain (losses), net | 10,954 | | | 7,585 | | | 19,861 | | | 6,344 | | | 592 | | | — | | | 45,336 | | | Unrealized appreciation (depreciation), net | (43,814) | | | (6,325) | | | (6,580) | | | (1,907) | | | 16,197 | | | — | | | (42,429) | | | Ending balance | $ | 1,678,670 | | | $ | 117,587 | | | $ | 1,171,456 | | | $ | 661,719 | | | $ | 294,977 | | | $ | 17,346 | | | $ | 3,941,755 | | | Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | (43,676) | | | $ | (6,325) | | | $ | 3,582 | | | $ | (1,907) | | | $ | 6,035 | | | $ | — | | | $ | (42,291) | | | Three months ended March 31, 2024 | | | | | | | | | | | | | | | Beginning balance | $ | 1,721,888 | | | $ | 260,292 | | | $ | 846,773 | | | $ | 599,636 | | | $ | 175,353 | | | $ | — | | | $ | 3,603,942 | | | | | | | | | | | | | | | | Initial consolidation of funds | 2,962 | | | — | | | — | | | — | | | — | | | — | | | 2,962 | | Transfers into Level III | 190,733 | | | 15,359 | | | 54,678 | | | — | | | 6,135 | | | — | | | 266,905 | | Transfers out of Level III | (255,229) | | | (65,930) | | | (15,660) | | | — | | | — | | | — | | | (336,819) | | | Purchases | 169,907 | | | 1,408 | | | 86,233 | | | 16,966 | | | 6,948 | | | — | | | 281,462 | | | Sales | (85,491) | | | (37,144) | | | (42,358) | | | (46) | | | — | | | — | | | (165,039) | | | Realized gains (losses), net | (328) | | | 915 | | | 11,149 | | | (94,657) | | | — | | | — | | | (82,921) | | | Unrealized appreciation (depreciation), net | 15,060 | | | 1,363 | | | 6,006 | | | 83,972 | | | (1,755) | | | — | | | 104,646 | | | Ending balance | $ | 1,759,502 | | | $ | 176,263 | | | $ | 946,821 | | | $ | 605,871 | | | $ | 186,681 | | | $ | — | | | $ | 3,675,138 | | Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | 11,488 | | | $ | (37) | | | $ | 3,784 | | | $ | 83,972 | | | $ | (1,753) | | | $ | — | | | $ | 97,454 | |
Total realized and unrealized gains and losses recorded for Level III investments are included in net realized gain on consolidated funds’ investments or net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Transfers out of Level III are generally attributable to certain investments that experienced a more significant level of market trading activity or completed an initial public offering during the respective period and thus were valued using observable inputs. Transfers into Level III typically reflect either investments that experienced a less significant level of market trading activity during the period or portfolio companies that undertook restructurings or bankruptcy proceedings and thus were valued in the absence of observable inputs. The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type | | Fair Value | | Valuation Technique | | Significant Unobservable Inputs (1)(2) | | Range | | Weighted Average (3) | | | | | | | | | | | | Credit-oriented investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consumer discretionary: | | $ | 97,480 | | | Discounted cash flow (6) | | Discount rate | | 16% - 20% | | 17% | | | 39,496 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 19,015 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x – 1.0x | | 1.0x | | | 2,177 | | | Expected Recovery (11) | | Not applicable | | Not applicable | | Not applicable | | | | | | | | | | | | | Energy: | | 32,739 | | | Discounted cash flow (6) | | Discount rate | | 16% - 16% | | 16% | | | | | | | | | | | | | | 436 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | Financials: | | 17,450 | | | Discounted cash flow (6) | | Discount rate | | 5% - 14% | | 5% | | | 30,155 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | | | | | | | | | | | | 21,282 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 0.5x - 1.0x | | 0.9x | | | 786 | | | Expected Recovery (11) | | Not applicable | | Not applicable | | Not applicable | | Health Care | | 120,357 | | | Discounted cash flow (6) | | Discount rate | | 9% - 19% | | 13% | | | 110 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 17,447 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | Industrials | | 56,184 | | | Discounted cash flow (6) | | Discount rate | | 10% - 68% | | 36% | | | 537 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 7.0x - 7.0x | | 7.0x | | | (90) | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 71,371 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | | | | | | | | | | | Materials: | | 134,939 | | | Discounted cash flow (6) | | Discount rate | | 7% - 14% | | 13% | | | | | | | | | | | | | | 22,145 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | Real estate: | | 225,912 | | | Discounted cash flow (6) | | Discount rate | | 6% - 17% | | 14% | | | 59,817 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 145,222 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x - 1.0x | | 1.0x | | | 4,573 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | Other: | | 207,170 | | | Discounted cash flow (6) | | Discount rate | | 8% - 19% | | 11% | | | 28,019 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 7.0x - 8.0x | | 7.3x | | | 11,822 | | | Market approach (comparable companies) (7) | | Revenue multiple (8) | | 2.1x - 2.1x | | 2.1x | | | 447,282 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | (230) | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | Equity investments: | | | | | | | | | | | | | 238,648 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 229,828 | | | Discounted cash flow (6) | | Discount rate | | 11% - 18% | | 14% | | | 23,830 | | | Discounted cash flow (6) / market approach (comparable companies) (7) | | Discount rate | | 12% - 12% | | 12% | | | | | Earnings multiple (10) | | 9.0x - 11.0x | | 10.0x | | | 500,128 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 1.0x - 17.0x | | 8.0x | | | 5,526 | | | Market approach (comparable companies) (7) | | Revenue multiple (8) | | 1.0x - 2.1x | | 1.9x | | | 8,980 | | | Expected Recovery (11) | | Not applicable | | Not applicable | | Not applicable | | | 1,807 | | | Black Scholes (12) | | Not applicable | | Not applicable | | Not applicable | | | 21,985 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 802,443 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 0.5x - 2.0x | | 1.0x |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Real estate-oriented investments: | | | | | | | | | | | Consumer discretionary: | | 57,854 | | | Discounted cash flow (6) | | Discount rate | | 20% - 20% | | 20% | Financials: | | 57,149 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x - 1.0x | | 1.0x | Real estate: | | 160,901 | | | Discounted cash flow (6) | | Discount rate | | 12% - 26% | | 16% | | | 14,253 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 4,820 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x - 1.0x | | 1.0x | Total Level III
investments | | $ | 3,941,755 | | | | | | | | | |
The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type | | Fair Value | | Valuation Technique | | Significant Unobservable
Inputs (1)(2) | | Range | | Weighted Average (3) | | | | | | | | | | | | Credit-oriented investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Communication services: | | 4,688 | | | Discounted cash flow (6) | | Discount rate | | 17% – 17% | | 17% | | | 17,474 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | (67) | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | Energy: | | 96,532 | | | Discounted cash flow (6) | | Discount rate | | 14% – 16% | | 15% | | | — | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 450 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 1,250 | | | Market approach (comparable companies) (7) | | Revenue multiple (8) | | 2.1x – 2.1x | | 2.1x | Financials: | | 94,375 | | | Discounted cash flow (6) | | Discount rate | | 5% – 14% | | 12% | | | 16,933 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 32,112 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 21,620 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 0.5x – 1.0x | | 0.9x | | | 11 | | | Expected Recovery (11) | | Quoted prices | | Not applicable | | Not applicable | | | 1,938 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 6.5x – 6.5x | | 6.5x | | Industrials: | | 75,017 | | | Discounted cash flow (6) | | Discount rate | | 0% – 20% | | 15% | | | 532 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 7.0x – 7.0x | | 7.0x | | | 79,595 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 10,771 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | Materials: | | 161,879 | | | Discounted cash flow (6) | | Discount rate | | 13% – 14% | | 13% | | | 22,744 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 228,948 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | Real estate: | | 39,981 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 198,904 | | | Discounted cash flow (6) | | Discount rate | | 12% – 19% | | 15% | | | 144,469 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x – 1.0x | | 1.0x | | | 26,839 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | Other: | | 62,281 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 19,529 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 6.5x – 7.0x | | 7.0x | | | 9,604 | | | Market approach (comparable companies) (7) | | Revenue multiple (8) | | 2.1x – 2.1x | | 2.1x | | | 46,921 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 585,355 | | | Discounted cash flow (6) | | Discount rate | | 0% – 27% | | 15% | | | 62,953 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x – 1.0x | | 1.0x | | Equity investments: | | | | | | | | | | | | | 202,057 | | | Recent transaction price (4) | | Quoted prices | | Not applicable | | Not applicable | | | 850,420 | | | Market approach (comparable companies) (7) | | Multiple of underlying assets (9) | | 1.0x – 1.0x | | 1.0x | | | 458,953 | | | Market approach (comparable companies) (7) | | Earnings multiple (10) | | 5.0x – 14.0x | | 9.6x | | | 213,813 | | | Discounted cash flow (6) | | Discount rate | | 4% – 18% | | 14% | | | 26,445 | | | Market approach (comparable companies) (7) | | Revenue multiple (8) | | 1.0x – 2.1x | | 1.2x | | | 25,295 | | | Discounted cash flow (6) / market approach (comparable companies) (7) | | Discount rate | | 11% – 11% | | 11% | | | | | Earnings multiple (10) | | 10.0x – 12.0x | | 11.0x | | | 5,979 | | | Recent market information (5) | | Quoted prices | | Not applicable | | Not applicable | | | 8,903 | | | Expected Recovery (11) | | Quoted prices | | Not applicable | | Not applicable |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,299 | | | Black Scholes (12) | | Quoted prices | | Not applicable | | Not applicable | | Real estate-oriented: | | | | | | | | | | | | Consumer discretionary: | | 60,960 | | | Discounted cash flow (6) | | Discount rate | | 20% – 20% | | 20% | | | | | | | | | | | | | Real estate: | | 145,221 | | | Discounted cash flow (6) | | Discount rate | | 4% – 26% | | 15% | Total Level III
investments | | $ | 4,062,983 | | | | | | | | | | | | | | | | | | | | |
(1) The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement. (2) Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement. (3) The weighted average is based on the fair value of the investments included in the range. (4) Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date. (5) Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. (6) A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios. (7) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying. (8) Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant. (9) A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets. (10) Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant. (11) Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down. (12) The fair value of options/warrants is estimated using the Black-Scholes-Merton valuation model. The company uses the following methods to determine the underlying assumptions: expected volatilities are based on the historical and implied volatilities of comparable companies or the subject company if the subject company is publicly traded; expected term is based on the shorter of the expected hold period for the option or the contractual term; and the risk-free rate is based on the yields on U.S. Treasury bills or bonds issued with similar terms to the expected term of the option. A significant amount of judgment may be required when using unobservable inputs, including assessing the accuracy of source data and the results of pricing models. The Company assesses the accuracy and reliability of the sources it uses to develop unobservable inputs. These sources may include third-party vendors that the Company believes are reliable and commonly utilized by other marketplace participants. As described in note 2, other factors beyond the unobservable inputs described above may have a significant impact on investment valuations. During the three months ended March 31, 2025, the valuation techniques for three credit-oriented investments were changed from recent market information to discounted cash flow, two equity investments were changed from market approach (comparable companies) to recent market information and one credit-oriented investment was changed from discounted cash flow to market approach (comparable companies). During the three months ended March 31, 2024, the valuation techniques for four credit-oriented investments were changed from market approach (comparable companies) to discounted cash flow, and one equity investment was changed from market approach (comparable companies) to recent market information.
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