3 unchanged sentences
Our predominant exposure to market risk is related to our role as general partner or investment manager for our focused commingled funds and SMAs and the sensitivities to movements in the fair value of their investments, which may adversely affect our performance fee revenues and investment income.
−Removed: Our management fee and advisory fee revenue is only marginally affected by changes in investment values because our management fees are generally based on commitments or net invested capital and our advisory fees are fixed.
−Removed: As of March 31, 2025 and 2024, NAV-based management fees represented approximately 14% and 9%, respectively, of total net management and advisory fees.
+Added: Our management fee and advisory fee revenues have historically been only marginally affected by changes in investment values because our management fees are generally based on commitments or net invested capital and our advisory fees are fixed.
+Added: For the years ended March 31, 2026 and 2025, NAV-based management fees represented approximately 24% and 14%, respectively, of total net management and advisory fees.
+Added: The increase in NAV-based management fees as a percentage of total net management and advisory fees is primarily attributable to the continued growth of our private wealth funds, which earn fees based on a contractual rate applied to NAV.
+Added: As the private wealth funds continue to scale, the proportion of NAV-based fees may increase further in future periods, which could result in greater sensitivity of our management fee revenues to changes in investment values.
We estimate that a 10% decline in market values of the investments held in our funds as of March 31, 2026 and 2025 would result in an approximate decrease to annual management fees of $21.2 million and $11.2 million, respectively.
29 unchanged sentences
Interest Rate Risk
−Removed: As of March 31, 2025, we had $175.0 million in borrowings outstanding under our Notes and $100.0 million amount outstanding under our Revolver.
−Removed: As of March 31, 2024, we had $150.0 million in borrowings outstanding under our Revolver and no amount outstanding under our Notes.
+Added: As of March 31, 2026 and 2025, we had $175.0 million in borrowings outstanding under our Notes and $100.0 million amount outstanding under our Revolver.
The Revolver accrues interest at a variable rate and the Notes accrue interest at a fixed rate of 5.52%.
−Removed: As of March 31, 2025 and 2024, we estimate that interest expense would increase by $2.8 million and $1.5 million, respectively, on an annualized basis as a result of a 100 basis point increase in interest rates.
+Added: As of both March 31, 2026 and 2025, we estimate that interest expense would increase by $2.8 million on an annualized basis as a result of a 100 basis point increase in interest rates.
Based on the $213.6 million and $245.3 million of cash, cash equivalents and restricted cash (excluding Consolidated Funds) as of March 31, 2026 and 2025, respectively, we estimate that interest income would increase by $2.1 million and $2.5 million, respectively, on an annualized basis as a result of a 100 basis point increase in interest rates.
4 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.