XML 54 R12.htm IDEA: XBRL DOCUMENT v3.21.2
INVESTMENTS
 9 Months Ended
Sep. 30, 2021
Investments in and Advances to Affiliates [Abstract]  
INVESTMENTS
5. INVESTMENTS

The Company’s investments are comprised of the following:
Percentage of total investments
September 30,December 31,September 30,December 31,
2021202020212020
Equity method investments:
Equity method private investment partnership interests - principal (1)
$492,482 $366,471 14.8 %21.8 %
Equity method - carried interest (1)
2,625,319 1,145,853 79.0 68.1 
Equity method private investment partnership interests and other (held at fair value)(1)
117,015 92,196 3.5 5.5 
Equity method private investment partnership interests and other(1)
32,132 23,883 1.0 1.4 
Total equity method investments3,266,948 1,628,403 98.3 96.8 
Collateralized loan obligations (2)
32,724 31,766 1.0 1.9 
Other fixed income21,583 21,583 0.6 1.3 
Collateralized loan obligations and other fixed income, at fair value54,307 53,349 1.6 3.2 
Common stock, at fair value1,410 1,007 0.1 0.1 
Total investments$3,322,665 $1,682,759 
(1)Investment or portion of the investment is denominated in foreign currency and is translated into U.S. dollars at each reporting date.
(2)As of September 30, 2021 and December 31, 2020, includes $3.2 million and $3.4 million, respectively, of collateralized loan obligations that are attributable to the Class B Membership 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 and nine months ended September 30, 2021 and 2020, 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 $18.9 million and $8.9 million for the three months ended September 30, 2021 and 2020, respectively, and net gains of $99.3 million and $1.8 million for the nine months ended September 30, 2021 and 2020, respectively. The net gains were included within principal investment income, net realized and unrealized gains (losses) 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, 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 atPercentage of total investments as of
September 30,December 31,September 30,December 31,
2021202020212020
Fixed income investments:
Bonds$434,226 $397,494 3.9 %3.6%
Loans9,389,769 10,012,948 82.6 92.1
U.S. Treasury securities1,000,165 — 8.8 —
Investments in CLO warehouse28,500 — 0.3 —
Total fixed income investments10,852,660 10,410,442 95.6 95.7
Equity securities264,202 227,031 2.3 2.1
Partnership interests244,157 239,624 2.1 2.2
Total investments, at fair value$11,361,019 $10,877,097 

As of September 30, 2021, the SPAC’s investment in U.S. Treasury bills exceeded 5.0% of the Company’s total assets. The U.S. Treasury bills mature in November 2021 and have an interest yield of approximately 0.06%. At December 31, 2020, 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.