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Segments (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table presents the Company’s segment operating revenue, significant segment expenses, other income, and segment net income (loss) for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31,
			2025						2024
Segment operating revenue			$	125,846					$	108,866
Less:
Cash-based employee compensation and benefits			39,047						37,273
Equity-based compensation			20,301						25,470
Partnership interest-based compensation			12,225						30,002
Carried interest compensation			5,325						2,542
Cash-based incentive fee related compensation			5,158						4,189
Other non-cash compensation			184						171
General, administrative and other(1)			28,276						25,179
Investment income			(764)						(5,677)
Interest expense			5,663						5,923
Other income(2)			(846)						(553)
Change in fair value of warrants			8,776						2,144
Provision for income taxes			3,591						1,110
Segment net income (loss)			$	(1,090)					$	(18,907)
Reconciliation of profit or loss
Adjustments and reconciling items			—						—
Consolidated net income (loss)			$	(1,090)					$	(18,907)

____________

(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 interest income.

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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

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