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INVESTMENTS
 12 Months Ended
Dec. 31, 2019
Investments in and Advances to Affiliates [Abstract]  
INVESTMENTS INVESTMENTS
The Company’s investments are comprised of the following:
 Percentage of total investments as of
December 31,December 31,
2019201820192018
Equity method investments:
Equity method private investment partnership interests - principal (1)$390,407  $357,655  23.5 %27.0 %
Equity method - carried interest (1)1,134,967  841,079  68.2 %63.4 %
Equity method private investment partnership interests and other (held at fair value)51,528  46,449  3.1 %3.5 %
Equity method private investment partnership interests and other16,536  18,846  1.0 %1.4 %
Total equity method investments1,593,438  1,264,029  95.8 %95.3 %
Collateralized loan obligations22,265  20,824  1.3 %1.6 %
Other fixed income46,918  40,000  2.8 %3.0 %
Collateralized loan obligations and other fixed income, at fair value69,183  60,824  4.1 %4.6 %
Common stock, at fair value1,043  1,284  0.1 %0.1 %
Total investments$1,663,664  $1,326,137  

(1)Investment or portion of the investment 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 as defined by guidance from the SEC. As of and for the years ended December 31, 2019, 2018 and 2017 no individual equity method investment held by the Company met the significance criteria. As such, the Company is not required to present separate financial statements for any of its equity method investments.

The following tables present summarized financial information for the Company's equity method investments, which are primarily funds managed by the Company, for the years ended December 31, 2019, 2018 and 2017.


As of December 31, 2019 and the Year then Ended
Credit GroupPrivate Equity GroupReal Estate GroupTotal
Statement of Financial Condition
Investments$10,937,224  $9,700,725  $4,939,245  $25,577,194  
Total assets11,625,699  10,077,149  5,314,908  27,017,756  
Total liabilities3,416,429  534,965  958,020  4,909,414  
Total equity8,209,270  9,542,184  4,356,888  22,108,342  
Statement of Operations
Revenues$871,168  $325,529  $205,274  $1,401,971  
Expenses(211,984) (112,610) (120,467) (445,061) 
Net realized and unrealized gains (losses) from investments5,040  1,674,002  382,383  2,061,425  
Income tax expense(1,537) (27,887) (926) (30,350) 
Net income$662,687  $1,859,034  $466,264  $2,987,985  
As of December 31, 2018 and the Year then Ended
Credit GroupPrivate Equity GroupReal Estate GroupTotal
Statement of Financial Condition
Investments$8,210,094  $9,574,998  $3,337,076  $21,122,168  
Total assets8,799,290  9,785,312  3,763,907  22,348,509  
Total liabilities1,542,058  423,687  813,269  2,779,014  
Total equity7,257,232  9,361,625  2,950,638  19,569,495  
Statement of Operations
Revenues$766,009  $264,376  $144,706  $1,175,091  
Expenses(189,432) (85,801) (96,353) (371,586) 
Net realized and unrealized gains (losses) from investments(67,477) (892,800) 417,974  (542,303) 
Income tax expense(2,526) (20,554) (4,075) (27,155) 
Net income$506,574  $(734,779) $462,252  $234,047  

For the Year Ended December 31, 2017
Credit GroupPrivate Equity GroupReal Estate GroupTotal
Statement of Operations
Revenues$603,682  $144,829  $154,967  903,478  
Expenses(169,086) (91,803) (67,396) (328,285) 
Net realized and unrealized gains from investments41,185  2,335,027  365,091  2,741,303  
Income tax expense(2,700) (31,359) (13,092) (47,151) 
Net income$473,081  $2,356,694  $439,570  $3,269,345  

The Company recognized net gains related to its equity method investments of $57.4 million and $78.3 million for the years ended December 31, 2019 and 2017, respectively. The Company recognized a net loss related to its equity method investments of $3.8 million for the year ended December 31, 2018. The net gains and losses were included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Consolidated Statements of Operations.
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.
Investments of the Consolidated Funds

Investments held in the Consolidated Funds are summarized below:
Fair value atFair value as a percentage of total investments as of
December 31,December 31,
2019201820192018
United States
Fixed income investments:
Bonds$10,074  $31,517  0.1 %0.4 %
Loans4,871,752  4,618,542  55.8  60.2  
Total fixed income investments (cost: $4,920,272 and $4,876,915 at December 31, 2019 and December 31, 2018, respectively)
4,881,826  4,650,059  55.9  60.6  
Equity securities (cost: $431 and $354 at December 31, 2019 and December 31, 2018, respectively)
432  335  —  —  
Partnership interests (cost: $201,000 and $210,000 at December 31, 2019 and December 31, 2018, respectively)
296,012  271,447  3.4  3.5  
Total investments, at fair value - United States5,178,270  4,921,841  59.3  64.1  
Europe
Fixed income investments:
Bonds202,302  282,799  2.3  3.8  
Loans3,086,655  2,140,551  35.4  27.9  
Investments in CLO warehouse44,435  —  0.5  —  
Total fixed income investments (cost: $3,340,351 and $2,484,519 at December 31, 2019 and December 31, 2018, respectively)
3,333,392  2,423,350  38.2  31.7  
Equity securities (cost: $45,549 and $56,154 at December 31, 2019 and December 31, 2018, respectively)
1,063  23,536  —  0.3  
Total investments, at fair value - Europe3,334,455  2,446,886  38.2  32.0  
Asia and other
Fixed income investments:
Bonds—  4,183  —  0.1  
Loans104,333  127,656  1.2  1.7  
Total fixed income investments (cost: $105,495 and $140,139 at December 31, 2019 and December 31, 2018, respectively)
104,333  131,839  1.2  1.8  
Equity securities (cost: $104,997 and $122,418 at December 31, 2019 and December 31, 2018, respectively)
110,889  172,599  1.3  2.2  
Total investments, at fair value - Asia and other215,222  304,438  2.5  4.0  
Total Investments, at fair value$8,727,947  $7,673,165