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  "documentTitle": "2025 Investor Day",
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      "text": "~$435m of embedded earnings 20%+ growth over 2024 FRE Management Fees",
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      "text": "Permanent Capital AUM",
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      "text": "Duration of FRE Management Fees",
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      "kind": "list",
      "text": "$23bn of AUM not yet paying fees will drive ~$300m of FRE Management Fees upon deployment + ~$135m of incremental annualized FRE Management Fees upon listing of Software BDC = ~$435m of embedded earnings 20%+ growth over 2024 FRE Management Fees",
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      "text": "The Permanency and Duration of Our Capital Base Is Distinct",
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