INVESTMENTS

3 Months Ended

Mar. 31, 2023

Investments in and Advances to Affiliates [Abstract]

INVESTMENTS

4. INVESTMENTS

The Company’s investments are comprised of the following:

					Percentage of total investments
	March 31, 2023		December 31, 2022		March 31, 2023	December 31, 2022
Equity method investments:
Equity method - carried interest	$	3,236,418	$	3,106,577	78.9%	78.2%
Equity method private investment partnership interests - principal	535,922		543,592		13.1	13.7
Equity method private investment partnership interests and other (held at fair value)	126,458		123,170		3.1	3.1
Equity method private investment partnership interests and other	48,390		47,439		1.2	1.2
Total equity method investments	3,947,188		3,820,778		96.3	96.2
Collateralized loan obligations	22,653		25,163		0.6	0.6
Other fixed income	52,516		51,771		1.3	1.2
Collateralized loan obligations and other fixed income, at fair value	75,169		76,934		1.9	1.8
Common stock, at fair value	78,326		77,022		1.8	2.0
Total investments	$	4,100,683	$	3,974,734

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, 2023 and 2022, 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 $23.9 million and $15.2 million for the three months ended March 31, 2023 and 2022, respectively. The net gains 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, 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,
	2023		2022		2023	2022
Fixed income investments:
Bonds	$	563,275	$	786,961	4.3%	6.0%
Loans	9,516,748		9,280,522		72.5	70.3
Investments held in trust account	484,901		1,013,382		3.7	7.7
Collateralized loan obligations	82,100		—		0.6	—
Total fixed income investments	10,647,024		11,080,865		81.1	84.0
Equity securities	933,296		731,599		7.1	5.5
Partnership interests	1,545,832		1,392,169		11.8	10.5
Total investments, at fair value	$	13,126,152	$	13,204,633

As of March 31, 2023 and December 31, 2022, 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.