
	As of September 30, 2020		As of December 31, 2019
Investments, at fair value	$	1,884,388	$	1,053,556
Equity method investments	964,521		1,048,732
Performance allocations	1,128,160		1,507,571
Total Investments	$	3,977,069	$	3,609,859

Investments, at fair value, consist of investments for which the fair value option has been elected and primarily include the Company’s investment in Athene Holding and investments in debt of unconsolidated CLOs. Changes in the fair value related to these investments are presented in net gains (losses) from investment activities except for certain investments for which the Company is entitled to receive performance allocations. For those investments, changes in fair value are presented in principal investment income.

For the three and nine months ended September 30, 2020, the Company’s investment in Athene Holding, for which the fair value option was elected, met the significance criteria as defined by the SEC. As a result, the following table presents summarized financial information of Athene Holding:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Statements of Operations
Revenues	$	3,275	$	4,584	$	6,124	13,002
Benefits and expenses	2,251		4,305		5,401		11,233
Income before income taxes	1,024		279		723		1,769
Income tax expense (benefit)	140		(14)		124		$	48
Net income	884		$	293	599		1,721
Net income attributable to noncontrolling interests	232		—		151		—
Net income available to Athene shareholders	$	652	293		$	448	1,721
Preferred stock dividends	30		17		67		17
Net income available to Athene common shareholders	$	622	276		$	381	$	1,704

The following table presents the realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Realized gains on sales of investments, net	$	155	$	—	$	2,031	$	45
Net change in unrealized gains (losses) due to changes in fair value	144,317		(19,790)		(853,443)		44,054
Net gains (losses) from investment activities	$	144,472	$	(19,790)	$	(851,412)	$	44,099

Apollo’s equity method investments include its investments in the credit, private equity and real assets funds it manages, which are not consolidated, but in which the Company exerts significant influence. Apollo’s share of net income

generated by these investments is recorded in principal investment income in the condensed consolidated statements of operations.


	Equity Held as of
	September 30, 2020		(4)	December 31, 2019		(4)
Credit(1)	$	247,775		$	318,054
Private Equity(2)	624,395			632,540
Real Assets	92,351			98,138
Total equity method investments(3)	$	964,521		$	1,048,732

(1) The equity method investment in AINV was $40.0 million and $51.0 million as of September 30, 2020 and December 31, 2019, respectively. The value of the Company’s investment in AINV was $24.0 million and $51.3 million based on the quoted market price of AINV as of September 30, 2020 and December 31, 2019, respectively.

(2) The equity method investment in Fund VIII was $326.6 million and $370.7 million as of September 30, 2020 and December 31, 2019, respectively, representing an ownership percentage of 2.2% and 2.2% as of September 30, 2020 and December 31, 2019, respectively.

(3) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments.

Performance allocations receivable recorded within investments in the condensed consolidated statements of financial condition from credit, private equity and real assets funds consisted of the following:


	As of September 30, 2020		As of December 31, 2019
Credit	$	375,305	$	418,517
Private Equity	610,269		822,531
Real Assets	142,586		266,523
Total performance allocations	$	1,128,160	$	1,507,571


	Credit		Private Equity		Real Assets		Total
Performance allocations, January 1, 2020	$	418,517	$	822,531	$	266,523	$	1,507,571
Change in fair value of funds	119,555		(203,558)		(74,460)		(158,463)
Fund distributions to the Company	(162,767)		(8,704)		(49,477)		(220,948)
Performance allocations, September 30, 2020	$	375,305	$	610,269	$	142,586	$	1,128,160

The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition. See note 15 for further disclosure regarding the general partner obligation.