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 December 31, 2024, vehicles with NAV or GAV fee basis made up 5% of our $35.5 billion FEEUM and accounted for $11.6 million of management fees in 2024.
+Added: At December 31, 2025, vehicles with NAV or GAV fee basis made up 4% of our $41.0 billion FEEUM and accounted for $10.9 million of management fees for the year ended December 31, 2025.
Accordingly, most of our management fee revenue will not be directly affected by changes in investment fair values.
4 unchanged sentences
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 December 31, 2024 would decrease carried interest by approximately $140 million, representing the OP's share of carried interest net of allocations to employees, former employees and Wafra.
+Added: A hypothetical 10% decline in the fair value of fund investments at December 31, 2025 would decrease unrealized carried interest by approximately $110 million, representing the OP's share of carried interest net of allocations to employees, former employees and a third party participation 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.
1 unchanged sentence
Foreign Currency Risk
−Removed: As of December 31, 2024, 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 December 31, 2025, we have limited direct foreign currency exposure from our foreign operations and foreign currency denominated investments held 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.
10 unchanged sentences
Therefore the level of volatility and price fluctuations are unpredictable.
−Removed: Our funds constantly rebalance their
−Removed: investment portfolio to take advantage of market opportunities and to manage risk.
+Added: Our funds constantly rebalance their investment portfolio to take advantage of market opportunities and to manage risk.
Additionally, one of our funds employs a long/short equity strategy, taking long positions that serve as collateral for short positions, which in combination, reduces its market risk exposure.
1 unchanged sentence
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.