INVESTMENTS

6 Months Ended

Jun. 30, 2023

Investments in and Advances to Affiliates [Abstract]

4. INVESTMENTS

The Company’s investments are comprised of the following:


					Percentage of total investments

	June 30,		December 31,		June 30,	December 31,
	2023		2022		2023	2022
Equity method investments:
Equity method - carried interest	$	3,524,644	$	3,106,577	78.9%	78.2%
Equity method private investment partnership interests - principal	571,638		543,592		12.8	13.7
Equity method private investment partnership interests and other (held at fair value)	166,496		123,170		3.7	3.1
Equity method private investment partnership interests and other	47,497		47,439		1.1	1.2
Total equity method investments	4,310,275		3,820,778		96.5	96.2

Collateralized loan obligations	20,490		25,163		0.5	0.6
Other fixed income	53,287		51,771		1.2	1.2
Collateralized loan obligations and other fixed income, at fair value	73,777		76,934		1.7	1.8

Common stock, at fair value	82,174		77,022		1.8	2.0
Total investments	$	4,466,226	$	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 and six months ended June 30, 2023 and 2022, no individual equity method investment held by the Company met the significance criteria.

The Company recognized a net gain and a net loss related to its equity method investments of $9.1 million and $6.4 million for the three months ended June 30, 2023 and 2022, respectively, and net gains of $33.1 million and $8.8 million for the six months ended June 30, 2023 and 2022, respectively. The net gains and net losses 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 at				Percentage of total investments as of

	June 30,		December 31,		June 30,	December 31,
	2023		2022		2023	2022
Fixed income investments:
Loans	$	10,152,326	$	9,280,522	72.1%	70.3%
Investments held in trust account	1,000,949		1,013,382		7.1	7.7
Bonds	579,696		786,961		4.1	6.0

Total fixed income investments	11,732,971		11,080,865		83.3	84.0
Partnership interests	1,287,240		1,392,169		9.1	10.5
Equity securities	1,071,677		731,599		7.6	5.5
Total investments, at fair value	$	14,091,888	$	13,204,633

As of June 30, 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.