# AQR INVESTMENTS, LLC X-17A-5 (2024-02-23) — Broker-dealer annual report

- Company: AQR INVESTMENTS, LLC
- Form: X-17A-5
- Filed: 2024-02-23
- Period: 2023-12-31
- Accession: 0001712174-24-000001
- CIK: 1712174
- File #: 8-69990
- Type: Broker-dealer
- Material weakness: No
- Auditor: PricewaterhouseCoopers LLP
- Auditor location: New York, NY
- Contact: Patrick Ryan
- Phone: 203-742-3940
- Email: patrick.ryan@agr.com
- Website: agr.com
- Signed by: Patrick Ryan (Chief Financial Officer & FINOP)

Original filing: https://www.sec.gov/Archives/edgar/data/1712174/000171217424000001/Public.pdf

---

{0}------------------------------------------------

# AQR Investments, LLC

Statement of Financial Condition As of December 31, 2023 Filed Pursuant to Rule 17a-5 of the Securities Exchange Act of 1934

{1}------------------------------------------------

|                                                                                                                                                                                                                            | UNITED STATES                                                                                              | OMB APPROVAL                               |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|--------------------------------------------|--|--|--|--|--|
|                                                                                                                                                                                                                            | OMB Number: 3235-0123<br>SECURITIES AND EXCHANGE COMMISSION                                                |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            | Expires: Nov. 30, 2026<br>Estimated average burden                                                         |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            |                                                                                                            | hours per response: 12                     |  |  |  |  |  |
|                                                                                                                                                                                                                            | ANNUAL REPORTS                                                                                             |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            | FORM X-17A-5                                                                                               |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            | PART III                                                                                                   |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            |                                                                                                            |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            | FACING PAGE                                                                                                |                                            |  |  |  |  |  |
| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934                                                                                                                  |                                                                                                            |                                            |  |  |  |  |  |
| ______________________________________________________________________________________________________________________________________________________________________________<br>filing for the period beginning 01/01/23 |                                                                                                            |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            | MM/DD/YY<br>MM/DD/YY                                                                                       |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            | A. REGISTRANT IDENTIFICATION                                                                               |                                            |  |  |  |  |  |
| NAME OF FIRM: AQR Investments, LLC                                                                                                                                                                                         |                                                                                                            |                                            |  |  |  |  |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>© Broker-dealer<br>L Check here if respondent is also an OTC derivatives dealer                                                                                        |                                                                                                            | LJ Major security-based swap participant   |  |  |  |  |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                                                                        |                                                                                                            |                                            |  |  |  |  |  |
| One Greenwich Plaza, Suite 130                                                                                                                                                                                             |                                                                                                            |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            | (No. and Street)                                                                                           |                                            |  |  |  |  |  |
| Greenwich<br>Connecticut                                                                                                                                                                                                   |                                                                                                            | 06830                                      |  |  |  |  |  |
| (City)                                                                                                                                                                                                                     | (State)                                                                                                    | (Zip Code)                                 |  |  |  |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                                                               |                                                                                                            |                                            |  |  |  |  |  |
| Patrick Ryan                                                                                                                                                                                                               | (203) 742-3940                                                                                             | Patrick.Ryan@agr.com                       |  |  |  |  |  |
| (Name)                                                                                                                                                                                                                     | (Area Code - Telephone Number)                                                                             | (Email Address)                            |  |  |  |  |  |
|                                                                                                                                                                                                                            | B. ACCOUNTANT IDENTIFICATION                                                                               |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            |                                                                                                            |                                            |  |  |  |  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                                                                                                                  |                                                                                                            |                                            |  |  |  |  |  |
| PricewaterhouseCoopers LLP                                                                                                                                                                                                 |                                                                                                            |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            | (Name - if individual, state last, first, and middle name)                                                 |                                            |  |  |  |  |  |
| 300 Madison Avenue                                                                                                                                                                                                         | New York                                                                                                   | 10017<br>New York                          |  |  |  |  |  |
| (Address)                                                                                                                                                                                                                  | (City)                                                                                                     | (State)<br>(Zip Code)                      |  |  |  |  |  |
| October 20, 2003                                                                                                                                                                                                           |                                                                                                            | 238                                        |  |  |  |  |  |
| (Date of Registration with PCAOB)(if applicable)                                                                                                                                                                           |                                                                                                            | (PCAOB Registration Number, if applicable) |  |  |  |  |  |
|                                                                                                                                                                                                                            | FOR OFFICIAL USE ONLY                                                                                      |                                            |  |  |  |  |  |
|                                                                                                                                                                                                                            | * Claims for avamntion from the requirement that the annual reports be coupred by the roports of in indone |                                            |  |  |  |  |  |

Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

{2}------------------------------------------------

### OATH OR AFFIRMATION

| Patrick Ryan |  |                                                                                                                                     |  |  | swear (or affirm) that, to the best of my knowledge and belief, the |
|--------------|--|-------------------------------------------------------------------------------------------------------------------------------------|--|--|---------------------------------------------------------------------|
|              |  | tinancial report pertaining to the firm of AQR Investments, LLC                                                                     |  |  | as of                                                               |
| 12/31        |  | 2 023                                                                                                                               |  |  |                                                                     |
|              |  | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely |  |  |                                                                     |

| as that di a castuliner                                                                                          |                                                       |
|------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|
| ersiato County, State of Connecticut<br>a me pinstrument was acknowledged before me<br>i = 22 mo day of 15/00 2m | Ignature:<br>lite:<br>Chief Financial Officer & FINOP |
| Julie F Maimon, Notary Public<br>nexpires la 30.7027                                                             |                                                       |

Notary Public

as that af a customer

### This filing\*\* contains (check all applicable boxes):

- (a) Statement of financial condition.
- = (b) Notes to consolidated statement of financial condition.
- □ {c} Statement of income (loss) or, if there is other comprehensive in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- [ (d) Statement of cash flows.
- [ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- [] (f) Statement of changes in liabilities subordinated to claims of creditors.
- [ (g) Notes to consolidated financial statements.
- [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- [ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- | (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- □ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- [
- □ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- | (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- □ (o) Reconcliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- | (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- □ {r} Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- | {s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- (t) Independent public accountant's report based on an examination of the statement of financial condition.
- □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- □ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- | (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- | {x} Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable.
- □ (γ) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- □ (z) Other:
- \*\* To request confidential treatment of chis filing, see 17 CFR 240.170-5(e/(3) or 17 CFR 240.18c-7(d)/2), as applicable.

{3}------------------------------------------------

# 

| !"#\$%#&'()!"!()!(% !*+,%!\$!)-./0+1211#.(%+(*3+\$455555555555555555555555555555555555555555555555555555555555555555555555556                   |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--|
| 7%8%!4!(%#&3+(8(1+809#()+%+#(55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555: |  |
| ;#%!,%#7%8%!4!(%#&3+(8(1+809#()+%+#(55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555<         |  |

{4}------------------------------------------------

![](_page_4_Picture_0.jpeg)

### Report of Independent Registered Public Accounting Firm

To the Board of Managers of AQR Investments, LLC

### Opinion on the Financial Statement – Statement of Financial Condition

We have audited the accompanying statement of financial condition of AQR Investments, LLC (the "Company") as of December 31, 2023, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

### Basis for Opinion

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

February 22, 2024

{5}------------------------------------------------

# AQR Investments, LLC Statement of Financial Condition

| (in thousands of dollars)              | As of<br>December 31, 2023 |       |  |
|----------------------------------------|----------------------------|-------|--|
| Assets                                 |                            |       |  |
| Cash                                   | સ્ત્ર                      | 2,035 |  |
| Due from affiliate                     |                            | 651   |  |
| Other assets                           |                            | 184   |  |
| Total assets                           | ക്ക                        | 2,870 |  |
| Liabilities                            |                            |       |  |
| Accrued expenses                       | ക്ക                        | 226   |  |
| Total liabilities                      |                            | 226   |  |
| Commitments and contingencies (Note 4) |                            |       |  |
| Member's equity                        |                            |       |  |
| Member's equity                        |                            | 2,644 |  |
| Total member's equity                  |                            | 2,644 |  |
| Total liabilities and member's equity  | સ્ત્ર                      | 2,870 |  |

The accompanying notes are an integral part of the statement of financial condition.

{6}------------------------------------------------

# AQR Investments, LLC Notes to Statement of Financial Condition December 31. 2023

(in thousands of dollars)

#### 1. Organization and Business

AQR Investments, LLC (the "Company") is a Delaware limited liability company. The Company is wholly owned by AQR Capital Management Holdings (B-D), LLC ("Holdings BD"), a Delaware limited liability company and is the sole member of the Company.

The Company is an affiliate of AQR Capital Management, LLC (the "Adviser"), an investment adviser registered with the United States Securities and Exchange Commission (the "SEC"). The Adviser provides investment management services to its sponsored funds ("AQR Sponsored Funds") and a broad range of clients. AQR Sponsored Funds consist of various investment vehicles including limited partnerships and mutual funds.

The Company is a registered broker-dealer with the SEC and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA") in the United States. The Company operates under the international dealer exemption in various Canadian jurisdictions. The Ontario Securities Commission is the principal regulator of the Company in Canada.

The Company performs marketing and placement services for the Adviser with respect to certain AQR Sponsored Funds in both the United States and Canada.

The Company does not carry margin accounts or handle customer funds or securities. As a result, the Company claims an exemption under paragraph (k)(2)(i) of Rule 15c3-3 of the Securities Exchange Act of 1934 (the "SEA").

#### 2. Significant Accounting Policies

### Basis of Presentation

The accompanying statement of financial condition is prepared in accordance with accounting principles generally accepted in the United States ("US GAAP"). All amounts herein are stated in thousands of U.S. dollars.

### Use of Estimates

The preparation of the statement of financial condition in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the statement of financial condition. Actual results could differ from those estimates.

### Affiliates

The Company considers Holdings BD and its affiliated entities, the Adviser's affiliated entities and their principals as well as AQR Sponsored Funds to be affiliates.

{7}------------------------------------------------

#### / 012

3456789:;<=5>7=?@A455@AB8:A57C5D95>A5?>=5?BAE7@@5@:@:;:EE7F:;>5C7=>=5?BAE7@@5@GH7= CB;:;>B:E:@@5A@85:@I=5?:A:;:87=ABJ5?>7@AK:@B@LBC:;<LA45:EE7F:;>5C7=>=5?BAE7@@5@B@ =597=A5?:@:M:EI:AB7;:>>7I;A7;A45@A:A585;A7CCB;:;>B:E>7;?BAB7;A4:AB@?5?I>A5?C=78A45 NOOPQRONSTUQVWPXYTOQZNOVO[

 345=5F5=5;7CB;:;>B:E:@@5A@85:@I=5?:A:;:87=ABJ5?K:@B@L;7=:;<:EE7F:;>5C7=>=5?BA E7@@5@:@@7>B:A5?FBA4@I>4:@@5A@:@7C\5>58K5=]^L\_`\_]G

#### a1

3456789:;<B@:\5E:F:=5@B;bE5858K5=EB8BA5?EB:KBEBA<>789:;<A4:AB@?B@=5b:=?5?C7=cGdG A:D9I=97@5@:;?B@;7A@IKe5>AA7C5?5=:EL@A:A57=E7>:EB;>785A:D5@Gf>>7=?B;bE<L;79=7MB@B7;C7= cGdGC5?5=:EL@A:A57=E7>:EB;>785A:D5@4:@K55;=5>7=?5?G

# g

6:@4>789=B@5@?597@BA@45E?:A:8:e7=CB;:;>B:EB;@ABAIAB7;:;?BA@>:==<B;bM:EI5:99=7DB8:A5@ C:B=M:EI5:@7C\5>58K5=]^L\_`\_]GfAAB85@L?597@BA@:AA4B@B;@ABAIAB7;8:<5D>55?C5?5=:EE< B;@I=5?:87I;A@G3456789:;<?B?;7A8:B;A:B;:;<=5@A=B>A5?>:@4K:E:;>5@:@7C\5>58K5=]^L \_`\_]G

#### 2 /

 3456789:;<>E:B8@:;5D589AB7;C=78A45=5hIB=585;A@7CiIE5^j>]k]I;?5=A45dlf9I=@I:;A A79:=:b=:94mnom\_omBoK5>:I@5A456789:;<?75@;7A>:==<8:=bB;:>>7I;A@7=4:;?E5>I@A785= CI;?@7=@5>I=BAB5@GfEA47Ib4A456789:;<?75@;7A4:;?E5>I@A785=CI;?@7=@5>I=BAB5@LB;A45 5M5;AA4:AI;5D95>A5?CI;?@7=@5>I=BAB5@F5=5=5>5BM5?LA456789:;<8:B;A:B;@:@95>B:E=5@5=M5 :>>7I;A:A:8:e7=CB;:;>B:EB;@ABAIAB7;C7=A455D>EI@BM5K5;5CBA7C>I@A785=@A78:B;A:B; >789EB:;>5FBA4A455D589AB7;9I=@I:;AA79:=:b=:94mnom\_omBoG345@95>B:E=5@5=M5:>>7I;AL 9=5@5;A5?FBA4B;>:@47;A45@A:A585;A7CCB;:;>B:E>7;?BAB7;L4:?:K:E:;>57Cp`:@7C\5>58K5= ]^L\_`\_]G

#### q g

rA45=:@@5A@B;>EI?59=59:B?5D95;@5@:;?CI;?@?597@BA5?FBA4HstifA79:<C7=EB>5;@B;bL =5bB@A=:AB7;:;?7A45==5E:A5?C55@G

#### uv w xa

yzP{TS|N}~PNU}OPPOUTSQzPXVOPU|UON}QQTN}P}NPSP}QPQQPUQzP[

 3456789:;<zNON}P|P}OPOzNUV}NUPPSP}QQzPFBA4A45f?MB@5=F45=5K<>5=A:B; 5D95;@5@LB;>EI?B;b>7895;@:AB7;:;?K5;5CBA@5D95;@5L9E:AC7=8C55@L=5;A:;?7>>I9:;>< =5E:A5?5D95;@5@LB;C7=8:AB7;A5>4;7E7b<5D95;@5@LB;C7=8:AB7;:;?>788I;B>:AB7;5D95;@5@L :;?7A45=>7=97=:A55D95;@5@L=5E:AB;bA7>5=A:B;@5=MB>5@9=7MB?5?K<589E7<55@7CA45f?MB@5= N}XQzPXVOPURONVVNQPOB;A45B=>:9:>BA<:@:@@7>B:A5?95=@7;@7CA456789:;<L:=5B;>I==5?K< A45f?MB@5=:;?QzPXVOPURO:CCBEB:A5@:;?:EE7>:A5?A7A456789:;<G

 3456789:;<4:@:;7IA@7I=>B;b:b=5585;AmA45FBA4A45f?MB@5=F45=5K<A45f?MB@5= :;?QzPXVOPURONVVNQPO:=55;b:b5?A79=7MB?5>5=A:B;b5;5=:E@I997=A@5=MB>5@LB;>EI?B;b 4I8:;=5@7I=>5@LB;C7=8:AB7;A5>4;7E7b<L:;?>7=97=:A5CB;:;>5LA7A456789:;<G

 f@7C\5>58K5=]^L\_`\_]LA456789:;<4:?pj^?I5C=78A45f?MB@5=LF4B>4=59=5@5;A@A45;5A K:E:;>5?I5:@:=5@IEA7CA45A=:;@:>AB7;@C=78A45lLldf:;?rdfG

{8}------------------------------------------------

#### /0 1

23456789:;39<9:=:>47:=?=@9A=6:9BC4474:AD=A39:9??=E=9A4=:D3=@3A3456789:;<39EE =:>47:=?;A349??=E=9A4?6C@4CA9=:?=:9:@=9E6FE=B9A=6:<G23456789:;39<9<<4<<4>9:>>4A4C7=:4> A34?9=CH9EI46?A34=:>47:=?=@9A=6:A6F4JK9<6?L4@47F4CMNOPKPMG

Q:A34:6C79E@6IC<46?FI<=:4<<OA3456789:;79;F4=:H6EH4>=:E=A=B9A=6:GR<6?L4@47F4CMNO PKPMOA3456789:;D9<:6A=:H6EH4>=:9:;E=A=B9A=6:G

# S0 TUVWUXYZ[\]^\_`

23456789:;79=:A9=:<9@98=A9E9@@6I:A?6C=A<<6E4747F4COa6E>=:B<bLG234@98=A9E9@@6I:A =<=:@C49<4>F;A34<I76?@98=A9E@6:AC=FIA=6:<79>49:>c6C9EE6@9A=6:6?:4A=:@6749:>C4>I@4> F;A34<I76?>=<AC=FIA=6:<6C9EE6@9A=6:6?E6<<4<O=?9:;G

#### d0 e fg

23456789:;=<<IFh4@AA6A347=:=7I7:4A@98=A9EC4iI=C474:A<=786<4>I:>4CjIE4N @MkN6? A34lmRnopqrstuvrtwxywqz{G23456789:;39<4E4@A4>A6I<4A349EA4C:9A=H474A36>9< 84C7=AA4>I:>4CA34|4A598=A9EjIE4GR<<I@3OA3456789:;=<<IFh4@AA697=:=7I7:4A@98=A9E C4iI=C474:A4iI=H9E4:AA6A34BC49A4C6?JP K6CP84C@4:A6?9BBC4B9A4>4F=A=A47<O9<>4?=:4>G

R<6?L4@47F4CMNOPKPM}r~qsutqrtuvrtwNOKO9<>4?=:4>OD9<JNO =:4@4<< 6?=A<C4iI=C4>7=:=7I7:4A@98=A9E6?JP KG

#### 0 g fg

9:9B474:A39<4H9EI9A4>4H4:A<A39A39H46@@ICC4><IF<4iI4:AA6L4@47F4CMNOPKPMA3C6IB3 4FCI9C;PPOPKPOA34>9A4A34<A9A474:A6??=:9:@=9E@6:>=A=6:D9<9H9=E9FE4A6F4=<<I4>O9:> 39<>4A4C7=:4>A39A:6=A47<C4iI=C49>hI<A74:AA6O6C>=<@E6<IC4=:OA34<A9A474:A6??=:9:@=9E @6:>=A=6:G


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.