nsation costs reflect the increased investment in people as we expand geographically and create new funds. All payments for services rendered by our Managing Partners prior to the Reorganization have been accounted for as partnership distributions rather than compensation and benefits expense. Refer to note 1 of t

our assets pursuant to the foreclosure or other realization upon those encumbrances without that approval. However, pursuant to the agreement among Managing Partners (which is further described in "Certain Relationships and Related Party Transactions—Agreement Among Managing Partners" in our 2015 Annual Report),