Schedule of Financial Results for Company's Operating Segments, as well as the OMG |
The following tables present the financial results for the Company’s operating segments, as well as the OMG: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2022 | | Credit Group | | Private Equity Group | | Real Assets Group | | Secondary Solutions Group | |
Strategic Initiatives | | Total Segments | | OMG | | Total | Management fees | $ | 323,171 | | | $ | 47,396 | | | $ | 90,733 | | | $ | 46,201 | | | $ | 17,380 | | | $ | 524,881 | | | $ | — | | | $ | 524,881 | | Fee related performance revenues | 275 | | | — | | | 965 | | | — | | | — | | | 1,240 | | | — | | | 1,240 | | Other fees | 6,619 | | | 408 | | | 8,565 | | | — | | | 64 | | | 15,656 | | | 6,298 | | | 21,954 | | Compensation and benefits | (93,287) | | | (24,293) | | | (40,599) | | | (15,133) | | | (6,799) | | | (180,111) | | | (71,341) | | | (251,452) | | General, administrative and other expenses | (17,780) | | | (7,880) | | | (10,639) | | | (2,957) | | | (2,363) | | | (41,619) | | | (35,225) | | | (76,844) | | Fee related earnings | 218,998 | | | 15,631 | | | 49,025 | | | 28,111 | | | 8,282 | | | 320,047 | | | (100,268) | | | 219,779 | | Performance income—realized | 48,533 | | | — | | | 17,405 | | | 4,156 | | | — | | | 70,094 | | | — | | | 70,094 | | Performance related compensation—realized | (29,358) | | | — | | | (11,186) | | | (3,514) | | | — | | | (44,058) | | | — | | | (44,058) | | Realized net performance income | 19,175 | | | — | | | 6,219 | | | 642 | | | — | | | 26,036 | | | — | | | 26,036 | | Investment income (loss)—realized | 1,609 | | | 672 | | | 432 | | | — | | | (3) | | | 2,710 | | | — | | | 2,710 | | Interest and other investment income (expense)—realized | 6,387 | | | 195 | | | 2,640 | | | 2,200 | | | 5,514 | | | 16,936 | | | (995) | | | 15,941 | | Interest expense | (3,538) | | | (3,629) | | | (2,713) | | | (1,557) | | | (5,605) | | | (17,042) | | | (179) | | | (17,221) | | Realized net investment income (loss) | 4,458 | | | (2,762) | | | 359 | | | 643 | | | (94) | | | 2,604 | | | (1,174) | | | 1,430 | | Realized income | $ | 242,631 | | | $ | 12,869 | | | $ | 55,603 | | | $ | 29,396 | | | $ | 8,188 | | | $ | 348,687 | | | $ | (101,442) | | | $ | 247,245 | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2021 | | Credit Group | | Private Equity Group | | Real Assets Group | | Secondary Solutions Group | | Strategic Initiatives | | Total Segments | | OMG | | Total | Management fees | $ | 260,234 | | | $ | 39,975 | | | $ | 42,932 | | | $ | 12,898 | | | $ | 16,796 | | | $ | 372,835 | | | $ | — | | | $ | 372,835 | | Fee related performance revenues | (39) | | | — | | | 693 | | | — | | | — | | | 654 | | | — | | | 654 | | Other fees | 6,727 | | | 248 | | | 275 | | | — | | | 1 | | | 7,251 | | | — | | | 7,251 | | Compensation and benefits | (85,892) | | | (21,979) | | | (20,189) | | | (4,289) | | | (5,384) | | | (137,733) | | | (48,429) | | | (186,162) | | General, administrative and other expenses | (11,977) | | | (5,881) | | | (3,861) | | | (859) | | | (1,771) | | | (24,349) | | | (23,074) | | | (47,423) | | Fee related earnings | 169,053 | | | 12,363 | | | 19,850 | | | 7,750 | | | 9,642 | | | 218,658 | | | (71,503) | | | 147,155 | | Performance income—realized | 68,146 | | | 53,945 | | | 4,922 | | | — | | | — | | | 127,013 | | | — | | | 127,013 | | Performance related compensation—realized | (43,485) | | | (43,197) | | | (3,398) | | | — | | | — | | | (90,080) | | | — | | | (90,080) | | Realized net performance income | 24,661 | | | 10,748 | | | 1,524 | | | — | | | — | | | 36,933 | | | — | | | 36,933 | | Investment income—realized | 1,240 | | | 2,633 | | | 10,530 | | | — | | | 322 | | | 14,725 | | | — | | | 14,725 | | Interest and other investment income—realized | 5,969 | | | 4,846 | | | 1,511 | | | 2 | | | 2,628 | | | 14,956 | | | 85 | | | 15,041 | | Interest expense | (1,465) | | | (1,476) | | | (1,289) | | | (5) | | | (2,525) | | | (6,760) | | | (147) | | | (6,907) | | Realized net investment income (loss) | 5,744 | | | 6,003 | | | 10,752 | | | (3) | | | 425 | | | 22,921 | | | (62) | | | 22,859 | | Realized income | $ | 199,458 | | | $ | 29,114 | | | $ | 32,126 | | | $ | 7,747 | | | $ | 10,067 | | | $ | 278,512 | | | $ | (71,565) | | | $ | 206,947 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2022 | | Credit Group | | Private Equity Group | | Real Assets Group | | Secondary Solutions Group | | Strategic Initiatives | | Total Segments | | OMG | | Total | Management fees | $ | 626,330 | | | $ | 93,353 | | | $ | 163,220 | | | $ | 90,705 | | | $ | 34,194 | | | $ | 1,007,802 | | | $ | — | | | $ | 1,007,802 | | Fee related performance revenues | 12,628 | | | — | | | 1,323 | | | — | | | — | | | 13,951 | | | — | | | 13,951 | | Other fees | 12,385 | | | 705 | | | 16,431 | | | — | | | 114 | | | 29,635 | | | 12,174 | | | 41,809 | | Compensation and benefits | (198,983) | | | (43,859) | | | (74,236) | | | (26,773) | | | (14,200) | | | (358,051) | | | (135,408) | | | (493,459) | | General, administrative and other expenses | (34,477) | | | (14,168) | | | (18,276) | | | (6,035) | | | (4,089) | | | (77,045) | | | (67,609) | | | (144,654) | | Fee related earnings | 417,883 | | | 36,031 | | | 88,462 | | | 57,897 | | | 16,019 | | | 616,292 | | | (190,843) | | | 425,449 | | Performance income—realized | 55,896 | | | 2,212 | | | 51,698 | | | 4,156 | | | — | | | 113,962 | | | — | | | 113,962 | | Performance related compensation—realized | (33,938) | | | (1,786) | | | (33,395) | | | (3,514) | | | — | | | (72,633) | | | — | | | (72,633) | | Realized net performance income | 21,958 | | | 426 | | | 18,303 | | | 642 | | | — | | | 41,329 | | | — | | | 41,329 | | Investment income—realized | 2,024 | | | 2,275 | | | 3,885 | | | — | | | 858 | | | 9,042 | | | — | | | 9,042 | | Interest and other investment income (expense)—realized | 12,113 | | | 1,697 | | | 5,417 | | | 2,844 | | | 5,517 | | | 27,588 | | | (1,279) | | | 26,309 | | Interest expense | (6,952) | | | (7,002) | | | (5,102) | | | (2,022) | | | (11,443) | | | (32,521) | | | (346) | | | (32,867) | | Realized net investment income (loss) | 7,185 | | | (3,030) | | | 4,200 | | | 822 | | | (5,068) | | | 4,109 | | | (1,625) | | | 2,484 | | Realized income | $ | 447,026 | | | $ | 33,427 | | | $ | 110,965 | | | $ | 59,361 | | | $ | 10,951 | | | $ | 661,730 | | | $ | (192,468) | | | $ | 469,262 | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2021 | | Credit Group | | Private Equity Group | | Real Assets Group | | Secondary Solutions Group | | Strategic Initiatives | | Total Segments | | OMG | | Total | Management fees | $ | 493,111 | | | $ | 79,113 | | | $ | 82,757 | | | $ | 12,898 | | | $ | 32,419 | | | $ | 700,298 | | | $ | — | | | $ | 700,298 | | Fee related performance revenues | 1,331 | | | — | | | 1,359 | | | — | | | — | | | 2,690 | | | — | | | 2,690 | | Other fees | 12,696 | | | 356 | | | 923 | | | — | | | 80 | | | 14,055 | | | — | | | 14,055 | | Compensation and benefits | (167,095) | | | (38,827) | | | (40,368) | | | (4,289) | | | (10,124) | | | (260,703) | | | (92,836) | | | (353,539) | | General, administrative and other expenses | (22,786) | | | (10,367) | | | (7,538) | | | (859) | | | (3,806) | | | (45,356) | | | (41,730) | | | (87,086) | | Fee related earnings | 317,257 | | | 30,275 | | | 37,133 | | | 7,750 | | | 18,569 | | | 410,984 | | | (134,566) | | | 276,418 | | Performance income—realized | 70,592 | | | 125,163 | | | 6,203 | | | — | | | — | | | 201,958 | | | — | | | 201,958 | | Performance related compensation—realized | (45,540) | | | (100,223) | | | (4,174) | | | — | | | — | | | (149,937) | | | — | | | (149,937) | | Realized net performance income | 25,052 | | | 24,940 | | | 2,029 | | | — | | | — | | | 52,021 | | | — | | | 52,021 | | Investment income (loss)—realized | 1,240 | | | (6,265) | | | 12,036 | | | — | | | 322 | | | 7,333 | | | — | | | 7,333 | | Interest and other investment income—realized | 9,638 | | | 4,964 | | | 3,865 | | | 2 | | | 2,661 | | | 21,130 | | | 440 | | | 21,570 | | Interest expense | (2,980) | | | (2,929) | | | (2,624) | | | (5) | | | (4,827) | | | (13,365) | | | (237) | | | (13,602) | | Realized net investment income (loss) | 7,898 | | | (4,230) | | | 13,277 | | | (3) | | | (1,844) | | | 15,098 | | | 203 | | | 15,301 | | Realized income | $ | 350,207 | | | $ | 50,985 | | | $ | 52,439 | | | $ | 7,747 | | | $ | 16,725 | | | $ | 478,103 | | | $ | (134,363) | | | $ | 343,740 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Schedule of Segment Expenses Components |
The following table reconciles the Company's consolidated expenses to segment expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | 2022 | | 2021 | | 2022 | | 2021 | | | Total consolidated expenses | $ | 552,868 | | | $ | 1,024,732 | | | $ | 1,164,552 | | | $ | 1,549,841 | | | | Performance related compensation-unrealized | 8,549 | | | (566,012) | | | (82,649) | | | (726,349) | | | | Expenses of Consolidated Funds added in consolidation | (24,865) | | | (26,011) | | | (40,942) | | | (43,447) | | | | Expenses of Consolidated Funds eliminated in consolidation | 11,638 | | | 10,711 | | | 23,202 | | | 23,976 | | | | Administrative fees(1) | (15,958) | | | (9,314) | | | (34,848) | | | (19,122) | | | | OMG expenses | (106,566) | | | (71,503) | | | (203,017) | | | (134,566) | | | | Acquisition and merger-related expense | (1,152) | | | (9,020) | | | (10,194) | | | (17,610) | | | | Equity compensation expense | (49,559) | | | (69,504) | | | (103,161) | | | (125,153) | | | | Acquisition-related compensation expense(2) | (59,491) | | | (4,630) | | | (107,492) | | | (4,630) | | | | Placement fees | 1,425 | | | (1,030) | | | 2,118 | | | (1,327) | | | | Depreciation and amortization expense | (40,330) | | | (20,974) | | | (78,456) | | | (35,074) | | | | | | | | | | | | | | Expense of non-controlling interests in consolidated subsidiaries | (10,771) | | | (5,283) | | | (21,384) | | | (10,543) | | | | Total consolidation adjustments and reconciling items | (287,080) | | | (772,570) | | | (656,823) | | | (1,093,845) | | | | Total segment expenses | $ | 265,788 | | | $ | 252,162 | | | $ | 507,729 | | | $ | 455,996 | | | |
(1)Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2)Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Condensed Consolidated Statements of Operations.
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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 June 30, | | Six months ended June 30, | | 2022 | | 2021 | | 2022 | | 2021 | | | Income before taxes | $ | 67,066 | | | $ | 319,777 | | | $ | 228,375 | | | $ | 509,841 | | | | Adjustments: | | | | | | | | | | Depreciation and amortization expense | 40,330 | | | 20,974 | | | 78,456 | | | 35,074 | | | | Equity compensation expense | 50,144 | | | 69,504 | | | 103,161 | | | 125,153 | | | | Acquisition-related compensation expense(1) | 59,491 | | | 4,630 | | | 107,492 | | | 4,630 | | | | | | | | | | | | | | Acquisition and merger-related expense | 1,152 | | | 9,020 | | | 10,194 | | | 17,610 | | | | Placement fees | (1,425) | | | 1,030 | | | (2,118) | | | 1,327 | | | | OMG expense, net | 101,241 | | | 71,779 | | | 196,409 | | | 135,175 | | | | Other expense, net | 12 | | | 619 | | | 1,993 | | | 146 | | | | Net (income) expense of non-controlling interests in consolidated subsidiaries | 4,022 | | | (4,035) | | | (967) | | | (3,346) | | | | (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations | 14,999 | | | (5,073) | | | (32,408) | | | (54,959) | | | | Total performance (income) loss—unrealized | 24,149 | | | (741,426) | | | (109,383) | | | (966,380) | | | | Total performance related compensation—unrealized | (8,549) | | | 566,012 | | | 82,649 | | | 726,349 | | | | Total investment income—unrealized | (3,945) | | | (34,299) | | | (2,123) | | | (52,517) | | | | Realized income | 348,687 | | | 278,512 | | | 661,730 | | | 478,103 | | | | Total performance income—realized | (70,094) | | | (127,013) | | | (113,962) | | | (201,958) | | | | Total performance related compensation—realized | 44,058 | | | 90,080 | | | 72,633 | | | 149,937 | | | | Total investment income—realized | (2,604) | | | (22,921) | | | (4,109) | | | (15,098) | | | | Fee related earnings | $ | 320,047 | | | $ | 218,658 | | | $ | 616,292 | | | $ | 410,984 | | | |
(1)Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Condensed Consolidated Statements of Operations.
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