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 March 31, 2026, vehicles with NAV or GAV fee basis made up 5% of our $40.8 billion FEEUM and accounted for $3.7 million of management fees for the three months ended March 31, 2026.
+Added: At June 30, 2026, vehicles with NAV or GAV fee basis made up 4% of our $40.2 billion FEEUM and accounted for $7.2 million of management fees for the six months ended June 30, 2026.
Accordingly, most of our management fee revenue are not 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 March 31, 2026 would decrease the OP's share of principal investment income by approximately $77 million.
+Added: A hypothetical 10% decline in the fair value of fund investments at June 30, 2026 would decrease the OP's share of principal investment income by approximately $75 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 March 31, 2026 would decrease unrealized carried interest by approximately $68 million, representing the OP's share of carried interest net of allocations to employees and a third party participation interest.
+Added: A hypothetical 10% decline in the fair value of fund investments at June 30, 2026 would decrease unrealized carried interest by approximately $126 million, representing the OP's share of carried interest net of allocations to employees and a third party participation interest.
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 March 31, 2026, there were no incentive fees recorded that have not been fully realized.
+Added: At June 30, 2026, there were no incentive fees recorded that have not been fully realized.
Foreign Currency Risk
−Removed: As of March 31, 2026, we had limited direct foreign currency exposure from our foreign operations and there were no foreign currency denominated investments on the balance sheet.
+Added: As of June 30, 2026, we had limited direct foreign currency exposure from our foreign operations and there were no foreign currency denominated investments on the balance sheet.
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 March 31, 2026.
+Added: Our corporate debt exposure to variable interest rates is limited to our VFN revolver, which had no outstanding balance at June 30, 2026.
Equity Price Risk
−Removed: At March 31, 2026, we had $118 million of long positions and $81 million of short positions in marketable equity securities held by our consolidated liquid funds.
+Added: At June 30, 2026, we had $136 million of long positions and $92 million of short positions in marketable equity securities held by our consolidated liquid funds.
Realized and unrealized gains and losses from marketable equity securities are recorded in other gain (loss) on the consolidated statement of operations.
1 unchanged sentence
Therefore the level of volatility and price fluctuations are unpredictable.
−Removed: Our funds constantly rebalance their investment portfolio to take advantage of market opportunities and to manage risk.
+Added: Our funds constantly rebalance their
+Added: 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.
−Removed: The effect of equity price decreases to earnings attributable to our stockholders is further
−Removed: reduced as our consolidated liquid funds are partially owned by third party capital, which represent redeemable noncontrolling interests.
+Added: The effect of equity price decreases to earnings attributable to our stockholders is further reduced as our consolidated liquid funds are partially owned by third party capital, which represent redeemable noncontrolling interests.
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.