Glaucus, page-79

They earn fees on all of the $3.9bn. Different funds will have different fees - retail products have higher fees than institutional mandates, for example. Some may be based on gross assets, and some may be based on equity, but as i've said before this distinction in and of itself doesn't matter - if i have a fund levered at 50%, a 1% gross AUM fee will be the same as 2% fee on equity.

As to whether BLA ramps valuations and then charges fees based on the ramped valuation, refer to their response to claims 1.5 & 2.2 - it's right there, very clearly stated, in BLA's response. The summary of their response is that they charge fees based on mark-to-market asset values for <25% of AUM, and for >75% of AUM changes in asset values don't impact the base fees.