Core Viewpoint - Carlyle Group Inc. reported strong first-quarter 2025 earnings, exceeding estimates and showing year-over-year growth in net income and segmental revenues, supported by an increase in assets under management and a decline in expenses [1][2][3]. Financial Performance - Post-tax distributable earnings per share for Q1 2025 were $1.14, surpassing the Zacks Consensus Estimate of 97 cents and up from $1.01 in the same quarter last year [1]. - Net income attributable to Carlyle was $130 million, a significant increase from $65.6 million in the prior-year quarter [2]. - Total segmental revenues reached $1.04 billion, reflecting a 1.9% increase year-over-year, although it fell short of the Zacks Consensus Estimate by 7.2% [3]. - Total segment fee revenues increased by 12.5% year-over-year to $642.9 million, driven by higher transaction and portfolio advisory fees [3]. - Realized performance revenues decreased by 10.7% from the previous year to $355.1 million [3]. - Total segmental expenses slightly decreased to $587.8 million [4]. Assets Under Management - As of March 31, 2025, total assets under management (AUM) were $453 billion, marking a 6.6% increase from the prior-year quarter [5]. - Fee-earning AUM was $314 billion, which rose by 3% year-over-year [5]. Capital Distribution Activities - In the reported quarter, Carlyle repurchased or withheld 3.3 million shares of common stock for $177 million, with $0.7 billion worth of shares remaining under authorization [6]. - The company declared a quarterly dividend of 35 cents per share, payable on May 27, 2025, to shareholders of record as of May 19, 2025 [6]. Industry Context - The competitive financial environment and volatile macroeconomic backdrop present challenges for Carlyle, despite the positive trends in AUM and revenue growth [7]. - Comparatively, other asset managers like Invesco and KKR also reported strong earnings, indicating a generally positive trend in the asset management industry [9][10].

Affiliated Managers Group Inc.’s (AMG) first-quarter 2025 economic earnings of $5.20 per share handily surpassed the Zacks Consensus Estimate of $5.10. The bottom line, however, declined 3.2% from the prior-year number.Shares of AMG have jumped more than 5% in pre-market trading in response to the better-than-expected results and bullish broader market sentiments.Results benefited from an improvement in the assets under management (AUM) balance. Further, the company had a robust liquidity position. However, ...

Financial Data and Key Metrics Changes - Total revenue for the fiscal third quarter of 2025 was $3.2 million, reflecting a 15% year-over-year growth [6][17] - Fee-paying assets under management (AUM) increased by 15% year-over-year, reaching approximately $565 million [7][17] - The company reported a net loss of $4.5 million for the quarter, compared to a net loss of $2.9 million in the prior year period [17] Business Line Data and Key Metrics Changes - The company launched Monomoy Construction Services through the acquisition of Greenfield CRE, enhancing its real estate capabilities [6][11] - Base management fees from Great Elm Capital Corp (GECC) grew over 40% year-over-year to $1.3 million [9] - Great Elm Credit Income Fund delivered returns on invested capital of approximately 13.9% net of fees since inception [10] Market Data and Key Metrics Changes - GECC raised approximately $147 million through equity and debt issuances in calendar year 2024, contributing to the growth in fee-paying AUM [7] - GECC generated record total investment income of $12.5 million, marking the highest cash income quarter in the company's history [8] Company Strategy and Development Direction - The company is focused on expanding its core credit and real estate platforms as part of its long-term growth strategy [6] - The acquisition of Greenfield CRE is expected to create revenue and operational synergies, enhancing the overall real estate value proposition [11][15] - The company aims to evaluate strategic opportunities to expand its businesses and add differentiated product offerings with attractive risk-adjusted return profiles [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of unrealized losses related to investments as market conditions stabilize [13][18] - The company remains committed to executing development projects to drive profitability and deliver value for both tenants and shareholders [10][15] Other Important Information - The company has approximately $32 million in cash available to facilitate continued growth across its asset management platforms [7][18] - Share repurchase program executed with approximately 4.8 million shares repurchased for $8.7 million at an average cost of $1.84 per share, representing a 15% discount to the quarter-end book value per share of $2.14 [12][13] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing comments from the CEO [19][20]

Financial Performance - For the first quarter of 2025, the company reported revenue of $57.3 million, a slight increase from $56.9 million in the same quarter of 2024 [2][39] - Operating income rose to $18.6 million, compared to $15.3 million in the first quarter of 2024, resulting in an operating margin of 32.4% [2][9] - Net income for the quarter was $18.3 million, leading to diluted earnings per share of $0.81, up from $0.64 in the prior year [2][39] Assets Under Management (AUM) - As of March 31, 2025, total AUM was $31.2 billion, a decrease of 1.6% from $31.7 billion at the end of 2024 [6][15] - The decline in AUM was attributed to net outflows of $0.7 billion and distributions of $0.1 billion, partially offset by net market appreciation of $0.3 billion [15][44] - The company entered a partnership with Keeley management, adding approximately $1.0 billion in AUM from four open-end funds and around 500 separately managed accounts [6][14] Revenue Breakdown - Investment advisory and incentive fees accounted for $53.8 million of total revenue, an increase from $52.5 million in the same quarter of 2024 [5][39] - Distribution fees and other income decreased to $3.5 million from $4.5 million year-over-year [5][39] - The increase in funds revenue was primarily due to higher average assets under management [5] Expenses - Total expenses for the first quarter were $38.7 million, down from $41.6 million in the same quarter of 2024 [2][8] - Compensation expenses decreased to $26.6 million, reflecting $2.8 million of waived compensation [8] - Other operating expenses remained relatively stable, with minor fluctuations compared to the previous year [8] Charitable Contributions - Since its IPO in February 1999, the company has donated approximately $80 million to charitable causes, with $48 million through a shareholder designated charitable contribution program [3] - A private foundation was established to continue the charitable giving program, with an initial contribution of $5 million [4] Return to Shareholders - In the first quarter of 2025, the company returned $14.1 million to shareholders through share repurchases and dividends [23] - A regular quarterly dividend of $0.08 per share was declared, payable on June 24, 2025 [24]

Core Insights - Sprott Inc. reported a significant increase in Assets Under Management (AUM), reaching $35.1 billion as of March 31, 2025, which is an 11% increase from $31.5 billion at the end of 2024, driven by rising gold prices and strong inflows into physical gold and silver strategies [2][4][7] AUM Highlights - AUM growth was attributed to over $3.1 billion in market value appreciation and approximately $407 million in net inflows during the first quarter of 2025 [2][4] - As of May 2, 2025, AUM further increased to $36.5 billion, reflecting an additional $816 million in net inflows and $629 million in market value appreciation [2][7] Revenue Highlights - Management fees for the quarter were $40 million, up 9% from $36.6 million in Q1 2024, primarily due to higher average AUM [8] - Net fees also increased by 9% to $35.6 million compared to $32.7 million in the same quarter last year [8] - Commission revenues decreased significantly by 73% to $0.3 million, attributed to a lack of at-the-market activity in critical materials [8] Expense Highlights - Net compensation expense rose by 8% to $17.5 million, driven by higher incentive compensation linked to increased net fee generation [8] - SG&A expenses slightly decreased by 1% to $4.1 million, mainly due to lower marketing costs [8] Earnings Summary - Net income for the quarter was $12 million ($0.46 per share), a 3% increase from $11.6 million ($0.45 per share) in Q1 2024 [8] - Adjusted EBITDA was reported at $21.9 million ($0.85 per share), up 11% from $19.8 million ($0.78 per share) in the same quarter last year [8] Dividend Announcement - The Board of Directors declared a quarterly dividend of $0.30 per share on May 6, 2025 [9] Company Overview - Sprott is a global asset manager specializing in precious metals and critical materials investments, with a diverse product suite that includes Exchange Listed Products, Managed Equities, and Private Strategies [35]

Core Viewpoint - Franklin Resources, Inc. (BEN) reported a preliminary assets under management (AUM) of $1.53 trillion as of April 30, 2025, reflecting a marginal decrease from the previous month due to long-term net outflows of $10 billion, which included $10 billion from Western Asset Management, partially offset by positive foreign exchange impacts [1] AUM Breakdown by Asset Class - Equity assets amounted to $597.3 billion, showing a slight decline from the previous month [2] - Fixed income AUM was $439.5 billion, down 1.5% from the prior month [2] - Alternative AUM increased marginally to $253.8 billion [2] - Multi-asset AUM stood at $174.2 billion, falling nearly 1% from March 2025 [2] - Cash management balance rose to $70 billion, up 1.6% from the previous month [2] Company Performance and Outlook - April was challenging for BEN due to long-term net outflows; however, improvements in alternative AUM and cash management, along with efforts for inorganic growth, are expected to support financials [3] - Over the past six months, BEN shares have decreased by 2.9%, contrasting with a 14% decline in the industry [4] Zacks Rank and Comparisons - Franklin currently holds a Zacks Rank 5 (Strong Sell) [6] - Other companies in the sector, such as Alliance Cap Management L.P. (AB) and Victory Capital Holdings, Inc. (VCTR), are set to announce their monthly performances soon, with AB shares rising 36.9% and VCTR shares gaining 16.6% over the past year [6]

Core Viewpoint - Franklin Resources Inc. reported second-quarter fiscal 2025 adjusted earnings of 47 cents per share, matching the Zacks Consensus Estimate but down from 56 cents in the prior year [1][2] Financial Performance - Net income on a GAAP basis was $151.4 million, reflecting a year-over-year increase of 21.9% [2] - Total operating revenues decreased by 1.9% year over year to $2.11 billion, surpassing the Zacks Consensus Estimate of $1.98 billion [3] - Investment management fees fell by 2.4% year over year to $1.67 billion, while sales and distribution fees increased by 1.8% to $364.9 million [4] - Total operating expenses declined by 2.9% year over year to $1.97 billion, with an operating margin of 6.9%, up from 6% in the previous year [5] Assets Under Management (AUM) - As of March 31, 2025, total AUM was $1.54 trillion, down 2.2% sequentially, with long-term net outflows of $26.2 billion during the quarter [6] - The average AUM decreased by 3.9% sequentially to $1.57 trillion [6] Capital Position - As of March 31, 2025, cash and cash equivalents and investments totaled $6.1 billion, while total stockholders' equity was $13.2 billion [7] Capital Distribution - In the reported quarter, the company repurchased 0.5 million shares for $10 million [8] Strategic Outlook - The company is focusing on diversifying its business through acquisitions and enhancing its distribution platform, which may support revenue growth despite rising expenses from technological upgrades [9]

Core Viewpoint - T. Rowe Price Group, Inc. reported better-than-expected adjusted earnings per share for Q1 2025, but experienced a year-over-year decline in net income and revenues, indicating mixed performance amidst rising expenses and market challenges [1][2][3]. Financial Performance - Adjusted earnings per share for Q1 2025 were $2.23, surpassing the Zacks Consensus Estimate of $2.09, but down 6.3% from the previous year [1]. - Net income on a GAAP basis was $490.5 million, a decline of 14.5% year-over-year, compared to an estimate of $439.8 million [2]. - Net revenues increased nearly 1% year-over-year to $1.76 billion, but fell short of the Zacks Consensus Estimate of $1.77 billion [3]. Revenue Sources - Investment advisory fees rose by 4% to $1.6 billion, exceeding the estimate of $1.63 billion [3]. - Capital allocation-based income significantly dropped to negative $1.2 million from $47.1 million in the prior-year quarter, primarily due to lower market returns [4]. Expenses and Costs - Total operating expenses increased slightly to $1.17 billion, below the estimate of $1.26 billion, while adjusted operating expenses were $1.14 billion, reflecting a 5.9% increase [4]. Assets Under Management (AUM) - As of March 31, 2025, total AUM grew 1.6% year-over-year to $1.57 trillion, although it was below the projected $1.69 trillion [5]. - The AUM was negatively impacted by net market depreciation and cash outflows totaling $8.6 billion [5]. Liquidity and Capital Distribution - The company maintained a strong liquidity position with cash and cash equivalents of $2.84 billion as of March 31, 2025, up from $2.65 billion at the end of 2024 [5]. - T. Rowe Price distributed $506 million to shareholders through dividends and share repurchases in the first quarter [6]. Strategic Outlook - The company’s solid AUM balance, expanding distribution reach, and diversification efforts through acquisitions are expected to support future growth [7]. - However, concerns remain regarding elevated expenses and reliance on investment advisory fees, alongside a challenging operating environment [7].

Financial Data and Key Metrics Changes - Fundraising in Q1 2025 totaled a record $3.2 billion, contributing to a target of $6 billion for the year [6][13] - Fee related earnings (FRE) were $42.6 million or $0.27 per share, representing a 2116% year-over-year growth [6][9] - Assets under management (AUM) grew to $46 billion, a 43% increase year-over-year and over 9% sequentially [11][26] - Distributable earnings were $37 million or $0.23 per share, up 12% year-over-year [9][33] Business Line Data and Key Metrics Changes - Fee earning AUM reached $35 billion, up 46% year-over-year and 6% sequentially [11][26] - Organic net inflows into fee earning AUM were over $700 million, reflecting an annualized growth rate of 8.6% [7][28] - Management fee revenue for Q1 was $77.3 million, up 28% year-over-year, driven by acquisitions [28] Market Data and Key Metrics Changes - Approximately 20% of fee earning AUM were in permanent capital vehicles, a key long-term objective [14][22] - Strong demand from Asian sovereign wealth funds resulted in $1 billion of commitments in customized investment accounts [14][20] - Local investors accounted for about 17% of fundraising in Q1 2025, indicating growing interest in alternative strategies [22] Company Strategy and Development Direction - The company aims to diversify and grow both organically and inorganically, enhancing resilience amid global uncertainty [23][24] - Focus on local consumption markets and resilient sectors such as healthcare and agribusiness [19][40] - The strategy includes increasing the proportion of assets that earn fees based on net asset value, which supports long-term compounding [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to weather economic uncertainty and potential global recession, highlighting Latin America's attractiveness for investment [17][18] - The company anticipates that geopolitical tensions may lead to increased foreign direct investment in Latin America [18][20] - Management remains cautious about extrapolating Q1 fundraising success across the entire year due to the unpredictable nature of large customized accounts [16][53] Other Important Information - The company expects FRE margins to fall within the range of 58% to 60% for the full year [32][72] - The effective tax rate for Q1 was 9.2%, with expectations to trend towards 10% by 2027 [33] - A quarterly dividend of $0.15 per share was approved for 2025 [34] Q&A Session Summary Question: How are portfolios positioned from higher tariffs in the U.S.? - Management indicated that most investments are Latin America-oriented, with minimal exposure to Mexico, and sectors are resilient and locally driven [40][42] Question: Could Chinese institutions divert allocations from U.S. to LatAm? - Management confirmed that conversations with Chinese investors have intensified, reflecting a shift away from U.S. exposure [45][48] Question: Is there potential upside to the $6 billion fundraising target? - Management maintained the $6 billion target but acknowledged the strong start with $3.2 billion raised in Q1 [52][53] Question: Update on integration of M&A completed last year? - Management reported that 2025 is focused on integration, with no major issues encountered and synergies expected to improve margins [67][72] Question: Overview of the $3.5 billion pending fee AUM? - Management indicated that most of the pending fee AUM will be allocated to infrastructure and GPMS, with deployment expected over the next four to six quarters [78][80]

Apollo Global Management, Inc. (APO) is scheduled to announce first-quarter 2025 results on May 2, before market open. APO’s quarterly earnings and revenues are expected to have increased from the year-ago reported levels.In the last reported quarter, Apollo’s earnings surpassed the Zacks Consensus Estimate. Results were primarily aided by a rise in assets under management balances, along with a decline in expenses. However, lower revenues acted as headwinds in the quarter.APO’s earnings beat the consensus ...