Financial Data and Key Metrics Changes - For Q4 2025, the company reported FFO as adjusted of $0.47 per share and AFFO of $0.40 per share, with total same-store cash NOI growth of 3.9% [15] - For the full year 2025, FFO as adjusted was $1.84 per share and AFFO was $1.69 per share, with total same-store cash NOI growth of 4% [16] - The company ended the year with a net debt to Adjusted EBITDA ratio of 5.2x and $2.4 billion in liquidity [19] Business Line Data and Key Metrics Changes - Outpatient Medical segment represented over 50% of portfolio income, achieving same-store growth of 3.9% and 91% total occupancy [4][16] - The lab segment ended the year with 1.5% same-store growth and total occupancy of 77%, impacted by the Gateway acquisition [17] - Senior Housing segment reported 12.6% same-store growth, significantly above guidance, with 16.7% growth in Q4 [18] Market Data and Key Metrics Changes - The Bay Area led all Life Science markets in Q4 2025 in absorption and leasing activity, with the largest volume of current tenant demand [8] - The private market is recognizing the favorable operating environment, driving down cap rates [5] Company Strategy and Development Direction - The merger with Physicians Realty Trust has created a strong platform in the Outpatient sector, allowing for profitable internalization of property management [4] - The company is focusing on strategic acquisitions, including a 1.4 million sq ft campus in South San Francisco, to capitalize on recovery in the sector [8] - Plans to create a pure-play Senior Housing REIT through the Janus Living IPO, contributing the entire Senior Housing portfolio to capture value [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted an inflection point in the Life Science sector, with signs of recovery in capital raising and M&A activity [6] - The company expects FFOs adjusted to range from $1.70-$1.74 per share for 2026, with same-store NOI growth forecasted between -1% to +1% [19] - Management expressed optimism about improving occupancy in the lab segment, contingent on favorable capital market conditions [30] Other Important Information - The company has completed $464 million in acquisitions so far in 2026, including a $314 million buyout of a joint venture partner in the Senior Housing portfolio [21] - The company plans to execute a capital recycling plan of $1 billion or more in asset sales and recapitalizations in 2026 [21] Q&A Session Summary Question: Can you discuss the Gateway acquisition and its complement to the existing portfolio? - Management expressed excitement about the Gateway acquisition, viewing it as an opportunity rather than a vacancy issue, and highlighted the strategic fit within their existing footprint [25][26] Question: What is the expected cadence of lab occupancy throughout the year? - Management indicated that total occupancy should improve by year-end 2026, depending on continued positive trends in capital markets [30] Question: Can you provide more details on the lab leasing activity? - Management noted that the pipeline is strong, with a mix of new leasing and renewals, and emphasized a significant improvement compared to the previous year [36] Question: What is the impact of lab occupancy losses on 2026 FFO? - Management clarified that the $0.12 impact on earnings is due to various factors, including occupancy losses and higher refinancing costs [41] Question: How are negotiations for 2026 expirations progressing? - Management reported that a substantial majority of expirations are in South San Francisco, where they have strong tenant relationships, and they are optimistic about renewals [61]

Financial Data and Key Metrics Changes - Patria reported organic fundraising of $1.7 billion in Q4 2025 and a record $7.7 billion for the full year, exceeding the revised target of $6.6 billion by over $1 billion [5][34] - Fee-related earnings reached $203 million in 2025, up 19% year-over-year, with distributable earnings per share at $1.27 [6][23] - Total fee revenue for Q4 was $101 million, an increase of 8% year-over-year, while full-year total fee revenue reached $344 million, up 14% [39] Business Line Data and Key Metrics Changes - Infrastructure strategies raised approximately $2.3 billion in 2025, significantly higher than the previous year, driven by strong global interest [11] - The credit platform raised a record $1.8 billion in 2025, surpassing the previous record of $1.4 billion in 2024 [12] - Real estate strategies raised over $520 million in Q4 2025, contributing to Patria becoming the largest manager of REITs in Brazil [14] Market Data and Key Metrics Changes - The Brazilian credit market reached $1.7 trillion in 2024, with an estimated $800 billion addressable market for asset-backed, non-bank private credit [13] - Approximately 90% of Patria's fee-earning AUM is in vehicles with no or limited redemptions, indicating a stable asset base [15][21] Company Strategy and Development Direction - Patria aims to achieve a fee-earning AUM target of $70 billion by year-end 2027, with recent acquisitions expected to enhance capabilities in private credit and real estate [8][10] - The company is expanding its investment strategies, including infrastructure development, private equity buyout, and venture capital, to diversify its performance fee earnings stream [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2026 and 2027 fundraising targets of $7 billion and $8 billion, respectively, due to strong demand for their investment strategies [10][34] - The macroeconomic environment is seen as favorable, with financial deepening and deregulation in Latin America driving increased investor interest [28][30] Other Important Information - Patria announced a share buyback program of up to 7 million shares to return capital to shareholders [9] - The company is undergoing leadership changes, with a new CFO set to take over in April 2026 [31][32] Q&A Session Questions and Answers Question: Can you discuss the private equity valuation process? - The company uses an independent appraiser annually to value funds, employing a discounted cash flow model and comparing results with industry multiples [56][58] Question: How do unrealized performance fees affect your financials? - Unrealized performance fees do not impact revenues as management fees are charged based on invested capital, not valuations [62][64] Question: What is the outlook for fundraising in 2026? - The company is optimistic about exceeding the $7 billion fundraising target for 2026, given the strong performance in 2025 [70]

Core Strategy - eQ's updated strategy for 2030 aims to return to strong growth, leveraging its unique strengths and expertise as trusted asset managers for institutions, with a goal to double operating profit by the end of 2030 [1][6][14] Market Position - eQ holds a strong position in long-term active asset management and corporate finance in Finland, with notable strengths in private equity, real estate investments, and advisory services for mergers and acquisitions [2][6] Economic Environment - The last four years have presented challenges due to geopolitical tensions, inflation, and rising interest rates, leading to weak economic growth and declining real estate valuations in Finland. However, the economic outlook for the upcoming years is more positive, with expectations of growth [4] Growth Opportunities - eQ plans to expand its business to international institutional clients and domestic private clients, particularly in the unlisted private equity market, which has historically outperformed the listed market. Mega-trends such as urbanization, aging populations, and green transitions present additional growth opportunities [5][8] Product Development - The company is focused on developing products and services in collaboration with clients and partners, including the recent launch of the eQ PE Direct I fund, aimed at investing in small and medium-sized enterprises [7][10] Client Expansion - eQ seeks to grow its client base by targeting international institutional clients and domestic private clients, offering investment solutions that align with those used by institutional investors [8][9] Implementation Strategy - The strategy for strong growth will primarily be achieved through organic growth, supported by partnerships for broader distribution of services and potential mergers and acquisitions to enhance value for clients [9] Investment Focus - Achieving strategic goals will require moderate investments in personnel, skills development, client experience, technology, and digital services, while maintaining a focus on distributing profits to shareholders as dividends [10][14]

Core Viewpoint - Chilton Capital Management's REIT Team focuses on investments in publicly traded real estate investment trusts (REITs) and real estate-related entities primarily in North America, emphasizing the advantages of liquidity, transparency, and total return characteristics of public REITs [1] Group 1: Team and Strategy - The REIT Team is led by co-portfolio managers Bruce Garrison and Matt Werner, with Garrison having over 40 years of experience in public REIT analysis [1] - The investment strategy aims to diversify across geography, sector, strategy, property, and tenant while maintaining portfolio liquidity [1] - The REIT Team employs traditional methods of security analysis, including research and analytical depth, to inform investment decisions [1] Group 2: Investment Focus - The types of REIT properties targeted include apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and various healthcare-related facilities [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions [1] - The team also serves as a sub-advisor for the West Loop Realty Fund, which is an open-end investment company [1]

Core Viewpoint - National Health Investors, Inc. (NHI) has made a significant investment of $105.5 million for the acquisition of nine properties with 460 units across Kentucky, South Carolina, and Tennessee, with an additional $3.3 million expected in the first year [1][2]. Investment Details - The acquired properties will be part of NHI's Senior Housing Operating Portfolio (SHOP) and managed by Allegro Living Management, which has an existing relationship with NHI involving a total investment of approximately $227 million [2]. - The initial Net Operating Income (NOI) yield from these communities is projected to be around 8.0%, decreasing to 7.6% after accounting for routine capital expenditures [2]. Current Investment Activity - NHI currently has about $108.5 million in signed letters of intent, with an average expected NOI yield of approximately 7.5%, primarily structured as SHOP investments [3]. - The company is also assessing an incremental investment pipeline of approximately $250 million in senior housing investments, excluding large portfolio deals [3]. Company Overview - National Health Investors, Inc., established in 1991, is a self-managed real estate investment trust (REIT) that specializes in various financing methods for senior housing and medical facility investments [4]. - The company operates in two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio (SHOP), with a diverse portfolio that includes independent living facilities, assisted living, memory care communities, and skilled nursing facilities [4].

Core Insights - Robert Kiyosaki, known for "Rich Dad Poor Dad," advocates for investments in precious metals, cryptocurrency, and real estate over fiat currency, which he labels as "fake government money" [1] - Kiyosaki's controversial stance includes the assertion that "Savers are losers" and that cash savings are not a viable strategy in the current economic climate [2][3] Group 1: Cash Savings vs. Investments - Kiyosaki's advice to abandon cash holdings may seem outdated, especially during periods of economic uncertainty, as cash savings provide liquidity that other assets may not [3][4] - The Consumer Finance Protection Bureau (CFPB) emphasizes the importance of maintaining an emergency fund for unexpected expenses, suggesting that cash reserves are still necessary [4][5] Group 2: Performance of Precious Metals - Investments in gold and silver have yielded significant returns, with gold appreciating nearly 300% and silver 335.8% over the past decade, validating Kiyosaki's recommendations for these assets [6] - Despite the high returns, there is a risk for short-term investors who enter the market at current all-time highs, as potential market dips could lead to substantial losses [7]

Core Viewpoint - 2025 is projected to be a significant year for tech stocks, but real estate investment trusts (REITs) are highlighted as a promising investment option for stabilizing portfolios and generating dividend income [1] REITs Background and Performance - REITs provide essential benefits such as steady income through dividends, competitive performance, and diversification from stocks and bonds, making them critical for investors [2] - The Nareit 2026 REIT Outlook indicates that REITs showed strong operational performance in 2025, supported by high interest rates, solid fundamentals, and substantial dividends [2] Dividend Structure - By law, REITs are required to distribute at least 90% of their taxable income to shareholders, with many distributing 100%, resulting in higher and more consistent dividends compared to traditional stocks [3] Market Presence - Over 70% of U.S. pension funds incorporate REITs into their investment strategies, with more than 75% of pension plans with assets exceeding $25 billion holding REITs [4] Retirement Accounts - Investors with defined contribution plans, such as 401(k)s, are encouraged to seek REIT funds to enhance their retirement savings, as these accounts provide a tax-efficient way to gain exposure to REITs [5] International REITs - In 2025, North and South American REITs returned 5.5%, while Asian REITs achieved 28% and European REITs 19.9%, indicating a shift in performance dynamics [6] - While U.S. REITs are recognized for their familiarity and competitive performance, incorporating international REITs can enhance portfolio resilience [7]

Core Viewpoint - The U.S. housing market is facing potential challenges, with tighter lending standards and a significant shortage of homes contributing to elevated prices, despite rising mortgage rates [1][4]. Group 1: Market Conditions - Lending standards are currently tighter than during the subprime era, resulting in less widespread negative equity among homeowners [1]. - Zillow estimates a shortage of approximately 4.7 million homes in the U.S., which has helped maintain high housing prices [1]. - The average rate on a 30-year fixed mortgage has increased from below 3% to over 6.1% in recent years, indicating a significant rise in borrowing costs [2]. Group 2: Price Trends - The S&P CoreLogic Case-Shiller Home Price Index has seen a more than 43% increase in single-family home prices over the past five years [2]. - Despite rising mortgage rates, home prices have not adjusted downward to align with the higher borrowing costs, creating a disconnect in the market [3]. Group 3: Homeowner Behavior - Many homeowners are reluctant to sell due to having locked in ultra-low mortgage rates, which limits the inventory of homes available for sale [4]. - There is a concern that if homeowners are forced to sell at reduced prices, they may not be able to repay their mortgages, potentially leading to a cascading effect in the market [5]. Group 4: Sales Data - According to December 2025 data from the National Association of Realtors, pending home sales decreased by 3% year-over-year and fell by 9.3% since November, suggesting a lack of inventory and limited options for consumers [6]. Group 5: Rental Market Insights - Rents are consistently increasing each year, reflecting broader cost-of-living pressures and indicating that real estate can serve as a hedge against inflation [8]. - The multifamily rental market is viewed as a more resilient investment option, potentially less impacted by economic downturns compared to other asset classes [12].

Investment Opportunities - Americans are considering various ways to invest potential windfalls, such as a proposed $2,000 dividend funded by tariff revenue [1][6] - The U.S. stock market has shown significant growth, with the S&P 500 returning about 16% in 2025 and increasing approximately 87% over the past five years [7] - The average 401(k) balance reached an all-time high of $144,400 in Q3 of 2025, reflecting a 9% increase from the previous year [8] Tariff Revenue and National Debt - In 2025, tariffs generated $287 billion in revenue, marking a 192% year-over-year increase, but this amount is insufficient to address the national debt exceeding $38.5 trillion [3][4] - Erica York from the Tax Foundation argues that there are no leftover funds to pay down debt after distributing tariff rebate checks [2][3] Real Estate Investment - Real estate remains a cornerstone for wealth-building, with Warren Buffett highlighting its value as a productive, income-generating asset [14] - Lightstone Group, a major real estate investment firm, manages over $12 billion in assets and offers accredited investors access to institutional-quality real estate with a minimum investment of $100,000 [16][17] Cash Management - High-yield accounts, such as the Wealthfront Cash Account, can provide competitive interest rates, with a base variable APY of 3.30% and an exclusive boost to 3.95% for new users [20][21] - These accounts allow for easy access to funds, with no minimum balances or account fees, ensuring liquidity for investors [21]

Financial Data and Key Metrics Changes - Blackstone reported GAAP net income for Q4 of $2 billion, with distributable earnings of $2.2 billion or $1.75 per common share, and declared a dividend of $1.49 per share [3][4] - For the full year, distributable earnings increased 20% to $7.1 billion, while fee-related earnings rose 9% to $5.7 billion, and management fees grew 12% to $8 billion [31][27] - Assets under management (AUM) increased 13% year-over-year to approximately $1.3 trillion, marking a new industry record [5][31] Business Line Data and Key Metrics Changes - The infrastructure platform grew 40% year-over-year to $77 billion, with over $4 billion raised in Q4 [16] - BXMA reported a gross return of 13% for 2025, with net inflows of $6.3 billion, the highest in nearly 15 years [17] - In credit, total assets managed reached $520 billion, up 15% year-over-year, with inflows exceeding $140 billion in 2025 [19] Market Data and Key Metrics Changes - Private wealth fundraising increased 53% year-over-year to $43 billion, contributing to a total AUM growth of 16% in this segment [4][22] - The insurance channel's AUM grew 18% year-over-year to $271 billion, with significant demand for private credit solutions [20][21] - The individual investor channel's AUM tripled over the past five years, exceeding $300 billion [22] Company Strategy and Development Direction - Blackstone is focusing on thematic areas such as digital infrastructure, private credit, and life sciences, with a strong emphasis on AI-driven investment opportunities [8][10] - The firm is well-positioned to benefit from the ongoing AI and power investment mega cycle, with nearly $200 billion of dry powder available for future investments [12][10] - The company anticipates a resurgence in capital markets activity, with IPO and M&A activities accelerating [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to navigate geopolitical uncertainties and a complex operating environment, citing strong operating fundamentals [7][12] - The outlook for 2026 is optimistic, with expectations for continued growth in management fees and net realizations, driven by a favorable investment environment [35][36] - Management highlighted the importance of investment performance, with strong returns across various funds, particularly in infrastructure and corporate private equity [31][33] Other Important Information - Blackstone's fundraising success has led to a significant increase in AUM, with a record level of inflows in Q4 [4][5] - The firm has executed multiple privatizations and investments, including a notable $18 billion acquisition in the medical technology sector [8][9] - The company is actively innovating in the private wealth market, expecting 2026 to be a busy year for product launches [24] Q&A Session Summary Question: What sectors and industries will you be leaning into for the record IPO pipeline? - The focus will be primarily on the corporate space, particularly energy and electricity sectors, with expectations for increased activity in India and some real estate opportunities [38] Question: How is AI being deployed across portfolio companies? - AI is enhancing productivity in software engineering and customer engagement, with early positive impacts observed in various operational areas [41] Question: What is the outlook for direct lending in both wealth and institutional markets? - Institutional confidence remains strong, while the wealth side has seen some redemptions; however, performance metrics are healthy, and inflows have been positive recently [46][48] Question: How does the firm plan to maintain growth and preserve culture as it scales? - The firm emphasizes a strong commitment to delivering for customers and maintaining a performance-driven culture, which is crucial as it continues to grow [62]