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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,
202420232022
Segment operating revenue$514,012 $444,999 $446,530 
Less:
Cash-based employee compensation and benefits148,547 156,153 160,522 
Equity-based compensation48,158 50,667 30,721 
Partnership interest-based compensation72,068 103,934 31,811 
Carried interest compensation30,450 28,505 41,920 
Cash-based incentive fee related compensation36,455 15,628 11,001 
Other non-cash compensation558 1,157 1,336 
General, administrative and other(1)
104,296 100,801 88,907 
Investment income(15,589)(11,640)(10,108)
Interest expense24,160 23,745 23,314 
Other income(2)
(1,334)(1,008)(1,436)
Change in fair value of warrants16,079 (1,429)(20,551)
Provision for income taxes13,560 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.