Equitable (NYSE:EQH) Q4 2025 Earnings call February 05, 2026 10:00 AM ET Company ParticipantsAlex Scott - CFAErik Bass - Head of Investor RelationsMark Pearson - CEO and PresidentNick Lane - PresidentOnur Erzan - PresidentRobin Raju - CFOTom Gallagher - Senior Managing DirectorConference Call ParticipantsJimmy Bhullar - Equity Research AnalystJoel Hurwitz - Equity Research AnalystMichael Ward - Equity Research AnalystSuneet Kamath - Research AnalystWes Carmichael - CFA and Senior AnalystYaron Kinar - Managi ...

Earnings Presentation NASDAQ: OCSL First Quarter 2026 Forward Looking Statements & Legal Disclosures Some of the statements in this presentation constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation may include statements as to: our future operating results and distribution projections; the ability of Oaktree Fund Advisors, LLC (together with its affiliates, "Oaktree") to impl ...

Core Insights - Ameriprise Financial Services (AMP) reported a revenue of $4.92 billion for the quarter ended December 2025, marking a year-over-year increase of 10.2% and exceeding the Zacks Consensus Estimate by 4.45% [1] - The earnings per share (EPS) for the same period was $10.83, up from $9.36 a year ago, representing a surprise of 5.27% over the consensus EPS estimate of $10.29 [1] Financial Performance Metrics - Total Assets Under Management reached $1.3 billion, slightly above the average estimate of $1.29 billion [4] - Total Assets Under Administration were reported at $355.5 million, compared to the estimated $349.71 million [4] - Total Assets Under Management, Administration, and Advisement totaled $1.69 billion, exceeding the average estimate of $1.63 billion [4] - Management and financial advice fees generated revenues of $3.1 billion, a 14% increase year-over-year, surpassing the average estimate of $2.89 billion [4] - Revenues from Asset Management were reported at $1.04 billion, exceeding the average estimate of $924.22 million, reflecting an 11.7% year-over-year change [4] Stock Performance - Ameriprise shares have returned +1.9% over the past month, outperforming the Zacks S&P 500 composite's +0.8% 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 - BlackRock reported its Q4 and full-year 2025 earnings, highlighting strategic job cuts and record Asset Under Management (AUM) [1] - The firm laid off over 250 employees, representing 1% of its global workforce, as part of its strategy to focus on alternative investments [2] - BlackRock's stock price increased by 8% year-to-date, despite a downgrade from TD Cowen, which lowered the price target from $1,407 to $1,209 [2][3] Financial Performance - BlackRock increased its quarterly dividend by 10% to $5.73 per share, while the full-year diluted EPS decreased by 16% to $35.31 due to acquisition-related expenses and noncash charitable contributions [6] Strategic Moves - The firm completed the acquisition of HPS Investment Partners for $12 billion, fully paid in BlackRock equity, and is creating Private Financing Solutions (PFS) to integrate its private credit and CLO businesses [3][4] - CEO Laurence D. Fink anticipates a more rewarding and diversified 2026, emphasizing the firm's diverse offerings including private markets and digital assets [5]

Core Insights - Euro Pacific Asset Management, LLC sold 156,001 shares of Kinross Gold Corporation for an estimated $3.0 million, reducing its stake to 776,378 shares, which now represents 2.02% of its reportable assets under management [2][3] Company Overview - Kinross Gold Corporation reported a total revenue of $6.07 billion and a net income of $1.53 billion for the trailing twelve months (TTM) [4] - The company has a dividend yield of 0.47% and its share price as of October 13, 2025, was $25.51 [4] Business Model - Kinross Gold operates an integrated model that includes acquisition, exploration, extraction, and processing of gold-containing ores, generating revenue primarily from gold mining operations across various countries including the United States, Russia, Brazil, Chile, Ghana, and Mauritania [5][6] Market Performance - As of October 13, 2025, Kinross Gold's stock price increased by 158.7% over the past year, significantly outperforming the S&P 500 by 146.24 percentage points [3] - The company expects to produce approximately 2.0 million ounces of gold at an all-in sustaining cost of $1,500 per ounce sold [9] Financial Highlights - In the second quarter, Kinross Gold achieved a record free cash flow of $646.6 million, with margins increasing by 68% year over year to $2,204 per ounce due to soaring gold prices [8][9]

Core Insights - SEI Investments (SEIC) reported revenue of $578.51 million for the quarter ended September 2025, marking a year-over-year increase of 7.7% and an EPS of $1.30 compared to $1.19 a year ago, with an EPS surprise of +4% [1][3] Financial Performance - Revenue of $578.51 million represents a slight miss of -0.17% against the Zacks Consensus Estimate of $579.5 million [1] - The company’s shares have returned -4.3% over the past month, contrasting with the Zacks S&P 500 composite's +1.1% change [3] Assets Under Management - Investments in New Business: $3.24 billion, slightly below the $3.29 billion average estimate [4] - Investment Advisors: $88.64 billion, exceeding the $86.94 billion average estimate [4] - Private Banks: $31.21 billion, slightly above the $31.17 billion estimate [4] - Institutional Investors: $84.26 billion, below the $84.63 billion average estimate [4] - LSV - Equity and Fixed Income programs: $95.8 billion, surpassing the $93.64 billion average estimate [4] Revenue Breakdown - Revenue from Investment Advisors: $147.47 million, a +16.3% change year-over-year, exceeding the $143.82 million estimate [4] - Revenue from Investment Managers: $207.05 million, a +12.2% change year-over-year, above the $204.78 million estimate [4] - Revenue from Private Banks: $143.99 million, a +3.8% change year-over-year, slightly below the $145.32 million estimate [4] - Revenue from Institutional Investors: $71.83 million, a +0.3% change year-over-year, close to the $72.05 million estimate [4] - Revenue from Information processing and software servicing fees: $116.55 million, a +2.7% change year-over-year, below the $122.9 million estimate [4] - Revenue from Asset management, administration and distribution fees: $461.96 million, a +9% change year-over-year, slightly above the $461.68 million estimate [4]

Core Insights - Pacer Advisors, Inc. has significantly reduced its holdings in United Parcel Service (UPS), selling 3,884,101 shares for approximately $351.8 million, leaving them with 533,764 shares valued at $44.59 million [1][2][3] Company Overview - United Parcel Service, Inc. is a global leader in integrated freight and logistics, operating in over 200 countries and territories, leveraging a vast transportation network and advanced technology for reliable delivery services [5][6] - The company reported a total revenue of $90.17 billion and a net income of $5.73 billion for the trailing twelve months (TTM), with a dividend yield of 7.79% [4] Performance Metrics - As of October 14, 2025, UPS shares were priced at $84.05, reflecting a 37.5% decline over the past year and underperforming the S&P 500 by 47.9 percentage points [3][4] - Over the last three years, UPS shares have decreased nearly 48%, while the S&P 500 has gained about 86%, indicating a significant underperformance of 134% compared to the benchmark [9] Financial Challenges - Key financial metrics for UPS have shown a downward trend, with revenue falling by 10%, net income dropping by 50%, and free cash flow declining by 62% since 2022 [9]

Core Insights - BlackRock Inc. reported stronger-than-expected third-quarter results, with assets under management (AUM) reaching a record level due to robust market performance and solid net inflows [1] Financial Performance - Earnings per share for the quarter were $11.55, exceeding Wall Street's consensus estimate of $11.31 [2] - Revenue increased by 25% year-over-year to $6.51 billion, surpassing expectations of $6.29 billion [2] - Adjusted operating income rose 23% to $2.61 billion [3] Assets Under Management - AUM reached a record $13.46 trillion, supported by $205 billion in net inflows [3] - iShares ETFs achieved an all-time high in quarterly inflows, contributing to a 10% annualized organic base fee growth [3] Growth Drivers - The increase in revenue was driven by market appreciation, performance fees from GIP and HPS transactions, and growth in technology and subscription-based income [2] - CEO Laurence Fink highlighted multiple sources of growth, including strength in ETFs, private markets, and digital asset initiatives [4] - The firm's technology and data analytics expansion is driving significant fundraising and deal flow [4] Client Demand - There is growing client demand for deeper, more dynamic partnerships across public and private assets, validating the firm's strategic approach [4]

Core Insights - AGF Management Limited reported total assets under management (AUM) and fee-earning assets of $56.8 billion as of August 31, 2025, reflecting a 1.2% increase from the previous month and a 14.3% increase year-over-year [1][2]. AUM Breakdown - Total Mutual Fund AUM reached $32.9 billion, up from $32.7 billion in July 2025 and significantly higher than $28.1 billion in August 2024 [2][3]. - Exchange-traded funds and separately managed accounts increased to $3.5 billion from $3.2 billion month-over-month and up from $2.1 billion year-over-year [2]. - AGF Private Wealth AUM rose to $9.0 billion, compared to $8.8 billion in July 2025 and $8.2 billion in August 2024 [2]. - The subtotal of AUM before AGF Capital Partners was $52.1 billion, an increase from $51.4 billion in July 2025 and $44.8 billion in August 2024 [2]. AGF Capital Partners - AGF Capital Partners AUM remained stable at $2.6 billion, unchanged from July 2025 but slightly down from $2.8 billion in August 2024 [3]. - Fee-earning assets for AGF Capital Partners were reported at $2.1 billion, consistent with previous months and year [3]. Company Overview - AGF Management Limited, founded in 1957, is an independent asset management firm with a focus on public and private markets through three business lines: AGF Investments, AGF Capital Partners, and AGF Private Wealth [5][6]. - The firm emphasizes responsible and sustainable corporate practices, serving a diverse client base including financial advisors, high-net-worth individuals, and institutional investors [6][7]. - Headquartered in Toronto, Canada, AGF has a global presence with investment operations and client servicing teams in North America and Europe, serving over 815,000 investors [7].

Core Viewpoint - Silvercrest Asset Management Group reported a decline in earnings and revenue for Q2 2025, despite achieving record assets under management, indicating challenges in profitability due to rising costs and fee pressures [1][7][8]. Financial Performance - GAAP revenue for Q2 2025 was $30.7 million, down 1.0% from $31.0 million in Q2 2024, and slightly below analyst expectations [1][12]. - Non-GAAP EPS was $0.25, missing estimates by 16.7% and down from $0.30 in Q2 2024 [1][2]. - Adjusted EBITDA fell to $5.7 million, a decrease of 20.6% year-over-year [2]. - Net income dropped to $3.1 million, down 28.4% from the previous year [2]. Assets Under Management - Assets under management reached a record $36.7 billion, up 9.9% from $33.4 billion a year earlier [1][5]. - Discretionary AUM increased by 9.7% year-over-year, while non-discretionary AUM rose by 10.2% [5]. Client Flows - Overall net client flows were negative at ($0.4) billion, although this was an improvement from ($0.9) billion in Q2 2024 [6]. - Gross client inflows were $0.9 billion, with outflows at $1.3 billion [6]. Expense Management - Total expenses increased by 3.7% year-over-year, driven by a 1.7% rise in compensation and benefits and an 8.8% increase in general and administrative expenses [8]. - Adjusted EBITDA margin fell to 18.7% from 23.3% year-over-year [8]. Investment Strategies - Proprietary equity strategies showed mixed results, with the Large Cap Value composite returning 10.1% compared to its benchmark's 13.7%, while the Global Value Opportunity composite outperformed its benchmark with a return of 19.5% [9]. Shareholder Returns - The company completed a $12.0 million share repurchase and announced a new $25.0 million buyback authorization [10]. - The quarterly dividend was raised by 5% to $0.21 per share [10][13]. Future Outlook - Management expressed optimism about long-term growth, highlighting a strong pipeline for global investment strategies and new client acquisitions [11]. - Elevated expenses are expected to persist through at least 2026, with anticipated improvements in margins as growth investments begin to yield results [11][12].