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General Market Update Mark Weinsten ManagingDirector [email protected] 617.673.2161 (O) |617.834.6931 (M) • In the second quarter of 2025, average stock prices for the six publicly traded alternative investment managers (“Public GPs”) increased 10.9%. • Based on the most recent available financials (first quarter of 2025), the average total fee earning assets under management (“AUM”) increased 5.1%, management fees increased 3.9%, and performance fees increased 3.4% quarter-over-quarter. We also observed an increase in average EV/management fee multiples by 1.3x and an increase in average EV/total fee multiples by 0.8x. • Operating income margin for the Public GPs was 29.2% which was lower compared to th

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