FRE was $44.7 million for the quarter ended September 30, 2012, an increase of $3.5 million, or 8.5%, compared to FRE of $41.2 million for the quarter ended September 30, 2011. The increase was primarily attributable to a higher level of monitoring fees and lower operating expenses.FRE was $118.6 million for the nine months ended September 30, 2012, a decrease of $51.0 million, or 30.1%, compared to FRE of $169.6 million for the nine months ended September 30, 2011. The decrease was primarily driven by (i) lower monitoring fees as a result of $76.6 million of termination payments on monitoring agreements with three portfolio companies during the nine months ended September 30, 2011, which impacted FRE by $39.7 million net of associated fee credits and (ii) lower transaction fees during the nine months ended September 30, 2012 as a result of closing relatively smaller transaction fee-generating investments, which in turn produced lower transaction fees.
KKR & Co. L.P. Announces Third Quarter 2012 Results
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