ADDED
As of February 16, 2026, there were 60,810,959 shares of the registrant s Class A common stock, par value $0.0001 per share, outstanding and 141,665,831 shares of the registrant s Class C common stock, par value $0.0001 per share, outstanding.
In both cases, our clients rely on our investment expertise and differentiated, diversified investment sourcing to navigate the alternatives market.
As of December 31, 2025, we had 553 employees, including 185 investment professionals, operating in nine offices throughout the United States and in Frankfurt, Hong Kong, London, Seoul, Sydney, Tokyo and Toronto.
For the years ended December 31, 2025 and 2024, our total management fees were $426 million and $402 million, respectively , our total operating revenues were $558 million and $514 million, respectively, our net income was $45 million and $19 million, respectively, our fee related earnings were $185 million and $166 million, respectively, and our adjusted net income was $166 million and $141 million, respectively.
Investment Strategies 1 Credit Investments overlap with investments in other strategies We operate at scale across the full range of private markets and absolute return strategies.
As of December 31, 2025, we managed $32.9 billion of AUM in private equity strategies .
As of December 31, 2025, we managed $18.7 billion of AUM in infrastructure strategies.
A s of December 31, 2025, we managed $7.2 billion of AUM in real estate strategies .
We have been investing in hedge fund strategies for over 54 years.
As of December 31, 2025, we managed $26.8 billion of AUM in our absolute return strategies, or 29% of our total AUM .
REMOVED
As of February 14, 2025, there were 44,911,734 shares of the registrant s Class A common stock, par value $0.0001 per share, outstanding and 144,235,246 shares of the registrant s Class C common stock, par value $0.0001 per share, outstanding.
In both cases, our clients rely on our investment expertise and differentiated investment access to navigate the alternatives market.
As of December 31, 2024, we had 549 employees, including 181 investment professionals, operating in nine offices throughout the United States and in Frankfurt, Hong Kong, London, Seoul, Sydney, Tokyo and Toronto.
For the years ended December 31, 2024 and 2023, our total management fees were $402 million and $375 million, respectively , our total operating revenues were $514 million and $445 million, respectively, our net income was $19 million and $13 million, respectively, our fee related earnings were $166 million and $140 million, respectively, and our adjusted net income was $141 million and $103 million, respectively.
Investment Strategies 6 1 AUM as of December 31, 2024 2 Sustainable Investing and Alternative Credit investments overlap with investments in other strategies.
We operate at scale across the full range of private markets and absolute return strategies.
As of December 31, 2024, we managed $30.4 billion of AUM in private equity strategies .
As of December 31, 2024, we managed $14.6 billion of AUM in infrastructure strategies.
A s of December 31, 2024, we managed $5.9 billion of AUM in real estate strategies .
We have been investing in hedge fund strategies for over 53 years.