Fee Related Earnings, a non-GAAP metric measuring recurring profits from core management and advisory work, climbed 31% year-over-year to $83.7 million in Q1 FY2026. The Fee Related Earnings margin (non- GAAP) also rose to 51% in Q1 FY2026, up from 45% a year ago. this was offset by a 26% year-over-year decrease in incentive fees and specialized funds management fees (GAAP) decreased 8% year-over-year. Management and advisory fees remained the largest source of revenue, though they dipped 4% year-over-year ...