8 unchanged sentences
Effect on Management Fees
−Removed: Management fees are generally based on a defined percentage of fair value of assets, capital commitments, invested capital, NAV, net investment income, total assets or par value of the investment portfolios we manage.
−Removed: Management fees calculated based on fair value of assets or net investment income are affected by short-term changes in market values.
+Added: Management fees are generally based on a defined percentage of capital commitments, invested capital, net investment income, total assets, par value, NAV or the fair value of assets of the investment portfolios we manage.
+Added: Management fees will only be directly affected by short-term changes in market conditions to the extent they are impacted by prices available in active markets and are liquid in nature.
The overall impact of a short-term change in market value may be mitigated by a number of factors including, but not limited to, fee definitions that are not based on market value including invested capital and capital commitments, market value definitions that exclude the impact of realized and/or unrealized gains and losses, market value definitions based on beginning of the period values or a form of average market value including daily, monthly or quarterly averages as well monthly or quarterly payment terms.
For the year ended December 31, 2025, management fees from funds that are impacted by changes in market value and have underlying investments held in liquid strategies were approximately 4%.
−Removed: As such, a hypothetical 10% decrease in fair value of our managed funds’ investments as of December 31, 2024 would not have a material impact on our management fees.
+Added: As such, a hypothetical 10% decrease in market value of our managed funds’ investments as of December 31, 2025 would not have a material impact on our management fees.
Effect on Carried Interest and Incentive Fees
28 unchanged sentences
Interest Rate Risk
−Removed: Our Credit Facility provides a $1.4 billion revolving line of credit , with an accordion feature of $600.0 million (subject to obtaining commitments for any such additional borrowing capacity) , with a maturity date of March 31, 2029.
−Removed: As of December 31, 2024, we had no borrowings outstanding under the Credit Facility.
+Added: Our Credit Facility provides a $1.840 billion revolving line of credit , with an accordion feature of $660.0 million (subject to obtaining commitments for any such additional borrowing capacity) , with a maturity date of April 22, 2030.
+Added: As of December 31, 2025, we had $1,380 million borrowings outstanding under the Credit Facility.
For a further discussion of our Credit Facility, see “Note 7.
19 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.