INVESTMENTS

The Company’s investments are comprised of:



					Percentage of total investments
	June 30,		December 31,		June 30,		December 31,
	2018		2017		2018		2017
			As adjusted				As adjusted
Private Investment Partnership Interests:
Equity method private investment partnership interests - principal (1)	$	348,831	$	340,354	23.8	%	19.7	%
Equity method - carried interest (1)	985,035		1,077,236		67.2	%	62.5	%
Equity method private investment partnership interests - other	70,780		74,439		4.8	%	4.3	%
Other private investment partnership interests	38,097		35,748		2.6	%	2.1	%
Total private investment partnership interests	1,442,743		1,527,777		98.4	%	88.6	%
Collateralized loan obligations	22,125		195,158		1.5	%	11.3	%
Common stock	1,379		1,636		0.1	%	0.1	%
Total investments	$	1,466,247	$	1,724,571


(1)	Interest or portion of the interest is denominated in foreign currency and is translated into U.S. dollars at each reporting date.

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 under SEC guidance. For the three and six months ended June 30, 2018 and 2017, no individual equity method investment held by the Company met the significance criteria.

The Company recognized net gains related to its equity method investments of $3.8 million and $38.3 million for the three months ended June 30, 2018 and 2017, respectively, and $7.3 million and $41.3 million for the six months ended June 30, 2018 and 2017, respectively. These amounts are included within both principal investment income and within net realized and unrealized gain on investments within the Consolidated Statements of Operations.

The material assets of the Company's equity method investments are expected to generate 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.

Investments of the Consolidated Funds

Investments held in the Consolidated Funds are summarized below:



	Fair value at				Fair value as a percentage of total investments at
	June 30,		December 31,		June 30,		December 31,
	2018		2017		2018		2017
United States:
Fixed income securities:
Consumer discretionary	$	1,714,080	$	1,295,732	24.8	%	23.2	%
Consumer staples	76,664		55,073		1.1	%	1.0	%
Energy	169,208		176,836		2.4	%	3.2	%
Financials	424,838		270,520		6.1	%	4.8	%
Healthcare, education and childcare	665,530		449,888		9.6	%	8.1	%
Industrials	407,280		370,926		5.8	%	6.6	%
Information technology	175,704		167,089		2.5	%	3.0	%
Materials	189,786		185,170		2.7	%	3.3	%
Telecommunication services	625,619		399,617		9.0	%	7.2	%
Utilities	79,660		77,102		1.1	%	1.4	%
Total fixed income securities (cost: $4,573,566 and $3,459,318 at June 30, 2018 and December 31, 2017, respectively)	4,528,369		3,447,953		65.1	%	61.8	%
Equity securities:
Energy	60		126		0.0	%	0.0	%
Total equity securities (cost: $2,265 and $2,265 at June 30, 2018 and December 31, 2017, respectively)	60		126		0.0	%	0.0	%
Partnership and interests
Partnership and interests	251,608		232,332		3.6	%	4.2	%
Total partnership and LLC interests (cost: $206,000 and $190,000 at June 30, 2018 and December 31, 2017, respectively)	251,608		232,332		3.6	%	4.2	%



	Fair value at				Fair value as a percentage of total investments at
	June 30,		December 31,		June 30,		December 31,
	2018		2017		2018		2017
Europe:
Fixed income securities:
Consumer discretionary	$	772,714	$	604,608	11.1	%	10.8	%
Energy	14,833		2,413		0.2	%	0.0	%
Consumer staples	90,207		76,361		1.3	%	1.4	%
Financials	127,141		81,987		1.8	%	1.5	%
Healthcare, education and childcare	234,696		209,569		3.4	%	3.8	%
Industrials	124,690		145,706		1.8	%	2.6	%
Information technology	21,329		21,307		0.3	%	0.4	%
Materials	184,342		213,395		2.6	%	3.8	%
Telecommunication services	256,032		182,543		3.7	%	3.3	%
Total fixed income securities (cost: $1,849,235 and $1,545,297 at June 30, 2018 and December 31, 2017, respectively)	1,825,984		1,537,889		26.2	%	27.6	%
Equity securities:
Healthcare, education and childcare	51,010		63,155		0.7	%	1.1	%
Total equity securities (cost: $67,198 and $67,198 at June 30, 2018 and December 31, 2017, respectively)	51,010		63,155		0.7	%	1.1	%
Asia and other:
Fixed income securities:
Consumer discretionary	1,878		2,008		0.0	%	0.0	%
Financials	4,288		12,453		0.1	%	0.2	%
Telecommunication services	20,888		21,848		0.3	%	0.4	%
Total fixed income securities (cost: $27,737 and $36,180 at June 30, 2018 and December 31, 2017, respectively)	27,054		36,309		0.4	%	0.6	%
Equity securities:
Consumer discretionary	43,647		59,630		0.6	%	1.1	%
Consumer staples	42,717		45,098		0.6	%	0.8	%
Healthcare, education and childcare	44,637		44,637		0.6	%	0.8	%
Industrials	50,795		16,578		0.7	%	0.3	%
Total equity securities (cost: $122,418 and $122,418 at June 30, 2018 and December 31, 2017, respectively)	181,796		165,943		2.5	%	3.0	%



	Fair value at				Fair value as a percentage of total investments at
	June 30,		December 31,		June 30,		December 31,
	2018		2017		2018		2017
Canada:
Fixed income securities:
Consumer discretionary	$	7,287	$	6,757	0.1	%	0.1	%
Consumer staples	36,420		15,351		0.5	%	0.3	%
Energy	4,895		33,715		0.1	%	0.6	%
Industrials	27,356		18,785		0.4	%	0.3	%
Telecommunication services	12,569		6,189		0.2	%	0.1	%
Total fixed income securities (cost: $89,165 and $80,201 at June 30, 2018 and December 31, 2017, respectively)	88,527		80,797		1.3	%	1.4	%
Equity securities:
Consumer discretionary	—		5,912		—	%	0.1	%
Total equity securities (cost: $ 0 and $17,202 at June 30, 2018 and December 31, 2017, respectively)	—		5,912		—	%	0.1	%
Australia:
Fixed income securities:
Consumer discretionary	11,932		10,863		0.2	%	0.2	%
Energy	1,727		1,563		0.0	%	0.0	%
Total fixed income securities (cost: $13,915 and $12,714 at June 30, 2018 and December 31, 2017, respectively)	13,659		12,426		0.2	%	0.2	%
Total fixed income securities	6,483,593		5,115,374		93.2	%	91.6	%
Total equity securities	232,866		235,136		3.2	%	4.2	%
Total partnership interests	251,608		232,332		3.6	%	4.2	%
Total investments, at fair value	$	6,968,067	$	5,582,842

At June 30, 2018 and December 31, 2017, 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.