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