XML 81 R37.htm IDEA: XBRL DOCUMENT v3.22.2
SEGMENT REPORTING (Tables)
6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
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 GroupPrivate Equity GroupReal
Assets Group
Secondary Solutions Group

Strategic Initiatives
Total
Segments
OMGTotal
Management fees$323,171 $47,396 $90,733 $46,201 $17,380 $524,881 $— $524,881 
Fee related performance revenues275 — 965 — — 1,240 — 1,240 
Other fees6,619 408 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 earnings218,998 15,631 49,025 28,111 8,282 320,047 (100,268)219,779 
Performance income—realized48,533 — 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 income19,175 — 6,219 642 — 26,036 — 26,036 
Investment income (loss)—realized1,609 672 432 — (3)2,710 — 2,710 
Interest and other investment income (expense)—realized6,387 195 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 GroupPrivate Equity GroupReal
Assets Group
Secondary Solutions Group
Strategic Initiatives
Total
Segments
OMGTotal
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 fees6,727 248 275 — 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 earnings169,053 12,363 19,850 7,750 9,642 218,658 (71,503)147,155 
Performance income—realized68,146 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 income24,661 10,748 1,524 — — 36,933 — 36,933 
Investment income—realized1,240 2,633 10,530 — 322 14,725 — 14,725 
Interest and other investment income—realized5,969 4,846 1,511 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 GroupPrivate Equity GroupReal
Assets Group
Secondary Solutions Group
Strategic Initiatives
Total
Segments
OMGTotal
Management fees$626,330 $93,353 $163,220 $90,705 $34,194 $1,007,802 $— $1,007,802 
Fee related performance revenues12,628 — 1,323 — — 13,951 — 13,951 
Other fees12,385 705 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 earnings417,883 36,031 88,462 57,897 16,019 616,292 (190,843)425,449 
Performance income—realized55,896 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 income21,958 426 18,303 642 — 41,329 — 41,329 
Investment income—realized2,024 2,275 3,885 — 858 9,042 — 9,042 
Interest and other investment income (expense)—realized12,113 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 GroupPrivate Equity GroupReal Assets Group
Secondary Solutions Group
Strategic Initiatives
Total
Segments
OMGTotal
Management fees$493,111 $79,113 $82,757 $12,898 $32,419 $700,298 $— $700,298 
Fee related performance revenues1,331 — 1,359 — — 2,690 — 2,690 
Other fees12,696 356 923 — 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 earnings317,257 30,275 37,133 7,750 18,569 410,984 (134,566)276,418 
Performance income—realized70,592 125,163 6,203 — — 201,958 — 201,958 
Performance related compensation—realized(45,540)(100,223)(4,174)— — (149,937)— (149,937)
Realized net performance income25,052 24,940 2,029 — — 52,021 — 52,021 
Investment income (loss)—realized1,240 (6,265)12,036 — 322 7,333 — 7,333 
Interest and other investment income—realized9,638 4,964 3,865 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 
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 June 30,Six months ended June 30,
2022202120222021
Segment revenues
Management fees$524,881 $372,835 $1,007,802 $700,298 
Fee related performance revenues1,240 654 13,951 2,690 
Other fees15,656 7,251 29,635 14,055 
Performance income—realized70,094 127,013 113,962 201,958 
Total segment revenues$611,871 $507,753 $1,165,350 $919,001 
Segment expenses
Compensation and benefits$180,111 $137,733 $358,051 $260,703 
General, administrative and other expenses41,619 24,349 77,045 45,356 
Performance related compensation—realized44,058 90,080 72,633 149,937 
Total segment expenses$265,788 $252,162 $507,729 $455,996 
Segment realized net investment income
Investment income—realized$2,710 $14,725 $9,042 $7,333 
Interest and other investment income —realized16,936 14,956 27,588 21,130 
Interest expense(17,042)(6,760)(32,521)(13,365)
Total segment realized net investment income$2,604 $22,921 $4,109 $15,098 
Schedule of Segment Revenues Components
The following table reconciles the Company's consolidated revenues to segment revenue:
Three months ended June 30,Six months ended June 30,
2022202120222021
Total consolidated revenue$601,430 $1,294,819 $1,316,429 $1,953,207 
Performance (income) loss—unrealized24,149 (741,426)(109,383)(966,380)
Management fees of Consolidated Funds eliminated in consolidation11,362 10,659 22,841 22,365 
Incentive fees of Consolidated Funds eliminated in consolidation— 34 1,528 
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation4,315 4,748 9,084 8,893 
Administrative fees(1)
(15,373)(9,314)(34,848)(19,122)
OMG revenue(6,417)— (12,293)— 
Performance income (loss) reclass(2)
— 550 (14)605 
Principal investment (income) loss, net of eliminations4,387 (47,127)(3,939)(72,227)
Net income of non-controlling interests in consolidated subsidiaries(11,982)(5,159)(22,561)(9,868)
Total consolidation adjustments and reconciling items10,441 (787,066)(151,079)(1,034,206)
Total segment revenue$611,871 $507,753 $1,165,350 $919,001 
(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)Related to performance income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Condensed Consolidated Statements of Operations.
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,
2022202120222021
Total consolidated expenses$552,868 $1,024,732 $1,164,552 $1,549,841 
Performance related compensation-unrealized8,549 (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 consolidation11,638 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 fees1,425 (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.
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 June 30,Six months ended June 30,
2022202120222021
Total consolidated other income$18,504 $49,690 $76,498 $106,475 
Investment (income) loss—unrealized2,084 (34,811)9,938 (56,979)
Interest and other investment (income) loss—unrealized(6,029)512 (12,061)4,462 
Other income from Consolidated Funds added in consolidation, net(27,570)(34,592)(94,418)(101,908)
Other expense from Consolidated Funds eliminated in consolidation, net(4,215)(4,698)(11,733)(8,810)
OMG other expense1,091 276 5,684 609 
Performance (income) loss reclass(1)
— (550)14 (605)
Principal investment income13,493 50,634 27,983 75,729 
Other expense, net
13 619 1,994 146 
Other (income) loss of non-controlling interests in consolidated subsidiaries5,233 (4,159)210 (4,021)
Total consolidation adjustments and reconciling items(15,900)(26,769)(72,389)(91,377)
Total segment realized net investment income$2,604 $22,921 $4,109 $15,098 
(1)Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Condensed Consolidated Statements of Operations.
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,
2022202120222021
Income before taxes$67,066 $319,777 $228,375 $509,841 
Adjustments:
Depreciation and amortization expense40,330 20,974 78,456 35,074 
Equity compensation expense50,144 69,504 103,161 125,153 
Acquisition-related compensation expense(1)
59,491 4,630 107,492 4,630 
Acquisition and merger-related expense1,152 9,020 10,194 17,610 
Placement fees(1,425)1,030 (2,118)1,327 
OMG expense, net101,241 71,779 196,409 135,175 
Other expense, net
12 619 1,993 146 
Net (income) expense of non-controlling interests in consolidated subsidiaries4,022 (4,035)(967)(3,346)
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations14,999 (5,073)(32,408)(54,959)
Total performance (income) loss—unrealized24,149 (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 income348,687 278,512 661,730 478,103 
Total performance income—realized(70,094)(127,013)(113,962)(201,958)
Total performance related compensation—realized44,058 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.