Financial Performance - GAAP net income attributable to Ares Management Corporation was $288.9 million for the quarter ended September 30, 2025[1] - After-tax realized income was $425.8 million for the quarter ended September 30, 2025[2] - Fee related earnings were $471.2 million for the quarter ended September 30, 2025[2] - Total assets under management reached $595.7 billion as of September 30, 2025, a 28% year-over-year increase[9,3] - Total fee paying AUM was $367.6 billion as of September 30, 2025, a 28% year-over-year increase[3,37] Fundraising and Capital Deployment - Ares expects to exceed its previous annual fundraising record of $93 billion this year[3] - The company raised $30.9 billion in Q3 2025, with net inflows of capital of $28.5 billion[25] - Capital deployment reached $41.7 billion, including $20.2 billion by drawdown funds[25] - Available capital stood at $150 billion at the end of the third quarter[3] Dividends - Ares declared a quarterly dividend of $1.12 per share of Class A and non-voting common stock[4] - Ares declared a quarterly dividend of $0.84375 per share of its 6.75% Series B mandatory convertible preferred stock[5]

Financial Data and Key Metrics Changes - Discretionary assets under management (AUM) increased by $687 million during Q3 2025, reaching $24.3 billion, representing a 3% sequential increase and an 8% year-over-year increase [3][4] - Total AUM hit a new high of $37.6 billion at the end of Q3 2025, with non-discretionary AUM comprising $13.3 billion, which accounts for only 4% of total revenue [4][8] - Revenue for Q3 2025 was $31.3 million, an increase of $0.9 million or 2.9% year-over-year [8][9] - Reported net income for Q3 2025 was approximately $1.1 million, with adjusted net income of approximately $2.4 million, or $0.19 per adjusted basic and diluted earnings per share [9][10] Business Line Data and Key Metrics Changes - The firm added $46.4 million in organic new client accounts during Q3 2025, totaling $564 million in new client accounts year-to-date [3] - Approximately $2 billion in organic new client accounts were added year-over-year, indicating a strong focus on organic growth [3][4] - Adjusted EBITDA for Q3 2025 was approximately $4.5 million, or 14.5% of revenue [10] Market Data and Key Metrics Changes - The firm is actively expanding its marketing efforts in Europe, Oceania, and Asia, with a focus on institutional and family clients [6][28] - The OCIO assets currently stand at almost $2.2 billion, with a strong pipeline and recent new client additions [36] Company Strategy and Development Direction - The company is focused on significant strategic investments to promote growth opportunities, particularly in intellectual capital and headcount [5][6] - A new global value equity strategy is being emphasized, with a robust new business pipeline [6][28] - The firm plans to adjust how it reports non-discretionary AUM in 2026 to provide a clearer picture of its asset management and advisory businesses [4][5] Management's Comments on Operating Environment and Future Outlook - Management expects that the increase in AUM will bode well for future revenue, barring short-term market volatility [5] - The company anticipates that investments made will start yielding results within 6 to 12 months, with a longer-term horizon of 18 to 24 months for other initiatives [19][20] - Management expressed confidence in the potential for substantial progress from recent investments and expects to report meaningful improvements soon [20][46] Other Important Information - The company announced a dividend of $0.21 per share of Class A common stock, payable around December 19, 2025 [8] - A buyback program of $25 million was initiated, with approximately $16 million worth of shares repurchased by the end of Q3 2025 [6][7] Q&A Session Summary Question: Timing of AUM and revenue recovery - Management indicated a longer-term horizon of 18 to 24 months for overall investments to pay off, but expects shorter-term results from the new global value equity strategy within 6 to 12 months [19][20] Question: Professional fees and future expenses - Some professional fees are temporary, particularly related to global initiatives, and disclosures are available in the earnings release [21] Question: Future EBITDA margins - Management expects EBITDA margins to return to previous levels barring new investments, with ongoing investments being on a larger scale [22][23] Question: Current status of OCIO assets - OCIO assets are nearly $2.2 billion, with a strong performance and pipeline [36] Question: Share buyback pricing - Management did not disclose specific buyback prices but indicated favorable pricing during the buyback period [37][38]

Core Insights - Ameriprise Financial (AMP) reported third-quarter 2025 adjusted operating earnings of $9.92 per share, exceeding the Zacks Consensus Estimate of $9.60, reflecting a 12.3% increase from the previous year [1][9] - The results were driven by higher revenues and a significant improvement in assets under management (AUM) and assets under administration (AUA), although increased expenses posed a challenge [1][3] Financial Performance - Adjusted operating total net revenues for the quarter were $4.61 billion, a 6% year-over-year increase, surpassing the Zacks Consensus Estimate [3][9] - Total GAAP net revenues reached $4.8 billion, marking a 9% increase year over year [3] - Adjusted operating expenses totaled $3.47 billion, up 4.8% year over year, compared to projected expenses of $3.27 billion [3] Assets Under Management - As of September 30, 2025, total AUM and AUA reached a record $1.66 trillion, reflecting a 7.9% increase year over year, surpassing the estimate of $1.55 trillion [4] Share Repurchase Activity - The company repurchased 1.4 million shares for $687 million during the reported quarter [5] Market Position and Outlook - Ameriprise is positioned for strong top-line growth due to its robust AUM balance and ongoing business restructuring initiatives, although elevated expenses, particularly from technology upgrades, may impact profitability [6]

Core Insights - Invesco's third-quarter 2025 adjusted earnings per share (EPS) reached 61 cents, significantly exceeding the Zacks Consensus Estimate of 45 cents, marking a 38.6% increase from the previous year [1][9] - The company's shares rose by 2.3% in pre-market trading following the announcement of these results [1] Financial Performance - Adjusted net revenues for the quarter were $1.19 billion, reflecting a year-over-year increase of 7.4%, meeting the Zacks Consensus Estimate [4] - Adjusted operating expenses rose to $780.2 million, up 3.3% year over year, while the adjusted operating margin improved to 34.2%, compared to 31.6% in the prior year [4][9] Assets Under Management (AUM) - As of September 30, 2025, AUM reached a record $2.12 trillion, representing an 18.3% increase year over year [5] - The average AUM at the end of the third quarter was $2.06 trillion, also up 18.3% [5] - The company experienced long-term net inflows of $28.9 billion during the quarter, driven by various segments including ETFs, Index, and Private Markets [5] Balance Sheet and Share Repurchases - As of September 30, 2025, cash and cash equivalents stood at $973.1 million, an increase from $922.7 million as of June 30, 2025 [6] - Long-term debt was reported at $1.62 billion [6] - In the reported quarter, Invesco repurchased 1.2 million shares for $25 million [7] Strategic Outlook - Invesco's strong AUM balance, diverse product offerings, and solid balance sheet are expected to support its financial performance [10] - The company is positioned to benefit from synergies arising from acquisitions, which will aid profitability [10]

Core Insights - Lazard Inc. reported third-quarter 2025 adjusted earnings per share of 56 cents, exceeding the Zacks Consensus Estimate of 41 cents and improving from 38 cents in the same quarter last year [1][9] - The company's revenues increased by 12.4% year over year to $724.6 million, surpassing the Zacks Consensus Estimate by 3.9% [3][9] - Total assets under management (AUM) rose by 16.9% year over year to $264.5 billion, driven by record inflows and market appreciation [7][9] Revenue Performance - Adjusted operating revenues from the Financial Advisory segment were $422.3 million, up 14% from the prior year, exceeding estimates [5] - Asset Management segment adjusted operating revenues increased by 8% to $294.2 million, also surpassing estimates [5] - Corporate segment adjusted operating revenues rose significantly by 46% to $8.1 million, although it fell short of estimates [6] Expense Analysis - Operating expenses increased by 12.2% year over year to $702.9 million, reflecting growth in both Financial Advisory and Asset Management [4] - The adjusted compensation expenses to operating revenues ratio improved to 65.5% from 66% in the previous year [4] - The adjusted non-compensation expenses to operating revenues ratio also improved to 20.5% from 21.4% year over year [4] Balance Sheet and Liquidity - Cash and cash equivalents totaled $1.2 billion as of September 30, 2025, marking a 19.8% increase from the prior quarter [10] - Stockholders' equity rose to $878.6 million, up 11.7% sequentially [10] Share Repurchase Activity - In the third quarter of 2025, Lazard repurchased $1 million of common stock, with approximately $159 million remaining available for repurchase [11] Strategic Outlook - The company is focused on organic growth, as indicated by revenue increases in key segments, and a strong liquidity position alongside higher AUM is expected to support financial performance in the near term [12]

Financial Data and Key Metrics Changes - The company generated net income of $3,200,000 or $0.32 per diluted share in Q3 2025, representing a 45% increase from the same quarter last year [5] - Tangible book value per share increased by 1.2% this quarter [5] - Gross revenue increased by 8.7% from the prior quarter and 15.5% year over year [11] - Net interest income increased for the fourth consecutive quarter, up 8.9% from the prior quarter and 25% year over year [12] - Non-interest income increased by more than $500,000 or 8.5% from the prior quarter [13] Business Line Data and Key Metrics Changes - Loans held for investment increased by $50,000,000 from the end of the prior quarter, with new loan production of $146,000,000 in Q3 [6][8] - Total deposits increased by $320,000,000 from the end of the prior quarter, driven by new accounts and existing client balance growth [9] - Trust and investment management assets under management decreased by $64,000,000, primarily due to net withdrawals [10] Market Data and Key Metrics Changes - The average rate on new loan production was 6.38% in the quarter [8] - The spot rate on deposits at the end of the quarter was 3.04% [30] - The company achieved a beta of approximately 63% on money market accounts in Q3 [31] Company Strategy and Development Direction - The company maintains a conservative approach to new loan production while focusing on service quality rather than competing on pricing [4] - The management is optimistic about continued growth opportunities in the Colorado market due to ongoing M&A activity [16] - The company is focused on creating operating leverage by growing revenues faster than expenses, aiming for improved efficiency ratios [50] Management's Comments on Operating Environment and Future Outlook - Management sees healthy economic conditions in their markets and expects solid balance sheet growth in Q4 [17] - There are no indications of meaningful deterioration in asset quality, with positive trends expected to continue [17] - The company plans to leverage investments made in technology and team restructuring to drive future growth [79] Other Important Information - The company was named one of 16 KBW Bank honor roll members in 2025 for its performance [86] - The management is optimistic about finishing the year strong and delivering shareholder value into 2026 [87] Q&A Session Summary Question: Insights on deposit growth and its sustainability - Management indicated that the deposits seen in Q3 are expected to remain and provide a higher deposit base for Q4 [21] Question: Details on the newly added non-performing asset (NPA) - The NPA was a commercial and industrial loan that had performance issues, with a specific provision set aside for it [22][23] Question: Expectations for net interest margin (NIM) in Q4 - Management anticipates NIM expansion due to liquidity on the balance sheet being redeployed into loans, estimating a potential increase of five basis points [24][26] Question: Update on wealth management and assets under management (AUM) - The company is focused on fee income growth rather than AUM, with recent progress noted in agency accounts [33] Question: Thoughts on future loan demand and liquidity deployment - Management expects loan demand trends to continue, with a focus on gradually redeploying excess liquidity into the loan portfolio over the next year [73][75]

Our forward-looking statements are based on a series of expectations, assumptions and projections about the company and the markets in which we operate, are not guarantees of future results or performance, and involve substantial risks and uncertainty, including assumptions and projections concerning our assets under management, net asset inflows and outflows, operating cash flows, business plans and ability to borrow, for all future periods. All of our forward-looking statements are as of the date of this ...

Core Insights - SEI Investments Co. reported third-quarter 2025 earnings per share (EPS) of $1.30, exceeding the Zacks Consensus Estimate of $1.25, and reflecting a year-over-year increase of 9.2% [1][9] - The company's net income attributable to SEI Investments was $164.2 million, a 6% increase from the previous year, surpassing the estimate of $148.2 million [2] - Total revenues reached $578.5 million, up 7.7% year over year, driven by higher asset management and administration fees, although it fell short of the Zacks Consensus Estimate of $579.5 million [3][9] - Total expenses increased to $418.6 million, a rise of 6.3% year over year, influenced by nearly all cost components except for facilities and depreciation [4] - As of September 30, 2025, assets under management (AUM) were $541.5 billion, reflecting a 9.8% increase from the prior year, while client assets under administration (AUA) reached $1.21 trillion, up 16% year over year [5] - SEI Investments repurchased 1.6 million shares for $141.6 million at an average price of $90.02 per share during the reported quarter [6] - The company's global presence, diverse product offerings, and strong AUM are expected to support revenue growth, despite concerns over elevated operating expenses [7] Comparative Performance - BlackRock reported third-quarter 2025 adjusted earnings of $11.55 per share, surpassing estimates and reflecting a slight year-over-year increase, with AUM reaching a record high of $13.46 trillion [8]

Core Insights - Blackstone's third-quarter 2025 distributable earnings reached $1.52 per share, exceeding the Zacks Consensus Estimate of $1.22, and reflecting a 50% increase from the previous year [1][8] - The company's total segment revenues for the quarter were $3.3 billion, a 36% year-over-year increase, surpassing the Zacks Consensus Estimate of $3.11 billion [2][8] - Blackstone's total assets under management (AUM) grew to $1.24 trillion, up 12% year-over-year, driven by $54.2 billion in inflows during the quarter [4][8] Financial Performance - Net income attributable to Blackstone was $624.7 million, a decrease of 20% from the same quarter last year [1] - On a GAAP basis, total revenues were reported at $3.09 billion, down 16% year-over-year, while total expenses decreased by 8% to $1.75 billion [2] Assets and Investments - As of September 30, 2025, Blackstone had $11.1 billion in total cash and cash equivalents, with $20.9 billion in cash and net investments [3] - The company had an undrawn credit revolver of $3.8 billion and $188.1 billion in undrawn capital available for investment [3][4] Shareholder Actions - During the reported quarter, Blackstone repurchased 0.2 million shares, with $1.7 billion remaining in buyback authorization as of September 30, 2025 [5] Market Position and Outlook - Blackstone is positioned for continued top-line growth, supported by rising AUM and strong fundraising capabilities, although high expenses and a challenging operating environment may impact profitability in the near term [6]

3Q25 Earnings Review 2 • The pipeline of new institutional mandates not yet funded: Before they are funded, institutional mandates do not represent legally binding commitments to fund and, accordingly, the possibility exists that not all mandates will be funded in the amounts and at the times currently anticipated, or that mandates ultimately will not be funded. • The achievement of our Private Markets AUM target: Our ability to achieve our private markets AUM target is subject to the current market environ ...