Fee Revenue

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Fee Revenue

11. Fee Revenue

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

	Year Ended December 31,
(In thousands)	2025		2024		2023
Management fees	$	360,564	$	311,210	$	258,288
Incentive fees	13,113		16,548		3,229
Other fees	770		1,935		2,600
Total fee revenue	$	374,447	$	329,693	$	264,117

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 1.25% 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 loan origination fees from co-investors, which are non-recurring, and service fees for information technology, facilities and operational support provided to certain portfolio companies.

Revenue Concentration

Revenue concentration is defined as a single fund or investment vehicle that generates 10% or more of the Company's total management fees. Three funds met the concentration criteria, aggregating to 64.0% of total management fees in 2025.