2025 Investor Day · page 140 of 186
2025 Investor Day · slide 140
Consulting deck · key_messages · summarize · balanced density
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List presentation slide · 70%
100% of earnings are FRE; Permanent capital base creates earnings layer cake; 90+% of FRE Management Fees from permanent capital vehicles; Best-in-class average fee rate; Highly favorable FRE margin; Significant
So What? Test slide · 80%Callout 'Predictable, durable... less volatility'
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