Business Description

Our Company Over our 54-year history we have prided ourselves on our client-centric approach to alternative asset management. As a leading global solutions provider, we invest across all major alternative investment strategies and are highly flexible in how we structure our solutions, so that we can work to meet each client’s specific needs. As of December 31, 2025, we had $90.9 billion in AUM. Our central objectives are to provide our clients with choice, deliver innovative alternative investment offerings and generate competitive risk-adjusted returns. We partner with our institutional and individual clients to invest on their behalf across the private and public markets, either through portfolios customized to meet a client’s specific objectives or through specialized funds that are developed to meet broad market demands for strategies and risk-return objectives. Our clients include large, sophisticated, global institutional investors and a growing individual investor client base. In both cases, our clients rely on our investment expertise and differentiated, diversified investment sourcing to navigate the alternatives market. As one of the pioneers of customized separate account solutions, we are equipped to provide investment services to clients with a wide variety of needs, internal resources and investment objectives, and our client relationships are deep and frequently span decades. 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. We believe our history, experience, expertise and scale across the full range of alternative investment strategies, combined with our scalable investment origination engine and flexible implementation approach, are key differentiators and position us well to provide a strong value proposition for clients. In addition, we believe our “one firm” culture, which is rooted in values of integrity and responsibility, is a key intangible asset to all our stakeholders. 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. Private markets and absolute return strategies are primarily defined by the liquidity of the underlying securities purchased, the length of the client 6 commitment, and the form and timing of incentive fees. We offer the following private markets and absolute return investment strategies: Private Markets Private Markets represents $64.1 billion of AUM, or 71% of total AUM. Private Markets consists of Private Equity, Infrastructure and Real Estate as well as certain strategies that span the full breadth of the platform, which are addressed in more detail below. • Private Equity. We are a recognized industry leader in private equity with global capabilities investing in primary funds, secondaries and co- investments. As of December 31, 2025, we managed $32.9 billion of AUM in private equity strategies . • Infrastructure . We are a leading open architecture infrastructure platform with nearly two decades of experience. Our investment activities span geographies, infrastructure subsectors, and include fund investing, secondary investing and direct investing. As of December 31, 2025, we managed $18.7 billion of AUM in infrastructure strategies. • Real Estate . We manage real estate investment portfolios through a flexible investment platform to provide differentiated exposure to opportunistic real estate investments, primarily in North America. We are a leader in seeding new platforms, joint venture investing, and other creative and innovative implementation methods to access attractive real estate returns. A s of December 31, 2025, we managed $7.2 billion of AUM in real estate strategies . Absolute Return Strategies • Absolute Return Strategies. We have been investing in hedge fund strategies for over 54 years.…