Risk-factor diff
FY 2025 10-K vs. FY 2024Net-new paragraphs in the most recent 10-K's Item 1A. Companies rarely add risk language without a real reason — additions here are often a leading signal of management concerns.
“Performance income is a term that we use to refer to a sub-set of performance-based fees and includes both carried interest and incentive fees earned from funds with stated investment periods and excludes fee related performance revenues.”
“Details regarding our administrative, transaction and other fees are presented below, which are typically payable at the time of the related transaction, unless otherwise noted:”
“Represent fees that we earn for providing administrative services to certain funds and may reflect either expense reimbursements for the cost of certain professionals that perform services for a fund or may be based on fixed percentage of a fund’s invested capital. Typically payable quarterly”
“Typically represent fees earned from the arrangement and origination of loans and are generated primarily from funds within our direct lending strategy. Fees are based on a fixed percentage of original issue discount for our direct lending funds”
“Represent fees earned by AMCM for participating as an underwriter, placement agent and/or acting as advisor on capital markets transactions”
Policies & disclosures
Clawback, anti-hedging, stock ownership, and related-party policies will populate from extracted proxy sections.