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, and in the second quarter of

2025, the Company completed its minority investment in Verition Fund Management LLC (“Verition”), a global multi-strategy

investment firm. A portion of the consideration paid for NorthBridge and the majority of the consideration paid for Verition

will be deductible for U.S. tax purposes over a 15-year life. The Company’s purchase price allocations for each investment

were measured using discounted cash flow analyses that included assumptions of expected market performance, net client cash

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	534.5
Earnings, net of tax	186.5
Intangible amortization and impairments	(45.6)
Distributions of earnings	(294.5)
Foreign currency translation	(9.2)
Balance, as of June 30, 2025(1)	$2,618.3

(1)Includes undistributed earnings of $206.1 million and $93.9 million as of December 31, 2024 and June 30, 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 $20.9 million and $41.7 million for the three and six months ended June 30, 2024, respectively, and $27.0 million and $45.6

million for the three and six months ended, June 30, 2025, respectively. Based on relationships existing as of June 30, 2025, the

Company estimates the amortization expense attributable to its Affiliates will be approximately $50 million for the remainder of

2025, approximately $95 million in each of 2026 and 2027, approximately $80 million in 2028, and approximately $65 million

In the second quarter of 2024, the Company recorded a $39.9 million expense to reduce the carrying value of an Affiliate to

fair value. The decline in the fair value was a result of an anticipated decline in assets under management, which decreased the

forecasted income associated with the investment. The fair value of the investment was determined using a discounted cash

flow analysis, a Level 3 fair value measurement that included a projected compounded growth in assets under management over

the next ten years of (2.5)%, long-term growth rate of 3%, discount rates of 12% and 20% for asset- and performance-based

fees, respectively, and a market participant tax rate of 21%. Based on the discounted cash flow analysis, the Company

concluded that the fair value of its investment had declined below its carrying value and that the decline was other-than-

The Company had 22 and 24 Affiliates accounted for under the equity method as of December 31, 2024 and June 30, 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 the second quarter of 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 in the fourth quarter of 2025, subject to customary closing conditions. The

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

In July 2025, the Company completed the previously announced sale of 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 transaction agreement with TPG, under which the

Company and each of the other owners agreed to sell their respective equity interests in Peppertree, the Company received total

consideration of approximately $254 million which included approximately $100 million in cash and 2.9 million TPG Class A

common shares, all of which the Company has since sold. The Company acquired its interest in Peppertree for $140.0 million

in 2022 and, as of June 30, 2025, its carrying value was $127.5 million. The Company’s gain on the transaction was taxable at

closing. Peppertree will be included in the Company’s results through the closing date.

In July 2025, the Company entered into an agreement to acquire a minority equity interest in Montefiore Investment

(“Montefiore”), a European private equity firm focused on the services sector. Following the close of the transaction,

Montefiore 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 in the second half of 2025, subject to customary closing conditions.

On August 6, 2025, the Company entered into an agreement to sell a portion of its interest in Comvest Partners

(“Comvest”), as part of the announced acquisition of Comvest’s private credit business by Manulife Financial Corporation.

Pursuant to the terms of the agreement, the Company is expected to receive total cash consideration of approximately

$285 million, subject to certain closing adjustments. Comvest will continue to be included in the Company’s results until

closing of the transaction and the portion retained will continue to be included going forward. The transaction is expected to

close in the fourth quarter of 2025, subject to customary closing conditions.