SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Financial Results for Company's Operating Segments and OMG

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








































	Year ended December 31, 2023
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Other		Total Segments		OMG		Total
Management fees	$	1,749,796	$	230,251	$	389,437	$	174,942	$	27,087	$	2,571,513	$	—	$	2,571,513
Fee related performance revenues	167,333		—		334		12,782		—		180,449		—		180,449
Other fees	35,257		3,076		29,695		22		374		68,424		23,685		92,109
Compensation and benefits	(598,125)		(85,024)		(153,870)		(62,160)		(15,812)		(914,991)		(361,124)		(1,276,115)
General, administrative and other expenses	(96,733)		(35,762)		(46,789)		(21,199)		(3,119)		(203,602)		(200,613)		(404,215)
Fee related earnings	1,257,528		112,541		218,807		104,387		8,530		1,701,793		(538,052)		1,163,741
Performance income—realized	271,550		117,899		20,990		5,460		—		415,899		—		415,899
Performance related compensation—realized	(175,193)		(89,767)		(12,768)		(4,678)		—		(282,406)		—		(282,406)
Realized net performance income	96,357		28,132		8,222		782		—		133,493		—		133,493
Investment income (loss)—realized	20,111		(1,434)		(4,498)		—		170		14,349		—		14,349
Interest and other investment income—realized	21,975		4,952		11,055		4,867		16,623		59,472		748		60,220
Interest expense	(27,300)		(21,422)		(16,391)		(8,980)		(32,026)		(106,119)		(156)		(106,275)
Realized net investment income (loss)	14,786		(17,904)		(9,834)		(4,113)		(15,233)		(32,298)		592		(31,706)
Realized income	$	1,368,671	$	122,769	$	217,195	$	101,056	$	(6,703)	$	1,802,988	$	(537,460)	$	1,265,528

	Year ended December 31, 2022
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Other		Total Segments		OMG		Total
Management fees	$	1,416,518	$	199,837	$	347,808	$	176,694	$	11,671	$	2,152,528	$	—	$	2,152,528
Fee related performance revenues	71,497		—		167,693		235		—		239,425		—		239,425
Other fees	31,992		1,888		35,879		—		274		70,033		24,529		94,562
Compensation and benefits	(462,681)		(86,561)		(240,015)		(53,743)		(12,108)		(855,108)		(317,396)		(1,172,504)
General, administrative and other expenses	(79,434)		(30,697)		(39,739)		(12,685)		(2,089)		(164,644)		(155,017)		(319,661)
Fee related earnings	977,892		84,467		271,626		110,501		(2,252)		1,442,234		(447,884)		994,350
Performance income—realized	156,929		123,806		133,130		4,156		—		418,021		—		418,021
Performance related compensation—realized	(97,621)		(90,300)		(83,105)		(3,515)		—		(274,541)		—		(274,541)
Realized net performance income	59,308		33,506		50,025		641		—		143,480		—		143,480
Investment income (loss)—realized	7,078		3,432		3,115		—		861		14,486		(37)		14,449
Interest and other investment income (expense)—realized	27,288		2,546		9,045		3,683		9,130		51,692		(1,588)		50,104
Interest expense	(15,932)		(15,953)		(11,346)		(5,660)		(21,781)		(70,672)		(684)		(71,356)
Realized net investment income (loss)	18,434		(9,975)		814		(1,977)		(11,790)		(4,494)		(2,309)		(6,803)
Realized income	$	1,055,634	$	107,998	$	322,465	$	109,165	$	(14,042)	$	1,581,220	$	(450,193)	$	1,131,027


	Year ended December 31, 2021
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Other		Total Segments		OMG		Total
Management fees	$	1,128,887	$	181,918	$	218,202	$	97,945	$	8,325	$	1,635,277	$	—	$	1,635,277
Fee related performance revenues	86,480		—		51,399		—		—		137,879		—		137,879
Other fees	27,152		1,070		13,038		—		33		41,293		8,478		49,771
Compensation and benefits	(429,150)		(78,156)		(127,679)		(25,215)		(7,917)		(668,117)		(226,725)		(894,842)
General, administrative and other expenses	(61,712)		(21,625)		(24,181)		(6,862)		(752)		(115,132)		(100,645)		(215,777)
Fee related earnings	751,657		83,207		130,779		65,868		(311)		1,031,200		(318,892)		712,308
Performance income—realized	207,450		171,637		95,270		70		—		474,427		—		474,427
Performance related compensation—realized	(131,902)		(137,576)		(59,056)		(49)		—		(328,583)		—		(328,583)
Realized net performance income	75,548		34,061		36,214		21		—		145,844		—		145,844
Investment income (loss)—realized	1,985		(3,754)		17,700		19		17		15,967		—		15,967
Interest and other investment income—realized	20,728		11,514		7,252		2,261		3,597		45,352		226		45,578
Interest expense	(8,098)		(7,925)		(6,394)		(836)		(12,971)		(36,224)		(536)		(36,760)
Realized net investment income (loss)	14,615		(165)		18,558		1,444		(9,357)		25,095		(310)		24,785
Realized income	$	841,820	$	117,103	$	185,551	$	67,333	$	(9,668)	$	1,202,139	$	(319,202)	$	882,937

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,
		2023		2022		2021
Segment revenues
Management fees		$	2,571,513	$	2,152,528	$	1,635,277
Fee related performance revenues		180,449		239,425		137,879
Other fees		68,424		70,033		41,293
Performance income—realized		415,899		418,021		474,427
Total segment revenues		$	3,236,285	$	2,880,007	$	2,288,876
Segment expenses
Compensation and benefits		$	914,991	$	855,108	$	668,117
General, administrative and other expenses		203,602		164,644		115,132
Performance related compensation—realized		282,406		274,541		328,583
Total segment expenses		$	1,400,999	$	1,294,293	$	1,111,832
Segment realized net investment income (expense)
Investment income—realized		$	14,349	$	14,486	$	15,967
Interest and other investment income —realized		59,472		51,692		45,352
Interest expense		(106,119)		(70,672)		(36,224)
Total segment realized net investment income (expense)		$	(32,298)	$	(4,494)	$	25,095

Schedule of Segment Revenues Components

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


	Year ended December 31,
		2023		2022		2021
Total consolidated revenue		$	3,631,884	$	3,055,443	$	4,212,091
Performance income—unrealized		(305,370)		(107,153)		(1,744,056)
Management fees of Consolidated Funds eliminated in consolidation		48,201		46,324		44,896
Performance income of Consolidated Funds eliminated in consolidation		13,672		11,529		5,458
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation		7,166		17,013		4,483
Administrative fees(1)		(63,144)		(69,414)		(49,223)
OMG revenue		(23,685)		(24,354)		(8,478)

Acquisition-related incentive fees(2)		—		—		(47,873)
Principal investment income, net of eliminations		(36,516)		(12,278)		(99,433)
Net revenue of non-controlling interests in consolidated subsidiaries		(35,923)		(37,103)		(28,989)
Total consolidation adjustments and reconciling items		(395,599)		(175,436)		(1,923,215)
Total segment revenue		$	3,236,285	$	2,880,007	$	2,288,876

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

(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.

Schedule of Segment Expenses Components

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


	Year ended December 31,
		2023		2022		2021
Total consolidated expenses		$	2,797,858	$	2,749,085	$	3,410,083
Performance related compensation-unrealized		(206,923)		(88,502)		(1,316,205)
Expenses of Consolidated Funds added in consolidation		(93,167)		(86,988)		(113,024)
Expenses of Consolidated Funds eliminated in consolidation		50,108		50,833		50,538
Administrative fees(1)		(62,773)		(68,255)		(49,223)
OMG expenses		(561,737)		(472,413)		(327,370)
Acquisition and merger-related expense		(12,000)		(15,197)		(21,162)
Equity compensation expense		(255,790)		(200,106)		(237,191)
Acquisition-related compensation expense(2)		(7,334)		(206,252)		(66,893)
Placement fee adjustment		5,819		(2,088)		(78,883)
Depreciation and amortization expense		(233,185)		(335,083)		(106,705)
Expense of non-controlling interests in consolidated subsidiaries		(19,877)		(30,741)		(32,133)
Total consolidation adjustments and reconciling items		(1,396,859)		(1,454,792)		(2,298,251)
Total segment expenses		$	1,400,999	$	1,294,293	$	1,111,832

(2)Represents contingent obligations (“earnouts”) resulting from the Landmark Acquisition, the Black Creek Acquisition, the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within 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,
		2023		2022		2021
Total consolidated other income		$	499,037	$	204,448	$	263,682
Investment (income) loss—unrealized		(184,929)		12,769		(58,694)
Interest and other investment (income) loss—unrealized		6,448		(25,603)		6,249
Other income, net from Consolidated Funds added in consolidation		(492,848)		(250,144)		(256,375)
Other expense, net from Consolidated Funds eliminated in consolidation		(16,485)		(16,484)		(2,868)
OMG other (income) expense		1,074		14,419		(1,368)

Principal investment income		155,632		48,223		120,896
Other (income) expense, net		976		1,873		(19,886)
Other (income) loss of non-controlling interests in consolidated subsidiaries		(1,203)		6,005		(26,541)
Total consolidation adjustments and reconciling items		(531,335)		(208,942)		(238,587)
Total segment realized net investment income (expense)		$	(32,298)	$	(4,494)	$	25,095

Schedule of 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,
		2023		2022		2021
Income before taxes		$	1,333,063	$	510,806	$	1,065,690
Adjustments:
Depreciation and amortization expense		233,185		335,083		106,705
Equity compensation expense		255,419		198,948		237,191
Acquisition-related compensation expense(1)		7,334		206,252		66,893
Acquisition-related incentive fees(2)		—		—		(47,873)
Acquisition and merger-related expense		12,000		15,197		21,162
Placement fee adjustment		(5,819)		2,088		78,883
OMG expense, net		539,126		462,478		317,524
Other (income) expense, net		976		1,874		(19,886)
Income before taxes of non-controlling interests in consolidated subsidiaries		(17,249)		(357)		(23,397)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(278,119)		(119,664)		(120,457)
Total performance income—unrealized		(305,370)		(107,153)		(1,744,056)
Total performance related compensation—unrealized		206,923		88,502		1,316,205
Total investment income—unrealized		(178,481)		(12,834)		(52,445)
Realized income		1,802,988		1,581,220		1,202,139
Total performance income—realized		(415,899)		(418,021)		(474,427)
Total performance related compensation—realized		282,406		274,541		328,583
Total investment (income) loss—realized		32,298		4,494		(25,095)
Fee related earnings		$	1,701,793	$	1,442,234	$	1,031,200

(1)Represents earnouts resulting from the Landmark Acquisition, the Black Creek Acquisition, the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within 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 within the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis for segment reporting purposes.