14. CONSOLIDATING SCHEDULES

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition as of March 31, 2014 and December 31, 2013, and results from operations for the three months ended March 31, 2014 and 2013.

	For the Three Months Ended March 31, 2014

	Consolidated Company Entities			Consolidated Funds		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	36,634		$	—	$	—		$	36,634
Restricted cash and cash equivalents		7,657			—		—			7,657
Investments, at fair value		519,750			—		(398,142	)		121,608
Performance fees receivable		490,883			—		(354,453	)		136,430
Derivative assets, at fair value		1,132			—		—			1,132
Due from affiliates		136,986			—		(17,656	)		119,330
Intangible assets, net		59,938			—		—			59,938
Goodwill		60,531			—		—			60,531
Other assets		93,345			—		(21,388	)		71,957
Assets of Consolidated Funds
Cash and cash equivalents		—			1,276,657		—			1,276,657
Investments, at fair value		—			19,485,067		—			19,485,067
Due from affiliates		—			9,930		—			9,930
Dividends and interest receivable		—			170,490		—			170,490
Receivable for securities sold		—			447,263		—			447,263
Derivative assets, at fair value		—			8,961		—			8,961
Other assets		—			21,916		—			21,916

Total assets	$	1,406,856		$	21,420,284	$	(791,639	)	$	22,035,501


Liabilities
Debt obligations	$	172,119		$	—	$	—		$	172,119
Accounts payable, accrued expenses and other liabilities		63,621			—		—			63,621
Deferred tax liability, net		20,793			—		—			20,793
Performance fee compensation payable		304,015			—		—			304,015
Derivative liabilities, at fair value		2,942			—		—			2,942
Accrued compensation		55,557			—		—			55,557
Due to affiliates		22,410			—		902			23,312
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities		—			66,010		—			66,010
Payable for securities purchased		—			601,349		—			601,349
Derivative liabilities, at fair value		—			53,643		—			53,643
Due to affiliates		—			83,649		(81,119	)		2,530
Deferred tax liability		—			20,449		—			20,449
CLO loan obligations		—			11,330,112		(54,255	)		11,275,857
Fund borrowings		—			1,769,737		—			1,769,737
Mezzanine debt		—			327,892		—			327,892

Total liabilities		641,457			14,252,841		(134,472	)		14,759,826

Commitments and contingencies
Redeemable interest in Consolidated Funds		—			1,119,585		—			1,119,585
Redeemable interest in AHI, AI and consolidated subsidiaries		43,587			—		—			43,587
Non-controlling interest in Consolidated Funds:
Non-controlling interest in Consolidated Funds		—			5,941,100		(657,167	)		5,283,933
Equity appropriated for Consolidated Funds		—			106,758		—			106,758

Non-controlling interest in Consolidated Funds		—			6,047,858		(657,167	)		5,390,691

Non-controlling interest in equity of AHI, AI and consolidated subsidiaries		178,543			—		—			178,543
Controlling interest in equity of AHI, AI and consolidated subsidiaries:
Members' equity		350,862			—		—			350,862
Common stock (class A shares, 50,000 authorized, 5,010 shares issued and outstanding, $0.001 par value)		0			—		—			0
Additional paid in capital		315,553			—		—			315,553
Retained earnings		(124,408	)		—		—			(124,408	)
Accumulated other comprehensive gain		1,262			—		—			1,262

Total controlling interest in equity of AHI, AI and consolidated subsidiaries		543,269			—		—			543,269

Total equity		721,812			6,047,858		(657,167	)		6,112,503

Total liabilities, redeemable interests, non-controlling interests and equity	$	1,406,856		$	21,420,284	$	(791,639	)	$	22,035,501

	For the Three Months Ended March 31, 2014

	Consolidated Company Entities			Consolidated Funds			Eliminations			Consolidated
Revenues
Management fees (includes ARCC Part I Fees of $28,318)	$	139,861		$	—		$	(29,312	)	$	110,549
Performance fees		60,480			—			(44,266	)		16,214
Other fees		6,865			—			—			6,865

Total revenues		207,206			—			(73,578	)		133,628

Expenses
Compensation and benefits		95,693			—			—			95,693
Performance fee compensation		40,725			—			—			40,725
General, administrative and other expense		38,775			—			—			38,775
Consolidated Fund expenses		—			40,637			(31,700	)		8,937

Total expenses		175,193			40,637			(31,700	)		184,130

Other income (expense)
Interest and other income		3,483			—			(3,359	)		124
Interest expense		(1,639	)		—			—			(1,639	)
Net realized gain (loss) on investments		19,281			—			(19,347	)		(66	)
Net change in unrealized appreciation (depreciation) on investments		5,565			—			(1,419	)		4,146
Interest and other income of Consolidated Funds		—			345,476			(131	)		345,345
Interest expense of Consolidated Funds		—			(145,737	)		695			(145,042	)
Net realized gain on investments of Consolidated Funds		—			54,965			—			54,965
Net change in unrealized appreciation on investments of Consolidated Funds		—			66,413			931			67,344

Total other income		26,690			321,117			(22,630	)		325,177

Income before taxes		58,703			280,480			(64,508	)		274,675
Income tax expense (benefit)		2,514			(9,209	)		—			(6,695	)

Net income		56,189			289,689			(64,508	)		281,370

Less: Net income attributable to non-controlling interests and redeemable non-controlling interests in Consolidated Funds		—			289,689			(64,508	)		225,181
Less: Net income attributable to non-controlling interests in consolidated subsidiaries		13,342			—			—			13,342

Net income attributable to controlling interests in AHI, AI and consolidated subsidiaries	$	42,847		$	—		$	—		$	42,847

	For the Year Ended December 31, 2013

	Consolidated Company Entities			Consolidated Funds		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	89,802		$	—	$	—		$	89,802
Restricted cash and cash equivalents		13,344			—		—			13,344
Investments, at fair value		504,291			—		(414,853	)		89,438
Performance fees receivable		481,751			—		(344,069	)		137,682
Derivative assets, at fair value		1,164			—		—			1,164
Due from affiliates		130,625			—		(21,705	)		108,920
Intangible assets, net		68,742			—		—			68,742
Goodwill		58,159			—		—			58,159
Other assets		96,904			—		(23,304	)		73,600
Assets of Consolidated Funds
Cash and cash equivalents		—			1,638,003		—			1,638,003
Investments, at fair value		—			20,823,338		—			20,823,338
Due from affiliates		—			2,010		—			2,010
Dividends and interest receivable		—			133,158		—			133,158
Receivable for securities sold		—			427,871		—			427,871
Derivative assets, at fair value		—			14,625		—			14,625
Other assets		—			27,505		(1,977	)		25,528

Total assets	$	1,444,782		$	23,066,510	$	(805,908	)	$	23,705,384


Liabilities
Debt obligations	$	153,119		$	—	$	—		$	153,119
Accounts payable, accrued expenses and other liabilities		69,550			—		(2,064	)		67,486
Deferred tax liability, net		21,002			—		—			21,002
Performance fee compensation payable		295,978			—		—			295,978
Derivative liabilities, at fair value		2,907			—		—			2,907
Accrued compensation		132,917			—		—			132,917
Due to affiliates		35,149			—		(2,459	)		32,690
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities		—			95,839		—			95,839
Payable for securities purchased		—			945,115		—			945,115
Derivative liabilities, at fair value		—			75,115		—			75,115
Due to affiliates		—			92,211		(89,516	)		2,695
Securities sold short, at fair value		—			1,633		—			1,633
Deferred tax liability		—			35,904		—			35,904
CLO loan obligations		—			11,838,396		(64,239	)		11,774,157
Fund borrowings		—			2,070,598		—			2,070,598
Mezzanine debt		—			323,164		—			323,164

Total liabilities		710,622			15,477,975		(158,278	)		16,030,319

Commitments and contingencies
Redeemable interest in Consolidated Funds		—			1,093,770		—			1,093,770
Redeemable interest in AHI, AI and consolidated subsidiaries		40,751			—		—			40,751
Non-controlling interest in Consolidated Funds:
Non-controlling interest in Consolidated Funds		—			6,339,504		(647,630	)		5,691,874
Equity appropriated for Consolidated Funds		—			155,261		—			155,261

Non-controlling interest in Consolidated Funds		—			6,494,765		(647,630	)		5,847,135

Non-controlling interest in equity of AHI, AI and consolidated subsidiaries		167,731			—		—			167,731
Controlling interest in equity of AHI, AI and consolidated subsidiaries:
Members' equity		321,891			—		—			321,891
Common stock (class A shares, 50,000 authorized, 5,010 shares issued and outstanding, $0.001 par value)		0			—		—			0
Additional paid in capital		338,375			—		—			338,375
Retained earnings		(135,573	)		—		—			(135,573	)
Accumulated other comprehensive gain		985			—		—			985

Total controlling interest in equity of AHI, AI and consolidated subsidiaries		525,678			—		—			525,678

Total equity		693,409			6,494,765		(647,630	)		6,540,544

Total liabilities, redeemable interests, non-controlling interests and equity	$	1,444,782		$	23,066,510	$	(805,908	)	$	23,705,384

	For the Three Months Ended March 31, 2013

	Consolidated Company Entities			Consolidated Funds			Eliminations			Consolidated
Revenues
Management fees (includes ARCC Part I Fees of $23,836)	$	108,630		$	—		$	(30,236	)	$	78,394
Performance fees		99,413			—			(74,259	)		25,154
Other fees		4,660			—			(671	)		3,989

Total revenues		212,703			—			(105,166	)		107,537

Expenses
Compensation and benefits		71,975			—			—			71,975
Performance fee compensation		63,002			—			—			63,002
General, administrative and other expense		16,982			—			—			16,982
Consolidated Fund expenses		—			122,345			(61,237	)		61,108

Total expenses		151,959			122,345			(61,237	)		213,067

Other income (expense)
Interest and other income		2,208			—			(1,557	)		651
Interest expense		(2,425	)		—			—			(2,425	)
Net realized gain (loss) on investments		19,577			—			(20,714	)		(1,137	)
Net change in unrealized appreciation on investments		3,050			—			5,235			8,285
Interest and other income of Consolidated Funds		—			311,686			(196	)		311,490
Interest expense of Consolidated Funds		—			(131,178	)		5,220			(125,958	)
Net realized gain on investments of Consolidated Funds		—			57,956			—			57,956
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds		—			105,225			(973	)		104,252

Total other income		22,410			343,689			(12,985	)		353,114

Income before taxes		83,154			221,344			(56,914	)		247,584
Income tax expense		8,611			15,839			—			24,450

Net income		74,543			205,505			(56,914	)		223,134

Less: Net income attributable to non-controlling interests and redeemable non-controlling interests in Consolidated Funds		—			205,505			(56,914	)		148,591
Less: Net income attributable to non-controlling interests in consolidated subsidiaries		12,601			—			—			12,601

Net income attributable to controlling interests in AHI, AI and consolidated subsidiaries	$	61,942		$	—		$	—		$	61,942