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Segments | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Segments | Segments The Company conducts its operations through a single reportable segment representing the consolidated entity offering comprehensive alternative investment solutions to institutional and individual investors. The single reportable segment earns substantially all its revenue from management fees and incentive fees. The chief operating decision maker (“CODM”), who is the Chief Executive Officer, manages the Company on a consolidated basis and utilizes Net income (loss) as presented on the Consolidated Statements of Income (Loss) as the primary financial measure used in assessing the performance of the Company, monitoring budget versus actual results and determining discretionary compensation. The CODM does not review segment assets at a different asset level or category than the Consolidated Statements of Financial Condition. The following table presents the Company’s segment operating revenue, significant segment expenses, other income, and segment net income (loss) for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Segment operating revenue | $ | 514,012 |  |  | $ | 444,999 |  |  | $ | 446,530 |
Less: |  |  |  |  |
Cash-based employee compensation and benefits | 148,547 |  |  | 156,153 |  |  | 160,522 |
Equity-based compensation | 48,158 |  |  | 50,667 |  |  | 30,721 |
Partnership interest-based compensation | 72,068 |  |  | 103,934 |  |  | 31,811 |
Carried interest compensation | 30,450 |  |  | 28,505 |  |  | 41,920 |
Cash-based incentive fee related compensation | 36,455 |  |  | 15,628 |  |  | 11,001 |
Other non-cash compensation | 558 |  |  | 1,157 |  |  | 1,336 |
General, administrative and other(1) | 104,296 |  |  | 100,801 |  |  | 88,907 |
Investment income | (15,589) |  |  | (11,640) |  |  | (10,108) |
Interest expense | 24,160 |  |  | 23,745 |  |  | 23,314 |
Other income(2) | (1,334) |  |  | (1,008) |  |  | (1,436) |
Change in fair value of warrants | 16,079 |  |  | (1,429) |  |  | (20,551) |
Provision for income taxes | 13,560 |  |  | 7,692 |  |  | 9,611 |
Segment net income (loss) | $ | 36,604 |  |  | $ | (29,206) |  |  | $ | 79,482 |
Reconciliation of profit or loss |  |  |  |  |
Adjustments and reconciling items | — |  |  | — |  |  | — |
Consolidated net income (loss) | $ | 36,604 |  |  | $ | (29,206) |  |  | $ | 79,482 |
____________ (1)General, administrative and other consists primarily of professional fees, travel and related expenses, IT operations, communications and information services, occupancy, fund expenses, depreciation and amortization, and other costs associated with our operations. (2)Other income consists primarily of other non-operating items, including write-off of unamortized debt issuance costs due to prepayments and refinancing of debt and interest income.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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