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INVESTMENTS
12 Months Ended
Dec. 31, 2022
Investments in and Advances to Affiliates [Abstract]  
INVESTMENTS
5. INVESTMENTS

The Company’s investments are comprised of the following:
Percentage of total investments
December 31,December 31,
2022202120222021
Equity method investments:
Equity method - carried interest
$3,106,577 $2,998,421 78.2%81.4%
Equity method private investment partnership interests - principal543,592 473,887 13.712.9
Equity method private investment partnership interests and other (held at fair value)123,170 117,539 3.13.2
Equity method private investment partnership interests and other47,439 40,580 1.21.1
Total equity method investments3,820,778 3,630,427 96.298.6
Collateralized loan obligations25,163 30,815 0.60.8
Other fixed income51,771 21,582 1.20.5
Collateralized loan obligations and other fixed income, at fair value76,934 52,397 1.81.3
Common stock, at fair value77,022 1,440 2.00.1
Total investments$3,974,734 $3,684,264 

Equity Method Investments

The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the years ended December 31, 2022, 2021 and 2020, no individual equity method investment held by the Company met the significance criteria.
The following tables present summarized financial information for the Company’s equity method investments, which are primarily funds managed by the Company:
As of and Year Ended December 31, 2022
Credit
Group
Private Equity GroupReal Assets GroupSecondaries Group
Strategic Initiatives
Total
Statement of Financial Condition
Investments$15,704,463 $9,376,032 $13,052,820 $12,719,333 $1,980,690 $52,833,338 
Total assets18,841,376 9,947,821 14,440,914 12,931,082 2,094,008 58,255,201 
Total liabilities4,848,872 937,326 5,007,250 3,716,111 927,813 15,437,372 
Total equity13,992,504 9,010,495 9,433,664 9,214,971 1,166,195 42,817,829 
Statement of Operations
Revenues$1,333,204 $271,873 $618,796 $2,874 $8,164 $2,234,911 
Expenses(375,506)(153,372)(357,845)(289,741)(64,684)(1,241,148)
Net realized and unrealized gains (losses) from investments(172,527)(482,260)304,068 (11,173)186,356 (175,536)
Income tax benefit (expense)(4,723)92 (36,501)— (11)(41,143)
Net income (loss)$780,448 $(363,667)$528,518 $(298,040)$129,825 $777,084 
As of and Year Ended December 31, 2021
Credit
Group
Private Equity GroupReal Assets GroupSecondaries Group
Strategic Initiatives
Total
Statement of Financial Condition
Investments$16,919,068 $9,143,164 $9,555,266 $7,096,073 $484,969 $43,198,540 
Total assets18,316,775 9,548,551 10,146,133 7,220,604 490,246 45,722,309 
Total liabilities5,268,103 1,539,522 3,155,826 2,960,748 392,347 13,316,546 
Total equity13,048,672 8,009,029 6,990,307 4,259,856 97,899 32,405,763 
Statement of Operations
Revenues$1,318,517 $229,539 $326,507 $911 $23,910 $1,899,384 
Expenses(316,134)(177,380)(170,008)(89,281)(11,927)(764,730)
Net realized and unrealized gains (losses) from investments457,943 2,161,730 1,179,698 1,399,009 (24,758)5,173,622 
Income tax expense(4,511)(19,125)(1,167)— — (24,803)
Net income (loss)$1,455,815 $2,194,764 $1,335,030 $1,310,639 $(12,775)$6,283,473 

Year Ended December 31, 2020
Credit GroupPrivate Equity GroupReal Assets GroupSecondaries Group
Strategic Initiatives
Total
Statement of Operations
Revenues$940,450 $263,335 $191,543 $— $2,656 $1,397,984 
Expenses(221,083)(112,325)(81,071)— (5,585)(420,064)
Net realized and unrealized gains (losses) from investments(210,881)1,218,362 11,923 — 2,324 1,021,728 
Income tax benefit (expense)(1,693)57,935 346 — — 56,588 
Net income (loss)$506,793 $1,427,307 $122,741 $ $(605)$2,056,236 

The Company recognized net gains related to its equity method investments of $21.7 million, $114.9 million and $22.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. The net gains were included within principal investment income, net realized and unrealized gains (losses) on investments, and interest and dividend income within the Consolidated Statements of Operations.

With respect to the Company’s equity method investments, the material assets are expected to generate either long term capital appreciation and/or interest income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets.
Investments of the Consolidated Funds

Investments held in the Consolidated Funds are summarized below:

Fair Value atPercentage of total investments as of
December 31,December 31,
2022202120222021
Fixed income investments:
Bonds$786,961 $857,125 6.0%6.7%
Loans9,280,522 9,910,689 70.377.3
Investments held in trust account1,013,382 1,000,285 7.77.8
Total fixed income investments11,080,865 11,768,099 84.091.8
Equity securities731,599 340,272 5.52.7
Partnership interests1,392,169 708,307 10.55.5
Total investments, at fair value$13,204,633 $12,816,678 
As of December 31, 2022 and 2021, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company’s total assets.