OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
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Jun. 30, 2014
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OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES | 7. OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Other Assets consist of the following:
(a) Represents amounts held at clearing brokers resulting from securities transactions.
(b) Represents amounts due from third parties for investments sold for which cash settlement has not occurred.
(c) Represents interest and dividend receivables and promissory notes due from third parties. The promissory notes bear interest at rates ranging from 1.5% - 3.0% per annum and mature between 2015 and 2016.
(d) See Note 15 “Goodwill and Intangible Assets.”
(e) Net of accumulated depreciation and amortization of $116,749 and $100,724 as of June 30, 2014 and December 31, 2013, respectively. Depreciation and amortization expense totaled $4,155 and $3,726 for the three months ended June 30, 2014 and 2013, respectively, and $8,202 and $7,423 for the six months ended June 30, 2014 and 2013, respectively.
(f) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments.
Accounts Payable, Accrued Expenses and Other Liabilities consist of the following:
(a) Represents the amount of carried interest payable to principals, professionals and other individuals with respect to KKR’s active funds and co-investment vehicles that provide for carried interest.
(b) Represents amounts owed to third parties for investment purchases for which cash settlement has not occurred.
(c) Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. The cost bases for these instruments at June 30, 2014 and December 31, 2013 were $455,869 and $650,026, respectively.
(d) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments.
(e) Represents the fair value of the contingent consideration related to the acquisition of Prisma.
(f) Represents amounts owed for securities transactions initiated at clearing brokers.
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