Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

The following table and related disclosures provide information about the relationship between compensation actually paid to our NEOs and certain financial performance metrics of the Company pursuant to an SEC-prescribed methodology, which is different from the SEC-prescribed methodology required for the Summary Compensation Table and related disclosures.


Year	Summary Compensation Table Total for PEO⁽¹⁾	Compensation Actually Paid to PEO⁽¹⁾⁽³⁾	Average Summary Compensation Table Total for Non-PEO Named Executive Officers⁽¹⁾	Average Compensation Actually Paid to Non-PEO Named Executive Officers⁽¹⁾⁽³⁾	Value of Initial $100 Investment Based On:		Net Income (Thousands $)	Fee-Related Earnings (Thousands $)⁽⁵⁾
Year	Summary Compensation Table Total for PEO⁽¹⁾	Compensation Actually Paid to PEO⁽¹⁾⁽³⁾			Total Shareholder Return	Peer Group Total Shareholder Return⁽⁴⁾	Net Income (Thousands $)	Fee-Related Earnings (Thousands $)⁽⁵⁾
(a)	(b)	(c)	(d)	(e)	(f)	(g)	(h)	(i)
2025	$6,265,398	$6,265,398	$6,813,445	$6,340,377	$105	$200	$45,371	$185,124
2024	$5,470,026	$5,470,026	$3,726,697	$6,202,024	$110	$175	$18,695	$166,351
2023	$5,859,411	$5,859,411	$22,451,027⁽²⁾	$23,067,310⁽²⁾	$77	$135	$12,774	$139,942
2022	$5,395,574	$5,395,574	$7,155,851	$6,605,397	$62	$121	$19,820	$128,513
2021	$4,572,214	$4,572,214	$11,793,807	$10,997,623	$81	$135	$21,482	$120,401

(1)	Our Principal Executive Officer (“PEO”) for fiscal years 2021-2025 is Mr. Sacks. The Non-PEO NEOs reflected in columns (d) and (e) are Mr. Levin (2021-2025), Ms. Bentley (2021-2025), Mr. Pollock (2021-2025) and Ms. Buchanan (2021-2025).

(2)

Excluding the impact of the modification related to the Amended Holdings Award Interests in 2023, the Average Summary Compensation Table Total for Non-PEO NEOs would be $3,578,527, and the Average Compensation Actually Paid to Non-PEO NEOs would be $4,086,731. The Amended Holdings Award Interests do not dilute the Class A common stockholders or impact net cash flows of the Company. Prior to their modification, the Amended Holdings Award Interests were not accounted for as equity awards and therefore there were no valuation assumptions disclosed on the grant date of such awards.

(3)	The following amounts were deducted from / added to Summary Compensation Table (“SCT”) total compensation in accordance with the SEC-mandated adjustments to calculate Compensation Actually Paid (“CAP”) to our PEO and average CAP to our Non-PEO NEOs for 2025.


Reconciliation of SCT Total Compensation to CAP for PEO
Fiscal Year			2025
SCT Total			$6,265,398
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year			$0
+ Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year			$0
±Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years			$0
+ Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year			$0
± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year			$0
- Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year			$0
+ Dividends or Other Earnings Paid on Stock Awards in the Fiscal Year Prior to the Vesting Date that are not otherwise included in the Total Compensation for the Fiscal Year			$0
Compensation Actually Paid			$6,265,398


Reconciliation of Average SCT Total Compensation to Average CAP for Non-PEO NEOs
Fiscal Year			2025
SCT Total			$6,813,445
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year			($3,951,364)
+ Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year			$2,917,999
± Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years			($58,776)
+ Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year			$496,444
± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year			$131,773
- Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year			($120,222)
+ Dividends or Other Earnings Paid on Stock Awards in the Fiscal Year Prior to the Vesting Date that are not otherwise included in the Total Compensation for the Fiscal Year			$111,078
Compensation Actually Paid			$6,340,377

(4)	The Peer Group for which Total Shareholder Return is provided in column (g) for each listed fiscal year is the S&P Composite 1500 Financials index.

(5)

Our company-selected measure is Fee-Related Earnings. Fee-Related Earnings is described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures—Fee-Related Revenue and Fee Related Earnings” in our Annual Report on Form 10-K. For a reconciliation of non-GAAP measures to the corresponding GAAP measures, please see Appendix A: Reconciliation of Non-GAAP Measures.

Company Selected Measure Name

Fee-Related Earnings

Named Executive Officers, Footnote

(1)	Our Principal Executive Officer (“PEO”) for fiscal years 2021-2025 is Mr. Sacks. The Non-PEO NEOs reflected in columns (d) and (e) are Mr. Levin (2021-2025), Ms. Bentley (2021-2025), Mr. Pollock (2021-2025) and Ms. Buchanan (2021-2025).

Peer Group Issuers, Footnote

(4)	The Peer Group for which Total Shareholder Return is provided in column (g) for each listed fiscal year is the S&P Composite 1500 Financials index.

PEO Total Compensation Amount

$ 6,265,398

$ 5,470,026

$ 5,859,411

$ 5,395,574

$ 4,572,214

PEO Actually Paid Compensation Amount

$ 6,265,398

5,470,026

5,859,411

5,395,574

4,572,214

Adjustment To PEO Compensation, Footnote

(3)	The following amounts were deducted from / added to Summary Compensation Table (“SCT”) total compensation in accordance with the SEC-mandated adjustments to calculate Compensation Actually Paid (“CAP”) to our PEO and average CAP to our Non-PEO NEOs for 2025.


Reconciliation of SCT Total Compensation to CAP for PEO
Fiscal Year			2025
SCT Total			$6,265,398
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year			$0
+ Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year			$0
±Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years			$0
+ Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year			$0
± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year			$0
- Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year			$0
+ Dividends or Other Earnings Paid on Stock Awards in the Fiscal Year Prior to the Vesting Date that are not otherwise included in the Total Compensation for the Fiscal Year			$0
Compensation Actually Paid			$6,265,398

Non-PEO NEO Average Total Compensation Amount

$ 6,813,445

3,726,697

22,451,027

7,155,851

11,793,807

Non-PEO NEO Average Compensation Actually Paid Amount

$ 6,340,377

6,202,024

23,067,310

6,605,397

10,997,623

Adjustment to Non-PEO NEO Compensation Footnote

(3)	The following amounts were deducted from / added to Summary Compensation Table (“SCT”) total compensation in accordance with the SEC-mandated adjustments to calculate Compensation Actually Paid (“CAP”) to our PEO and average CAP to our Non-PEO NEOs for 2025.


Reconciliation of Average SCT Total Compensation to Average CAP for Non-PEO NEOs
Fiscal Year			2025
SCT Total			$6,813,445
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year			($3,951,364)
+ Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year			$2,917,999
± Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years			($58,776)
+ Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year			$496,444
± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year			$131,773
- Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year			($120,222)
+ Dividends or Other Earnings Paid on Stock Awards in the Fiscal Year Prior to the Vesting Date that are not otherwise included in the Total Compensation for the Fiscal Year			$111,078
Compensation Actually Paid			$6,340,377

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid and Total Shareholder Return

The Company’s Total Shareholder Return was $105, $110, $77, $62 and $81 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The PEO’s CAP was $6,265,398, $5,470,026, $5,859,411, $5,395,574 and $4,572,214 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s non-PEO NEOs CAP was $6,340,377, $6,202,024, $23,067,310 ($4,086,731 excluding the impact of the modification related to the Amended Holdings Award Interests in 2023), $6,605,397 and $10,997,623 for the years ended December 31, 2024, 2023, 2022 and 2021, respectively. The Company’s Total Shareholder Return decreased from 2024 to 2025, while over the same year the CAP to the Company’s PEO and the CAP to the non-PEO NEOs increased. The Company’s Total Shareholder Return increased from 2023 to 2024, while over the same year the CAP to the Company’s PEO and the CAP to the non-PEO NEOs decreased. The Company’s Total Shareholder Return increased from 2022 to 2023, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs increased (decreased when excluding the impact of the modification related to the Amended Holdings Award Interests in 2023). The Company’s Total Shareholder Return decreased from 2021 to 2022, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs decreased.

Compensation Actually Paid vs. Net Income

Compensation Actually Paid and Net Income

The Company’s net income was $45.4 million, $18.7 million, $12.8 million, $19.8 million and $21.5 million for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The PEO’s CAP was $6,265,398, $5,470,026, $5,859,411, $5,395,574 and $4,572,214 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s non-PEO NEOs CAP was $6,340,377, $6,202,024, $23,067,310 ($4,086,731 excluding the impact of the modification related to the Amended Holdings Award Interests in 2023), $6,605,397 and $10,997,623 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s net income increased from 2024 to 2025, while over the same year the CAP to the Company’s PEO and the CAP to the

non-PEO NEOs increased. The Company’s net income increased from 2023 to 2024, while over the same year the CAP to the Company’s PEO decreased, and the CAP to the non-PEO NEOs decreased. The Company’s net income decreased from 2022 to 2023, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs increased (decreased when excluding the impact of the modification related to the Amended Holdings Award Interests in 2023). The Company’s net income decreased from 2021 to 2022, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs decreased.

Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid and Fee Related Earnings

The Company’s Fee-Related Earnings was $185.1 million, $166.4 million, $139.9 million, $128.5 million and $120.4 million for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The PEO’s CAP was $6,265,398, $5,470,026, $5,859,411, $5,395,574 and $4,572,214 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s non-PEO NEOs CAP was $6,340,377, $6,202,024, $23,067,310 ($4,086,731 excluding the impact of the modification related to the Amended Holdings Award Interests in 2023), $6,605,397 and $10,997,623 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s Fee-Related Earnings increased from 2024 to 2025, while over the same year the CAP to the Company’s PEO and the CAP to the non-PEO NEOs increased. The Company’s Fee-Related Earnings increased from 2023 to 2024, while over the same year the CAP to the Company’s PEO decreased, and the CAP to the non-PEO NEOs decreased. The Company’s Fee-Related Earnings increased from 2022 to 2023, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs increased (decreased when excluding the impact of the modification related to the Amended Holdings Award Interests in 2023). The Company’s Fee-Related Earnings increased from 2021 to 2022, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs decreased.

Total Shareholder Return Vs Peer Group

Company Total Shareholder Return and Peer Group Total Shareholder Return

The Company’s Total Shareholder Return was $105, $110, $77, $62 and $81 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively, and the Company’s Peer Group Total Shareholder Return was $200, $175, $135, $121 and $135 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s Total Shareholder Return decreased from 2024 to 2025, while over the same period the Peer Group Total Shareholder Return increased. The Company’s Total Shareholder Return increased from 2023 to 2024, as did the Peer Group Total Shareholder Return over the same period. The Company’s Total Shareholder Return increased from 2022 to 2023, as did the Peer Group Total Shareholder Return over the same period. The Company’s Total Shareholder Return decreased from 2021 to 2022, as did the Peer Group Total Shareholder Return over the same period.

Tabular List, Table

Most Important Financial Performance Measures for Fiscal Year 2025

As described further under “Compensation Discussion and Analysis,” the Company’s executive compensation program reflects our performance-based compensation culture. Although the compensation paid to our executives (other than Mr. Sacks) is heavily weighted in favor of equity and carried interest awards to create a direct link between the compensation realized by our NEOs and the interests of our shareholders and our clients, annual bonus awards are made taking into account a number of financial and non-financial performance measures to link executive compensation actually paid for fiscal 2025 to the Company’s performance, and the size of our bonus pool for bonus-eligible employees is determined by our operating results and the amount of incentive fee revenue recognized during the fiscal year. For fiscal 2025, Mr. Sacks was compensated for his services primarily through receipt of base salary and therefore, the CAP to Mr. Sacks was not significantly impacted by financial performance measures. Accordingly, the following are the financial performance measures considered by the Company to link CAP of our NEOs (other than Mr. Sacks) for fiscal 2025 to Company performance:

•	Fee-Related Earnings

•	Adjusted EBITDA

•	Adjusted Net Income

•	Fee-Paying Assets Under Management

•	Fund Performance

Total Shareholder Return Amount

$ 105

110

Peer Group Total Shareholder Return Amount

200

175

135

121

135

Net Income (Loss)

$ 45,371,000

$ 18,695,000

$ 12,774,000

$ 19,820,000

$ 21,482,000

Company Selected Measure Amount

185,124,000

166,351,000

139,942,000

128,513,000

120,401,000

PEO Name

Mr. Sacks

Additional 402(v) Disclosure

Compensation Actually Paid and Peer Group Total Shareholder Return

The Company’s Peer Group Total Shareholder Return was $200, $175, $135, $121 and $135 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The PEO’s CAP was $6,265,398, $5,470,026, $5,859,411, $5,395,574 and $4,572,214 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s non-PEO NEOs CAP was $6,340,377, $6,202,024, $23,067,310 ($4,086,731 excluding the impact of the modification related to the Amended Holdings Award Interests in 2023), $6,605,397 and $10,997,623 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s Peer Group Total Shareholder Return increased from 2024 to 2025, while over the same year the CAP to the company’s PEO and the CAP to the non-PEO NEOs increased. The Company’s Peer Group Total Shareholder Return increased from 2023 to 2024, while over the same year the CAP to the Company’s PEO decreased, and the CAP to the non-PEO NEOs decreased. The Company’s Peer Group Total Shareholder Return increased from 2022 to 2023, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs increased (decreased when excluding the impact of the modification related to the Amended Holdings Award Interests in 2023). The Company’s Peer Group Total Shareholder Return decreased from 2021 to 2022, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs decreased.

Non-PEO NEO Average Total Compensation Amount, Excluding the impact of the modification related to the Amended Holdings Award Interests

$ 3,578,527

Non-PEO NEO Average Compensation Actually Paid Amount, Excluding the impact of the modification related to the Amended Holdings Award Interests

$ 4,086,731

Measure:: 1

Pay vs Performance Disclosure

Name

Fee-Related Earnings

Non-GAAP Measure Description

(5)

Measure:: 2

Pay vs Performance Disclosure