Financial Data and Key Metrics Changes - The company reported a GAAP net income of $283.9 million, or $0.53 per diluted share, with a return on equity of 17% [17] - Earnings available for distribution were $291.1 million, or $0.54 per diluted share, reflecting an 18% return on equity [17] - Book value increased to $6.7 billion, or $12.71 per share, up from $12.39 in the prior quarter [17] - The company ended the quarter with a record cash and liquidity amount of $2.1 billion [17] Business Line Data and Key Metrics Changes - Genesis, the company's RTL lender, achieved a record quarter of production, with origination more than doubling since its acquisition in 2022 [6][12] - NewRez, the mortgage company, is the fourth largest originator with $16 billion in funded volume, up 38% quarter over quarter [34] - The servicing portfolio reached $864 billion, with a 19% return on equity for the servicing business [34][39] Market Data and Key Metrics Changes - The asset management business, including Sculptor, managed $36 billion in assets, with an increase of $3.5 billion since the last quarter [22] - The company is seeing inflows across its investment teams, particularly in real estate and asset-based finance products [6][22] Company Strategy and Development Direction - The company aims to grow its asset management platform and is focused on creating synergies and increasing earnings [10][29] - There is a strong emphasis on opportunistic acquisitions and scaling up credit and origination business lines [10][29] - The company is exploring opportunities in the insurance sector and considering M&A activities to enhance its offerings [50][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment, anticipating one or two rate cuts this year [24] - The company is focused on maintaining a competitive edge in the asset-based finance space and is optimistic about future growth opportunities [7][29] - Management highlighted the importance of technology and operational efficiency in driving growth and reducing costs [40] Other Important Information - The company has paid out over $6 billion in dividends since inception, indicating a strong commitment to returning value to shareholders [11] - The company is exploring the potential for a C Corp structure to enhance its asset management capabilities [66] Q&A Session Summary Question: Any updated thoughts on Nuurez listing? - Management indicated that they are focused on growing the business and earnings before considering a separate listing for Nuurez [43][44] Question: How will changes in the mortgage market impact NewRez's strategy? - Management noted that growth is expected in the non-QM business and that they are opening new origination channels [58][59] Question: What are the plans for insurance M&A? - Management is looking at smaller insurance acquisitions to grow the business rather than large-scale purchases [50][86] Question: How does the company view capital allocation across segments? - Management stated that capital can be allocated flexibly across different segments based on where the best returns can be generated [71][72] Question: What is the potential for the SMA in residential transition lending? - Management expressed excitement about the SMA and its potential to raise third-party capital while maintaining earnings at the corporate level [96][97]

Financial Data and Key Metrics Changes - GAAP net income for the quarter was $283.9 million, or $0.53 per diluted share, with a return on equity of 17% [18] - Earnings available for distribution were $291.1 million, or $0.54 per diluted share, reflecting an 18% return on equity [18] - Book value increased to $6.7 billion, or $12.71 per share, up from $12.39 in the prior quarter [19] - The company ended the quarter with a record cash and liquidity amount of $2.1 billion [19] Business Line Data and Key Metrics Changes - Genesis Capital achieved a record quarter of production, with origination more than doubling since its acquisition in 2022 [6][10] - NewRez, the mortgage company, reported a 38% increase in funded volume, reaching $16 billion [36] - The servicing portfolio for NewRez is now $864 billion, with a 19% return on equity for the quarter [36][25] - Rhythm Asset Management saw an increase of $3.5 billion in assets under management (AUM), totaling $36 billion [24] Market Data and Key Metrics Changes - The company noted a robust pipeline for mergers and acquisitions, focusing on scaling up credit and origination business lines [10] - The asset-based finance (ABF) market is highlighted as a key area of growth, with the company controlling both origination and servicing [7][8] Company Strategy and Development Direction - The company aims to grow its asset management platform and differentiate itself through performance and trust with investors [8][10] - There is a focus on opportunistic acquisitions and scaling up the credit business, with a desire to enter the insurance market [51][52] - The company is exploring the potential for a separate listing for NewRez but is currently focused on growing the business [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment, anticipating one or two rate cuts this year [26] - There is a belief that policy uncertainty is declining, which could benefit investment products [27] - The company is cautious about credit markets but sees opportunities in the non-QM space and direct lending [90] Other Important Information - The company has paid out over $6 billion in dividends since inception, implying a stock price of about $25 based on historical payouts [12] - The company is focused on maintaining a balance between funding through its balance sheet and third-party capital [95][96] Q&A Session Summary Question: Any updated thoughts on Nuurez and unlocking value? - Management indicated that they are focused on growing Nuurez and enhancing earnings before considering a separate listing [45][46] Question: How will changes in the mortgage market impact NewRez's strategy? - Management noted significant growth in the non-QM business and plans to continue expanding origination channels [60][61] Question: What are the most logical ways to optimize Rhythm's corporate structure? - Management is evaluating the merits of a C Corp structure and the need for scale in the REIT business [66][67] Question: How does the partnership at Genesis support capital allocation? - Management stated that capital can be allocated flexibly across segments to generate the best returns for shareholders [73][74] Question: What type of insurance acquisitions are being considered? - Management is looking at broader insurance opportunities, including P&C and life insurance, to complement their asset management capabilities [88][89]

Core Insights - Amundi is hosting a workshop focused on its Third-Party distribution platform, highlighting its growth and strategic importance [2][4] - The Third-Party distribution business has been the fastest-growing segment for Amundi, with assets under management more than doubling since 2020 to €401 billion by the end of 2024 [3][4] - The platform now accounts for 18% of Amundi's total assets and 57% of its retail assets, with net inflows of €74 billion from 2021 to 2024 and an additional €8 billion in Q1 2025 [4] Company Overview - Amundi is Europe's leading asset manager, managing €2.25 trillion in assets and serving 100 million clients globally [6][7] - The company offers a comprehensive range of investment solutions, including active and passive management, model portfolios, and technological tools [6][7] - Amundi's commitment to responsible investment and its extensive research capabilities position it as a key player in the asset management industry [8] Market Trends - The growth of Amundi's Third-Party distribution is supported by increasing global financial wealth, projected to grow by 6% annually to reach $367 trillion by 2028 [6] - The expansion of the private pensions market in Europe and Asia is expected to support an aging population, further driving demand for investment solutions [6] - The digital wealth segment continues to grow, with a concentration of relationships favoring large asset managers that offer a wide range of products and services [6]