Fee Revenue

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

11. Fee Revenue

The following table presents the Company's fee revenue by type.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Management fees	$	85,855	$	84,373	$	171,326	$	174,233
Incentive fees	286		600		1,122		606
Other fees	1,696		289		2,698		562
Total fee revenue	$	87,837	$	85,262	$	175,146	$	175,401

Management Fees—Management fees are generally calculated based upon the following per annum contractual rates:

•Commingled equity funds—up to 1.60% of investors' committed capital during the commitment period, and thereafter, invested capital (subject to certain reductions for NAV write-downs);

•Credit and other equity funds—up to 2.00% of contributed or invested capital from inception;

•Co-investment vehicles—up to 1.25% of contributed or invested capital from inception; and

•Liquid strategy funds and InfraBridge co-investment vehicles—up to 1.50% of NAV or gross asset value, respectively.

Also, co-investment vehicles may charge a one-time fee upfront on committed or invested capital, generally to be paid in tranches, but with recognition of fee revenue over the expected investment holding period. Certain co-investment vehicles may be non fee-bearing.

Incentive Fees—The Company is entitled to incentive fees from sub-advisory accounts in its liquid securities strategy. Incentive fees are determined based upon the performance of the respective accounts, subject to the achievement of specified return thresholds in accordance with the terms set out in their respective governing agreements. A portion of incentive fees earned by the Company is allocable to certain employees and former employees, included in carried interest and incentive fee compensation expense.

Other Fee Revenue—Other fees include advisory fees and investment origination fees from co-investors, which are non-recurring, and to a lesser extent, service fees for information technology, facilities and operational support provided to certain portfolio companies.