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Today's conference call may include forward-looking statements, including statements regarding Lennar's business, financial condition, results of operations, cash flows, strategies and prospects. All of Millrose's operating costs will be paid by Kennedy Lewis through its managementfee and Millrose will have no employees of its own.
A good syndicate has an experienced lead, a balanced feestructure, and a reputable track record. When doing diligence on potential syndicates, make sure to look at the feestructure: - Admin, setup, and managementfees typically range between 5% and 15% of the invested capital.
The funds we advised through our External Investment Manager continued to experience favorable performance in the fourth quarter, resulting in significant incentive fee income for our asset management business for the ninth consecutive quarter and, together with our recurring managementfees, a significant contribution to our net investment income.
We appreciate the hard work and efforts of the management teams and employees at our portfolio companies and continue to be encouraged by the favorable performance of the companies in our diversified lower middle market and private loan investment strategies. Dwayne Hyzak -- Chief Executive Officer Sure, Robert. Thanks for the question.
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