Risk Factors Update Summary

• Carried interest distributions may decrease in difficult economic environments, impacting value realization.
• The company may repurchase up to $140 million in Class A common stock, increasing from $115 million.
• Competitors' success in deploying new products and technology may limit investment opportunities.
• Increased regulatory focus on cybersecurity and data protection poses operational and reputational risks.
• Changes in regulations, such as GDPR and CCPA, may increase compliance burdens and costs.
• Increased scrutiny on ESG practices by regulators and investors may impact investment decisions.
• Decreased availability of financing or investor capital could hinder consummation of investment opportunities.
• Proposed rules on cybersecurity and privacy could increase compliance costs and regulatory liability.
• New regulations require standardized ESG disclosures, potentially increasing legal and compliance costs.
• Potential clawback obligations for excess carried interest could require repayment, impacting financials.
• Market volatility may lead to fluctuations in the market price and trading volume of the company's securities.
• The company's stock may be excluded from certain indices due to its multi-class share structure.
• Failure to manage ESG risks could lead to misstatement litigation or misselling allegations.
• The company's funds may face challenges if investors negotiate less favorable fee structures.