SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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:

	Three months ended September 30, 2022
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	345,871	$	52,316	$	91,013	$	44,385	$	18,183	$	551,768	$	—	$	551,768
Fee related performance revenues	—		—		855		235		—		1,090		—		1,090
Other fees	8,143		556		11,493		—		67		20,259		7,547		27,806
Compensation and benefits	(102,839)		(26,865)		(46,947)		(19,191)		(7,859)		(203,701)		(61,084)		(264,785)
General, administrative and other expenses	(18,257)		(7,824)		(10,032)		(3,215)		(1,486)		(40,814)		(41,907)		(82,721)
Fee related earnings	232,918		18,183		46,382		22,214		8,905		328,602		(95,444)		233,158
Performance income—realized	3,045		—		26,939		—		—		29,984		—		29,984
Performance related compensation—realized	(1,737)		(5)		(17,115)		(1)		—		(18,858)		—		(18,858)
Realized net performance income (loss)	1,308		(5)		9,824		(1)		—		11,126		—		11,126
Investment income—realized	4,495		8		339		—		—		4,842		—		4,842
Interest and other investment income (expense)—realized	8,893		201		2,180		424		1,096		12,794		(171)		12,623
Interest expense	(3,904)		(4,183)		(3,095)		(1,753)		(5,244)		(18,179)		(128)		(18,307)
Realized net investment income (loss)	9,484		(3,974)		(576)		(1,329)		(4,148)		(543)		(299)		(842)
Realized income	$	243,710	$	14,204	$	55,630	$	20,884	$	4,757	$	339,185	$	(95,743)	$	243,442
	Three months ended September 30, 2021
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	271,591	$	56,817	$	67,934	$	41,064	$	16,544	$	453,950	$	—	$	453,950
Fee related performance revenues	—		—		579		—		—		579		—		579
Other fees	5,798		370		3,681		—		2		9,851		3,446		13,297
Compensation and benefits	(86,502)		(23,220)		(33,070)		(11,955)		(5,316)		(160,063)		(66,107)		(226,170)
General, administrative and other expenses	(14,930)		(4,984)		(6,674)		(2,593)		(1,774)		(30,955)		(28,142)		(59,097)
Fee related earnings	175,957		28,983		32,450		26,516		9,456		273,362		(90,803)		182,559
Performance income—realized	6,332		34,316		4,114		—		—		44,762		—		44,762
Performance related compensation—realized	(3,079)		(27,483)		(2,809)		—		—		(33,371)		—		(33,371)
Realized net performance income	3,253		6,833		1,305		—		—		11,391		—		11,391
Investment income—realized	618		1,878		1,841		—		1,025		5,362		—		5,362
Interest and other investment income (expense)—realized	4,716		4,861		918		699		163		11,357		(270)		11,087
Interest expense	(2,392)		(2,505)		(1,904)		(427)		(4,135)		(11,363)		(160)		(11,523)
Realized net investment income (loss)	2,942		4,234		855		272		(2,947)		5,356		(430)		4,926
Realized income	$	182,152	$	40,050	$	34,610	$	26,788	$	6,509	$	290,109	$	(91,233)	$	198,876

	Nine months ended September 30, 2022
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	972,201	$	145,669	$	254,233	$	135,090	$	52,377	$	1,559,570	$	—	$	1,559,570
Fee related performance revenues	12,628		—		2,178		235		—		15,041		—		15,041
Other fees	20,528		1,261		27,924		—		181		49,894		19,721		69,615
Compensation and benefits	(301,822)		(70,724)		(121,183)		(45,964)		(22,059)		(561,752)		(196,492)		(758,244)
General, administrative and other expenses	(52,734)		(21,992)		(28,308)		(9,250)		(5,575)		(117,859)		(109,516)		(227,375)
Fee related earnings	650,801		54,214		134,844		80,111		24,924		944,894		(286,287)		658,607
Performance income—realized	58,941		2,212		78,637		4,156		—		143,946		—		143,946
Performance related compensation—realized	(35,675)		(1,791)		(50,510)		(3,515)		—		(91,491)		—		(91,491)
Realized net performance income	23,266		421		28,127		641		—		52,455		—		52,455
Investment income—realized	6,519		2,283		4,224		—		858		13,884		—		13,884
Interest and other investment income (expense)—realized	21,006		1,898		7,597		3,268		6,613		40,382		(1,450)		38,932
Interest expense	(10,856)		(11,185)		(8,197)		(3,775)		(16,687)		(50,700)		(474)		(51,174)
Realized net investment income (loss)	16,669		(7,004)		3,624		(507)		(9,216)		3,566		(1,924)		1,642
Realized income	$	690,736	$	47,631	$	166,595	$	80,245	$	15,708	$	1,000,915	$	(288,211)	$	712,704
	Nine months ended September 30, 2021
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	764,702	$	135,930	$	150,691	$	53,962	$	48,963	$	1,154,248	$	—	$	1,154,248
Fee related performance revenues	1,331		—		1,938		—		—		3,269		—		3,269
Other fees	18,494		726		4,604		—		82		23,906		3,446		27,352
Compensation and benefits	(253,597)		(62,047)		(73,438)		(16,244)		(15,440)		(420,766)		(158,943)		(579,709)
General, administrative and other expenses	(37,716)		(15,351)		(14,212)		(3,452)		(5,580)		(76,311)		(69,872)		(146,183)
Fee related earnings	493,214		59,258		69,583		34,266		28,025		684,346		(225,369)		458,977
Performance income—realized	76,924		159,479		10,317		—		—		246,720		—		246,720
Performance related compensation—realized	(48,619)		(127,706)		(6,983)		—		—		(183,308)		—		(183,308)
Realized net performance income	28,305		31,773		3,334		—		—		63,412		—		63,412
Investment income (loss)—realized	1,858		(4,387)		13,877		—		1,347		12,695		—		12,695
Interest and other investment income—realized	14,354		9,825		4,783		701		2,824		32,487		170		32,657
Interest expense	(5,372)		(5,434)		(4,528)		(432)		(8,962)		(24,728)		(397)		(25,125)
Realized net investment income (loss)	10,840		4		14,132		269		(4,791)		20,454		(227)		20,227
Realized income	$	532,359	$	91,035	$	87,049	$	34,535	$	23,234	$	768,212	$	(225,596)	$	542,616

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:

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Segment revenues
Management fees	$	551,768	$	453,950	$	1,559,570	$	1,154,248
Fee related performance revenues	1,090		579		15,041		3,269
Other fees	20,259		9,851		49,894		23,906
Performance income—realized	29,984		44,762		143,946		246,720
Total segment revenues	$	603,101	$	509,142	$	1,768,451	$	1,428,143
Segment expenses
Compensation and benefits	$	203,701	$	160,063	$	561,752	$	420,766
General, administrative and other expenses	40,814		30,955		117,859		76,311
Performance related compensation—realized	18,858		33,371		91,491		183,308
Total segment expenses	$	263,373	$	224,389	$	771,102	$	680,385
Segment realized net investment income (expense)
Investment income—realized	$	4,842	$	5,362	$	13,884	$	12,695
Interest and other investment income —realized	12,794		11,357		40,382		32,487
Interest expense	(18,179)		(11,363)		(50,700)		(24,728)
Total segment realized net investment income (expense)	$	(543)	$	5,356	$	3,566	$	20,454

Schedule of Segment Revenues Components

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

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Total consolidated revenue	$	801,290	$	948,719	$	2,117,719	$	2,901,926
Performance income—unrealized	(170,654)		(415,317)		(280,037)		(1,381,697)
Management fees of Consolidated Funds eliminated in consolidation	11,682		11,051		34,523		33,416
Incentive fees of Consolidated Funds eliminated in consolidation	—		—		34		1,528
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation	3,946		4,264		13,030		13,157
Administrative fees(1)	(16,099)		(15,632)		(50,947)		(34,754)
OMG revenue	(7,681)		(3,446)		(19,974)		(3,446)
Performance income reclass(2)	—		680		(14)		1,285
Principal investment income, net of eliminations	(11,582)		(14,250)		(15,521)		(86,477)
Net income of non-controlling interests in consolidated subsidiaries	(7,801)		(6,927)		(30,362)		(16,795)
Total consolidation adjustments and reconciling items	(198,189)		(439,577)		(349,268)		(1,473,783)
Total segment revenue	$	603,101	$	509,142	$	1,768,451	$	1,428,143

(1)Represents administrative fees from expense reimbursements that are presented in administrative, transaction and other fees in the Company’s Condensed 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 Condensed Consolidated Statements of Operations.

Schedule of Segment Expenses Components

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

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Total consolidated expenses	$	898,102	$	813,267	$	2,062,654	$	2,363,108
Performance related compensation-unrealized	(124,466)		(296,044)		(207,115)		(1,022,393)
Expenses of Consolidated Funds added in consolidation	(22,129)		(23,206)		(63,071)		(66,653)
Expenses of Consolidated Funds eliminated in consolidation	11,746		11,102		34,948		35,078
Administrative fees(1)	(15,574)		(15,632)		(50,422)		(34,754)
OMG expenses	(102,991)		(94,249)		(306,008)		(228,815)
Acquisition and merger-related expense	(1,852)		(754)		(12,046)		(18,364)
Equity compensation expense	(48,041)		(65,991)		(151,202)		(191,144)
Acquisition-related compensation expense(2)	(96,697)		(28,194)		(204,189)		(32,824)
Placement fees	(9,729)		(32,413)		(7,611)		(33,740)
Depreciation and amortization expense(3)	(219,339)		(36,668)		(297,795)		(71,742)
Expense of non-controlling interests in consolidated subsidiaries	(5,657)		(6,829)		(27,041)		(17,372)
Total consolidation adjustments and reconciling items	(634,729)		(588,878)		(1,291,552)		(1,682,723)
Total segment expenses	$	263,373	$	224,389	$	771,102	$	680,385

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

(2)Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Condensed Consolidated Statements of Operations.

(3)The three and nine months ended September 30, 2022 include non-cash impairment charges of $181.6 million recorded on certain intangible assets.

Schedule of Segment Other Income (Expense) Components

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

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Total consolidated other income	$	36,434	$	111,536	$	112,932	$	218,011
Investment (income) loss—unrealized	57		(3,609)		9,995		(60,588)
Interest and other investment (income) loss—unrealized	(4,600)		(1,405)		(16,661)		3,057
Other income from Consolidated Funds added in consolidation, net	(38,434)		(76,287)		(132,852)		(178,195)
Other expense from Consolidated Funds eliminated in consolidation, net	(1,922)		(4,973)		(13,655)		(13,783)
OMG other expense	3,016		37		8,700		646
Performance income reclass(1)	—		(680)		14		(1,285)
Principal investment income	9,438		20,719		37,421		96,448
Other (income) expense, net	(1,060)		(34,812)		934		(34,666)
Other income of non-controlling interests in consolidated subsidiaries	(3,472)		(5,170)		(3,262)		(9,191)
Total consolidation adjustments and reconciling items	(36,977)		(106,180)		(109,366)		(197,557)
Total segment realized net investment income (expense)	$	(543)	$	5,356	$	3,566	$	20,454

(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 Condensed 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 Condensed Consolidated Statements of Operations to segment results of RI and FRE:

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Income (loss) before taxes	$	(60,378)	$	246,988	$	167,997	$	756,829
Adjustments:
Depreciation and amortization expense(1)	219,339		36,668		297,795		71,742
Equity compensation expense	47,516		65,991		150,677		191,144
Acquisition-related compensation expense(2)	96,697		28,194		204,189		32,824
Acquisition and merger-related expense	1,852		754		12,046		18,364
Placement fees	9,729		32,413		7,611		33,740
OMG expense, net	98,325		90,840		294,734		226,015
Other (income) expense, net	(1,059)		(34,812)		934		(34,666)
Net income of non-controlling interests in consolidated subsidiaries	(5,616)		(5,268)		(6,583)		(8,614)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(16,489)		(47,372)		(48,897)		(102,331)
Total performance income—unrealized	(170,654)		(415,317)		(280,037)		(1,381,697)
Total performance related compensation—unrealized	124,466		296,044		207,115		1,022,393
Total investment income—unrealized	(4,543)		(5,014)		(6,666)		(57,531)
Realized income	339,185		290,109		1,000,915		768,212
Total performance income—realized	(29,984)		(44,762)		(143,946)		(246,720)
Total performance related compensation—realized	18,858		33,371		91,491		183,308
Total investment income—realized	543		(5,356)		(3,566)		(20,454)
Fee related earnings	$	328,602	$	273,362	$	944,894	$	684,346

(1)The three and nine months ended September 30, 2022 include non-cash impairment charges of $181.6 million recorded on certain intangible assets.

(2)Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Condensed Consolidated Statements of Operations.