QRI is not very big, many other syndicated debt managers have multiple billion dollar capitalisations hence can charge lower fees purely on scale alone. Not one size fits all in this regard as it largely dependant on size of the fund.
QRI has a relatively modest loan book. 39 loans for a total of $541m currently committed (91%). 1.5% management fee equates to ~$8m
Out of their $8M, they have staff to pay, premises to lease etc. and of course must turn a profit in order for the whole thing to be worth doing.
Hypothetically if QRI's model didn't work and they decided wind the fund up and return its capital to its SH's, Its worth $1.60 per share.
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