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Segments
 12 Months Ended
Dec. 31, 2025
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, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
Segment operating revenue$557,565 $514,012 $444,999 
Less:
Cash-based employee compensation and benefits151,213 148,547 156,153 
Equity-based compensation45,599 48,158 50,667 
Partnership interest-based compensation46,181 72,068 103,934 
Carried interest compensation31,374 30,450 28,505 
Cash-based incentive fee related compensation44,517 36,455 15,628 
Other non-cash compensation448 558 1,157 
General, administrative and other(1)
104,779 104,296 100,801 
Investment income(16,258)(15,589)(11,640)
Interest expense22,789 24,160 23,745 
Other income(2)
(6,283)(1,334)(1,008)
Change in fair value of warrants(21,737)16,079 (1,429)
Provision for income taxes12,903 13,560 7,692 
Segment net income (loss)$142,040 $36,604 $(29,206)
Reconciliation of profit or loss
Adjustments and reconciling items— — — 
Consolidated net income (loss)$142,040 $36,604 $(29,206)
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(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.