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 - Duke Energy Florida has launched the DeBary Hydrogen Production Storage System, the first end-to-end system in the U.S. capable of producing, storing, and combusting up to 100% green hydrogen, aimed at diversifying and strengthening its generation fleet while meeting energy demand [1]. Company Overview - Duke Energy Florida, a subsidiary of Duke Energy, operates with 12,300 megawatts of energy capacity, serving 2 million customers across a 13,000-square-mile area in Florida [5]. - Duke Energy, a Fortune 150 company, serves 8.4 million customers across multiple states and collectively owns 54,800 megawatts of energy capacity [6]. Energy Transition Strategy - The company is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner generation methods, including natural gas, nuclear, renewables, and energy storage [7]. DeBary Hydrogen System Functionality - The DeBary system utilizes existing solar energy to power electrolyzer units that separate water into oxygen and hydrogen, with the hydrogen stored for later use [8]. - During peak energy demand, the stored green hydrogen is delivered to an upgraded combustion turbine that can operate on a blend of natural gas and hydrogen or 100% hydrogen, enhancing flexibility in energy generation [8]. - This system allows for on-demand energy supply, independent of time or weather, supporting the integration of renewable energy sources like solar [8]. Strategic Importance - The DeBary hydrogen project reflects Duke Energy Florida's commitment to strategic infrastructure investments that enhance reliability and meet increasing energy demand [8]. - Company executives emphasize that diverse generation leads to strong and reliable energy production, highlighting the project's potential impact on the industry and customer value [8].

Core Insights - Duke Energy Florida employees contributed over $293,000 and volunteered nearly 11,000 hours, resulting in a total community investment exceeding $1 million through local nonprofit organizations [1][2] - The Duke Energy Foundation matched employee donations and volunteer hours with more than $387,000, enhancing the overall impact on the communities served [2] - Additional investments by the Duke Energy Foundation included $300,000 for climate resiliency initiatives, $789,000 for supporting colleges and universities, $163,000 for emergency preparedness, and $125,000 to combat food insecurity [3] Company Overview - Duke Energy Florida, a subsidiary of Duke Energy, has an energy capacity of 12,300 megawatts, serving 2 million customers across a 13,000-square-mile area in Florida [5] - Duke Energy, a Fortune 150 company, serves 8.6 million customers across multiple states and owns a total energy capacity of 55,100 megawatts [6] - The company is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner energy sources, including natural gas, nuclear, renewables, and energy storage [7]