INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2016



	Fair value at				Fair value as a percentage of total
	December 31,				December 31,
	2016		2015		2016		2015
Private Investment Partnership Interests:
AREA Sponsor Holdings, LLC	$	28,898	$	37,275	6.8	%	8.7	%
ACE II Master Fund, L.P. (1)(2)	22,042		22,015		5.2	%	5.2	%
Ares Corporate Opportunities Fund III, L.P.	97,549		108,506		22.9	%	25.4	%
Ares Corporate Opportunities Fund IV, L.P. (2)	37,308		30,571		8.7	%	7.2	%
Resolution Life L.P.	33,410		40,703		7.8	%	9.5	%
Other private investment partnership interests (1)(3)	118,075		132,405		27.7	%	31.0	%
Total private investment partnership interests (cost: $256,638 and $297,026 at December 31, 2016 and 2015, respectively)	337,282		371,475		79.1	%	87.0	%
Collateralized Loan Obligations Interests:
Collateralized loan obligations(3)	89,111		55,752		20.9	%	13.0	%
Total collateralized loan obligations (cost: $89,743 and $53,669 at December 31, 2016 and 2015, respectively)	89,111		55,752		20.9	%	13.0	%
Common Stock:
Common stock(3)	100		81		0.0	%	0.0	%
Total common stock (cost: $124 and $116 at December 31, 2016 and 2015, respectively)	100		81		0.0	%	0.0	%
Total fair value investments (cost: $346,505 and $350,811 at December 31, 2016 and 2015, respectively)	$	426,493	$	427,308


(1)	Investment or portion of the investment is denominated in foreign currency; fair value is translated into U.S. dollars at each reporting date.


(2)	Represents underlying security that is held through various legal entities.


(3)	No single issuer or investment had a fair value that exceeded 5% of the Company's total investments.

Schedule of equity method investments

The change in fair value of these investments for the year ended December 31, 2016 was not deemed to be significant.



	For the Years Ended December 31,
	2016			2015			2014
Revenue	$	8,751		$	7,778		$	7,567
Expenses	(24,064		)	(27,147		)	(5,970		)
Net realized/unrealized gain from investments	46,887			$	66,500		$	—
Income tax expense	(302		)	$	(400	)	$	(242	)
Net income	$	31,272		$	46,731		$	1,355



	As of December 31,
	2016		2015
Investments	$	247,584	$	216,500
Total Assets	$	286,630	$	235,276
Total Liabilities	$	7,556	$	166,065
Total Equity	$	279,074	$	69,211

The Company's equity method investments, including those where the fair value option was elected, are summarized below:



	As of December 31,
	2016		2015
Equity method investment	$	3,616	$	4,486
Equity method investments at fair value	21,843		19,471
Total equity method investments	$	25,459	$	23,957

Summary of cost and fair value of investments classified as HTM

A summary of the cost and fair value of CLO notes classified as held-to maturity investments is as follows:



	As of December 31,
	2016			2015
Amortized cost	$	16,519		$	17,022
Unrealized loss, net	(116		)	(334		)
Fair value	$	16,403		$	16,688

Consolidated Funds

Investments

Summary of investments held

Investments held in the Consolidated Funds are summarized below:



	Fair value at				Fair value as a percentage of total investments at
	December 31,		December 31,		December 31,		December 31,
	2016		2015		2016		2015
United States:
Fixed income securities:
Consumer discretionary	$	665,773	$	393,902	20.0	%	15.4	%
Consumer staples	64,840		40,030		1.9	%	1.6	%
Energy	45,409		38,617		1.4	%	1.5	%
Financials	139,285		78,806		4.2	%	3.1	%
Healthcare, education and childcare	246,403		162,191		7.4	%	6.3	%
Industrials	149,632		161,830		4.5	%	6.3	%
Information technology	194,394		138,186		5.8	%	5.4	%
Materials	139,994		95,767		4.2	%	3.7	%
Telecommunication services	261,771		202,256		7.9	%	7.9	%
Utilities	47,800		12,733		1.4	%	0.5	%
Total fixed income securities (cost: $1,945,977 and $1,377,870 at December 31, 2016 and 2015, respectively)	1,955,301		1,324,318		58.7	%	51.7	%
Equity securities:
Energy	421		—		0.0	%	—	%
Healthcare, education and childcare	—		344		—	%	0.0	%
Partnership and LLC interests	171,696		86,902		5.2	%	3.4	%
Telecommunication services	—		510		—	%	0.0	%
Total equity securities (cost: $149,872 and $93,004 at December 31, 2016 and 2015, respectively)	172,117		87,756		5.2	%	3.4	%



	Fair value at				Fair value as a percentage of total investments at
	December 31,		December 31,		December 31,		December 31,
	2016		2015		2016		2015
Europe:
Fixed income securities:
Consumer discretionary	$	274,678	$	221,707	8.2	%	8.7	%
Consumer staples	39,197		50,625		1.2	%	2.0	%
Financials	28,769		29,922		0.9	%	1.2	%
Healthcare, education and childcare	111,589		104,704		3.4	%	4.1	%
Industrials	118,466		109,778		3.6	%	4.3	%
Information technology	49,507		31,562		1.5	%	1.2	%
Materials	124,629		98,450		3.7	%	3.8	%
Telecommunication services	118,632		149,105		3.6	%	5.8	%
Utilities	4,007		768		0.1	%	0.0	%
Total fixed income securities (cost: $892,108 and $836,217 at December 31, 2016 and 2015, respectively)	869,474		796,621		26.2	%	31.1	%
Equity securities:
Consumer discretionary	—		4,306		—	%	0.2	%
Consumer staples	1,517		1,286		0.0	%	0.1	%
Healthcare, education and childcare	41,329		37,294		1.2	%	1.5	%
Telecommunication services	24		159		0.0	%	0.0	%
Total equity securities (cost: $67,290 and $ 80,827 at December 31, 2016 and 2015, respectively)	42,870		43,045		1.2	%	1.8	%
Asia and other:
Fixed income securities:
Consumer discretionary	24,244		34,810		0.7	%	1.4	%
Financials	1,238		—		0.0	%	—	%
Healthcare, education and childcare	10,010		23,999		0.3	%	0.9	%
Telecommunication services	8,696		9,909		0.3	%	0.4	%
Total fixed income securities (cost: $46,545 and $57,868 at December 31, 2016 and 2015, respectively)	44,188		68,718		1.3	%	2.7	%
Equity securities:
Consumer discretionary	44,642		55,532		1.3	%	2.2	%
Consumer staples	50,101		55,442		1.5	%	2.2	%
Healthcare, education and childcare	32,598		32,865		1.0	%	1.3	%
Industrials	16,578		12,891		0.5	%	0.5	%
Total equity securities (cost: $122,418 and $118,730 at December 31, 2016 and 2015, respectively)	143,919		156,730		4.3	%	6.2	%



	Fair value at				Fair value as a percentage of total investments at
	December 31,		December 31,		December 31,		December 31,
	2016		2015		2016		2015
Canada:
Fixed income securities:
Consumer discretionary	$	—	$	827	—	%	0.0	%
Consumer staples	5,256		1,369.0		0.2	%	0.1	%
Energy	12,830		8,724		0.4	%	0.3	%
Healthcare, education and childcare	15,509		14,819		0.5	%	0.6	%
Industrials	1,401		513		0.0	%	0.0	%
Telecommunication services	13,852		6,627		0.4	%	0.3	%
Total fixed income securities (cost: $48,274 and $34,397 at December 31, 2016 and December 31, 2015, respectively)	48,848		32,879		1.5	%	1.3	%
Equity securities:
Consumer discretionary	164		—		0.0	%	—	%
Total equity securities (cost: $408 and $0 at December 31, 2016 and 2015, respectively)	164		—		0.0	%	—	%
Australia:
Fixed income securities:
Consumer discretionary	5,627		—		0.2	%	—	%
Energy	6,046		8,888		0.2	%	0.3	%
Industrials	2,926		3,657		0.1	%	0.1	%
Utilities	21,154		16,041		0.6	%	0.6	%
Total fixed income securities (cost: $37,975 and $39,574 at December 31, 2016 and 2015, respectively)	35,753		28,586		1.1	%	1.0	%
Equity Securities:
Telecommunication services	—		5,370		—	%	0.2	%
Utilities	17,569		15,760		0.5	%	0.6	%
Total equity securities (cost: $18,442 and $25,524 at December 31, 2016 and 2015, respectively)	17,569		21,130		0.5	%	0.8	%
Total fixed income securities	3,125,260		2,338,024		94.0	%	91.2	%
Total equity securities	204,943		221,759		6.0	%	8.8	%
Total investments, at fair value	$	3,330,203	$	2,559,783

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References + Details