What changed in this filing

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Item 1. Financial Statements

2025-10-31 compared with 2025-08-08 · 209 added, 135 removed, 947 unchanged (27% of the section changed)

3 unchanged sentences

(In thousands, except per share data)

June 30, 2025

September 30, 2025

December 31, 2024

42 unchanged sentences

(In thousands, except per share data

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Fee revenue ($ 81,815 , $ 73,376 , $ 168,979 and $ 143,187 from affiliates)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Carried interest allocation ( 115,074 ) 288,244 ( 170,538 ) 279,766

Fee revenue $ 93,300 $ 76,582 $ 268,701 $ 228,142

Carried interest allocation (reversal) ( 120,213 ) ( 15,799 ) ( 290,751 ) 263,967

Principal investment income 25,325 9,955 51,069 28,782

Other income ($ 2,590 , $ 3,316 , $ 4,948 and $ 5,835 from affiliates)

6,168 7,505 11,633 14,576

Other income 5,406 5,387 17,039 19,963

Total revenues 3,818 76,125 46,058 540,854

Compensation expense—cash and equity-based 49,315 43,426 142,427 146,271

Compensation expense—incentive fee and carried interest allocation ( 43,372 ) 178,430 ( 65,676 ) 171,716

Compensation expense—incentive fee and carried interest allocation (reversal) ( 54,000 ) ( 8,474 ) ( 119,676 ) 163,242

Administrative and other expenses 15,118 27,193 42,504 78,011

33 unchanged sentences

(In thousands)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

35 unchanged sentences

Other comprehensive income (loss) — — — — 42 42 — 3 45

Change in common stock par value (Note 7)

— — — — — — — — —

Exchange of notes for common stock (Note 6)

— 76 66,700 — — 66,776 — — 66,776

Deconsolidation of investment entities

Deconsolidation of sponsored funds

— — — — — — ( 262,970 ) — ( 262,970 )

15 unchanged sentences

Preferred Stock Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity Noncontrolling Interests in Investment Entities Noncontrolling Interests in Operating Company Total Equity

Balance at June 30, 2024 $ 794,670 $ 1,738 $ 7,988,729 $ ( 6,813,427 ) $ 755 $ 1,972,465 $ 389,329 $ 81,203 $ 2,442,997

Net loss — — — 13,778 — 13,778 34,024 ( 50 ) 47,752

Other comprehensive loss — — — — 2,557 2,557 — 179 2,736

Redemption of OP Units for class A common stock — 2 1,186 — — 1,188 — ( 1,188 ) —

Equity-based compensation — 3 8,213 — — 8,216 — 41 8,257

Shares canceled for tax withholdings on vested equity awards — ( 1 ) ( 928 ) — — ( 929 ) — — ( 929 )

Contributions from noncontrolling interests — — — — — — 1,392 1,392

Distributions to noncontrolling interests — — — — — — ( 2,885 ) ( 121 ) ( 3,006 )

Preferred stock dividends — — — ( 14,661 ) — ( 14,661 ) — — ( 14,661 )

Common stock dividends declared ($ 0.01 per share)

— — — ( 1,741 ) — ( 1,741 ) — — ( 1,741 )

Reallocation of equity (Notes 2 and 8)

— — ( 568 ) — 1 ( 567 ) — 567 —

Balance at September 30, 2024 $ 794,670 $ 1,742 $ 7,996,632 $ ( 6,816,051 ) $ 3,313 $ 1,980,306 $ 421,860 $ 80,631 $ 2,482,797

The accompanying notes form an integral part of the consolidated financial statements.

DigitalBridge Group, Inc.

Consolidated Statements of Equity (Continued)

(In thousands, except per share data)

Balance at December 31, 2024

30 unchanged sentences

DigitalBridge Group, Inc.

Consolidated Statements of Equity (Continued)

(In thousands, except per share data)

Balance at June 30, 2025 $ 794,670 $ 1,809 $ 8,040,320 $ ( 6,824,993 ) $ 6,725 $ 2,018,531 $ 357,216 $ 50,049 $ 2,425,796

Net income (loss) — — — 31,414 — 31,414 ( 46,577 ) 563 ( 14,600 )

Other comprehensive income (loss) — — — — ( 920 ) ( 920 ) — ( 32 ) ( 952 )

Redemption of OP units for class A common stock — 18 11,466 — — 11,484 — ( 11,484 ) —

Equity-based compensation — — 8,787 — — 8,787 — 40 8,827

Shares canceled for tax withholdings on vested equity awards — ( 1 ) ( 775 ) — — ( 776 ) — — ( 776 )

Contributions from noncontrolling interests — — — — — — 10,132 10,132

Distributions to noncontrolling interests — — — — — — ( 576 ) ( 58 ) ( 634 )

Consolidation of sponsored fund — — — — — — 80,810 — 80,810

Preferred stock dividends — — — ( 14,661 ) — ( 14,661 ) — — ( 14,661 )

Common stock dividends declared ($ 0.01 per share)

— — — ( 1,828 ) — ( 1,828 ) — — ( 1,828 )

Reallocation of equity (Notes 2 and 8)

— — ( 7 ) 63 56 — ( 56 ) —

Balance at September 30, 2025 $ 794,670 $ 1,826 $ 8,059,791 $ ( 6,810,068 ) $ 5,868 $ 2,052,087 $ 401,005 $ 39,022 $ 2,492,114

The accompanying notes form an integral part of the consolidated financial statements.

DigitalBridge Group, Inc.

Consolidated Statements of Cash Flows

(In thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash Flows from Operating Activities

19 unchanged sentences

( 1,291 ) ( 3,305 )

Cash derecognized in deconsolidation of sponsored funds and investment entities — ( 745 )

Cash recognized in consolidation of sponsored fund 30 —

Cash derecognized in deconsolidation of sponsored funds — ( 745 )

Net cash generated by (used in) investing activities ( 97,511 ) ( 6,847 )

16 unchanged sentences

Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets

Six Months Ended June 30,

Nine Months Ended September 30,

Beginning of period

9 unchanged sentences

Supplemental Disclosure of Cash Flow Information

Six Months Ended June 30,

Nine Months Ended September 30,

(In thousands) 2025 2024

12 unchanged sentences

Operating lease liabilities arising from establishment of ROU assets for corporate offices

Assets of sponsored funds deconsolidated (Note 9)

Liabilities of sponsored funds deconsolidated (Note 9)

Noncontrolling interests of sponsored funds deconsolidated (Note 9)

Assets of sponsored fund consolidated 115,539 —

Liabilities of sponsored fund consolidated ( 34,758 ) —

Noncontrolling interests of sponsored fund consolidated

Assets of sponsored funds deconsolidated

Liabilities of sponsored funds deconsolidated

Noncontrolling interests of sponsored funds deconsolidated

— ( 262,970 )

2 unchanged sentences

Notes to Consolidated Financial Statements

June 30, 2025

September 30, 2025

Business and Organization

4 unchanged sentences

The Company operates as a taxable C Corporation and conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, DigitalBridge Operating Company, LLC (the "Operating Company" or the "OP") .

The Company, as sole managing member, owned 96 % of the OP at June 30, 2025 , with the remaining 4 % owned by certain current and former employees of the Company as noncontrolling interest.

Following redemption of additional OP units, the Company's ownership increased to 97 % and noncontrolling interest in the OP decreased to 3 % as of July 31, 2025.

The Company, as sole managing member, owned 97 % of the OP at September 30, 2025 , with the remaining 3 % owned by certain current and former employees of the Company as noncontrolling interest.

Summary of Significant Accounting Policies

21 unchanged sentences

Variable Interest Entities —A VIE is an entity that (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties;

(ii) has equity holders who lack the characteristics of a controlling financial interest;

(ii) has equity holders who lack the characteristics of a controlling

financial interest;

and/or (iii) is established with non-substantive voting rights.

31 unchanged sentences

Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP or OP units for cash based on the market value of an equivalent number of shares of class A common stock of the Company at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one -for-one basis.

At the end of each reporting period, noncontrolling interests in OP is adjusted to

reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.

At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.

Discontinued Operations

13 unchanged sentences

Future Accounting Standards

Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, with limited amendments to better align internal-use software accounting (Topic 350-50) with current software development practices.

The ASU changes the cost capitalization threshold by eliminating consideration of discrete project stages that assume a sequential and linear approach to software development.

This model is replaced with a principles-based framework that focuses on the remaining two existing criteria to begin capitalizing software development cost, that is, (i) authorization and commitment to funding the software project and (ii) probability of completion and software is used for its intended function.

Additional guidance is provided to clarify that the probable-to-complete recognition threshold is not met if there is significant uncertainty surrounding the software development, and until such time, all associated costs are expensed as incurred.

The ASU also specifies that capitalized cost is subject to disclosure requirements of Topic 360-10, Property, Plant and Equipment , irrespective of whether the internal-use software is internally developed or third party licensed, or whether it is classified as tangible or intangible asset.

The ASU, however, does not change the type of internal-use software costs that can be capitalized (for example, data conversion/migration and software maintenance costs continue to be expensed as incurred), or when capitalization ceases.

The ASU is effective for interim and annual reporting periods beginning January 1, 2028 and can be applied either prospectively, retrospectively or using a modified prospective transition approach.

Early adoption is permitted in any interim or annual period, effective as of the beginning of the fiscal year of adoption.

The Company is currently evaluating the effects of this new guidance.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

1 unchanged sentence

Measurement of Credit Losses for Accounts Receivable and Contract Assets , which simplifies the estimation of expected credit losses applied to revenue transactions from contracts with customers (pursuant to Topic 606) .

The ASU provides for election of a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets.

The ASU provides for election of a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of

the current accounts receivable and current contract assets.

This would forego the existing requirement to develop forecasts of future economic conditions in estimating expected credit losses.

6 unchanged sentences

The new standard requires that in a business combination effected primarily through exchange of equity interests, the general factors in Topic 805 are assessed to determine which entity is the accounting acquirer regardless of whether the legal acquiree is a VIE or voting interest entity.

The guidance in Topic 805 considers various factors in determining the accounting acquirer, including but not limited to, relative voting rights of

the combined entity, composition of the governing body and senior management of the combined entity, and relative sizes of the combining entities prior to the transaction.

The guidance in Topic 805 considers various factors in determining the accounting acquirer, including but not limited to, relative voting rights of the combined entity, composition of the governing body and senior management of the combined entity, and relative sizes of the combining entities prior to the transaction.

The new ASU therefore improves comparability in the accounting for business combinations that involve VIEs and voting interest entities.

20 unchanged sentences

The Company's equity and debt investments are represented by the following:

(In thousands) June 30, 2025 December 31, 2024

(In thousands) September 30, 2025 December 31, 2024

Equity method investments

12 unchanged sentences

The Company typically has a small percentage interest in its sponsored funds as general partner or special limited partner.

The Company also has additional investments as general partner affiliate alongside the funds' limited partners, primarily with respect to the Company's flagship value-add funds, InfraBridge funds and single asset funds invested in data center portfolio companies, DataBank and Vantage SDC, respectively.

The Company's proportionate share of net income (loss) from investments in its sponsored investment vehicles, primarily unrealized gain (loss) from changes in fair value of the underlying fund investments, and any distributions of income, including from realization events, are recorded in principal investment income on the consolidated statements of operations.

The Company's proportionate share of net income (loss) from investments in its sponsored investment vehicles, primarily unrealized gain (loss) from changes in fair value of the underlying fund investments and distributions of income, including from realization events are recorded in principal investment income (loss) on the consolidated statements of operations.

Carried Interest Allocation

13 unchanged sentences

Carried Interest Distributed

In 2025, carried interest of $ 2.5 million was distributed during the first quarter and recognized in carried interest allocations, of which $ 1.6 million of the distributed carried interest was allocated to current and former employees, recorded as either carried interest compensation or amounts attributable to noncontrolling interests (Note 14).

There was no distribution of carried interest in the second quarter of 2025 and immaterial distributions in the three and six months ended June 30, 2024.

In 2025, carried interest of $ 2.5 million was distributed during the first quarter and recognized in carried interest allocations, of which $ 1.6 million was allocated to current and former employees, recorded as either carried interest compensation or amounts attributable to noncontrolling interests (Note 14).

In 2024, there was an immaterial distribution of carried interest in the second quarter.

Clawback Obligation

The Company did not have a liability for clawback obligations on carried interest distributed as of June 30, 2025 and December 31, 2024.

With respect to funds that have distributed carried interest, if in the event all of their investments are deemed to have no value, all of the carried interest distributed to date of $ 164.5 million would be subject to clawback as of June 30, 2025, of which $ 109.4 million would be the responsibility of the recipients, being employees/former employees and a third party participation interest.

The Company did not have a liability for clawback obligations on carried interest distributed as of September 30, 2025 and December 31, 2024.

With respect to funds that have distributed carried interest, if in the event all of their investments are deemed to have no value, all of the carried interest distributed to date of $ 164.5 million would be subject to clawback as of September 30, 2025, of which $ 109.4 million would be the responsibility of the recipients, being employees/former employees and a third party participation interest.

For this purpose, a portion of carried interest distributed is generally held back from employees and former employees at the time of distribution.

2 unchanged sentences

Other Equity Investments

Other equity investments include primarily investments potentially warehoused for future sponsored funds and an investment in a managed account.

Other equity investments include primarily venture investments and investment in a managed account.

These investments are generally carried at fair value or under the measurement alternative, which is at cost, adjusted for impairment and observable price changes.

15 unchanged sentences

(in thousands) Gains Losses Fair Value

June 30, 2025 $ 32,697 $ — $ — $ — $ 32,697

September 30, 2025 $ 31,572 $ — $ — $ — $ 31,572

December 31, 2024 35,122 — — — 35,122

In estimating fair value of the CLO subordinated notes, classified as Level 3 of the fair value hierarchy, the Company used a benchmarking approach by looking to the implied credit spreads derived from observed prices on recent comparable CLO issuances, and also considering the current size and diversification of the CLO collateral pool, and projected return on the subordinated notes.

Based upon these data points, at June 30, 2025 and December 31, 2024, the Company determined that the issued price of the subordinated notes, net of capital distributions, approximates a reasonable representation of fair value and that the CLO subordinated notes are not impaired.

Based upon these data points, at September 30, 2025 and December 31, 2024, the Company determined that the issued price of the subordinated notes, net of capital distributions, approximates a reasonable representation of fair value and that the CLO subordinated notes are not impaired.

Equity Investments of Consolidated Funds

The Company consolidates sponsored funds in which it has more than an insignificant equity interest in the fund as general partner (Note 13).

Equity investments of consolidated funds are composed primarily of marketable equity securities held by funds in the liquid securities strategy and equity investment in a digital infrastructure portfolio company held by a single asset fund.

Equity investments of consolidated funds are composed of marketable equity securities held by funds in the liquid securities strategy and equity investments held by two single asset funds.

Equity investments of consolidated funds are carried at fair value with changes in fair value recorded in other gain (loss) on the consolidated statements of operations.

1 unchanged sentence

Intangible assets are composed of the following:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(In thousands) Carrying Amount (1)(2)

12 unchanged sentences

(3) Represents primarily the value of an acquired domain name.

Amortization expense for finite-lived intangible assets totaled $ 6.6 million and $ 7.5 million for the three months ended June 30, 2025 and 2024, respectively, and $ 13.2 million and $ 15.8 million for the six months ended June 30, 2025 and 2024, respectively.

Amortization expense for finite-lived intangible assets totaled $ 6.4 million and $ 7.6 million for the three months ended September 30, 2025 and 2024, respectively, and $ 19.7 million and $ 23.4 million for the nine months ended September 30, 2025 and 2024, respectively.

There was no impairment of identifiable intangible assets in the periods presented.

6 unchanged sentences

Restricted Cash

Restricted cash principally represents cash reserves that are maintained pursuant to the governing agreements of the securitized debt of the Company.

Restricted cash represents primarily cash reserves that are maintained pursuant to the governing agreements of the securitized debt of the Company.

The following table summarizes the Company's other assets.

(In thousands) June 30, 2025 December 31, 2024

(In thousands) September 30, 2025 December 31, 2024

Prepaid taxes and deferred tax assets, net $ 4,637 $ 3,447

6 unchanged sentences

Assets of discontinued operations (2)

45,643 51,780

Other assets of consolidated funds 1,647 724

Total other assets $ 47,290 $ 52,504

(1) Net of accumulated depreciation of $ 11.2 million at June 30, 2025 and $ 10.0 million at December 31, 2024 .

(1) Net of accumulated depreciation of $ 9.6 million at September 30, 2025 and $ 10.0 million at December 31, 2024 .

(2) Assets of discontinued operations consists of remaining equity investments excluded from the Company's previous bulk sale of its real estate related investments.

1 unchanged sentence

The following table summarizes the Company's other liabilities:

(In thousands) June 30, 2025 December 31, 2024

Deferred investment management fees (1)

(In thousands) September 30, 2025 December 31, 2024

Deferred investment management fees (Note 11) (1)

$ 28,621 $ 9,306

12 unchanged sentences

Liabilities of discontinued operations 278 259

Securities sold short—consolidated funds

544,283 668,018

Due to custodians—consolidated funds

Other liabilities of consolidated funds

Securities sold short

70,575 47,930

Due to custodians

Contingent consideration payable (Note 9)

Other liabilities 2,772 697

(1) Deferred investment management fees are expected to be recognized as fee revenue over a weighted average period of 4.4 years and 3.2 years as of June 30, 2025 and December 31, 2024.

Deferred investment management fees recognized as income of $ 1.4 million and $ 1.7 million in the three months ended June 30, 2025 and 2024, respectively, and $ 2.8 million and $ 3.0 million in the six months ended June 30, 2025 and 2024, respectively, pertain to the deferred management fee balance at the beginning of each respective period.

Total other liabilities $ 643,442 $ 725,766

(1) Deferred investment management fees are expected to be recognized as fee revenue over a weighted average period of 4.4 years and 3.2 years as of September 30, 2025 and December 31, 2024.

Deferred investment management fees recognized as income of $ 2.7 million and $ 1.8 million in the three months ended September 30, 2025 and 2024, respectively, and $ 4.0 million and $ 4.5 million in the nine months ended September 30, 2025 and 2024, respectively, pertain to the deferred management fee balance at the beginning of each respective period.

Deferred Income Taxes

The Company has significant deferred tax assets, related principally to capital loss carryforwards, outside basis difference in DBRG's interest in the OP, outside basis difference in investment in partnerships and net operating losses generated by a taxable U.S.

As of June 30, 2025 and December 31, 2024 , a full valuation allowance has been established as the realizability of these deferred tax assets did not meet the more-likely-than-not threshold.

The Company has significant deferred tax assets associated with its domestic entities, related principally to capital loss carryforwards, outside basis difference in DBRG's interest in the OP, outside basis difference in investment in partnerships and net operating losses generated by a taxable U.S.

As of September 30, 2025 and December 31, 2024 , a full valuation allowance has been established against the deferred tax assets of its domestic entities as the realizability of these deferred tax assets did not meet the more-likely-than-not threshold.

Tax Legislation

3 unchanged sentences

The provisions of this Act could affect the Company's effective tax rate, current tax payable and measurement of the Company's deferred tax assets and liabilities, including its assessment of realizability.

Where applicable, the income tax effect of the Act would be recognized beginning with the Company's interim period ending September 30, 2025.

The Company is evaluating the effects of this new legislation on its consolidated financial statements, noting that interpretation of the various provisions of this Act and their application thereof may change as new information becomes available.

Where applicable, the income tax effect of the Act was recognized beginning with the Company's interim period ended September 30, 2025, for which the effect was immaterial.

The Company continues to evaluate the effects of this new legislation on its consolidated financial statements, noting that interpretation of the various provisions of this Act and their application thereof may change as new information becomes available.

The Company's corporate debt is composed of a securitized financing facility and, prior to their full exchange or redemption in 2024, senior notes issued by the OP that are recourse to the Company, as discussed further below.

June 30, 2025 December 31, 2024

Included in the September 30, 2025 balance is also debt of a consolidated fund.

September 30, 2025 December 31, 2024

(In thousands) Principal Deferred Financing Cost Amortized Cost Principal Deferred Financing Cost Amortized Cost

Securitized financing facility $ 300,000 $ ( 2,008 ) $ 297,992 $ 300,000 $ ( 3,638 ) $ 296,362

Corporate debt—Securitized financing facility $ 300,000 $ ( 1,602 ) $ 298,398 $ 300,000 $ ( 3,638 ) $ 296,362

Debt of consolidated fund (1)

29,547 — 29,547 — — —

$ 329,547 $ ( 1,602 ) $ 327,945 $ 300,000 $ ( 3,638 ) $ 296,362

(1) Fund was consolidated during the third quarter of 2025.

Debt of consolidated fund is non-recourse to the Company.

This debt matures in April 2026, accrues paid-in-kind ("PIK") interest at 12 % per annum and is secured by the fund's equity investment.

Securitized Financing Facility

1 unchanged sentence

(i) $ 300 million aggregate principal amount of 3.933 % Secured Fund Fee Revenue Notes, Series 2021-1, Class A-2 (the “Class A-2 Notes”);

and (ii) up to $ 100 million (following the Company's election in June 2025 to reduce its capacity from $ 300 million, pursuant to its terms) Secured Fund Fee Revenue Variable Funding Notes,

Series 2021-1, Class A-1 (the “VFN” and, together with the Class A-2 Notes, the “Series 2021-1 Notes”).

and (ii) up to $ 100 million (following the Company's election in June 2025 to reduce its capacity from $ 300 million, pursuant to its terms) Secured Fund Fee Revenue Variable Funding Notes, Series 2021-1, Class A-1 (the “VFN” and, together with the Class A-2 Notes, the “Series 2021-1 Notes”).

The VFN allow the Co-Issuers to borrow on a revolving basis.

29 unchanged sentences

(In thousands) Preferred Stock Class A

Common Stock (1)

Shares outstanding at December 31, 2023 32,876 163,209 166

4 unchanged sentences

Shares canceled for tax withholding on vested equity awards — ( 481 ) —

Shares outstanding at June 30, 2024 32,876 173,600 166

Shares outstanding at September 30, 2024 32,876 174,015 166

Shares outstanding at December 31, 2024 32,876 174,202 150

3 unchanged sentences

Shares canceled for tax withholding on vested equity awards — ( 626 ) —

Shares outstanding at June 30, 2025 32,876 180,887 —

Shares outstanding at September 30, 2025 32,876 182,615 —

(1) In the third quarter of 2024, there was a conversion of Class B common stock into Class A common stock for less than a thousand shares.

(2) In connection with the 2022 redemption of Wafra's investment in the Company's investment management business, contingent consideration was payable to Wafra based upon the Company achieving certain fundraising targets through December 31, 2023.

2 unchanged sentences

In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets.

The table below summarizes the preferred stock issued and outstanding at June 30, 2025:

The table below summarizes the preferred stock issued and outstanding at September 30, 2025:

Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding

33 unchanged sentences

Amounts reclassified from AOCI (1)

AOCI at June 30, 2024 $ 755

AOCI at September 30, 2024 $ 3,313

AOCI at December 31, 2024 $ 505

Other comprehensive income (loss) 5,363

AOCI at June 30, 2025 $ 6,725

(1) Amounts reclassified out of AOCI attributable to stockholders reflect the release of foreign currency cumulative translation adjustments.

AOCI at September 30, 2025 $ 5,868

(1) Represent the release of foreign currency cumulative translation adjustments.

Noncontrolling Interests

1 unchanged sentence

The following table presents the activities in redeemable noncontrolling interests in open-end funds in the liquid securities strategy consolidated by the Company.

Six Months Ended June 30,

Nine Months Ended September 30,

(In thousands) 2025 2024

9 unchanged sentences

At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP.

Redemption of OP units —The Company redeemed OP units totaling 5,622,793 in 2025 (including 1,259,793 OP units in July 2025, following which noncontrolling interest in the OP decreased to 3 % as of July 31, 2025) and 452,418 in 2024 through issuance of an equal number of shares of class A common stock on a one -for-one basis.

Redemption of OP units —The Company redeemed OP units totaling 6,128,237 in 2025 and 452,418 in 2024 through issuance of an equal number of shares of class A common stock on a one -for-one basis.

Recurring Fair Values

7 unchanged sentences

(In thousands) Level 1 Level 2 Level 3 Total

June 30, 2025

September 30, 2025

Investments (Note 3)

8 unchanged sentences

DBRG stock warrants

Securities of consolidated funds sold short

Securities of consolidated fund sold short

70,575 — — 70,575

Contingent consideration of consolidated fund — — 14,801 14,801

December 31, 2024

9 unchanged sentences

DBRG stock warrants

Securities of consolidated funds sold short

Securities of consolidated fund sold short

47,930 — — 47,930

Equity Investments of Consolidated Funds

Equity investments of consolidated funds include marketable equity securities held by our liquid strategy funds, valued based upon listed prices in active markets, classified as Level 1;

and equity investment in a digital infrastructure portfolio company held by a single asset fund.

The marketable equity securities comprise publicly listed stocks in the U.S.

and Europe, and primarily in the digital infrastructure, real estate, technology, media and telecommunications sectors.

The other equity investment, classified as level 3, was valued at June 30, 2025 using a market approach that considers revenue multiples of other comparable companies.

Equity investments of consolidated funds include marketable equity securities held by our liquid strategy funds and equity investments held by two single asset funds.

The marketable equity securities comprise publicly listed stocks in U.S.

and Europe, primarily in the digital infrastructure, real estate, technology, media and telecommunications sectors, valued based upon listed prices in active markets, classified as Level 1.

Other equity investments, in data centers or digital media, were valued based upon either a market approach that considered revenue multiples of other comparable companies at September 30, 2025 and December 31, 2024 or using the transacted price for a recent fund acquisition as of September 30, 2025, classified as level 3.

Fair Value Option

1 unchanged sentence

The Company has elected to account for a co-investment in a portfolio company as an equity method investment under the fair value option.

Fair value was determined using a discounted cash flow model based upon projected earnings using a discount rate of 11.0 % at both June 30, 2025 and December 31, 2024.

Fair value was determined using a discounted cash flow model based upon the portfolio company's projected earnings, discounting unlevered cash flows at an 8.1 % weighted average cost of capital at September 30, 2025, and levered cash flows at a cost of equity of 11.0 % at December 31, 2024.

The fair value is classified as Level 3 of the fair value hierarchy and changes in fair value are recorded in principal investment income.

5 unchanged sentences

The terms of the warrant purchase agreement provided for net cash settlement upon exercise of the warrants, at election of either the Company or Wafra, if such exercise would result in Wafra beneficially owning in excess of 9.8 % of the issued and outstanding shares of the Company's class A common stock.

Inclusion of the cash settlement feature

resulted in a liability classification, which subjected the warrants to fair value remeasurement each period through earnings.

Inclusion of the cash settlement feature resulted in a liability classification, which subjected the warrants to fair value remeasurement each period through earnings.

In March 2024, three of the five warrants were sold by Wafra to a third party and in conjunction therewith, the terms of the warrants were amended which removed the cash settlement feature, resulting in a reclassification of the warrants from liability to equity.

1 unchanged sentence

No warrants have been exercised to-date.

At June 30, 2025, the two liability-classified warrants were carried at fair value, measured using a Black-Scholes option pricing model, applying the following inputs:

At September 30, 2025, the two liability-classified warrants were carried at fair value, measured using a Black-Scholes option pricing model, applying the following inputs:

(a) estimated volatility for DBRG's class A common stock of 44.8 % ( 34.7 % at December 31, 2024);

4 unchanged sentences

Treasury yield curve rates to correspond to the remaining term to expiration of the warrants.

Contingent Consideration

In connection with the acquisition of InfraBridge, contingent consideration is payable if prescribed fundraising targets are met.

In measuring the contingent consideration at June 30, 2025 and December 31, 2024, the Company applied a probability-weighted approach to the likelihood of meeting various fundraising targets and discounted the estimated future contingent consideration payment at 6.7 % and 7.3 %, respectively, to derive a present value amount, classified as Level 3 of the fair value hierarchy.

Contingent Consideration—InfraBridge

In connection with the Company's acquisition of InfraBridge in February 2023, contingent consideration may become payable by the Company if prescribed fundraising targets are met for follow-on InfraBridge flagship funds and co-investments.

The contingent consideration was measured at September 30, 2025 and December 31, 2024 by applying a probability-weighted approach to the likelihood of meeting various fundraising targets and discounting the estimated future contingent consideration payment at 6.7 % and 7.3 %, respectively, to derive a present value amount, classified as Level 3 of the fair value hierarchy.

Contingent Consideration—Consolidated Fund

In connection with a consolidated fund's acquisition of equity interests in a portfolio company, contingent consideration may become payable by the fund if a prescribed earnings target is achieved by the portfolio company.

The contingent consideration, inclusive of PIK interest accrued at 12 % per annum through the first earnout period, was valued at September 30, 2025 using the average result from a probabilistic simulation model that applied a volatility of 22 % and discount rate of 13 % to the portfolio company earnings, classified as Level 3 of the fair value hierarchy.

Changes in fair value of the contingent consideration is reflected as an equivalent change in the cost of the fund's corresponding investment, with no effect to earnings.

Changes in Level 3 Fair Value

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Level 3 Assets Level 3 Liabilities

Fair Value Option - Equity Method Investments Equity Investment of Consolidated Funds DBRG Stock Warrants InfraBridge Contingent Consideration

Fair Value Option - Equity Method Investments Equity Investments of Consolidated Funds DBRG Stock Warrants Contingent Consideration — InfraBridge

Contingent Consideration — Consolidated Fund

(In thousands)

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Reclassification to equity — — 33,000 — —

Fair value at June 30, 2024 $ 132,952 $ 23,000 $ ( 3,200 ) $ ( 9,500 )

Net unrealized gain (loss) in earnings on instruments held at June 30, 2024 $ ( 2,490 ) $ — $ 5,900 $ 1,838

Fair value at September 30, 2024 $ 133,127 $ 63,154 $ ( 2,000 ) $ ( 9,100 ) $ —

Net unrealized gain (loss) in earnings on instruments held at September 30, 2024 $ ( 2,315 ) $ 40,154 $ 7,100 $ 2,238 $ —

Fair value at December 31, 2024 $ 137,154 $ 63,154 $ ( 700 ) $ ( 6,100 ) $ —

Contributions — 40,683 — — —

Consolidation of sponsored fund — 115,539 — — ( 11,186 )

Change in consolidated fund's share of interest in portfolio company (1)

— 8,779 — — ( 2,996 )

Change in fair value of contingent consideration of consolidated fund — 619 — — ( 619 )

Unrealized gain (loss) in earnings, net 4,489 127 200 3,700 —

Fair value at June 30, 2025 $ 140,645 $ 80,614 $ ( 500 ) $ ( 2,300 )

Net unrealized gain (loss) in earnings on instruments held at June 30, 2025 $ 3,491 $ 127 $ 200 $ 3,800

Fair value at September 30, 2025 $ 141,643 $ 228,901 $ ( 500 ) $ ( 2,400 ) $ ( 14,801 )

Net unrealized gain (loss) in earnings on instruments held at September 30, 2025 $ 4,489 $ 127 $ 200 $ 3,700 $ —

(1) Represents additional allocation to consolidated fund following further syndication of interest in portfolio company from a non-consolidated fund to the consolidated fund.

Nonrecurring Fair Values

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(i) on the acquisition date for business combinations;

(ii) when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable or availability of observable prices for equity investments under the measurement alternative;

(ii) when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable or based upon availability of observable prices for equity investments under the measurement alternative;

and (iii) upon deconsolidation of a subsidiary for any retained interest.

Adjustments to fair value generally result from application of the lower of amortized cost or fair value for assets held for disposition or otherwise, an adjustment of asset values due to impairment or observable price changes.

Certain equity investments accounted for under the measurement alternative were carried at estimated fair values of $ 7.5 million at June 30, 2025 based upon an indicative transaction price and $ 15.0 million at December 31, 2024 based upon pricing from a recent funding, or applying a probability-weighted approach to different recovery outcomes.

These represent level 3 fair values.

At September 30, 2025, there were no assets measured at fair value on a nonrecurring basis.

At December 31, 2024, certain equity investments accounted under the measurement alternative were carried at estimated fair values of $ 15.0 million based upon pricing from a recent funding, or applying a probability-weighted approach to different recovery outcomes, representing level 3 fair values.

Fair Value of Financial Instruments Reported at Cost

The Company's debt obligation, specifically its secured fund fee revenue notes had fair values of $ 291.4 million at June 30, 2025 and $ 285.8 million at December 31, 2024, estimated based upon indicative quotes.

The Company's debt obligation, specifically its secured fund fee revenue notes had fair values of $ 294.6 million at September 30, 2025 and $ 285.8 million at December 31, 2024, estimated based upon indicative quotes.

The carrying value of debt of consolidated fund approximates its fair value at September 30, 2025 given its short remaining term to maturity.

The carrying values of cash and cash equivalents, accounts receivable, due from and to affiliates, interest payable and accounts payable generally approximate fair value due to their short term nature, and credit risk, if any, is negligible.

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The following table presents the basic and diluted earnings per common share computations.

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(In thousands, except per share data) 2025 2024 2025 2024

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(1) The calculation of diluted earnings per share includes the weighted average effect of class A common shares and share equivalents issuable in relation to the following dilutive securities:

(i) performance stock units (Note 12) of 34,000 and 185,800 for the three months ended June 30, 2025 and 2024, respectively, and 36,200 and 148,700 for the six months ended June 30, 2025 and 2024, respectively;

(ii) DBRG stock warrants that were in-the-money (Note 9) of 747,600 for the three months ended June 30, 2024 and 39,400 for the six months ended June 30, 2025;

(iii) Wafra contingent consideration which was settled in March 2024 (Note 7) of 504,600 for the six months ended June 30, 2024;

and (iv) exchangeable senior notes which are no longer outstanding effective April 2024 (Note 6) of 774,400 and 4,631,400 shares for the three and six months ended June 30, 2024, respectively.

(2) The calculation of diluted earnings per share excludes the weighted average effect of 1,029,600 class A common shares that are issuable to net settle the exercise of DBRG stock warrants for the six months ended June 30, 2024, as their inclusion would be antidilutive.

(i) performance stock units (Note 12) of 148,774 for the three months ended September 30, 2025, and 80,761 and 71,569 for the nine months ended September 30, 2025 and 2024, respectively;

(ii) DBRG stock warrants that were in-the-money (Note 9) of 173,851 and 89,060 for the three and nine months ended September 30, 2025, respectively;

(iii) Wafra contingent consideration which was settled in March 2024 (Note 7) of 335,171 for the nine months ended September 30, 2024;

and (iv) exchangeable senior notes which are no longer outstanding effective April 2024 (Note 6) of 3,076,309 shares for the nine months ended September 30, 2024.

(2) The calculation of diluted earnings per share excludes the effects of the following as their inclusion would be antidilutive:

(i) performance stock units (Note 12) of 509,161 for the three months ended September 30, 2024 and (ii) DBRG stock warrants that were in-the-money (Note 9) of 485,841 and 816,572 for the three and nine months ended September 30, 2024, respectively.

(3) OP units may be redeemed for registered or unregistered class A common stock of the Company on a one -for-one basis and are not dilutive.

At June 30, 2025 and 2024, 7,560,400 and 12,290,700 of OP units, respectively, were not included in the computation of diluted earnings per share in the respective periods presented.

At September 30, 2025 and 2024, 5,795,134 and 12,123,371 of OP units, respectively, were not included in the computation of diluted earnings per share in the respective periods presented.

The following table presents the Company's fee revenue by type.

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(In thousands) 2025 2024 2025 2024

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Revenue concentration is defined as a single fund or investment vehicle that generates 10% or more of the Company's total management fees.

Three funds met the concentration criteria, aggregating to 62.3 % and 64.5 %of total management fees for the three and six months ended June 30, 2025, respectively.

Three funds met the concentration criteria, aggregating to 64.1 % and 64.4 % of total management fees for the three and nine months ended September 30, 2025, respectively.

Equity-Based Compensation

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The number of shares of class A common stock reserved and available for issuance under the 2024 Equity Incentive Plan as of its adoption in April 2024 is 5.5 million shares.

Restricted Stock — Restricted stock awards in the Company's class A common stock are granted to senior executives, directors and certain employees, subject to a service condition or a combination of both a service and performance condition, with annual time-based vesting in equal tranches, generally over a three-year period.

Restricted Stock — Restricted stock awards in the Company's class A common stock are granted to senior executives, directors and certain employees, subject to a service condition or a combination of both a service and performance condition, generally with annual time-based vesting in equal tranches over a three-year period, or for certain awards, a two-year cliff vesting.

Vesting of performance-based restricted stock awards occur upon achievement of certain Company-specific metrics over a specified performance measurement period.

Restricted stock is entitled to dividends declared and paid on the Company's class A common stock

and such dividends are not forfeitable prior to vesting of the award.

Restricted stock is entitled to dividends declared and paid on the Company's class A common stock and such dividends are not forfeitable prior to vesting of the award.

Restricted stock awards are valued based upon the Company's class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite service period.

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RSUs are initially valued based upon the Company's class A common stock price on grant date and not subsequently remeasured for equity-classified awards, while liability-classified awards are remeasured at fair value at the end of each reporting period until the award is fully vested.

Equity-based compensation expense is recognized over the vesting period if and when it is probable that the performance condition will be met, subject to reversal if no longer probable.

Equity-based compensation expense is

recognized over the vesting period if and when it is probable that the performance condition will be met, subject to reversal if no longer probable.

Performance Stock Units — PSUs are granted to senior executives, and are subject to a service condition in combination with either a market condition or a performance condition.

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3.9 % 4.5 % 3.8 %

(1) Based upon the historical volatility of the Company's stock and those of a specified peer group.

(1) Based upon historical volatility of the Company's stock and those of a specified peer group.

(2) Based upon the continuously compounded zero-coupon U.S.

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Upon separation of service from the Company, vested DSUs will be settled in shares of the Company’s class A common stock.

Fair value of DSUs are determined based upon the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, or on a straight-line basis over the vesting period as equity based compensation expense and equity.

Fair value of

DSUs are determined based upon the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, or on a straight-line basis over the vesting period as equity based compensation expense and equity.

Equity-based compensation cost in continuing operations is presented on the consolidated statement of operations, as follows.

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(In thousands)

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Forfeited ( 52,474 ) — — ( 181,452 ) ( 185,675 ) ( 419,601 ) 27.36 11.21

Unvested shares and units at June 30, 2025

Unvested shares and units at September 30, 2025

4,086,895 125,000 45,858 659,992 931,484 5,849,229 10.45 11.61

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PSUs for which the probability of meeting the DE target changes during the measurement period are reflected as either additional units granted or forfeited.

Fair value of equity awards that vested, determined based upon their respective fair values at vesting date, totaled $ 1.8 million and $ 11.5 million for the three months ended June 30, 2025 and 2024, respectively, and $ 17.0 million and $ 29.9 million for the six months ended June 30, 2025 and 2024, respectively.

At June 30, 2025, aggregate unrecognized compensation cost for all unvested equity awards was $ 47.1 million, which is expected to be recognized over a weighted average period of 1.8 years.

Fair value of equity awards that vested, determined based upon their respective fair values at vesting date, totaled $ 2.0 million and $ 1.7 million for the three months ended September 30, 2025 and 2024, respectively, and $ 18.9 million and $ 31.7 million for the nine months ended September 30, 2025 and 2024, respectively.

At September 30, 2025, aggregate unrecognized compensation cost for all unvested equity awards was $ 35.9 million, which is expected to be recognized over a weighted average period of 2.0 years.

Variable Interest Entities

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and/or (iii) is established with non-substantive voting rights.

The following discusses the Company's involvement with VIEs where the

Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs.

The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs.

Operating Subsidiary

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Accordingly, the Company is the primary beneficiary of OP and consolidates OP.

As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities, earnings (losses), and cash flows of OP represent substantially all of the total consolidated assets and liabilities, earnings (losses), and cash flows of the Company.

As the Company conducts its business and holds its assets and liabilities through OP, the total

assets and liabilities, earnings (losses), and cash flows of OP represent substantially all of the total consolidated assets and liabilities, earnings (losses), and cash flows of the Company.

Company-Sponsored Funds

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As a result, the Company is considered to be acting in the capacity of a principal of the sponsored fund and is therefore the primary beneficiary of the fund.

The Company’s exposure is limited to its capital account balance in the consolidated funds of $ 85.3 million at June 30, 2025 and $ 79.3 million at December 31, 2024.

The Company’s exposure is limited to its capital account balance in the consolidated funds of $ 105.4 million at September 30, 2025 and $ 79.3 million at December 31, 2024.

The liabilities of the consolidated funds may only be settled using assets of the consolidated funds, and the Company, as general partner, is not obligated to provide any financial support to the consolidated funds.

The Company does not have unfunded commitments to consolidated funds.

At September 30, 2025, the Company has a $ 7.1 million unfunded commitment to a fund that was consolidated during the third quarter of 2025.

The following table presents the assets and liabilities of the consolidated funds:

(In thousands) June 30, 2025 December 31, 2024

(In thousands) September 30, 2025 December 31, 2024

Cash and cash equivalents $ 70,801 $ 62,630

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$ 411,403 $ 209,777

Debt (Note 6)

Other liabilities

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Due to custodian 11,011 9,121

Contingent consideration (Note 9 )

Other 2,772 697

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The Company accounts for its equity interests in unconsolidated funds under the equity method.

The Company's maximum exposure to loss is limited to the outstanding balance of its investment in the unconsolidated funds (Note 3) of $ 2.0 billion at June 30, 2025 and $ 2.1 billion at December 31, 2024.

The Company's maximum exposure to loss is limited to the outstanding balance of its investment in the unconsolidated funds (Note 3) of $ 2.1 billion at September 30, 2025 and $ 2.1 billion at December 31, 2024.

The Company also has receivables from its unconsolidated funds for fee revenue and reimbursable or recoverable costs, as discussed in Note 14.

At June 30, 2025, the Company's unfunded commitments to its unconsolidated funds as general partner and

general partner affiliate totaled $ 187.3 million (including commitments attributed to the ownership by employees and former employees in the general partner entities).

At September 30, 2025, the Company's unfunded commitments to its unconsolidated funds as general partner and general partner affiliate totaled $ 182.3 million (including commitments attributed to the ownership by employees and former employees in the general partner entities).

Generally, the timing for funding of these commitments is not known and the commitments are callable on demand at any time prior to their respective expirations.

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Amounts due from and due to affiliates consist of the following:

(In thousands) June 30, 2025 December 31, 2024

(In thousands) September 30, 2025 December 31, 2024

Due from Affiliates

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Due to Affiliates (Note 5)

Employees and other affiliates $ 1,254 $ 1,675

$ 1,254 $ 1,675

Other affiliates $ 1,222 $ 1,675

Significant transactions with affiliates include the following:

Fee Revenue —Fee revenue earned from investment vehicles that the Company manages and/or sponsors, and in which the Company has an equity interest, are presented in Note 11.

Substantially all fee revenue are from affiliates, except for management fees and incentive fee from sub-advisory accounts and generally, other fee revenue.

Substantially all fee revenue are from affiliates, except for management fees and incentive fees from sub-advisory accounts and generally, other fee revenue.

Cost Reimbursements and Recoverable Expenses— The Company receives reimbursements and recovers certain costs paid on behalf of investment vehicles sponsored by the Company, which include:

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and (iii) direct and indirect operating costs for managing the operations of certain investment vehicles and their portfolio companies.

To the extent the Company determines it acts in the capacity of principal in the incurrence of such costs, the reimbursements are included in other income, which totaled $ 2.6 million and $ 3.3 million for the three months ended June 30, 2025 and 2024, respectively, and $ 4.9 million and $ 5.8 million for the six months ended June 30, 2025 and 2024, respectively.

To the extent the Company determines it acts in the capacity of principal in the incurrence of such costs, the reimbursements are included in other income, which totaled $ 2.0 million and $ 2.1 million for the three months ended September 30, 2025 and 2024, respectively, and $ 6.9 million and $ 8.0 million for the nine months ended September 30, 2025 and 2024, respectively.

To the extent the Company determines that it acts in the capacity of an agent, the costs incurred and related reimbursements are presented on a net basis in the consolidated statements of operations.

Warehoused Investments— The Company may acquire and temporarily warehouse investments on behalf of prospective sponsored investment vehicles (Note 3).

Warehoused Investments— The Company may acquire and temporarily warehouse investments on behalf of prospective sponsored investment vehicles.

The warehoused investments are transferred to the investment vehicle when sufficient third party capital, including debt, is raised.

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Ganzi and Jenkins are invested in their capacity as former owners of DBH, and not in their capacity as employees of the Company, any carried interest entitlement attributed to such investments by Messrs.

Ganzi and Jenkins as general partner are not subject to continuing

vesting provisions and do not represent compensatory arrangements to the Company.

Ganzi and Jenkins as general partner are not subject to continuing vesting provisions and do not represent compensatory arrangements to the Company.

Such carried interest allocation to Messrs.

Ganzi and Jenkins that are unrealized or distributed but unpaid are included in noncontrolling interests on the balance sheet in the amount of $ 80.3 million at June 30, 2025 and $ 121.1 million at December 31, 2024.

Carried interest allocated are recorded as net loss attributable to noncontrolling interests totaling $ 26.9 million and $ 40.8 million for the three and six months ended June 30, 2025, respectively, and net income attributable to noncontrolling interests totaling $ 3.9 million and $ 7.3 million for the three and six months ended June 30, 2024, respectively.

Ganzi and Jenkins that are unrealized or distributed but unpaid are included in noncontrolling interests on the balance sheet in the amount of $ 64.6 million at September 30, 2025 and $ 121.1 million at December 31, 2024.

Carried interest allocated are recorded as net loss attributable to noncontrolling interests totaling $ 15.7 million and $ 56.5 million

for the three and nine months ended September 30, 2025, respectively, and net income attributable to noncontrolling interests totaling $ 1.6 million and $ 8.9 million for the three and nine months ended September 30, 2024, respectively.

Investment in Managed Investment Vehicles —Subject to the Company's related party policies and procedures, certain employees (who may thereafter become former employees) may invest on a discretionary basis in investment vehicles sponsored by the Company, either directly in the vehicle or indirectly through the Company's general partner entities.

These investments are not subject to management fees or carried interest, but otherwise bear their proportionate share of other operating expenses of the investment vehicles.

Such investments in consolidated investment vehicles and general partner entities totaled $ 58.9 million at June 30, 2025 and $ 58.0 million at December 31, 2024, reflected in redeemable noncontrolling interests and noncontrolling interests in investment entities on the balance sheet.

The employees' and former employees' share was a net income of $ 1.5 million and $ 2.0 million for the three months ended June 30, 2025 and 2024, respectively, and net income of $ 1.3 million and $ 2.2 million for the six months ended June 30, 2025 and 2024, respectively.

Such investments in consolidated investment vehicles and general partner entities totaled $ 61.9 million at September 30, 2025 and $ 58.0 million at December 31, 2024, reflected in redeemable noncontrolling interests and noncontrolling interests in investment entities on the balance sheet.

The employees' and former employees' share was a net income of $ 1.5 million and $ 3.8 million for the three months ended September 30, 2025 and 2024, respectively, and net income of $ 2.8 million and $ 5.7 million for the nine months ended September 30, 2025 and 2024, respectively.

Such amounts are reflected in net income (loss) attributable to noncontrolling interests on the consolidated statement of operations and exclude their share of carried interest allocation, which is reflected in incentive fee and carried interest compensation expense and net income (loss) attributable to noncontrolling interests.

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Ganzi associated with the use of private aircraft (including both aircraft owned by Mr.

Ganzi and third party chartered flights) to taled $ 1.0 million and $ 2.0 million for the three months ended June 30, 2025 and 2024, respectively, and $ 2.7 million and $ 3.1 million for the six months ended June 30, 2025 and 2024, respectively.

Ganzi and third party chartered flights) to taled $ 0.8 million and $ 2.4 million for the three months ended September 30, 2025 and 2024, respectively, and $ 3.5 million and $ 5.6 million for the nine months ended September 30, 2025 and 2024, respectively.

Segment Reporting

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The following table presents net income (loss) from continuing operations attributable to common stockholders for the Company's single reportable segment and is reconciled to the consolidated statement of operations.

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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Geography is generally presented as the location in which income generating services are substantially performed.

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(In thousands)

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$ 1,820 $ 74,006 $ 39,112 $ 532,900

(In thousands) June 30, 2025 December 31, 2024

(In thousands) September 30, 2025 December 31, 2024

Long-lived assets by geography:

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The Company may be involved in litigation and other proceedings that arise in the ordinary course of business.

As of June 30, 2025, the Company is not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

As of September 30, 2025, the Company is not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Subsequent Events

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements