18 unchanged sentences
An overall decrease of 10% in the general equity markets would not necessarily drive the same impact on our funds’ valuations, as many of our investments in our funds are illiquid and do not trade on any exchange.
−Removed: Additionally, as a large percentage of our carried interest allocation revenues are paid to employees as carried interest-related compensation, the overall net impact to our income would be mitigated by lower compensation payments.
+Added: Additionally, as a large percentage of our carried interest allocation revenues is paid to employees as carried interest-related compensation, the overall net impact to our income would be mitigated by lower compensation payments.
As of March 31, 2025 and 2024, the maximum amount of carried interest allocations (excluding legacy Greenspring carried interest allocations) subject to contingent repayment, net of tax, was an estimated $355.0 million and $287.5 million, respectively, assuming the fair value of all investments was zero, a possibility that we view as remote.
15 unchanged sentences
Interest Rate Risk
−Removed: As of March 31, 2024 and 2023, we had $150.0 million and $100.0 million, respectively, in borrowings outstanding under our Revolver.
−Removed: The Revolver accrues interest at a variable rate.
+Added: 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.
+Added: As of March 31, 2024, we had $150.0 million in borrowings outstanding under our Revolver and no amount outstanding under our Notes.
+Added: The Revolver accrues interest at a variable rate, and the Notes accrue interest at a fixed rate of 5.52%.
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.
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.