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:
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For the Years Ended December 31, |
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2013 |
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2012 |
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2011 |
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Net Realized
Gains (Losses) |
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Net Unrealized
Gains (Losses) |
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Net Realized
Gains (Losses) |
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Net Unrealized
Gains (Losses) |
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Net Realized
Gains (Losses) |
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Net Unrealized
Gains (Losses) |
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Private Equity(a) |
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$ |
3,664,219 |
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$ |
4,052,553 |
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$ |
4,947,661 |
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$ |
2,988,494 |
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$ |
2,666,311 |
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$ |
(2,046,989 |
) |
Credit and Other(a) |
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307,269 |
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128,794 |
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125,122 |
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203,917 |
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(3,742 |
) |
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(121,202 |
) |
Real Assets(a) |
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15,868 |
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(64,667 |
) |
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54,724 |
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(309,620 |
) |
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584,862 |
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(247,736 |
) |
Equity Method(a) |
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44,148 |
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53,958 |
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115,709 |
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37,149 |
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21,270 |
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29,107 |
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Foreign Exchange Forward Contracts(b) |
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17,760 |
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(232,913 |
) |
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30,993 |
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(205,752 |
) |
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16,866 |
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55,238 |
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Foreign Currency Options(b) |
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— |
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(2,881 |
) |
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(28,305 |
) |
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29,825 |
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— |
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(12,352 |
) |
Securities Sold Short(b) |
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(105,513 |
) |
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(19,205 |
) |
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(31,557 |
) |
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(4,978 |
) |
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25,609 |
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7,942 |
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Other Derivatives |
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(24,223 |
) |
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(2,030 |
) |
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(11,746 |
) |
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(9,322 |
) |
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4,373 |
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490 |
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Contingent Carried Interest Repayment Guarantee(c) |
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— |
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— |
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— |
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(55,937 |
) |
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— |
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— |
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Foreign Exchange Gains (Losses)(d) |
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(10,096 |
) |
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3,041 |
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63 |
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(4,767 |
) |
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1,811 |
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— |
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Total Net Gains (Losses) from Investment Activities |
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$ |
3,909,432 |
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$ |
3,916,650 |
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$ |
5,202,664 |
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$ |
2,669,009 |
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$ |
3,317,360 |
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$ |
(2,335,502 |
) |
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- (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.
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