Securities & Asset Management: Pay versus performance

Act”) and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid (as defined by SEC rules) and certain financial performance of the Company. For more information about our executive compensation program, please refer to the “Compensation Discussion and Analysis” section above.

Year	Summary Compensation Table Total for PEO (1)	Compensation Actually Paid to PEO (2)	Average Summary Compensation Table Total for Non-PEO NEOs (3)	Average Compensation Actually Paid to Non-PEO NEOs (4)	Value of Initial Fixed $100 Investment Based On:	Net Income (7)	Fee Related Earnings (8)
Total Shareholder Return (5)	Peer Group Total Shareholder Return (6)
($)	($)	($)	($)	($)	($)	($ in thousands)	($ in thousands)
2025	68,279,532	52,496,782	30,236,619	26,002,098	399	196	426,113	1,775,300
2024	85,381,842	191,398,092	27,567,773	54,638,780	425	187	440,961	1,361,737
2023	30,576,590	82,658,840	14,837,091	25,794,195	278	135	474,326	1,163,741
2022	34,601,100	37,288,439	13,511,355	13,746,133	155	110	167,541	994,350
2021	70,842,896	135,601,181	23,162,854	25,070,250	178	141	386,748	712,308

(1) The dollar amounts reported in this column are the amounts of total compensation reported for our Chief Executive Officer (the “PEO”) for each corresponding year, as reported in the “Total” column of the Summary Compensation Table. The name of the PEO of the Company reflected in these columns for each of the applicable fiscal years is Michael J Arougheti .

(2) “Compensation Actually Paid to PEO” has been calculated in accordance with the requirements of Item 402(v)(2)(iii) of Regulation S-K and does not reflect compensation actually earned, realized or received. When calculating “Compensation Actually Paid to PEO”, the following adjustments were made to the amounts reported for Mr. Arougheti in the Summary Compensation Table. In calculating “Compensation Actually Paid”, the fair value or change in fair value, as applicable, of the equity award adjustments included in each such calculation was computed in accordance with FASB ASC Topic 718. Importantly, the dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Arougheti during the applicable year. “Compensation Actually Paid” for Mr. Arougheti includes performance equity awards with market conditions that have fully vested during the periods presented. Those performance equity awards with market conditions are presented as if the market conditions were met on the respective grant dates, with corresponding changes in fair value between the grant dates and vesting dates included within “Compensation Actually Paid to PEO.”