First, we remain focused on disciplined expense management. We demonstrated FRE margin expansion in one queue and continue to see a path to achieve our goal of 58.5% FRE margins for 2026.

Apr 30, 2026 / receipt, needs a key / Alan Kirschenbaum, CFO | earnings call 2026-04-30 | transcript 16780ec8-d4c5-4651-9d50-db595b8e2aa1 | chars 18692-18879 | segment 18

Look, I think we've talked a little bit about this. We're very focused as a management team on showing progress on the FRE margin line. I noted in our prepared remarks, we remain very focused on disciplined expense management, and we continue to see that path to achieve the goal of 58.5% FRE margins for 26.

Apr 30, 2026 / receipt, needs a key / Alan, CFO | earnings call 2026-04-30 | transcript 16780ec8-d4c5-4651-9d50-db595b8e2aa1 | chars 44561-44869 | segment 45

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company_statement / Aug 7, 2026 / receipt

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