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NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES
12 Months Ended
Dec. 31, 2013
NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES  
NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES

3. NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES

        Net Gains (Losses) from Investment Activities in the consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.

        The following table summarizes total Net Gains (Losses) from Investment Activities for the years ended December 31, 2013, 2012 and 2011, respectively:

 
  For the Years Ended December 31,  
 
  2013   2012   2011  
 
  Net Realized
Gains (Losses)
  Net Unrealized
Gains (Losses)
  Net Realized
Gains (Losses)
  Net Unrealized
Gains (Losses)
  Net Realized
Gains (Losses)
  Net Unrealized
Gains (Losses)
 

Private Equity(a)

  $ 3,664,219   $ 4,052,553   $ 4,947,661   $ 2,988,494   $ 2,666,311   $ (2,046,989 )

Credit and Other(a)

    307,269     128,794     125,122     203,917     (3,742 )   (121,202 )

Real Assets(a)

    15,868     (64,667 )   54,724     (309,620 )   584,862     (247,736 )

Equity Method(a)

    44,148     53,958     115,709     37,149     21,270     29,107  

Foreign Exchange Forward Contracts(b)

    17,760     (232,913 )   30,993     (205,752 )   16,866     55,238  

Foreign Currency Options(b)

        (2,881 )   (28,305 )   29,825         (12,352 )

Securities Sold Short(b)

    (105,513 )   (19,205 )   (31,557 )   (4,978 )   25,609     7,942  

Other Derivatives

    (24,223 )   (2,030 )   (11,746 )   (9,322 )   4,373     490  

Contingent Carried Interest Repayment Guarantee(c)

                (55,937 )        

Foreign Exchange Gains (Losses)(d)

    (10,096 )   3,041     63     (4,767 )   1,811      
                           

Total Net Gains (Losses) from Investment Activities

  $ 3,909,432   $ 3,916,650   $ 5,202,664   $ 2,669,009   $ 3,317,360   $ (2,335,502 )
                           
                           

(a)
See Note 4 "Investments."

(b)
See Note 7 "Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities."

(c)
See Note 15 "Commitments and Contingencies."

(d)
Foreign Exchange Gains (Losses) includes foreign exchange gains (losses) on debt obligations, cash and cash equivalents, and cash and cash equivalents held at consolidated entities.