Net Accrued Performance Fees
Performance fees (carried interest) a manager has EARNED on paper because its funds are above their return hurdles, but has not yet been paid because the underlying investments have not been sold -- reported net of the share owed to employees. It is the balance-sheet stock of future incentive income, and it is the closest thing to a look-ahead on earnings that these companies publish. It is also reversible: marks can fall, hurdles can be missed, and accrued carry can be clawed back, so it is an estimate of future cash and never a receivable.
Related terms
Absorption Rate · AFFO per Share · Allowed Return on Equity · Alternative Investments · Anchor Tenant · Ancillary Spend per Visit
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