| 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 and six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Segment operating revenue | $ | 134,339 | | | $ | 119,657 | | | $ | 259,117 | | | $ | 245,503 | | | Less: | | | | | | | | | Cash-based employee compensation and benefits | 39,369 | | | 38,658 | | | 77,719 | | | 77,705 | | | Equity-based compensation | 10,650 | | | 6,776 | | | 33,604 | | | 27,077 | | | Partnership interest-based compensation | 7,626 | | | 16,323 | | | 13,004 | | | 28,548 | | | Carried interest compensation | 8,977 | | | 9,281 | | | 13,399 | | | 14,606 | | | Cash-based incentive fee related compensation | 4,505 | | | 3,832 | | | 8,723 | | | 8,990 | | | Other non-cash compensation | 51 | | | (7) | | | 97 | | | 177 | | General, administrative and other(1) | 27,676 | | | 25,549 | | | 56,604 | | | 53,825 | | | Investment income | (3,472) | | | (5,782) | | | (7,393) | | | (6,546) | | | Interest expense | 4,431 | | | 5,908 | | | 9,294 | | | 11,571 | | Other income(2) | (1,015) | | | (1,182) | | | (2,355) | | | (2,028) | | | Change in fair value of warrants | — | | | (19,388) | | | — | | | (10,612) | | | Provision (benefit) for income taxes | 3,688 | | | (202) | | | 6,824 | | | 3,389 | | | Segment net income | $ | 31,853 | | | $ | 39,891 | | | $ | 49,597 | | | $ | 38,801 | | | | | | | | | | | Reconciliation of profit or loss | | | | | | | | | Adjustments and reconciling items | — | | | — | | | — | | | — | | | Consolidated net income | $ | 31,853 | | | $ | 39,891 | | | $ | 49,597 | | | $ | 38,801 | |
____________(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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