人事变动 - Rivera 将在 Capital Solutions Group 内的基础设施和实物资产融资部门承担新职责 [1] 公司战略 - 银行在 Capital Solutions Group 内调整基础设施和实物资产融资团队 [1]

Financial Data and Key Metrics Changes - Earnings per share for Q3 2025 increased to $0.81, up 11.6% from $0.73 in Q2 2025 [4] - Revenue for Q3 2025 rose 4.2% to $141 million compared to the prior quarter, driven by higher average AUM and an additional day in the period [4][5] - Operating margin improved to 36.1% from 33.6% in Q2 2025 [5] - Ending AUM reached $90.9 billion, positively impacted by market appreciation and net inflows [5] - Liquidity at the end of Q3 was $364 million, up from $323 million in the prior quarter [6] Business Line Data and Key Metrics Changes - Open-end funds experienced positive net flows for five consecutive quarters, although institutional net outflows partially offset this [5] - Net inflows into open-end funds were $768 million, while institutional advisory and subadvisory had net outflows of $455 million and $82 million, respectively [19][20] - The unfunded pipeline grew to $1.75 billion, the largest since Q4 2021, with 66% in US REIT strategies [21][22] Market Data and Key Metrics Changes - The third quarter was positive for risk assets, with technology sector performance exceeding the S&P 500 by over 500 basis points [11] - Natural resource equities increased nearly 21% year-to-date, while diversified real assets strategy rose over 13% [13] - 87% of open-end fund AUM rated four or five stars by Morningstar, slightly down from 90% in the prior quarter [9] Company Strategy and Development Direction - The company is focused on expense management while pursuing growth opportunities, expecting G&A to increase by around 9% in 2025 [8] - The strategic allocation to real assets, including infrastructure and natural resources, is emphasized due to their inflation sensitivity [16][17] - The company plans to launch two more ETFs in Q4 2025, expanding its active ETF strategy [24] Management's Comments on Operating Environment and Future Outlook - Management anticipates resilient economic growth and corporate profits, with expectations for earnings growth in sectors like real estate and energy to accelerate in 2026 [12] - The current environment of slightly elevated inflation and lower rates is seen as favorable for real assets [14] - The company remains optimistic about the potential of AI to enhance productivity and drive GDP growth [14] Other Important Information - The company raised $353 million in an equity rights offering for its closed-end fund, providing over $500 million for global infrastructure opportunities [23] - The non-traded REIT continues to perform well, focusing on open-air shopping centers [25] - The company is advocating for the inclusion of real assets in 401(k) plans, highlighting the benefits of listed strategies [27] Q&A Session Summary Question: Demand for US REITs in wealth management channel - Management noted that historically, REIT returns are stimulated by interest rate cuts, but the current cycle has created a different dynamic due to prior real estate pricing advancements [33] - They believe the current point in the cycle is favorable for REIT performance as rates are expected to continue decreasing [34] Question: Profile of clients providing funds - The pipeline is predominantly North American, including retirement plans and annuity providers, with some recent European allocations [37] Question: Expected allocation of cash sitting on the sidelines - Management expects cash to flow into inflation-sensitive real asset strategies, particularly real estate and infrastructure [40] Question: Compensation ratio outlook for 2026 - The company is focused on revenue growth and managing compensation ratios, with expectations for new initiatives to generate revenue and improve ratios [43][45]

Financial Data and Key Metrics Changes - Earnings per share for Q3 increased to $0.81, up 11.6% from $0.73 in Q2 [6][7] - Revenue for Q3 rose 4.2% to $141 million, driven by higher average AUM and an additional day in the period [7] - Operating margin improved to 36.1% from 33.6% in Q2 [7] - Ending AUM increased to $90.9 billion as of Q3 [7][10] - Liquidity at the end of Q3 was $364 million, up from $323 million in the prior quarter [10] Business Line Data and Key Metrics Changes - Open-end funds experienced positive net inflows for five consecutive quarters, although institutional net outflows partially offset this [8] - Total expenses remained flat compared to the prior quarter, with G&A expenses decreasing significantly [9] - Compensation ratio for the quarter decreased, leading to a year-to-date compensation ratio of 40.25% [9][11] Market Data and Key Metrics Changes - Net inflows for the year reached $325 million, with $233 million in Q3 alone [26] - The institutional pipeline grew to $1.75 billion, the largest since 2021, with $972 million in new mandates awarded during the quarter [27][28] - The largest percentage of the pipeline (66%) is in U.S. REIT strategies [28] Company Strategy and Development Direction - The company is focused on expense management while pursuing growth opportunities in active ETFs and private real estate [11][30] - There is a strategic emphasis on diversifying into real assets, including infrastructure and natural resources, to enhance portfolio resilience [21][23] - The company plans to launch two more ETFs in Q4, expanding its active ETF strategy [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about economic growth and corporate profits remaining resilient, with expectations for earnings growth in sectors that have been sluggish [16] - The current economic environment, characterized by slightly elevated inflation and lower rates, is seen as favorable for real assets [19][21] - The company anticipates continued allocations to its asset classes due to strong investment performance [23] Other Important Information - The company raised $353 million in an equity rights offering for its closed-end fund, providing over $500 million for global infrastructure opportunities [29] - The company is targeting the RIA channel for additional strategic seed capital and traditional allocations [32] Q&A Session Summary Question: Demand for U.S. REITs in wealth management - Management noted that historically, returns have been stimulated by interest rate cuts, but the current cycle has created a different dynamic due to prior real estate pricing adjustments [39][40] - They expect continued strong performance for REITs as rates decline, with good results in wealth management and institutional markets [41] Question: Cash allocation as rates decline - Management expects cash sitting on the sidelines to flow into real asset strategies, particularly real estate and infrastructure [50] - Preferred stocks are also anticipated to attract investment as cash yields become less favorable [51] Question: Compensation ratio outlook - The company expects the compensation ratio to remain stable, with revenue growth helping to manage costs [53] - New initiatives are beginning to generate revenue, which should positively impact the compensation ratio moving forward [55]

Group 1 - The price of gold indicates a strong demand from investors for real assets, suggesting a shift in investment preferences [1] - Despite lower inflation rates currently, it is anticipated that inflation will remain above target levels until public debt burdens are reduced [1] - The analyst has extensive experience in private equity, real estate, and economic research, providing a solid foundation for market insights [1] Group 2 - No specific stock positions are held by the analyst, but there is potential for initiating a long position in HST within the next 72 hours [2] - The article expresses the analyst's personal opinions and does not involve compensation from any mentioned companies [2] Group 3 - A short position in HLT has been maintained since May, although the reasons for this are not detailed in the article [3]

Tokenization bridges real assets and #blockchain. What would you digitize first? ...

Financial Performance - Caisse de Depot et Placement du Quebec (CDPQ) reported a 4.6% return for the first half of the year [1] Market Conditions - The return was achieved amid turmoil in equity markets and pressures on real assets [1]

Financial Data and Key Metrics Changes - The company reported fee-related earnings (FRE) of $0.23 per share and distributable earnings (DE) of $0.21 per share for the second quarter [4] - FRE revenues grew by 29%, FRE increased by 23%, and DE rose by 20% year over year on a last twelve months basis [7] - The company raised $14 billion of new capital during the quarter, totaling a record $55 billion over the last twelve months, representing 28% of assets under management a year ago [6][7] Business Line Data and Key Metrics Changes - In alternative credit, the company closed a private offering of $850 million for a new interval fund, reflecting strong investor confidence [8] - The digital infrastructure strategy saw a final close of its third flagship fund at a $7 billion hard cap, with over half the capital already soft circled for investment [9] - The real estate credit strategy deployed over $3 billion year to date, with significant activity in the insurance channel [9] Market Data and Key Metrics Changes - Capital raised from EMEA and APAC investors increased to 23% from 14% two years ago, indicating ongoing globalization of the business [12] - The company raised $5.8 billion of equity in credit during the second quarter, marking a record quarter for the credit platform [24] - The direct lending portfolio gross returns were 3% in the second quarter and 13.5% over the last twelve months, with strong credit quality maintained [26] Company Strategy and Development Direction - The company is focused on expanding its product offerings to meet varying investor needs across the risk-return spectrum, leveraging its scale and incumbency [7] - A new strategic partnership with Voya aims to deliver private market strategies tailored for defined contribution retirement plans, broadening access to alternative investments [20] - The company plans to grow FRE management fees to over $5 billion and FRE to over $3 billion, indicating a strong long-term growth trajectory [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their investor base despite market disruptions, highlighting the secular demand for their strategies [12] - The company noted that the investments made over the past year are beginning to bear fruit, with a steady and predictable financial profile [33] - Management emphasized the importance of the current macro environment for direct lending, indicating optimism for future transaction volumes [84] Other Important Information - The company completed the listing of its technology-focused BDC, OTF, which is now the second largest publicly traded BDC by net assets [22] - The company has raised $3.5 billion of capital across strategies that did not exist two years ago, reflecting strong reception for new offerings [10] - The net lease pipeline continues to grow, with nearly $41 billion of transaction volume under letter of intent [28] Q&A Session Summary Question: Can you discuss the asset origination channel and the scaling opportunity in asset-backed finance? - Management highlighted the significant opportunity in asset-backed finance and the integration of their asset-backed business with direct lending, emphasizing their strong origination capabilities [36][40] Question: What are the thoughts on the build-out of a target date fund with Voya? - Management discussed the importance of democratizing access to alternative investments for 401(k) participants and the potential for innovation in this area [50][54] Question: What should be expected regarding the integration and scaling of recently acquired businesses? - Management indicated that integration benefits are already being realized, with strong fundraising numbers and a diversified business model [60][66] Question: Can you comment on the competitive environment in the triple net lease market? - Management stated that their leadership in the net lease market has accelerated, with a growing pipeline and strong trust built with partners [75] Question: How is the direct lending business performing, and what are the expectations for the third quarter? - Management noted strong credit quality and a positive macro environment for direct lending, with signs of increased activity in the market [84]

Injective Protocol (INJ) 2025 Vision - Injective 协议计划在 2025 年实现真实资产和真实收益的结合 [1] - 该协议计划引入代币化的苹果和亚马逊股票 [1] - Injective 协议将提供 SBET，一种包含质押 ETH 和国债的资产 [1] - 该协议还将提供外汇交易等服务 [1]

Injective Protocol (INJ) 2025 Vision - Injective 协议计划在 2025 年实现真实资产和真实收益的结合 [1] - 该协议计划引入代币化的苹果和亚马逊股票 [1] - 计划推出 SBET，一种包含质押 ETH 和国债的资产 [1] - 计划提供外汇交易等服务 [1]

Financial Data and Key Metrics Changes - Earnings per share for Q2 was reported at $0.73, a decrease from $0.75 sequentially [5] - Revenue for Q2 increased by 1.1% from the prior quarter to $135 million [5] - Ending assets under management (AUM) rose to $88.9 billion from $87.6 billion in the previous quarter [6] - The effective fee rate remained stable at 59 basis points, while the operating margin decreased to 33.6% from 34.7% [6] Business Line Data and Key Metrics Changes - Net inflows into open-end funds were positive for the last four consecutive quarters, although institutional net outflows offset these gains [7] - Total expenses increased by 2.9% compared to the prior quarter, driven by higher compensation and benefits [8] - Compensation ratio remained at 40.5%, consistent with previous guidance [10] Market Data and Key Metrics Changes - The second quarter saw 89% of AUM outperforming benchmarks, with 94% outperforming on a one-year basis [14] - Global equities and listed infrastructure outperformed U.S. equities, with global strategies showing stronger performance [30][31] Company Strategy and Development Direction - The company is focused on launching active ETFs and expanding its wealth management channel, particularly in the independent RIA segment [49][50] - A new tactical listed and private real estate strategy was launched, aimed at integrating listed and private real estate allocations [24][42] - The company plans to continue investing in talent acquisition and data analysis to support growth initiatives [44] Management's Comments on Operating Environment and Future Outlook - Management noted that the market environment has been resilient, with strong private sector balance sheets and liquidity [31] - The outlook for real estate is favorable, with valuations seen as attractive for new investors [19][22] - The company expects G&A expenses to increase by 7% to 8% for the full year 2025 compared to 2024 [11] Other Important Information - The company moved into a new Hong Kong office, completing its planned foreign office upgrades [12] - Liquidity at the end of Q2 was reported at $323 million, an increase from $295 million in the prior quarter [11] Q&A Session Summary Question: What is the temperature of the wealth management channel? - The wealth channel is important, with progress in gaining allocations from sophisticated RIAs, although gross sales were about 10% lower than recent trends [48][49] Question: How are active ETFs performing? - Early results show good flows, with RIAs who only allocate to ETFs making allocations, indicating a positive start for the active ETFs [51][52] Question: What drove the outflows in global listed infrastructure? - Outflows were driven by institutional investors rebalancing their portfolios, although the strategy remains popular [55] Question: What is the demand for global real estate? - There has been stronger demand for global real estate, with more global allocators in the pipeline, although U.S. real estate remains the largest market [58][59] Question: Any geographical differences in advisory demand? - The U.S. remains the largest market, with growing activity in Asia, while Europe is slower and the Middle East has seen reduced activity [63]