Fees

FeeHandler

The core contract for registering, settling, and distributing fees.

See Fees for the configuration and mechanics.

Management Fees

ContinuousFlatRateManagementFeeTracker

Uses an annualized rate (e.g., 10%) to apply a time-based fee on net value.

Config:

• rate : annualized fee percentage

Setup:

1. Call setRate(rate): sets rate

2. Call resetLastSettled(): initializes fee with current timestamp

Notes:

• resetLastSettled() can be called at any time to re-initialize fee with current timestamp (e.g., after updating the rate).

Performance Fees

ContinuousFlatRatePerformanceFeeTracker

Uses a flat rate (e.g., 10%) to apply a performance-based fee on net share value growth.

Config:

• rate : fee percentage applied to share value growth

Setup:

1. Call setRate(rate): sets rate

2. Call resetHighWaterMark(): initializes fee with current share price as the HWM

Fee Mechanics:

• If currentNetShareValue > HWM, then:

  • the fee is settled as: fee = rate * valueIncreasePerShare * numberOfShares

  • HWM is updated

• Performance is only charged on value increase above the HWM

Notes:

• resetHighWaterMark() can be called at any time to re-initialize fee with the current share price as HWM (e.g., to have granular performance periods).

• Due to the fee mechanics, to the extent and duration that currentNetShareValue < HWM, investors have a "free ride".