v3.25.1
DERIVATIVES AND HEDGING (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Derivative Instruments on Condensed Consolidated Statement of Operations
Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations as follows:
Three months ended March 31,
20252024
Investment income (loss)
$— $6,067 
General and administrative expense (1)
— (5,757)
Total gain (loss)
$— $310 
(1)    To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense.
The impact of derivatives held by the consolidated funds in the condensed consolidated statements of operations was as follows:
Three months ended March 31,
 20252024
Net Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on InvestmentsNet Realized Gain (Loss) on InvestmentsNet Change in Unrealized Appreciation (Depreciation) on Investments
Foreign-currency forward contracts
$5,455 $(25,471)$(351)$5,735 
Total-return and interest-rate and credit default swaps(627)716 — 633 
Options and futures1,239 (1,880)(206)(388)
Commodity swaps— — 4,493 (1,581)
Total$6,067 $(26,635)$3,936 $4,399 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of derivatives held by the consolidated funds consisted of the following:
AssetsLiabilities
NotionalFair ValueNotionalFair Value
As of March 31, 2025
Foreign-currency forward contracts$780,526 $3,723 $(161,599)$(20,129)
Total-return and interest-rate and credit default swaps218,038 18,043 — — 
Options and futures— — (28,803)(6,161)
Total
$998,564 $21,766 $(190,402)$(26,290)
As of December 31, 2024
Foreign-currency forward contracts$797,475 $17,578 $(81,625)$(8,513)
Total-return and interest-rate and credit default swaps15,207 15,771 (203,533)(19)
Options and futures— — (13,435)(4,853)
Total
$812,682 $33,349 $(298,593)$(13,385)
Schedule of Balance Sheet Offsetting Assets The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of March 31, 2025Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts
3,723 — — 3,723 
Total-return and interest-rate and credit default swaps18,043 — — 18,043 
Options and futures— — — — 
Total$21,766 $— $— $21,766 
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts
(20,129)— — (20,129)
Total-return and interest-rate and credit default swaps— — — — 
Options and futures(6,161)— — (6,161)
Total$(26,290)$— $— $(26,290)
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of December 31, 2024Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts
$17,578 $— $— $17,578 
Total-return and interest-rate and credit default swaps15,771 — — 15,771 
Options and futures
— — — — 
Total$33,349 $— $— $33,349 
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts$(8,513)$— $— $(8,513)
Total-return and interest-rate and credit default swaps(19)— — (19)
Options and futures
(4,853)— — (4,853)
Total$(13,385)$— $— $(13,385)
Schedule of Balance Sheet Offsetting Liabilities The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the condensed consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of March 31, 2025Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts
3,723 — — 3,723 
Total-return and interest-rate and credit default swaps18,043 — — 18,043 
Options and futures— — — — 
Total$21,766 $— $— $21,766 
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts
(20,129)— — (20,129)
Total-return and interest-rate and credit default swaps— — — — 
Options and futures(6,161)— — (6,161)
Total$(26,290)$— $— $(26,290)
Gross Amounts of Assets (Liabilities) PresentedGross Amounts Not Offset in Statements of Financial ConditionNet Amount
As of December 31, 2024Derivative Assets (Liabilities)Cash Collateral Received (Pledged)
Derivative Assets:
Derivative assets of consolidated funds:
Foreign-currency forward contracts
$17,578 $— $— $17,578 
Total-return and interest-rate and credit default swaps15,771 — — 15,771 
Options and futures
— — — — 
Total$33,349 $— $— $33,349 
Derivative Liabilities:
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts$(8,513)$— $— $(8,513)
Total-return and interest-rate and credit default swaps(19)— — (19)
Options and futures
(4,853)— — (4,853)
Total$(13,385)$— $— $(13,385)