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INVESTMENTS
 12 Months Ended
Dec. 31, 2021
Investments in and Advances to Affiliates [Abstract]  
INVESTMENTS
5. INVESTMENTS

The Company’s investments are comprised of the following:
Percentage of total investments
As of December 31,As of December 31,
2021202020212020
Equity method investments:
Equity method private investment partnership interests - principal$473,887 $366,471 12.9 %21.8 %
Equity method - carried interest
2,998,421 1,145,853 81.4 68.1 
Equity method private investment partnership interests and other (held at fair value)117,539 92,196 3.2 5.5 
Equity method private investment partnership interests and other40,580 23,883 1.1 1.4 
Total equity method investments3,630,427 1,628,403 98.6 96.8 
Collateralized loan obligations30,815 31,766 0.8 1.9 
Other fixed income21,582 21,583 0.5 1.3 
Collateralized loan obligations and other fixed income, at fair value52,397 53,349 1.3 3.2 
Common stock, at fair value1,440 1,007 0.1 0.1 
Total investments$3,684,264 $1,682,759 
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, 2021, 2020 and 2019, no individual equity method investment held by the Company met the significance criteria.
The following tables present summarized financial information for the Company's equity method investments, which are primarily funds managed by the Company:
As of and for the Year Ended December 31, 2021
Credit
Group		Private Equity GroupReal Estate GroupSecondary Solutions Group
Strategic Initiatives
Total
Statement of Financial Condition
Investments$16,919,068 $9,143,164 $9,555,266 $7,096,073 $484,969 $43,198,540 
Total assets18,316,775 9,548,551 10,146,133 7,220,604 490,246 45,722,309 
Total liabilities5,268,103 1,539,522 3,155,826 2,960,748 392,347 13,316,546 
Total equity13,048,672 8,009,029 6,990,307 4,259,856 97,899 32,405,763 
Statement of Operations
Revenues$1,318,517 $229,539 $326,507 $911 $23,910 $1,899,384 
Expenses(316,134)(177,380)(170,008)(89,281)(11,927)(764,730)
Net realized and unrealized gains (losses) from investments457,943 2,161,730 1,179,698 1,399,009 (24,758)5,173,622 
Income tax expense(4,511)(19,125)(1,167)— — (24,803)
Net income (loss)$1,455,815 $2,194,764 $1,335,030 $1,310,639 $(12,775)$6,283,473 

As of and for the Year Ended December 31, 2020
Credit
Group		Private Equity GroupReal Estate GroupSecondary Solutions Group
Strategic Initiatives
Total
Statement of Financial Condition
Investments$12,406,944 $8,259,168 $5,320,711 $— $66,875 $26,053,698 
Total assets13,416,800 8,591,385 5,780,472 — 70,998 27,859,655 
Total liabilities3,884,603 1,415,383 975,057 — 11,711 6,286,754 
Total equity9,532,197 7,176,002 4,805,415 — 59,287 21,572,901 
Statement of Operations
Revenues$940,450 $263,335 $191,543 $— $2,656 $1,397,984 
Expenses(221,083)(112,325)(81,071)— (5,585)(420,064)
Net realized and unrealized gains (losses) from investments(210,881)1,218,362 11,923 — 2,324 1,021,728 
Income tax benefit (expense)(1,693)57,935 346 — — 56,588 
Net income (loss)$506,793 $1,427,307 $122,741 $— $(605)$2,056,236 
For the Year Ended December 31, 2019
Credit GroupPrivate Equity GroupReal Estate GroupSecondary Solutions Group
Strategic Initiatives
Total
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 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 
The Company recognized net gains related to its equity method investments of $114.9 million, $22.5 million and $57.4 million for the years ended December 31, 2021, 2020 and 2019, 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 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
December 31,December 31,
2021202020212020
Fixed income investments:
Bonds$857,125 $397,494 6.7 %3.6%
Loans9,910,689 10,012,948 77.3 92.1
U.S. Treasury securities1,000,285 — 7.8 —
Total fixed income investments11,768,099 10,410,442 91.8 95.7
Equity securities340,272 227,031 2.7 2.1
Partnership interests708,307 239,624 5.5 2.2
Total investments, at fair value$12,816,678 $10,877,097 

As of December 31, 2021 and 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.