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Segments (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2025, 2024 and 2023:

			Year Ended December 31,
			2025						2024						2023
Segment operating revenue			$	557,565					$	514,012					$	444,999
Less:
Cash-based employee compensation and benefits			151,213						148,547						156,153
Equity-based compensation			45,599						48,158						50,667
Partnership interest-based compensation			46,181						72,068						103,934
Carried interest compensation			31,374						30,450						28,505
Cash-based incentive fee related compensation			44,517						36,455						15,628
Other non-cash compensation			448						558						1,157
General, administrative and other(1)			104,779						104,296						100,801
Investment income			(16,258)						(15,589)						(11,640)
Interest expense			22,789						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 taxes			12,903						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)

____________

(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

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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