Under GAAP, due to certain Fortress voting rights with the majority of our partner and subsidiary companies, Fortress consolidates the financial reporting of those companies. As a result, Fortress’ GAAP financials show consolidated revenues or losses inclusive of the underlying activities of its partner and subsidiary companies. The revenues and losses at the public partner companies are included in the consolidated financials, but do not impact Fortress’ standalone cash balances. We publish our non-GAAP financials on a quarterly basis within our earnings release to inform investors of the standalone financials of Fortress and certain private subsidiaries, excluding public partner companies.

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