Investments in Operating Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures that are described in more detail in Note 9. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities.

	December 31,
	2019		2018
	(in millions)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)	$	313,828	$	78,546
Total liabilities(2)	$	19,274	$	8,293
Partners’ capital	294,554		70,253
Total liabilities and partners’ capital	$	313,828	$	78,546
Total liabilities and partners’ capital included above	$	7,438	$	6,265
Equity in LP/LLC interests not included above	814		790
Carrying value	$	8,252	$	7,055

 __________

(1) Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.

(2) Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party-borrowed funds, securities repurchase agreements and other miscellaneous liabilities.

	Years Ended December 31,
	2019			2018			2017
	(in millions)
STATEMENTS OF OPERATIONS
Total revenue(1)	$	11,430		$	6,264		$	6,392
Total expenses(2)	(5,800		)	(3,222		)	(2,300		)
Net earnings (losses)	$	5,630		$	3,042		$	4,092
Equity in net earnings (losses) included above	$	525		$	233		$	409
Equity in net earnings (losses) of LP/LLC interests not included above	11			14			123
Total equity in net earnings (losses)	$	536		$	247		$	532

  __________

(1) Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.

(2)

Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.

The following table sets forth information related to the Company’s investments in operating joint ventures as of and for the years ended December 31:

	2019		2018		2017
	(in millions)
Investment in operating joint ventures	$	1,309	$	1,329	$	1,483
Dividends received from operating joint ventures	$	70	$	93	$	63
After-tax equity in earnings of operating joint ventures	$	100	$	76	$	49