0001628280-26-033010
SEC filingRevenue and net income grew strongly, driven by higher base management fees and carried interest, though real estate segment earnings declined on prior-year catch-up fees.
Net income for the quarter was $586.0 million, up 15.6% from $507.0 million in the prior year period. The increase was supported by higher carried interest, partially offset by lower segment revenues in real estate. Net cash provided by operating activities improved to $338 million from $265 million, reflecting higher earnings and favorable working capital changes.
The decrease in Segment Earnings was primarily due to lower Segment Revenues as the prior period reflected higher catch-up fee revenues from the subsequent closes of our fifth flagship fund. This was partially offset by an increase in carried interest allocation compensation.
We believe that the growing global demand for low-cost, low-carbon energy, especially amongst corporate off-takers, will lead to continued growth opportunities for us in the future. The Fed continues to guide toward a gradual easing path, with only one rate cut expected in 2026, reflecting persistent inflation pressures and a more cautious policy stance.