Core Insights - Cohen & Steers, Inc. reported preliminary assets under management (AUM) of $88.6 billion as of July 31, 2025, reflecting a decrease of $353 million from $88.9 billion at June 30, 2025 [1][2]. AUM Breakdown - The decrease in AUM was attributed to market depreciation of $410 million and distributions of $152 million, which were partially offset by net inflows of $209 million [1]. - AUM by investment vehicle as of July 31, 2025: - Institutional Accounts: Total AUM decreased to $34.003 billion, with advisory accounts at $19.862 billion and subadvisory accounts at $14.141 billion [2]. - Open-end Funds: AUM increased to $43.000 billion, with net inflows of $294 million [2]. - Closed-end Funds: AUM slightly decreased to $11.580 billion, with net inflows of $1 million [2]. Company Overview - Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, and commodities [2]. - The firm was founded in 1986 and is headquartered in New York City, with additional offices in London, Dublin, Hong Kong, Tokyo, and Singapore [2].

Core Insights - BlackRock Inc. (BLK) achieved a record $12.53 trillion in assets under management (AUM) for Q2 2025, marking a 17.7% year-over-year growth, driven by higher inflows in equity and fixed income instruments [1][8] - Digital assets saw a significant increase of 329.3% during the quarter, highlighting BlackRock's strategic focus on the cryptocurrency sector [2] - The company has been expanding its AUM through product diversification and acquisitions, with a five-year compound annual growth rate (CAGR) of 9.2% from 2019 to 2024 [2] AUM Growth and Inflows - BlackRock's AUM growth was supported by inflows of $152 billion in the first half of 2025, continuing a multi-year upward trend [2][8] - The company became the first asset manager to surpass the $12 trillion mark in AUM [1][8] Acquisitions and Expansion - In July 2025, BlackRock agreed to acquire ElmTree Funds and completed the buyout of HPS Investment Partners to enhance its private market offerings [3] - The acquisition of Preqin for $3.2 billion in March 2025 further strengthened its private markets capabilities [3] - Previous acquisitions, including Global Infrastructure Partners in October 2024, have bolstered BlackRock's infrastructure offerings [3] ETF and Active Equity Focus - BlackRock is enhancing its iShares unit, which offers over 1,400 ETFs globally, and has received approval for spot Bitcoin and ether ETFs [4] - The company is also increasing its focus on the active equity business to support AUM growth [4] Peer Comparison - Competitors like SEI Investments and Invesco are also focusing on AUM growth, with SEI's AUM at $517.5 billion (up 10% year-over-year) and Invesco's AUM at $2 trillion (up 16.6%) as of June 30, 2025 [5][6] Price Performance and Valuation - BlackRock's shares have increased by 15.5% over the past six months, outperforming the industry growth of 2.4% [7] - The company trades at a forward price-to-earnings ratio of 22.44X, which is above the industry average [9] Earnings Estimates - The Zacks Consensus Estimate indicates an 8.6% year-over-year rise in BlackRock's 2025 earnings and a 9.6% growth for 2026, with upward revisions for both years [10]

Core Insights - Apollo Global Management, LLC (APO) reported better-than-expected second-quarter 2025 results, with adjusted net income per share of $1.92, exceeding the Zacks Consensus Estimate of $1.85 and up from $1.64 in the prior year [1][10] - The company's total revenues reached $1.1 billion, reflecting a 17.5% year-over-year increase and surpassing the Zacks Consensus Estimate by 7.9% [3][10] - Apollo's assets under management (AUM) increased significantly, with fee-earning AUM rising 22.2% year-over-year to $638 billion and total AUM up 36.1% to $840 billion [4][5][10] Financial Performance - GAAP net income attributable to Apollo Global was $605 million, down from $828 million in the same quarter last year [2] - Total expenses for the combined segments rose 7.4% year-over-year to $189 million [3] - The company declared a quarterly cash distribution of 51 cents per share, to be paid on August 29, 2025 [7] AUM and Inflows - As of June 30, 2025, total AUM was $840 billion, benefiting from $98 billion of inflows from Asset Management and $81 billion from Retirement Services, partially offset by $60 billion of outflows [5] - The increase in AUM was driven by strong management fee growth and record capital solutions fees [4] Strategic Outlook - The company is experiencing broad-based momentum across its platform, with robust quarterly origination volume driven by diverse investing activities [8] - Apollo announced a deal to acquire Bridge Investment Group, expected to close in the third quarter of 2025, which aligns with its goal to expand real estate expertise and strengthen its wealth business [8]

Core Insights - Hamilton Lane (HLNE) reported a revenue of $175.96 million for the quarter ended June 2025, reflecting a year-over-year decline of 10.6% and an EPS of $1.31 compared to $1.51 a year ago, with a revenue surprise of +6.52% over the Zacks Consensus Estimate of $165.19 million and an EPS surprise of +33.67% over the consensus estimate of $0.98 [1] Financial Performance Metrics - Fee Earning AUM - Customized Separate Accounts (CSA) reached $40.28 billion, slightly above the average estimate of $40.27 billion [4] - Total Fee Earning AUM was $74.4 billion, exceeding the average estimate of $74.12 billion [4] - Fee Earning AUM - Specialized Funds (SF) stood at $34.12 billion, surpassing the average estimate of $33.85 billion [4] - Total AUM & AUA amounted to $986.17 billion, compared to the average estimate of $978.08 billion [4] - Assets Under Management (AUM) were reported at $140.88 billion, slightly below the average estimate of $141.2 billion [4] - Assets Under Advisement (AUA) totaled $845.29 billion, exceeding the average estimate of $836.88 billion [4] Revenue Breakdown - Incentive fees revenue was $42.26 million, significantly higher than the average estimate of $29.19 million, but represented a year-over-year decline of -25.6% [4] - Management and advisory fees from Customized Separate Accounts were $34.58 million, slightly above the average estimate of $34.28 million, reflecting a +3.4% year-over-year change [4] - Total management and advisory fees were $136.7 million, slightly above the average estimate of $136 million, with a year-over-year change of -2.3% [4] - Management and advisory fees from Specialized Funds were $82.75 million, below the average estimate of $84.41 million, indicating a -7.9% year-over-year change [4] - Fund reimbursement revenue was $1.52 million, lower than the average estimate of $2.06 million, representing a -54.1% year-over-year decline [4] - Distribution management revenue was $0.98 million, below the average estimate of $1.18 million, but showed a significant +95.8% year-over-year increase [4] Stock Performance - Hamilton Lane shares returned +3.3% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - T. Rowe Price Group, Inc. (TROW) reported second-quarter 2025 adjusted earnings per share (EPS) of $2.24, exceeding the Zacks Consensus Estimate of $2.15, but reflecting a year-over-year decline of approximately 1% [1][10] - The company's net income attributable on a GAAP basis was $505.2 million, representing a 4.5% increase from the prior-year quarter, surpassing the estimate of $431.9 million [2] - TROW's total assets under management (AUM) increased by 6.9% year over year to $1.68 trillion, driven by net market appreciation of $125.4 billion, although partially offset by net cash outflows of $14.9 billion [5][10] Financial Performance - Net revenues for TROW fell slightly year over year to $1.72 billion, missing the Zacks Consensus Estimate of $1.74 billion [3][10] - Investment advisory fees decreased marginally to $1.57 billion, which was above the estimate of $1.54 billion [3] - Total operating expenses rose by 6.5% to $1.25 billion, exceeding the estimate of $1.17 billion, while adjusted operating expenses were $1.15 billion, up 3.7% [4][10] Liquidity and Capital Distribution - As of June 30, 2025, TROW had cash and cash equivalents of $3.06 billion, an increase from $2.65 billion as of December 31, 2024, indicating a strong liquidity position [6] - The company distributed a total of $395 million to shareholders through common stock dividends and share repurchases in the second quarter [7] Strategic Outlook - TROW's solid AUM balance, expanding distribution reach, and diversification efforts through acquisitions are expected to support future top-line growth [8] - However, concerns remain regarding elevated expenses and reliance on investment advisory fees, alongside a challenging operating environment [8]

Financial Performance - GAAP net income attributable to Ares Management Corporation was $137.1 million[1] - After-tax realized income was $367.9 million, with after-tax realized income per share of Class A common stock at $1.03[2] - Fee related earnings reached $409.1 million[2] Assets Under Management (AUM) - Total AUM reached $572.4 billion, a 28% increase year-over-year[9, 32, 35] - Total fee paying AUM was $349.6 billion, a 27% increase year-over-year[23, 32, 35] - Available capital stood at $150.8 billion[3, 23, 46] - AUM not yet paying fees available for future deployment was $86.8 billion, potentially generating $822.7 million in incremental annual management fees[23, 49] Capital Activity - Gross new capital commitments totaled $26.2 billion[23, 31] - Capital deployment amounted to $26.9 billion, including $13.0 billion by drawdown funds[23, 61, 65] Dividends - A quarterly dividend of $1.12 per share was declared for Class A and non-voting common stock[4, 23] - A quarterly dividend of $0.84375 per share was declared for the 6.75% Series B mandatory convertible preferred stock[5, 23]

Q2 2025 Earnings Release Supplement T. Rowe Price Group, Inc. August 1, 2025 A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of June 30, 2025, unless otherwise noted. All figures are USD, unless otherwise noted. Forward-Looking Statement This presentation, and other statements that T. Rowe Price may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to T. Rowe Pric ...

Core Viewpoint - Silvercrest Asset Management Group Inc. reported strong growth in assets under management (AUM) and strategic initiatives aimed at enhancing future revenue despite facing some net client outflows in the second quarter of 2025 [2][4][14]. Financial Performance - Discretionary AUM increased by $1.0 billion, or 4.4%, to $23.7 billion as of June 30, 2025, compared to $22.7 billion at March 31, 2025 [15]. - Total AUM reached a record high of $36.7 billion, reflecting a $3.3 billion increase, or 9.9%, year-over-year [3][14]. - Revenue for the second quarter was $30.7 million, a slight decrease of $0.3 million, or 1.0%, from the previous year [16]. - Consolidated net income for the second quarter was $3.1 million, representing a net income margin of 10.3% [18][22]. Client Flows and Market Dynamics - Despite negative net flows, the company added $80.0 million in organic new client accounts during the second quarter and $0.5 billion in the first half of 2025 [2][4]. - Market appreciation contributed $2.8 billion to the total AUM increase, while net client inflows accounted for $0.5 billion [14]. Strategic Initiatives - The company is focused on investing in talent and strategic initiatives to drive growth in both institutional and wealth markets [5][4]. - A new stock repurchase program of $25.0 million was announced following a completed $12.0 million buyback program [7]. Dividend and Shareholder Returns - The Board of Directors approved a 5% increase in the quarterly dividend, raising it from $0.20 to $0.21 per share, payable on September 19, 2025 [8]. Liquidity and Capital Resources - Cash and cash equivalents decreased to $30.0 million as of June 30, 2025, down from $68.6 million at the end of 2024 [24]. - Total equity stood at $100.0 million, with 8,501,241 shares of Class A common stock and 4,126,476 shares of Class B common stock outstanding [25].

Core Insights - KKR & Co. Inc. reported a second-quarter 2025 adjusted net income per share of $1.18, exceeding the Zacks Consensus Estimate of $1.17 and up from $1.09 in the prior-year quarter [1][9] - The company's shares saw a nearly 1% increase in pre-market trading due to better-than-expected results [1] - The results were driven by significant growth in assets under management (AUM) and transaction fees, although rising expenses posed a challenge [1] Financial Performance - Net income attributable to KKR on a GAAP basis was $472.4 million, down from $667.9 million in the same quarter last year [2] - Total segment revenues reached $1.28 billion, a 15.9% increase year-over-year, driven by higher management fees and transaction-related revenues, beating the Zacks Consensus Estimate by 0.4% [3] - Total segment expenses rose by 12.8% to $396.9 million [3] - Total operating earnings grew 13.8% year-over-year to $1.19 billion, while fee-related earnings increased by 17.4% to $886.8 million [5] Assets Under Management - As of June 30, 2025, total AUM increased by 14% year-over-year to $686 billion, with fee-paying AUM rising 14.1% to $556 billion [4] Future Outlook - The company is expected to continue capitalizing on lucrative investment opportunities due to its effective fundraising capabilities, with significant growth in fee-related and total operating earnings supporting its financials [6] - However, ongoing global expansion may keep expenses elevated, and the current challenging operating environment remains a concern [6]

Core Insights - Affiliated Managers Group Inc. (AMG) reported second-quarter 2025 economic earnings of $5.39 per share, exceeding the Zacks Consensus Estimate of $5.26 and reflecting a 15.4% increase from the prior-year quarter [1][8] - The company's total assets under management (AUM) rose by 10% to $771 billion, with net client cash inflows of $8.1 billion contributing to this growth [4][8] - Despite the positive AUM growth, total revenues declined by 1.4% year over year to $493.2 million, missing the Zacks Consensus Estimate of $510.2 million, while total consolidated expenses increased by 14.8% to $412.7 million [3][8] Financial Performance - Economic net income for the quarter was $159.2 million, up 2.1% year over year, surpassing the estimate of $151.5 million [2] - Adjusted EBITDA increased by 1% to $219.7 million, slightly above the projected $214.8 million [3] - The company's cash and cash equivalents decreased to $361 million from $950 million as of December 31, 2024, while total debt remained stable at $2.62 billion [5] Shareholder Actions - During the second quarter, AMG repurchased shares worth $100 million, indicating a commitment to returning value to shareholders [6] Market Position - AMG is positioned for growth due to successful partnerships, global distribution capabilities, and a diverse product mix, although concerns remain regarding substantial intangible assets and a challenging operating environment [7]