XML 90 R12.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INVESTMENTS | 12 Months Ended
--- | ---
Dec. 31, 2023
Investments in and Advances to Affiliates [Abstract] |
INVESTMENTS | 4. INVESTMENTS The following table summarizes the Company’s investments:
| As of |  | Percentage of total investments as of
| December 31, |  | December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Equity method investments: |  |  |  |  |  |  |
Equity method - carried interest | $ | 3,413,007 |  |  | $ | 3,106,577 |  |  | 73.8% |  | 78.2%
Equity method private investment partnership interests - principal | 535,292 |  |  | 543,592 |  |  | 11.6 |  | 13.7
Equity method private investment partnership interests and other (held at fair value) | 418,778 |  |  | 123,170 |  |  | 9.0 |  | 3.1
Equity method private investment partnership interests and other | 44,989 |  |  | 47,439 |  |  | 1.0 |  | 1.2
Total equity method investments | 4,412,066 |  |  | 3,820,778 |  |  | 95.4 |  | 96.2
Fixed income securities | 105,495 |  |  | 51,771 |  |  | 2.3 |  | 1.2
Collateralized loan obligations | 20,799 |  |  | 25,163 |  |  | 0.4 |  | 0.6
Collateralized loan obligations and fixed income securities, at fair value | 126,294 |  |  | 76,934 |  |  | 2.7 |  | 1.8
Common stock, at fair value | 86,572 |  |  | 77,022 |  |  | 1.9 |  | 2.0
Total investments | $ | 4,624,932 |  |  | $ | 3,974,734 |  |  |  |  |
Equity Method Investments The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the years ended December 31, 2023, 2022 and 2021, no individual equity method investment held by the Company met the significance criteria. The following tables present summarized financial information for the Company’s equity method investments, which are primarily funds managed by the Company:
| As of and for the Year Ended December 31, 2023
| Credit Group |  | Private Equity Group |  | Real Assets Group |  | Secondaries Group |  | Other |  | Total
Statement of Financial Condition |  |  |  |  |  |  |  |  |  |  |
Investments | $ | 21,366,223 |  |  | $ | 6,971,840 |  |  | $ | 17,757,664 |  |  | $ | 13,497,266 |  |  | $ | 38,212 |  |  | $ | 59,631,205 |
Total assets | 23,015,503 |  |  | 7,110,511 |  |  | 18,792,446 |  |  | 13,808,556 |  |  | 38,284 |  |  | 62,765,300 |
Total liabilities | 5,152,522 |  |  | 130,727 |  |  | 6,528,302 |  |  | 3,632,879 |  |  | 418 |  |  | 15,444,848 |
Total equity | 17,862,981 |  |  | 6,979,784 |  |  | 12,264,144 |  |  | 10,175,677 |  |  | 37,866 |  |  | 47,320,452 |
Statement of Operations |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 2,123,547 |  |  | $ | 594,464 |  |  | $ | 1,036,710 |  |  | $ | 1,960 |  |  | $ | — |  |  | $ | 3,756,681 |
Expenses | (759,485) |  |  | (191,613) |  |  | (632,433) |  |  | (482,478) |  |  | (1,658) |  |  | (2,067,667) |
Net realized and unrealized gains (losses) from investments | 247,619 |  |  | 600,322 |  |  | (599,200) |  |  | 373,064 |  |  | (7,316) |  |  | 614,489 |
Income tax expense | (5,192) |  |  | (555) |  |  | (10,197) |  |  | — |  |  | (19) |  |  | (15,963) |
Net income (loss) | $ | 1,606,489 |  |  | $ | 1,002,618 |  |  | $ | (205,120) |  |  | $ | (107,454) |  |  | $ | (8,993) |  |  | $ | 2,287,540 |
| As of and for the Year Ended December 31, 2022
| Credit Group |  | Private Equity Group |  | Real Assets Group |  | Secondaries Group |  | Other |  | Total
Statement of Financial Condition |  |  |  |  |  |  |  |  |  |  |
Investments | $ | 17,633,914 |  |  | $ | 9,376,032 |  |  | $ | 13,052,820 |  |  | $ | 12,719,333 |  |  | $ | 51,239 |  |  | $ | 52,833,338 |
Total assets | 20,883,559 |  |  | 9,947,821 |  |  | 14,440,914 |  |  | 12,931,082 |  |  | 51,825 |  |  | 58,255,201 |
Total liabilities | 5,770,070 |  |  | 937,326 |  |  | 5,007,250 |  |  | 3,716,111 |  |  | 6,615 |  |  | 15,437,372 |
Total equity | 15,113,489 |  |  | 9,010,495 |  |  | 9,433,664 |  |  | 9,214,971 |  |  | 45,210 |  |  | 42,817,829 |
Statement of Operations |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 1,341,368 |  |  | $ | 271,873 |  |  | $ | 618,796 |  |  | $ | 2,874 |  |  | $ | — |  |  | $ | 2,234,911 |
Expenses | (438,690) |  |  | (153,372) |  |  | (357,845) |  |  | (289,741) |  |  | (1,500) |  |  | (1,241,148) |
Net realized and unrealized gains (losses) from investments | 12,464 |  |  | (482,260) |  |  | 304,068 |  |  | (11,173) |  |  | 1,365 |  |  | (175,536) |
Income tax expense | (4,724) |  |  | 92 |  |  | (36,501) |  |  | — |  |  | (10) |  |  | (41,143) |
Net income (loss) | $ | 910,418 |  |  | $ | (363,667) |  |  | $ | 528,518 |  |  | $ | (298,040) |  |  | $ | (145) |  |  | $ | 777,084 |
| As of and for the Year Ended December 31, 2021
| Credit Group |  | Private Equity Group |  | Real Assets Group |  | Secondaries Group |  | Other |  | Total
Statement of Operations |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 1,342,427 |  |  | $ | 229,539 |  |  | $ | 326,507 |  |  | $ | 911 |  |  | $ | — |  |  | $ | 1,899,384 |
Expenses | (305,452) |  |  | (177,380) |  |  | (170,008) |  |  | (89,281) |  |  | (22,609) |  |  | (764,730) |
Net realized and unrealized gains (losses) from investments | 438,083 |  |  | 2,161,730 |  |  | 1,179,698 |  |  | 1,399,009 |  |  | (4,898) |  |  | 5,173,622 |
Income tax benefit (expense) | (4,511) |  |  | (19,125) |  |  | (1,167) |  |  | — |  |  | — |  |  | (24,803) |
Net income (loss) | $ | 1,470,547 |  |  | $ | 2,194,764 |  |  | $ | 1,335,030 |  |  | $ | 1,310,639 |  |  | $ | (27,507) |  |  | $ | 6,283,473 |
The following table presents the Company’s other income, net from to its equity method investments, which were included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Consolidated Statements of Operations:
|  |  |  | Year ended December 31,
|  |  |  |  |  | 2023 |  | 2022 |  | 2021
Total other income, net related to equity method investments |  |  |  |  |  | $ | 86,729 |  |  | $ | 21,657 |  |  | $ | 114,856 |
With respect to the Company’s equity method investments, the material assets are expected to generate either long term capital appreciation and/or interest income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets. The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains on investments within the Consolidated Statements of Operations:
|  |  | Year ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Equity method private investment partnership interests and other (held at fair value) |  |  |  |  | $ | 50,772 |  |  | $ | 5,626 |  |  | $ | 7,100 |
Investments of the Consolidated Funds The following table summarizes investments held in the Consolidated Funds:
| Fair Value as of |  | Percentage of total investments as of
| December 31, |  | December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Fixed income investments: |  |  |  |  |  |  |
Loans and securitization vehicles | $ | 10,616,458 |  |  | $ | 9,280,522 |  |  | 72.7% |  | 70.3%
Bonds | 578,949 |  |  | 786,961 |  |  | 4.0 |  | 6.0
Money market funds and U.S. treasury securities | 523,038 |  |  | 1,013,382 |  |  | 3.6 |  | 7.7
Total fixed income investments | 11,718,445 |  |  | 11,080,865 |  |  | 80.3 |  | 84.0
Partnership interests | 1,642,489 |  |  | 1,392,169 |  |  | 11.2 |  | 10.5
Equity securities | 1,240,653 |  |  | 731,599 |  |  | 8.5 |  | 5.5
Total investments, at fair value | $ | 14,601,587 |  |  | $ | 13,204,633 |  |  |  |  |
As of December 31, 2023 and 2022, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company’s total assets.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsInAndAdvancesToAffiliatesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration