SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Financial Results for Company's Operating Segments, as well as the OMG

The following tables present the financial results for the Company’s operating segments, as well as the OMG:





































	Year ended December 31, 2021
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	1,070,608	$	231,282	$	168,838	$	97,945	$	66,604	$	1,635,277	$	—	$	1,635,277
Fee related performance revenues	86,480		—		51,399		—		—		137,879		—		137,879
Other fees	27,103		1,126		12,982		—		82		41,293		8,478		49,771
Compensation and benefits	(410,394)		(92,485)		(113,350)		(25,215)		(26,673)		(668,117)		(226,725)		(894,842)
General, administrative and other expenses	(54,686)		(25,044)		(20,762)		(6,862)		(7,778)		(115,132)		(100,645)		(215,777)
Fee related earnings	719,111		114,879		99,107		65,868		32,235		1,031,200		(318,892)		712,308
Performance income—realized	207,446		171,637		95,270		70		4		474,427		—		474,427
Performance related compensation—realized	(131,900)		(137,576)		(59,056)		(49)		(2)		(328,583)		—		(328,583)
Realized net performance income	75,546		34,061		36,214		21		2		145,844		—		145,844
Investment income—realized	1,989		9,259		4,687		19		13		15,967		—		15,967
Interest and other investment income—realized	20,377		12,819		5,947		2,261		3,948		45,352		226		45,578
Interest expense	(8,038)		(8,811)		(5,508)		(836)		(13,031)		(36,224)		(536)		(36,760)
Realized net investment income (loss)	14,328		13,267		5,126		1,444		(9,070)		25,095		(310)		24,785
Realized income	$	808,985	$	162,207	$	140,447	$	67,333	$	23,167	$	1,202,139	$	(319,202)	$	882,937

	Year ended December 31, 2020
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	841,138	$	221,160	$	97,680	$	—	$	26,587	$	1,186,565	$	—	$	1,186,565
Fee related performance revenues	22,160		—		827		—		—		22,987		—		22,987
Other fees	18,644		178		974		—		152		19,948		—		19,948
Compensation and benefits	(320,111)		(90,129)		(53,511)		—		(6,442)		(470,193)		(155,979)		(626,172)
General, administrative and other expenses	(53,997)		(22,145)		(12,251)		—		(2,926)		(91,319)		(80,778)		(172,097)
Fee related earnings	507,834		109,064		33,719		—		17,371		667,988		(236,757)		431,231
Performance income—realized	70,148		392,635		61,446		—		—		524,229		—		524,229
Performance related compensation—realized	(44,582)		(315,905)		(38,975)		—		—		(399,462)		—		(399,462)
Realized net performance income	25,566		76,730		22,471		—		—		124,767		—		124,767
Investment income (loss)—realized	(2,309)		29,100		3,146		—		13		29,950		(5,698)		24,252
Interest and other investment income (expense)—realized	16,314		5,987		4,056		—		996		27,353		(739)		26,614
Interest expense	(8,722)		(8,186)		(5,200)		—		(1,465)		(23,573)		(1,335)		(24,908)
Realized net investment income (loss)	5,283		26,901		2,002		—		(456)		33,730		(7,772)		25,958
Realized income	$	538,683	$	212,695	$	58,192	$	—	$	16,915	$	826,485	$	(244,529)	$	581,956


	Year Ended December 31, 2019
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	713,853	$	211,614	$	87,063	$	—	$	—	$	1,012,530	$	—	$	1,012,530
Fee related performance revenues	52,715		—		1,592		—		—		54,307		—		54,307
Other fees	17,124		162		792		—		—		18,078		—		18,078
Compensation and benefits	(292,733)		(78,259)		(50,080)		—		—		(421,072)		(139,162)		(560,234)
General, administrative and other expenses	(55,103)		(19,098)		(13,249)		—		—		(87,450)		(91,292)		(178,742)
Fee related earnings	435,856		114,419		26,118		—		—		576,393		(230,454)		345,939
Performance income—realized	51,727		264,439		32,045		—		—		348,211		—		348,211
Performance related compensation—realized	(30,570)		(211,550)		(16,235)		—		—		(258,355)		—		(258,355)
Realized net performance income	21,157		52,889		15,810		—		—		89,856		—		89,856
Investment income—realized	2,457		47,696		8,020		—		—		58,173		—		58,173
Interest and other investment income (expense) —realized	18,670		5,046		5,633		—		—		29,349		(160)		29,189
Interest expense	(6,497)		(7,486)		(3,824)		—		—		(17,807)		(1,864)		(19,671)
Realized net investment income (loss)	14,630		45,256		9,829		—		—		69,715		(2,024)		67,691
Realized income	$	471,643	$	212,564	$	51,757	$	—	$	—	$	735,964	$	(232,478)	$	503,486

Schedule of Segment Revenue, Expenses and Realized Net Investment Income

The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income:


	Year ended December 31,
		2021		2020		2019
Segment revenues
Management fees		$	1,635,277	$	1,186,565	$	1,012,530
Fee related performance revenues		137,879		22,987		54,307
Other fees		41,293		19,948		18,078
Performance income—realized		474,427		524,229		348,211
Total segment revenues		$	2,288,876	$	1,753,729	$	1,433,126
Segment expenses
Compensation and benefits		$	668,117	$	470,193	$	421,072
General, administrative and other expenses		115,132		91,319		87,450
Performance related compensation—realized		328,583		399,462		258,355
Total segment expenses		$	1,111,832	$	960,974	$	766,877
Segment realized net investment income
Investment income—realized		$	15,967	$	29,950	$	58,173
Interest and other investment income —realized		45,352		27,353		29,349
Interest expense		(36,224)		(23,573)		(17,807)
Total segment realized net investment income		$	25,095	$	33,730	$	69,715

Schedule of Segment Revenues Components

The following table reconciles the Company's consolidated revenues to segment revenue:


	Year ended December 31,
		2021		2020		2019
Total consolidated revenue		$	4,212,091	$	1,764,046	$	1,765,438
Performance (income) loss—unrealized		(1,744,056)		7,554		(303,142)
Management fees of Consolidated Funds eliminated in consolidation		44,896		45,268		34,920

Incentive fees of Consolidated Funds eliminated in consolidation		5,458		141		13,851
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation		4,483		15,824		12,641
Administrative fees(1)		(49,223)		(36,512)		(31,629)
OMG revenue		(8,478)		—		—
Performance income (loss) reclass(2)		1,434		(3,726)		740
Acquisition-related incentive fees(3)		(47,873)		—		—
Principal investment income, net of eliminations		(99,433)		(28,552)		(56,555)
Net income of non-controlling interests in consolidated subsidiaries		(30,423)		(10,314)		(3,138)
Total consolidation adjustments and reconciling items		(1,923,215)		(10,317)		(332,312)
Total segment revenue		$	2,288,876	$	1,753,729	$	1,433,126

(1)Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

(2)Related to performance income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Consolidated Statements of Operations.

(3)Represents a component of the purchase price from incentive fees associated with one-time contingent consideration recorded in connection with the Black Creek Acquisition. 100% of the fees recognized in 2021 is presented within incentive fees in the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis.

Schedule of Segment Expenses Components

The following table reconciles the Company's consolidated expenses to segment expenses:


	Year ended December 31,
		2021		2020		2019
Total consolidated expenses		$	3,410,083	$	1,450,486	$	1,462,797
Performance related compensation-unrealized		(1,316,205)		11,552		(206,799)
Expenses of Consolidated Funds added in consolidation		(113,024)		(65,527)		(90,816)
Expenses of Consolidated Funds eliminated in consolidation		50,538		45,408		48,771
Administrative fees(1)		(49,223)		(36,512)		(31,629)
OMG expenses		(327,370)		(236,757)		(230,454)
Acquisition and merger-related expense		(21,162)		(11,124)		(16,266)
Equity compensation expense		(237,191)		(122,986)		(97,691)
Acquisition-related compensation expense(2)		(66,893)		—		—
Deferred placement fees		(78,883)		(19,329)		(24,306)
Depreciation and amortization expense		(106,705)		(40,662)		(40,602)

Expense of non-controlling interests in consolidated subsidiaries		(32,133)		(13,575)		(6,128)
Total consolidation adjustments and reconciling items		(2,298,251)		(489,512)		(695,920)
Total segment expenses		$	1,111,832	$	960,974	$	766,877

(2)Represents components of the purchase agreements associated with contingent obligations resulting from the Landmark Acquisition and the Black Creek Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Consolidated Statements of Operations.

Schedule of Segment Other Income (Expense) Components

The following table reconciles the Company's consolidated other income to segment realized net investment income:


	Year ended December 31,
		2021		2020		2019
Total consolidated other income		$	263,682	$	65,918	$	122,539
Investment (income) loss—unrealized		(58,694)		47,317		26,620
Interest and other investment (income) loss—unrealized		6,249		(12,134)		9,061
Other income from Consolidated Funds added in consolidation, net		(256,375)		(70,994)		(117,405)
Other expense from Consolidated Funds eliminated in consolidation, net		(2,868)		(14,053)		(12,991)
OMG other income		(1,368)		(927)		(1,190)
Performance (income) loss reclass(1)		(1,434)		3,726		(740)
Principal investment income		120,896		4,044		44,320
Other (income) expense, net		(19,886)		10,277		(460)
Other (income) loss of non-controlling interests in consolidated subsidiaries		(25,107)		556		(39)
Total consolidation adjustments and reconciling items		(238,587)		(32,188)		(52,824)
Total segment realized net investment income		$	25,095	$	33,730	$	69,715

(1)Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Consolidated Statements of Operations.

Reconciliation of Segment Results to the Company's Income before Taxes and Total Assets

The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE:


	Year ended December 31,
		2021		2020		2019
Income before taxes		$	1,065,690	$	379,478	$	425,180
Adjustments:
Depreciation and amortization expense		106,705		40,662		40,602
Equity compensation expense		237,191		122,986		97,691
Acquisition-related compensation expense(1)		66,893		—		—
Acquisition-related incentive fees(2)		(47,873)		—		—
Acquisition and merger-related expense		21,162		11,194		16,266
Deferred placement fees		78,883		19,329		24,306
OMG expense, net		317,524		235,830		229,264
Other (income) expense, net		(19,886)		10,207		(460)
Net (income) expense of non-controlling interests in consolidated subsidiaries		(23,397)		3,817		2,951
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(120,457)		(28,203)		(39,174)
Total performance (income) loss—unrealized		(1,744,056)		7,554		(303,142)
Total performance related compensation—unrealized		1,316,205		(11,552)		206,799
Total investment (income) loss—unrealized		(52,445)		35,183		35,681
Realized income		1,202,139		826,485		735,964
Total performance income—realized		(474,427)		(524,229)		(348,211)
Total performance related compensation—realized		328,583		399,462		258,355
Total investment income—realized		(25,095)		(33,730)		(69,715)
Fee related earnings		$	1,031,200	$	667,988	$	576,393

(1)Represents components of the purchase agreements associated with contingent obligations resulting from the Landmark Acquisition and the Black Creek Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Consolidated Statements of Operations.

(2)Represents a component of the purchase price from incentive fees associated with one-time contingent consideration recorded in connection with the Black Creek Acquisition. 100% of the fees recognized in 2021 is presented within incentive fees in the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis.