The Company holds investments in VIEs that are not consolidated due to either a lack of variable interests or where the Company is not the primary beneficiary. This includes funds which were once controlled but were subsequently deconsolidated due to reduced ownership percentage or other changes. The fair value option was elected for investments in non-consolidated VIEs for which the Company was deemed to have significant influence; therefore, changes in the fair value of these investments are recorded through net income in Net gain / (loss) on investments in the Company’s condensed consolidated interim statements of operations. NAV was utilized as the practical expedient to fair value. See Note 10 for further information.

The Company’s involvement in financing operations of the VIEs is limited to its investment in the entity. The Company does not provide performance guarantees and has no other financial obligation to provide funding to VIEs, other than its own capital commitments.

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of period end.


	March 31, 2025						December 31, 2024
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Sponsored Investment Funds	$	330,954	$	54,225	$	385,179	$	398,386	$	56,725	$	455,111
Other VIE’s	144,577		12,294		156,871		143,145		12,294		155,439
Total	$	475,531	$	66,519	$	542,050	$	541,531	$	69,019	$	610,550

As a result of a reduction of ownership percentage or amendments to the underlying partnership agreements, as of December 31, 2024 and 2023, the Company did not consolidate any of its sponsored investment funds. Prior to December 31, 2022, the Company controlled and consolidated certain managed funds.

Net income / (loss) attributable to redeemable noncontrolling interests (i.e., the portion not attributable to the Unit holders of the Company) is identified in the Company’s consolidated statements of operations. Income / (loss) attributable to redeemable noncontrolling interests is not adjusted for income taxes for consolidated sponsored investment funds that are treated as pass-through entities for tax purposes. Net gain / (loss) related to consolidated VIEs is presented in the following table:


(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Net gain / (loss) on consolidated VIEs	$	—	$	—	$	(166,113)
Net income / (loss) attributable to NCI on consolidated VIEs	$	—	$	—	$	(97,219)

The Company holds investments in VIEs that are not consolidated due to either a lack of variable interests or where the Company is not the primary beneficiary. This includes funds which were once controlled but were subsequently deconsolidated due to reduced ownership percentage or other changes. The fair value option was elected for investments in non-consolidated VIEs for which the Company was deemed to have significant influence; therefore, changes in the fair value of these investments are recorded through net income in Net gain / (loss) on investments in the Company’s consolidated statements of operations. NAV was utilized as the practical expedient to fair value. See Note 9 for further information.

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of year-end.


	December 31, 2024						December 31, 2023
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Non-Consolidated Sponsored Investment Funds	$	398,386	$	56,725	$	455,111	$	187,605	$	48,550	$	236,155
Other VIE’s	143,145		12,294		155,439		154,642		12,464		167,106
Total	$	541,531	$	69,019	$	610,550	$	342,247	$	61,014	$	403,261