r in =und VIII performance fees. Fee related earnings of $185.7m slightly =elow MSe of 192.1b, a 40% step up q/q, driven by the activation of fees =n Fund IX. FRE margin improved to 54.4% vs MSe 53.9% and 1418 of =6.6%.Cash earnings of 53c was better than MSe of 48c from realized =nvestment income. Divide