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SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Financial Results for Company's Operating Segments and OMG

The following tables present the financial results for the Company’s operating segments, as well as the OMG:

			Three months ended September 30, 2023
			Credit Group						Private Equity Group						Real Assets Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	443,961					$	56,447					$	92,754					$	42,949					$	7,538					$	643,649					$	—					$	643,649
Fee related performance revenues			44						—						—						2,168						—						2,212						—						2,212
Other fees			6,822						810						6,308						8						83						14,031						5,717						19,748
Compensation and benefits			(123,953)						(20,364)						(37,608)						(16,066)						(3,233)						(201,224)						(90,347)						(291,571)
General, administrative and other expenses			(23,441)						(8,122)						(10,318)						(4,541)						(924)						(47,346)						(52,460)						(99,806)
Fee related earnings			303,433						28,771						51,136						24,518						3,464						411,322						(137,090)						274,232
Performance income—realized			12,223						(15)						5,589						—						—						17,797						—						17,797
Performance related compensation—realized			(7,181)						15						(3,338)						—						—						(10,504)						—						(10,504)
Realized net performance income			5,042						—						2,251						—						—						7,293						—						7,293
Investment income (loss)—realized			1,475						(4,631)						(875)						—						—						(4,031)						—						(4,031)
Interest and other investment income—realized			5,136						679						3,148						552						3,305						12,820						114						12,934
Interest expense			(5,310)						(4,828)						(3,985)						(2,020)						(9,809)						(25,952)						(23)						(25,975)
Realized net investment income (loss)			1,301						(8,780)						(1,712)						(1,468)						(6,504)						(17,163)						91						(17,072)
Realized income			$	309,776					$	19,991					$	51,675					$	23,050					$	(3,040)					$	401,452					$	(136,999)					$	264,453
			Three months ended September 30, 2022
			Credit Group						Private Equity Group						Real Assets Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	361,073					$	52,316					$	91,013					$	44,385					$	2,981					$	551,768					$	—					$	551,768
Fee related performance revenues			—						—						855						235						—						1,090						—						1,090
Other fees			8,160						556						11,493						—						50						20,259						7,547						27,806
Compensation and benefits			(108,618)						(26,865)						(46,947)						(19,191)						(2,080)						(203,701)						(61,084)						(264,785)
General, administrative and other expenses			(19,250)						(7,824)						(10,032)						(3,215)						(493)						(40,814)						(41,907)						(82,721)
Fee related earnings			241,365						18,183						46,382						22,214						458						328,602						(95,444)						233,158
Performance income—realized			3,045						—						26,939						—						—						29,984						—						29,984
Performance related compensation—realized			(1,737)						(5)						(17,115)						(1)						—						(18,858)						—						(18,858)
Realized net performance income (loss)			1,308						(5)						9,824						(1)						—						11,126						—						11,126
Investment income—realized			4,495						8						339						—						—						4,842						—						4,842
Interest and other investment income (expense)—realized			8,847						201						2,180						424						1,142						12,794						(171)						12,623
Interest expense			(4,066)						(4,183)						(3,095)						(1,753)						(5,082)						(18,179)						(128)						(18,307)
Realized net investment income (loss)			9,276						(3,974)						(576)						(1,329)						(3,940)						(543)						(299)						(842)
Realized income			$	251,949					$	14,204					$	55,630					$	20,884					$	(3,482)					$	339,185					$	(95,743)					$	243,442

			Nine months ended September 30, 2023
			Credit Group						Private Equity Group						Real Assets Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	1,272,273					$	166,622					$	285,463					$	124,597					$	19,065					$	1,868,020					$	—					$	1,868,020
Fee related performance revenues			866						—						334						5,737						—						6,937						—						6,937
Other fees			24,834						2,221						24,616						13						268						51,952						18,205						70,157
Compensation and benefits			(363,091)						(63,022)						(116,232)						(46,101)						(9,759)						(598,205)						(261,325)						(859,530)
General, administrative and other expenses			(68,479)						(25,422)						(33,465)						(12,984)						(2,120)						(142,470)						(148,099)						(290,569)
Fee related earnings			866,403						80,399						160,716						71,262						7,454						1,186,234						(391,219)						795,015
Performance income—realized			81,576						88,120						14,412						5,460						—						189,568						—						189,568
Performance related compensation—realized			(51,218)						(68,812)						(8,764)						(4,678)						—						(133,472)						—						(133,472)
Realized net performance income			30,358						19,308						5,648						782						—						56,096						—						56,096
Investment income (loss)—realized			19,546						(1,668)						(4,196)						—						170						13,852						—						13,852
Interest and other investment income—realized			17,226						4,403						7,362						1,959						11,492						42,442						350						42,792
Interest expense			(21,131)						(16,178)						(11,987)						(6,776)						(20,668)						(76,740)						(60)						(76,800)
Realized net investment income (loss)			15,641						(13,443)						(8,821)						(4,817)						(9,006)						(20,446)						290						(20,156)
Realized income			$	912,402					$	86,264					$	157,543					$	67,227					$	(1,552)					$	1,221,884					$	(390,929)					$	830,955
			Nine months ended September 30, 2022
			Credit Group						Private Equity Group						Real Assets Group						Secondaries Group						Other						Total Segments						OMG						Total
Management fees			$	1,016,696					$	145,669					$	254,233					$	135,090					$	7,882					$	1,559,570					$	—					$	1,559,570
Fee related performance revenues			12,628						—						2,178						235						—						15,041						—						15,041
Other fees			20,559						1,261						27,924						—						150						49,894						19,721						69,615
Compensation and benefits			(318,017)						(70,724)						(121,183)						(45,964)						(5,864)						(561,752)						(196,492)						(758,244)
General, administrative and other expenses			(56,888)						(21,992)						(28,308)						(9,250)						(1,421)						(117,859)						(109,516)						(227,375)
Fee related earnings			674,978						54,214						134,844						80,111						747						944,894						(286,287)						658,607
Performance income—realized			58,941						2,212						78,637						4,156						—						143,946						—						143,946
Performance related compensation—realized			(35,675)						(1,791)						(50,510)						(3,515)						—						(91,491)						—						(91,491)
Realized net performance income			23,266						421						28,127						641						—						52,455						—						52,455
Investment income—realized			6,517						2,283						4,224						—						860						13,884						—						13,884
Interest and other investment income (expense)—realized			21,257						1,898						7,597						3,268						6,362						40,382						(1,450)						38,932
Interest expense			(11,191)						(11,185)						(8,197)						(3,775)						(16,352)						(50,700)						(474)						(51,174)
Realized net investment income (loss)			16,583						(7,004)						3,624						(507)						(9,130)						3,566						(1,924)						1,642
Realized income			$	714,827					$	47,631					$	166,595					$	80,245					$	(8,383)					$	1,000,915					$	(288,211)					$	712,704

Schedule of Segment Revenue, Expenses and Realized Net Investment Income

The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income:

			Three months ended September 30,												Nine months ended September 30,
			2023						2022						2023						2022
Segment revenues
Management fees			$	643,649					$	551,768					$	1,868,020					$	1,559,570
Fee related performance revenues			2,212						1,090						6,937						15,041
Other fees			14,031						20,259						51,952						49,894
Performance income—realized			17,797						29,984						189,568						143,946
Total segment revenues			$	677,689					$	603,101					$	2,116,477					$	1,768,451
Segment expenses
Compensation and benefits			$	201,224					$	203,701					$	598,205					$	561,752
General, administrative and other expenses			47,346						40,814						142,470						117,859
Performance related compensation—realized			10,504						18,858						133,472						91,491
Total segment expenses			$	259,074					$	263,373					$	874,147					$	771,102
Segment realized net investment income (expense)
Investment income (loss)—realized			$	(4,031)					$	4,842					$	13,852					$	13,884
Interest and other investment income —realized			12,820						12,794						42,442						40,382
Interest expense			(25,952)						(18,179)						(76,740)						(50,700)
Total segment realized net investment income (expense)			$	(17,163)					$	(543)					$	(20,446)					$	3,566

Schedule of Segment Revenues Components

The following table reconciles the Company’s consolidated revenues to segment revenue:

			Three months ended September 30,												Nine months ended September 30,
			2023						2022						2023						2022
Total consolidated revenue			$	671,255					$	801,290					$	2,577,903					$	2,117,719
Performance (income) loss—unrealized			31,400						(170,654)						(384,533)						(280,037)
Management fees of Consolidated Funds eliminated in consolidation			12,181						11,682						35,787						34,523
Performance income of Consolidated Funds eliminated in consolidation			1,874						—						9,365						34
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation			83						3,946						7,061						13,030
Administrative fees(1)			(16,154)						(16,099)						(46,692)						(50,947)
OMG revenue			(5,717)						(7,681)						(18,205)						(19,974)
Principal investment income, net of eliminations			(9,339)						(11,582)						(38,985)						(15,521)
Net revenue of non-controlling interests in consolidated subsidiaries			(7,894)						(7,801)						(25,224)						(30,376)
Total consolidation adjustments and reconciling items			6,434						(198,189)						(461,426)						(349,268)
Total segment revenue			$	677,689					$	603,101					$	2,116,477					$	1,768,451

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

Schedule of Segment Expenses Components

The following table reconciles the Company’s consolidated expenses to segment expenses:

			Three months ended September 30,												Nine months ended September 30,
			2023						2022						2023						2022
Total consolidated expenses			$	560,960					$	898,102					$	2,027,334					$	2,062,654
Performance related compensation-unrealized			38,650						(124,466)						(261,996)						(207,115)
Expenses of Consolidated Funds added in consolidation			(19,329)						(22,129)						(64,365)						(63,071)
Expenses of Consolidated Funds eliminated in consolidation			12,297						11,746						36,600						34,948
Administrative fees(1)			(16,154)						(15,574)						(46,321)						(50,422)
OMG expenses			(142,807)						(102,991)						(409,424)						(306,008)
Acquisition and merger-related expense			(2,414)						(1,852)						(10,126)						(12,046)
Equity compensation expense			(61,976)						(48,041)						(193,335)						(151,202)
Acquisition-related compensation expense(2)			(589)						(96,697)						(1,831)						(204,189)
Placement fee adjustment			(944)						(9,729)						6,032						(7,611)
Depreciation and amortization expense			(105,524)						(219,339)						(194,174)						(297,795)
Expense of non-controlling interests in consolidated subsidiaries			(3,096)						(5,657)						(14,247)						(27,041)
Total consolidation adjustments and reconciling items			(301,886)						(634,729)						(1,153,187)						(1,291,552)
Total segment expenses			$	259,074					$	263,373					$	874,147					$	771,102

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

(2)Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.

Schedule of Segment Other Income (Expense) Components

The following table reconciles the Company’s consolidated other income to segment realized net investment income:

			Three months ended September 30,												Nine months ended September 30,
			2023						2022						2023						2022
Total consolidated other income			$	116,577					$	36,434					$	299,394					$	112,932
Investment (income) loss—unrealized			(31,246)						57						(104,170)						9,995
Interest and other investment income—unrealized			(5,720)						(4,600)						(1,202)						(16,661)
Other income, net from Consolidated Funds added in consolidation			(125,857)						(38,434)						(335,708)						(132,852)
Other expense, net from Consolidated Funds eliminated in consolidation			(383)						(1,922)						(15,326)						(13,655)
OMG other (income) expense			(591)						3,016						1,213						8,700
Principal investment income			29,980						9,438						130,679						37,421
Other (income) expense, net			286						(1,060)						589						934
Other (income) loss of non-controlling interests in consolidated subsidiaries			(209)						(3,472)						4,085						(3,248)
Total consolidation adjustments and reconciling items			(133,740)						(36,977)						(319,840)						(109,366)
Total segment realized net investment income (expense)			$	(17,163)					$	(543)					$	(20,446)					$	3,566

Schedule of Reconciliation of Segment Results to the Company's Income before Taxes and Total Assets

The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE:

			Three months ended September 30,												Nine months ended September 30,
			2023						2022						2023						2022
Income (loss) before taxes			$	226,872					$	(60,378)					$	849,963					$	167,997
Adjustments:
Depreciation and amortization expense			105,524						219,339						194,174						297,795
Equity compensation expense			61,976						47,516						192,964						150,677
Acquisition-related compensation expense(1)			589						96,697						1,831						204,189
Acquisition and merger-related expense			2,414						1,852						10,126						12,046
Placement fee adjustment			944						9,729						(6,032)						7,611
OMG expense, net			136,499						98,325						392,432						294,734
Other (income) expense, net			286						(1,059)						589						934
Income before taxes of non-controlling interests in consolidated subsidiaries			(5,007)						(5,616)						(6,892)						(6,583)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations			(84,429)						(16,489)						(179,362)						(48,897)
Total performance (income) loss—unrealized			31,400						(170,654)						(384,533)						(280,037)
Total performance related compensation—unrealized			(38,650)						124,466						261,996						207,115
Total investment income—unrealized			(36,966)						(4,543)						(105,372)						(6,666)
Realized income			401,452						339,185						1,221,884						1,000,915
Total performance income—realized			(17,797)						(29,984)						(189,568)						(143,946)
Total performance related compensation—realized			10,504						18,858						133,472						91,491
Total investment (income) loss—realized			17,163						543						20,446						(3,566)
Fee related earnings			$	411,322					$	328,602					$	1,186,234					$	944,894

(1)Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.

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