The following table provides information for investments using NAV to determine fair value as of March 31 (in thousands):
2019
NUMBER OF
FUNDS
$
FAIR VALUE ESTIMATED
LIQUIDATION
PERIOD
REDEMPTION
FREQUENCY
Finance and lending (a) 1 3,515 1 to 6 years None
Finance and lending (a) 1 12,441 — Quarterly
Global (b) 1 4,433 1 to 11 years None
Global (b) 1 4,076 — Daily
North America (c) 1 5,203 1 to 11 years None
Distressed opportunities (d) 2 6,427 1 to 12 years None
Real estate (e) 1 5,747 — None
FAIR VALUE ESTIMATED
LIQUIDATION
PERIOD REDEMPTION
FREQUENCY
$
41,842
2018
NUMBER OF
FUNDS
Finance and lending (a) 1 8,893 1 to 6 years None
Finance and lending (a) 1
$
12,015 — Quarterly
Global (b) 1 4,504 1 to 11 years None
Global (b) 1 4,632 — Daily
North America (c) 1 6,905 1 to 11 years None
Distressed Opportunities (d) 2 5,410 1 to 12 years None
$
42,359
(a) The funds’ primary investment objective is to make investments through direct origination and through
secondary market transactions in first and second lien corporate loans and securities, and to a lesser extent,
preferred stock, convertible securities, participation interests, swaps and other contractual for derivative
rights or instruments.
(b) The funds’ primary investment objective is to purchase and manage investments in the global markets.
Investments include equity and debt securities, preferred stock, convertible securities, participation interest,
swaps and other contractual for derivative rights or instruments. These investments are invested in a broad
range of industries.
(c) The funds’ primary investment objective is to purchase and manage investment opportunities primarily in
the United States and Canada. Investments include equity and debt securities, preferred stock, convertible
securities, participation interest, swaps and other contractual for derivative rights or instruments. These
investments are invested in a broad range of industries.
M anagement ' s D iscussion and A nalysis
63