INVESTMENTS

3 Months Ended

Mar. 31, 2020

Investments in and Advances to Affiliates [Abstract]

The Company’s investments are comprised of the following:


							Percentage of total investments as of
	March 31,		December 31,		March 31,		December 31,
	2020		2019		2020		2019
Equity method investments:
Equity method private investment partnership interests - principal⁽¹⁾	$	345,350	$	390,407	29.0	%	23.5	%
Equity method - carried interest⁽¹⁾	747,363		1,134,967		62.8		68.2
Equity method private investment partnership interests and other (held at fair value)	18,911		51,528		1.6		3.1
Equity method private investment partnership interests and other	12,763		16,536		1.0		1.0
Total equity method investments	1,124,387		1,593,438		94.4		95.8
Collateralized loan obligations⁽²⁾	17,783		22,265		1.5		1.3
Other fixed income	47,561		46,918		4.0		2.8
Collateralized loan obligations and other fixed income, at fair value	65,344		69,183		5.5		4.1
Common stock, at fair value	873		1,043		0.1		0.1
Total investments	$	1,190,604	$	1,663,664

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

(2)Includes $2.6 million of collateralized loan obligations that are attributable to the Crestline Denali Class B Interests.

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 three months ended March 31, 2020 and 2019 no individual equity method investment held by the Company met the significance criteria.

The Company recognized a net loss related to its equity method investments of $28.8 million for the three months ended March 31, 2020. The Company recognized a net gain related to its equity method investments of $29.0 million for the three months ended March 31, 2019. 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 Condensed 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 while 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						Percentage of total investments as of
	March 31,		December 31,		March 31,		December 31,
	2020		2019		2020		2019
Fixed income investments:
Bonds	$	200,152	$	212,376	2.2	%	2.4	%
Loans	8,533,658		8,062,740		93.8		92.4
Investments in CLO warehouse	—		44,435		—		0.5
Total fixed income investments	8,733,810		8,319,551		96.0		95.3
Equity securities	53,730		112,384		0.6		1.3
Partnership interests	307,025		296,012		3.4		3.4
Total investments, at fair value	$	9,094,565	$	8,727,947

At March 31, 2020 and December 31, 2019, 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.