Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $251 million for Q3 2025, reflecting a 17% year-over-year increase [20] - Economic earnings per share grew 27% year-over-year to $6.10, benefiting from share repurchases [21] - The company anticipates fourth-quarter adjusted EBITDA to range between $325 million and $370 million, with expected economic earnings per share between $8.10 and $9.26 [21][22] Business Line Data and Key Metrics Changes - The company achieved $9 billion in net client cash inflows for Q3 2025, bringing year-to-date total net inflows to $17 billion, representing a 3% annualized organic growth rate [12][20] - Affiliates generated $18 billion in net inflows in alternatives, offsetting $9 billion in outflows from active equities [13] - Liquid alternatives saw record net inflows of $14 billion, driven by tax-aware solutions [13][56] Market Data and Key Metrics Changes - The company’s affiliates manage $353 billion in alternative assets under management (AUM), contributing 55% of EBITDA on a run-rate basis [6] - Approximately $76 billion in alternative AUM was added through organic growth and new affiliate investments, marking a nearly 30% increase in total alternative AUM [5][6] Company Strategy and Development Direction - The company is focused on expanding its investment in growth by partnering with new and existing affiliates, particularly in alternative strategies [7][10] - A strategic collaboration with Brown Brothers Harriman aims to develop innovative products and deliver structured credit solutions to the wealth channel [8][17] - The company has committed over $1 billion across five new growth investments in 2025, enhancing its participation in areas of secular growth [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate long-term earnings growth, driven by strong organic growth and capital allocation strategies [10][22] - The company anticipates a meaningful increase in full-year economic earnings per share in 2026, supported by strong organic growth and new investments [7][22] - Management highlighted the ongoing demand for alternative strategies and the potential for margin expansion at key affiliates [22][46] Other Important Information - The company repurchased approximately $77 million in shares during Q3 2025, with year-to-date repurchases totaling approximately $350 million [24] - The company expects to repurchase at least $500 million in shares for the full year, subject to market conditions [24] Q&A Session Summary Question: Inquiry about franchise momentum and BBH collaboration - Management acknowledged the strong momentum in both organic and inorganic growth, highlighting the strategic collaboration with BBH as a significant opportunity [28][30] Question: Contextualizing growth expectations for 2026 - Management indicated that the combination of new investments, share repurchases, and net inflows from alternatives will significantly impact 2026 earnings per share [42][45] Question: Details on liquid alternatives flows and AQR strategies - Management noted that AQR's diverse strategies and focus on after-tax outcomes have contributed to strong inflows, with a significant opportunity for future growth [51][60]

Group 1: Fund Overview - The XAI Madison Equity Premium Income Fund (NYSE: MCN) aims to provide a high level of current income and gains, with a secondary objective of capital appreciation [3] - The Fund invests primarily in high quality, large and mid-capitalization stocks that are considered reasonably priced relative to their long-term earnings growth rates [3] - The Fund employs a strategy of selling covered call options on its portfolio stocks to generate current earnings from option premiums [3] Group 2: Upcoming Webinar - The Fund will host its Quarterly Webinar on November 6, 2025, at 11:00 am (Eastern Time) [1] - Jared Hagen will moderate the webinar, featuring Kimberly Flynn and Ray Di Bernardo [1] Group 3: Company Background - XA Investments LLC, founded in 2016, serves as the investment adviser for the XAI Madison Equity Premium Income Fund and other funds [4] - Madison Investments, established in 1974, manages approximately $29.6 billion in assets as of September 30, 2025, and has experience in covered call strategies [6]