SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2024

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:








































	Three months ended March 31, 2024
	Credit Group		Real Assets Group		Private Equity Group		Secondaries Group		Other		Total Segments		OMG		Total
Management fees	$	510,966	$	93,814	$	34,933	$	44,421	$	9,231	$	693,365	$	—	$	693,365
Fee related performance revenues	755		—		—		2,962		—		3,717		—		3,717
Other fees	9,911		5,075		439		4		114		15,543		4,333		19,876
Compensation and benefits	(134,849)		(37,918)		(14,785)		(12,714)		(5,592)		(205,858)		(94,157)		(300,015)
General, administrative and other expenses	(34,366)		(14,453)		(5,216)		(9,068)		(1,690)		(64,793)		(50,480)		(115,273)
Fee related earnings	352,417		46,518		15,371		25,605		2,063		441,974		(140,304)		301,670
Performance income—realized	16,766		3,677		2,738		—		—		23,181		—		23,181
Performance related compensation—realized	(8,734)		(2,228)		(2,194)		—		—		(13,156)		—		(13,156)
Realized net performance income	8,032		1,449		544		—		—		10,025		—		10,025
Investment income (loss)—realized	(398)		(457)		120		—		—		(735)		—		(735)
Interest and other investment income—realized	4,930		3,835		184		210		6,409		15,568		452		16,020
Interest expense	(9,013)		(5,949)		(5,889)		(2,698)		(14,235)		(37,784)		(40)		(37,824)
Realized net investment income (loss)	(4,481)		(2,571)		(5,585)		(2,488)		(7,826)		(22,951)		412		(22,539)
Realized income	$	355,968	$	45,396	$	10,330	$	23,117	$	(5,763)	$	429,048	$	(139,892)	$	289,156

	Three months ended March 31, 2023
	Credit Group		Real Assets Group		Private Equity Group		Secondaries Group		Other		Total Segments		OMG		Total
Management fees	$	430,467	$	97,470	$	29,840	$	39,863	$	4,979	$	602,619	$	—	$	602,619
Fee related performance revenues	600		—		—		3,271		—		3,871		—		3,871
Other fees	9,149		6,462		394		—		50		16,055		4,640		20,695
Compensation and benefits	(121,900)		(37,986)		(16,626)		(13,412)		(3,140)		(193,064)		(84,967)		(278,031)
General, administrative and other expenses	(26,676)		(12,284)		(4,485)		(4,292)		(608)		(48,345)		(46,172)		(94,517)
Fee related earnings	291,640		53,662		9,123		25,430		1,281		381,136		(126,499)		254,637
Performance income—realized	7,410		6,086		17,640		—		—		31,136		—		31,136
Performance related compensation—realized	(5,881)		(3,758)		(14,220)		—		—		(23,859)		—		(23,859)
Realized net performance income	1,529		2,328		3,420		—		—		7,277		—		7,277
Investment income (loss)—realized	506		(1,772)		879		—		170		(217)		—		(217)
Interest and other investment income (expense)—realized	8,113		1,821		166		1,225		6,348		17,673		(92)		17,581
Interest expense	(8,630)		(3,896)		(4,805)		(2,305)		(5,324)		(24,960)		(26)		(24,986)
Realized net investment income (loss)	(11)		(3,847)		(3,760)		(1,080)		1,194		(7,504)		(118)		(7,622)
Realized income	$	293,158	$	52,143	$	8,783	$	24,350	$	2,475	$	380,909	$	(126,617)	$	254,292

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 March 31,
	2024		2023
Segment revenues
Management fees	$	693,365	$	602,619
Fee related performance revenues	3,717		3,871
Other fees	15,543		16,055
Performance income—realized	23,181		31,136
Total segment revenues	$	735,806	$	653,681
Segment expenses
Compensation and benefits	$	205,858	$	193,064
General, administrative and other expenses	64,793		48,345
Performance related compensation—realized	13,156		23,859
Total segment expenses	$	283,807	$	265,268
Segment realized net investment expense
Investment loss—realized	$	(735)	$	(217)
Interest and other investment income —realized	15,568		17,673
Interest expense	(37,784)		(24,960)
Total segment realized net investment expense	$	(22,951)	$	(7,504)

Schedule of Segment Revenues Components

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


	Three months ended March 31,
	2024		2023
Total consolidated revenue	$	707,363	$	813,362
Performance (income) loss—unrealized	45,476		(127,713)
Management fees of Consolidated Funds eliminated in consolidation	12,453		11,601
Performance income of Consolidated Funds eliminated in consolidation	5,925		3,545
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation	113		4,843
Administrative fees(1)	(16,407)		(13,650)
OMG revenue	(4,333)		(4,640)


Principal investment income, net of eliminations	(7,050)		(22,758)
Net revenue of non-controlling interests in consolidated subsidiaries	(7,734)		(10,909)
Total consolidation adjustments and reconciling items	28,443		(159,681)
Total segment revenue	$	735,806	$	653,681

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

Schedule of Segment Expenses Components

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


	Three months ended March 31,
	2024		2023
Total consolidated expenses	$	538,493	$	628,636
Performance related compensation-unrealized	64,514		(85,150)
Expenses of Consolidated Funds added in consolidation	(17,708)		(19,641)
Expenses of Consolidated Funds eliminated in consolidation	12,995		12,132
Administrative fees(1)	(16,407)		(13,277)
OMG expenses	(144,637)		(131,139)
Acquisition and merger-related expense	(10,578)		(4,955)
Equity compensation expense	(92,422)		(69,077)
Acquisition-related compensation expense(2)	(5,504)		(642)
Placement fee adjustment	(5,540)		3,232
Depreciation and amortization expense	(36,644)		(45,659)
Expense of non-controlling interests in consolidated subsidiaries	(2,755)		(9,192)
Total consolidation adjustments and reconciling items	(254,686)		(363,368)
Total segment expenses	$	283,807	$	265,268

(2)Represents contingent obligations (“earnouts”) resulting from 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 Condensed 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:


	Three months ended March 31,
	2024		2023
Total consolidated other income	$	62,178	$	56,396
Investment income—unrealized	(3,685)		(28,985)
Interest and other investment (income) loss—unrealized	(602)		208
Other income, net from Consolidated Funds added in consolidation	(79,977)		(62,917)
Other expense, net from Consolidated Funds eliminated in consolidation	902		(4,451)
OMG other (income) expense	(549)		651

Principal investment income (loss)	(2,666)		35,457
Other expense, net	131		91
Other (income) loss of non-controlling interests in consolidated subsidiaries	1,317		(3,954)
Total consolidation adjustments and reconciling items	(85,129)		(63,900)
Total segment realized net investment expense	$	(22,951)	$	(7,504)

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


	Three months ended March 31,
	2024		2023
Income before taxes	$	231,048	$	241,122
Adjustments:
Depreciation and amortization expense	36,644		45,659
Equity compensation expense	92,421		68,704
Acquisition-related compensation expense(1)	5,504		642

Acquisition and merger-related expense	10,578		4,955
Placement fee adjustment	5,540		(3,232)
OMG expense, net	139,755		127,150
Other expense, net	131		91
Income before taxes of non-controlling interests in consolidated subsidiaries	(3,662)		(5,671)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(65,586)		(27,171)
Total performance (income) loss—unrealized	45,476		(127,713)
Total performance related compensation—unrealized	(64,514)		85,150
Total investment income—unrealized	(4,287)		(28,777)
Realized income	429,048		380,909
Total performance income—realized	(23,181)		(31,136)
Total performance related compensation—realized	13,156		23,859
Total investment loss—realized	22,951		7,504
Fee related earnings	$	441,974	$	381,136

(1)Represents earnouts resulting from 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 Condensed Consolidated Statements of Operations.