8 unchanged sentences
To a lesser extent, management fees are based upon the NAV of vehicles in our Liquid Strategies or GAV for certain InfraBridge vehicles, measured at fair value.
−Removed: At June 30, 2025, vehicles with NAV or GAV fee basis made up 3% of our $39.7 billion FEEUM and accounted for $5.6 million of management fees for the six months ended June 30, 2025.
+Added: At September 30, 2025, vehicles with NAV or GAV fee basis made up 4% of our $40.7 billion FEEUM and accounted for $8.2 million of management fees for the nine months ended September 30, 2025.
Accordingly, most of our management fee revenue will not be directly affected by changes in investment fair values.
Principal Investment Income (Loss) —This is our share of income (loss) from equity interests in our sponsored funds, which in turn is largely driven by fair value changes in the underlying investments of the funds.
−Removed: A hypothetical 10% decline in the fair value of fund investments at June 30, 2025 would decrease the OP's share of principal investment income by approximately $84 million.
+Added: A hypothetical 10% decline in the fair value of fund investments at September 30, 2025 would decrease the OP's share of principal investment income by approximately $85 million.
Incentive Fees and Carried Interest —Incentive fees and carried interest, net of management allocations, are earned based upon the financial performance of a vehicle above a specified return threshold, which is largely driven by appreciation in value of underlying investments.
1 unchanged sentence
The extent of the effect of fair value changes to the amount of incentive fees and carried interest earned will depend upon the cumulative performance of an investment vehicle relative to its return threshold, the performance measurement period used to calculate incentives and carried interest, and the stage of the vehicle's lifecycle.
−Removed: A hypothetical 10% decline in the fair value of fund investments at June 30, 2025 would decrease carried interest by approximately $166 million, representing the OP's share of carried interest net of allocations to employees, former employees and a third party interest.
+Added: A hypothetical 10% decline in the fair value of fund investments at September 30, 2025 would decrease carried interest by approximately $151 million, representing the OP's share of carried interest net of allocations to employees, former employees and a third party interest.
Generally, our incentive fees are recognized when it is probable that a significant reversal of the cumulative incentive fees will not occur, which is typically when the fees become realizable or realized at the end of the performance measurement period.
−Removed: At June 30, 2025, there were no incentive fees recorded that have not been fully realized.
+Added: At September 30, 2025, there were no incentive fees recorded that have not been fully realized.
Foreign Currency Risk
−Removed: As of June 30, 2025, we have limited direct foreign currency exposure from our foreign operations and foreign currency denominated investments warehoused on the balance sheet for future sponsored vehicles.
+Added: As of September 30, 2025, we have limited direct foreign currency exposure from our foreign operations and foreign currency denominated investments warehoused on the balance sheet for future sponsored vehicles.
Changes in foreign currency rates can adversely affect earnings and the value of our foreign currency denominated investments, including investments in our foreign subsidiaries.
4 unchanged sentences
Instruments bearing variable interest rates include debt obligations, which are subject to interest rate fluctuations that will affect future cash flows, specifically interest expense.
−Removed: Our corporate debt exposure to variable interest rates is limited to our VFN revolver, which had no outstanding balance at June 30, 2025.
+Added: Our corporate debt exposure to variable interest rates is limited to our VFN revolver, which had no outstanding balance at September 30, 2025.
Equity Price Risk
−Removed: At June 30, 2025, we had $100 million of long positions and $62 million of short positions in marketable equity securities, held by our consolidated sponsored liquid funds.
+Added: At September 30, 2025, we had $110 million of long positions and $71 million of short positions in marketable equity securities, held by our consolidated sponsored liquid funds.
Realized and unrealized gains and losses from marketable equity securities are recorded in other gain (loss) on the consolidated statement of operations.
5 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.