Specifically, management is paid a quarterly base fee -- paid monthly -- of $5 million plus 0.25% of net investment value, which is defined in the prospectus as market cap plus debt plus the next two quarters' investment commitments, minus cash on the balance sheet. In addition, there is a quarterly performance bonus of 20% of its stock's positive total return performance relative to the total return of the U.S. Utility index, potentially resulting in hundreds of millions of dollars in annual fees. ... management is working primarily for itself and not long-term dividend investors From the Macquarie Infrastructure Corp 10-K: This quote -- italics are added by me for specific emphasis -- shows the importance of performing due diligence by reading your investment's 10-K filings because it basically spells out my biggest problem withMacquarie Infrastructure. Like many externally managed asset managers, they appear more concerned with paying themselves than their investors.