In the first quarter of 2025, the Company completed its minority investment in NorthBridge Partners, LLC

(“NorthBridge”), a private markets manager specializing in industrial logistics real estate assets. A portion of the

consideration paid for NorthBridge will be deductible for U.S. tax purposes over a 15-year life. The Company’s purchase

price allocation for the investment was measured using a discounted cash flow analysis that included assumptions of

expected market performance, net client cash flows, and discount rates.

The financial results of certain Affiliates accounted for under the equity method are recognized in the Consolidated

Financial Statements one quarter in arrears. The following table presents the changes in Equity method investments in


	Equity Method Investments in Affiliates (Net)
Balance, as of December 31, 2024(1)	$2,246.6
Investments in Affiliates	72.0
Earnings, net of tax	93.9
Intangible amortization and impairments	(18.6)
Distributions of earnings	(205.0)
Foreign currency translation	(29.4)
Balance, as of March 31, 2025(1)	$2,159.5

(1)Includes undistributed earnings of $206.1 million and $90.4 million as of December 31, 2024 and March 31, 2025,

Definite-lived acquired client relationships at the Company’s Affiliates accounted for under the equity method are

amortized over their expected period of economic benefit. The Company recorded amortization expense for these relationships

of $20.8 million and $18.6 million for the three months ended March 31, 2024 and 2025, respectively. Based on relationships

existing as of March 31, 2025, the Company estimates the amortization expense attributable to its Affiliates will be

approximately $60 million for the remainder of 2025, approximately $75 million in each of 2026 and 2027, approximately $65

million in 2028, approximately $50 million in 2029, and approximately $45 million in 2030.

The Company had 22 and 23 Affiliates accounted for under the equity method as of December 31, 2024 and March 31,

2025, respectively. The majority of these Affiliates are partnerships with structured interests that define how the Company will

participate in Affiliate earnings, typically based upon a fixed percentage of revenue reduced by, in some cases, certain agreed-

upon expenses. The partnership agreements do not define a fixed percentage for the Company’s ownership of the equity of the

Affiliate. These percentages would be subject to a separate future negotiation if an Affiliate were to be sold or liquidated.

In May 2025, the Company completed a minority investment in Verition Fund Management LLC (“Verition”), a global

multi-strategy investment firm. Following the close of this transaction, Verition partners continue to hold a significant majority

of the equity of the business and direct its day-to-day operations.

In May 2025, the Company entered into an agreement to acquire a minority equity interest in Qualitas Energy, a

renewables-focused global infrastructure manager specializing in energy transition. Following the close of the transaction,

Qualitas Energy partners will continue to hold a majority of the equity of the business and direct its day-to-day operations. The

transaction is expected to close during the fourth quarter of 2025, and is subject to customary closing conditions. The financial

results will be recognized in the Consolidated Financial Statements one quarter in arrears.

Together with the Company’s previously completed investment in NorthBridge, the Company has committed

approximately $700 million for investments in new Affiliates in 2025.

In May 2025, the Company entered into an agreement to sell its equity interest in Peppertree Capital Management, Inc.

(“Peppertree”), as part of the announced acquisition of Peppertree by TPG Inc. (“TPG”), a public company listed on the Nasdaq

Global Select Market. Pursuant to the terms of the agreement, the Company is expected to receive total consideration of

approximately $240 million, based on the TPG closing share price on May 2, 2025, and includes approximately $102 million in

cash, subject to certain closing adjustments, and approximately 2.9 million TPG Class A common shares. Peppertree will

continue to be included in the Company’s results until closing of the transaction, which is expected to occur in the third quarter