Financial Data and Key Metrics Changes - In 2025, the company raised $112 billion of capital, reflecting strong demand from various investor types [7] - Fee-bearing capital increased by 12% year-over-year to over $600 billion, with fee-related earnings reaching a record $3 billion, up 22% year-over-year [8] - Distributable earnings were $2.7 billion, an increase of 14% from the prior year [8][26] Business Line Data and Key Metrics Changes - In renewable power, significant investments included acquiring Neoen and National Grid's US renewables platform [15] - The private equity sector saw investments in Chemelex, a global industrial technology business [15] - Infrastructure investments included Hotwire Communications and Colonial Pipeline, enhancing the company's footprint in essential services [15] Market Data and Key Metrics Changes - The company entered 2026 with a favorable market backdrop, characterized by stabilized interest rates and resilient economic growth [9] - There is renewed global demand for real assets that generate stable cash flows, particularly in the context of inflation protection [9][10] Company Strategy and Development Direction - The company aims to double its business by 2030 and achieve a 15% annualized earnings growth [10] - A significant focus is on expanding access to private assets for individual investors through retirement and long-duration savings vehicles [10] - The company is well-positioned to capture growth opportunities in infrastructure, private equity, and credit sectors [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting strong fundraising momentum and growth across various platforms [25] - The company anticipates a record year for fundraising, particularly in private equity and infrastructure [19][25] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [33] Other Important Information - The board of directors approved a 15% increase in the quarterly dividend to $0.50025 per share, payable on March 31, 2026 [34] - The company plans to enhance disclosure around partner managers to provide clearer insights into its evolving platform [26] Q&A Session Summary Question: Is secondaries a strategically important area for the company? - Management acknowledged that secondaries are a growing segment and will be opportunistic in exploring this area, focusing on highly additive opportunities [37][38] Question: Can you elaborate on the growth outlook for 2026? - Management expects growth rates in the mid- to high teens, driven by strong fundraising and deployment activity, with several initiatives expected to add $200 million to fee-related earnings [40][42] Question: How does the company view AI-related disruption? - Management sees AI as a net positive, with minimal exposure to software businesses, focusing instead on long-term contracted real assets [48][49] Question: What is the company's liquidity position? - The company has over $3 billion in liquidity, which supports growth initiatives and capital deployment [52][56] Question: How is the company positioned in the credit market? - Management noted robust demand for credit, particularly in real asset and asset-backed lending, with modest redemptions in private wealth strategies [76][77] Question: What is the outlook for the wealth channel? - The company expects continued growth in the wealth channel, driven by new product launches and strong early reception [80][81]

Core Insights - The article discusses the financial implications of cybersecurity measures, particularly the hidden costs associated with legacy VPN systems and the emerging advantages of software-defined mesh networks [2][3][4]. Cost of Cybersecurity Breaches - The average cost of a data breach is reported to be $4.4 million, with business disruption and customer support post-breach being the largest contributors [3]. - Reputational damage from breaches averages $1.47 million, not including the time required to rebuild customer trust [3]. Shift to Software-Defined Mesh Networks - In 2025, companies began adopting software-defined mesh networks to avoid the "cybersecurity tax" associated with traditional VPNs, which creates a single point of failure [4][5]. - ZeroTier, a leading platform in this transition, reported 5,000 paid accounts and over 2.5 million connected devices across 230 countries, indicating a growing preference for this infrastructure [5]. Competitive Advantages - Companies switching to mesh networks gain a competitive edge by reducing operational overhead, insurance costs, and breach-related expenses [6][13]. - Legacy VPNs incur costs through hardware refresh cycles, per-user licensing fees, and the need for extensive IT management [6][7]. Financial Implications of the Transition - Organizations using zero-trust mesh networks are experiencing better insurance rates due to a smaller attack surface, allowing them to reinvest savings into pricing, product development, or margins [13][14]. - Companies like Metropolis and Forest Rock are scaling operations without the need for new VPN hardware, demonstrating the financial benefits of this architectural shift [12][13]. Industry Dynamics and Future Considerations - The article emphasizes the urgency for companies to transition to modern cybersecurity architectures before competitors leverage their cost advantages or before a breach occurs [16]. - The growing sophistication of cyber threats and the increasing costs associated with traditional cybersecurity measures highlight the need for companies to adapt quickly [15][16].

Group 1 - Exxon Mobil Corporation (XOM) has formally protested Colonial Pipeline's proposed changes to fuel shipping terms, claiming potential disruptions to supply chains and increased costs for shippers and consumers [1][3] - Colonial Pipeline, which operates a 5,500-mile pipeline from the U.S. Gulf Coast to the East Coast, seeks FERC approval to eliminate simultaneous shipments of different gasoline grades and reduce the number of grades transported, arguing that these changes will enhance efficiency and increase fuel shipments [2][4] - ExxonMobil argues that the proposed changes would negatively affect the gasoline supply chain by removing a grade it supplies and increasing costs to meet new fuel specifications, while also criticizing Colonial's plan to blend fuel and supply cheaper grades at destination markets [3][4] Group 2 - Colonial Pipeline stands by its proposal, asserting that it will optimize its system, enhance fuel availability, and minimize operational slowdowns, while claiming that any price fluctuations from the revisions would be minimal and temporary [4][5] - The outcome of the regulatory dispute between ExxonMobil and Colonial Pipeline could significantly impact fuel transportation dynamics along the critical Gulf Coast-to-East Coast corridor [5] Group 3 - ExxonMobil currently holds a Zacks Rank 3 (Hold), while other energy sector stocks like Archrock Inc. (AROC), NextDecade Corporation (NEXT), and Oceaneering International, Inc. (OII) have better rankings, with Archrock rated 1 (Strong Buy) and the others rated 2 (Buy) [6] - Archrock focuses on midstream natural gas compression and generates stable fee-based revenues [7] - NextDecade is positioned in the LNG market with its Rio Grande LNG project in Texas, benefiting from growing demand for LNG and strategic investments in infrastructure [8] - Oceaneering International provides integrated technology solutions across the offshore oilfield lifecycle, maintaining a balanced revenue mix and strong relationships with top-tier customers [9]