In the third quarter of last year, America’s top 1%, which includes millionaires, owned 31.7% of all U.S. wealth, the biggest share recorded since the Fed started tracking this data in 1989 (6). That translates to roughly $55 trillion in assets — about the same amount held by the bottom 90% combined.Wealth gains in 2025 were far from evenly distributed. Although markets rose overall, a larger share of those gains went to households at the very top — deepening an already pronounced concentration of wealth.As ...

Beneficient (NasdaqCM:BENF) Q3 2026 Earnings call February 17, 2026 05:30 PM ET Company ParticipantsDan Callahan - Communications and Investor Relations ConsultantGiles Haycock - Managing DirectorGreg Ezell - CFOJames Silk - Interim CEOConference Call ParticipantsBrendan McCarthy - Equity Research AnalystOperatorHello, and thank you for standing by. Welcome to Beneficient's third quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation ...

Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year over year, driven by strong organic growth and capital allocation strategy [4][27] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year over year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [25][26] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [27] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [4] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [5][11] - Fee-related earnings grew 20% year over year for the fourth quarter and 8% for the full year, driven by investment performance and organic growth [26] Market Data and Key Metrics Changes - AMG's alternative AUM reached $373 billion, contributing approximately 60% of EBITDA on a run rate basis [9] - In liquid alternatives, AMG posted record net inflows of $51 billion for the year, representing a 36% annualized organic growth rate [17] - Private markets affiliates raised $24 billion in total for the year, with an annualized organic growth rate of 18% [18] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to high-quality affiliate partnerships [6][12] - The company aims to continue investing in areas of secular growth and product innovation to enhance affiliate success and drive organic growth [12][36] - AMG plans to repurchase at least $400 million in shares in 2026, reflecting its commitment to returning capital to shareholders while pursuing growth investments [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum entering 2026 [13][36] - The company anticipates ongoing growth from existing affiliates, particularly AQR and Pantheon, which are expected to contribute significantly to earnings [30][31] - AMG's reputation and capital flexibility are at an all-time high, positioning the company well for future opportunities [13] Other Important Information - AMG repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5][24] - The company announced a new partnership with Highbrook and a follow-on investment in Garda, both expected to be accretive to earnings in 2026 [7][35] - AMG's global wealth AUM now totals over $100 billion, growing organically at more than 100% in 2025 [23] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and diverse flows across various strategies [38][66] Question: Pipeline for Private Markets in 2026 - Management highlighted Pantheon’s expertise in secondaries and the ongoing innovation in private markets products, which are expected to drive growth [47][49] Question: Growth in Global Wealth Management - Management acknowledged significant growth in the U.S. wealth management platform while also recognizing opportunities for growth outside the U.S. [57][60] Question: Performance Fees Outlook - Management indicated that AQR was a double-digit contributor to EBITDA in 2025 and is expected to grow further in 2026, with a stable and predictable earning stream from performance fees [64][68]

Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year-over-year, driven by strong organic growth and capital allocation strategy [4][27] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year-over-year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [25][26] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [27] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [4] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [5][11] - Fee-related earnings grew 20% year-over-year for the fourth quarter and 8% for the full year, driven by investment performance and organic growth [26] Market Data and Key Metrics Changes - AMG's private markets affiliates raised $9 billion in the fourth quarter, bringing full-year fundraising to $24 billion, representing an 18% annualized organic growth rate [18] - In liquid alternatives, AMG posted record net inflows of $15 billion in the fourth quarter and $51 billion for the full year, reflecting a 36% annualized organic growth rate [17] - The company experienced net outflows of approximately $12 billion in equities for the quarter and $45 billion for the year, indicating industry headwinds [20] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to invest in high-quality affiliates and innovative product development [12][19] - The company aims to enhance its U.S. wealth platform, which has reached approximately $8 billion in alternative AUM, and continues to innovate in product offerings [21][22] - AMG plans to repurchase at least $400 million in shares in 2026, reflecting its commitment to return capital to shareholders while pursuing growth investments [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum in alternatives and the ongoing demand for liquid alternative strategies [12][16] - The company anticipates continued growth from existing affiliates, particularly AQR and Pantheon, which are expected to contribute significantly to earnings in 2026 [30][66] - AMG's reputation and capital flexibility are at an all-time high, positioning the company for further success in the coming years [13] Other Important Information - AMG repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5] - The company has committed over $1 billion in capital across five new investments, indicating a strong pipeline for growth [6][33] - The departure of Tom Wojcik, the CFO, was acknowledged, with management expressing confidence in the leadership team's ability to continue executing the company's strategy [14][15] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and diverse flows across various strategies [38][40] Question: Pipeline for Private Markets in 2026 - Management highlighted Pantheon's expertise in secondaries and the ongoing innovation in private markets products, which are expected to drive organic growth [47][49] Question: Global Wealth Management Growth - Management discussed the significant growth in the U.S. wealth management platform and the potential for growth in international markets, emphasizing a holistic approach to wealth distribution [58][61] Question: Performance Fees Outlook - Management indicated that AQR contributed a double-digit percentage to EBITDA in 2025 and is expected to exceed 20% in 2026, with a stable and predictable earning stream from performance fees [64][66]

Brookfield Asset Management Investor Presentation February 2026 Brookfield Asset Management Today 125-year owner-operator and leader across real asset investing Brookfield Asset Management is a leading pure-play global asset manager Long term, structural tailwinds and strong business fundamentals will propel our business, enabling our success today and tomorrow BROOKFIELD.COM 2 Strong fundraising capabilities across flagships and complementary strategies, with continual product expansion Leadership position ...

Core Insights - Blue Owl experienced significant growth in 2025, raising a record $56 billion in capital and crossing $300 billion in assets under management (AUM) [1][4] - The firm declared a fourth-quarter dividend of $0.225 per share and set an annual fixed dividend of $0.92 for 2026 [2][4] - Strong investment performance was highlighted, with net lease returns exceeding 13% and alternative credit gross returns at 16.6% [3][7] Fundraising and Financial Performance - In 2025, Blue Owl raised over $17 billion in the fourth quarter alone, with total equity fundraising reaching $42 billion, a more than 50% year-over-year increase [4][5] - The firm reported fourth-quarter fee-related earnings (FRE) of $0.27 per share and distributable earnings (DE) of $0.24 per share, with full-year FRE at $0.96 and DE at $0.84 [2][4] Investment Strategies and Returns - The net lease strategy generated gross returns of over 13%, while the ORENT product delivered approximately 11% net returns, significantly outperforming the FTSE REIT Index [3][7] - The average deal size for Blue Owl in 2025 was nearly $2 billion, reflecting a 23% increase from the previous year [9] Credit Quality and Portfolio Management - The firm maintained a low non-accrual rate of approximately 0.1% in its publicly traded BDC, with a portfolio composition of 94% sponsor-backed [13] - Management emphasized the health of its tech lending portfolio, reporting no signs of deterioration and strong revenue growth among borrowers [11][12] Dividends and Future Outlook - Blue Owl aims for modest dividend growth while reducing its payout ratio from around 107%-108% in 2025 to approximately 85% over the next few years [16] - The company enters 2026 with a favorable outlook, citing healthy portfolios and top-tier performance across its products [16]

This is Wall Street Week. I'm David Westin, bringing you stories of capitalism. Gold is all over the place, from setting new records to plummeting, to a partial recovery. What does it mean for investors and for those getting the gold out of the ground? Plus, the US had its China shock 20 years ago. Is Europe in store for its own version this time as China looks to find new markets for its exports? And investing in art can be fun. It can be satisfying. But like any investment, it can go down as well as up. W ...

Financial Data and Key Metrics Changes - Ares Management achieved a record $994 million in management fees for Q4 2025, totaling $3.7 billion for the full year, reflecting a 27% and 25% year-over-year growth respectively [30] - Fee-related earnings (FRE) for the full year increased by 30%, with a record $528 million in Q4, and FRE margins improved to 41.7% [32] - Realized income for Q4 reached a record $589 million, exceeding $1.8 billion for the full year, marking a 26% increase from 2024 [34] Business Line Data and Key Metrics Changes - The wealth management business saw AUM grow to over $66 billion, a 69% increase year-over-year, driven by strong performance across various strategies [9] - The real estate group raised more than $16 billion for the year, including over $7 billion in Q4, with significant commitments in various funds [19] - The secondaries group raised $12.9 billion for the full year, with AUM increasing by 45%, nearly doubling in size since the acquisition of Landmark [23] Market Data and Key Metrics Changes - Ares Management's total AUM reached over $622 billion, a 29% increase year-over-year, with significant fundraising activities contributing to this growth [7] - The company reported a record $36 billion in fundraising for Q4, contributing to a total of $113 billion for the year [6] - Deployment across real assets more than doubled from approximately $10 billion in 2024 to over $23 billion in 2025 [11] Company Strategy and Development Direction - Ares Management is focused on expanding its investment platform and geographic reach, with strategic enhancements including new products and operational efficiencies [9] - The acquisition of GCP has positioned Ares as a top three global owner and operator of industrial real estate, enhancing its real estate and digital infrastructure offerings [9] - The company aims to leverage its diversified product suite to capture growth opportunities across various asset classes and geographies [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving transaction environment and pent-up demand for private equity sponsors seeking liquidity solutions [12] - The company anticipates strong demand for its investment strategies in 2026, supported by a substantial dry powder of $156 billion [29] - Management highlighted the resilience of its credit portfolios, with strong fundamentals and improving metrics across various strategies [46] Other Important Information - Ares Management plans to launch its fourth U.S. Senior Direct Lending Fund later in 2026 and its seventh European Direct Lending Fund in early 2027 [18] - The company has initiated over 25 AI projects aimed at enhancing investment decision-making and operational efficiency [9] - Ares has been added to the S&P 500 Index, reflecting its growth and market position [9] Q&A Session Summary Question: Impact of software AI disruption on deployment efforts - Management expressed confidence in their software investments, emphasizing the differentiation between various software companies and their resilience against disruption [49][51] Question: Wealth channel performance and sentiment - Management noted strong flows in January and February, with broad-based demand across private credit and core infrastructure products, indicating a positive sentiment despite market volatility [56][62] Question: Outlook for fundraising and deployment in real assets and secondaries - Management confirmed plans for significant fundraising in their flagship credit vehicles, with expectations for strong deployment opportunities in real estate and secondaries [68][70]

Investment Strategies - The article emphasizes the importance of finding steady wealth-building vehicles and the right brokerage platform for long-term investments [1] - Employer-sponsored 401(k) plans are highlighted as a good starting point for retirement savings, with a recommendation to have at least 10 times one's annual income saved for retirement [2] - The 4% rule for retirement withdrawals suggests that a $700,000 retirement fund would yield $28,000 annually, not including Social Security benefits [2] Investment Insights - Achieving the first $100,000 in investments is noted as the hardest step, with advice to focus on consistency rather than aggressive strategies [3] - The article references Charlie Munger's investment wisdom, which encourages retail investors to follow a long-term approach [3][4] Alternative Investment Opportunities - The article discusses the potential of private markets, particularly venture capital, which has traditionally been inaccessible to retail investors [9] - Fundrise has disrupted this by offering a venture capital product that allows investments starting at just $10, focusing on valuable private tech companies [10] - The U.S. home equity market, valued at $34.9 trillion, is presented as a reliable wealth-building avenue, with Homeshares providing access to owner-occupied homes through a fund [20][22] Real Estate Investments - Multifamily real estate investing is highlighted as a protective strategy due to multiple rental income sources, with Lightstone DIRECT offering direct access to institutional-quality multifamily opportunities [14][19] - The article mentions that investing in shares of vacation homes or rental properties is now possible with platforms like Arrived, allowing investments starting at $100 [24][25] Art as an Investment - Fine art is presented as an asset class with low correlation to the market, with Masterworks allowing retail investors to own fractional shares of iconic artworks [28][29] - The article notes that Masterworks has sold 25 artworks, yielding net annualized returns of 14.6%, 17.6%, and 17.8% for assets held longer than a year [30]

Blackstone Reports Fourth Quarter and Full Year 2025 Results New York, January 29, 2026: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2025 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Blackstone's extraordinary fourth-quarter results capped a record year for the firm. We delivered again for our limited partners, leading to $71 billion of inflows in the quarter — the highest in over three years. Our focus on investing at massive scale in the buildout of ...