Distributable Earnings (DE)

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Patria(PAX) - 2025 Q2 - Earnings Call Presentation
2025-08-01 13:00
Financial Performance - Patria reported IFRS net income attributable to shareholders of the parent company of $12.9 million for 2Q25[24] - Fee Related Earnings (FRE) reached $46.1 million in 2Q25, a 17% increase compared to 2Q24, with FRE per share at $0.29, up 11% year-over-year[39] - Distributable Earnings (DE) were $38.8 million in 2Q25, a 15% increase compared to 2Q24, with DE per share at $0.24, up 9% year-over-year[40] - Management fees totaled $81.0 million in 2Q25, up 15% compared to 2Q24[39] - Total fee revenues reached $81.1 million in 2Q25, reflecting a 14% increase from $71.1 million in 2Q24[40] Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $48.7 billion as of quarter end, up 21% from $40.3 billion in 2Q24[39, 59] - Fee Earning AUM (FEAUM) totaled $37.2 billion, up 20% from $31.1 billion in 2Q24[39, 63] - The company has $3.3 billion in pending FEAUM as of quarter end[39] Fundraising and Deployment - Total fundraising amounted to $1.3 billion in 2Q25[39] - Total deployment in drawdown funds was $674 million in 2Q25[39] - The company expects full-year fundraising to be 5%-10% higher than the initial $6 billion target[28] Dividends and Corporate Actions - Patria declared a quarterly dividend of $0.15 per common share, payable on September 15, 2025[39] - The board approved a new 3 million share repurchase authorization[39]
Blackstone(BX) - 2025 Q2 - Earnings Call Presentation
2025-07-24 13:00
Financial Highlights - Total Segment Revenues reached $2,549.403 million in Q2 2025[2], a significant increase from $2,485.848 million in Q2 2024[2] - Distributable Earnings were $1,565.763 million in Q2 2025[2], compared to $1,410.805 million in Q2 2024[2] - Fee-Earning Assets Under Management (AUM) increased to $887,114.2 million[2] Segment Performance - Real Estate segment revenue totaled $902.557 million in the second quarter of 2025[3] - Private Equity segment revenue was $4,828.511 million[9] - Credit & Insurance segment revenue reached $841.752 million[5] - Multi-Asset Investing segment revenue was $130.791 million[6] Real Estate Details - Real Estate Fee-Earning Assets Under Management reached $324,994.7 million[3] - Real Estate segment distributable earnings were $616.363 million[3] Private Equity Details - Private Equity Fee-Earning Assets Under Management were $176,997.3 million[9] - Private Equity segment distributable earnings totaled $2,639.474 million[9] Credit & Insurance Details - Credit & Insurance Fee-Earning Assets Under Management reached $288,931.2 million[5] - Credit & Insurance segment distributable earnings were $395.785 million[5] Multi-Asset Investing Details - Multi-Asset Investing Fee-Earning Assets Under Management were $71,818.7 million[6] - Multi-Asset Investing segment distributable earnings totaled $50.943 million[6]
Blue Owl Capital (OWL) - 2025 Q1 - Earnings Call Transcript
2025-05-01 14:00
Financial Data and Key Metrics Changes - The company reported a 31% increase in management fees, with approximately 90% derived from permanent capital vehicles [35] - Fee-related earnings (FRE) grew by 23%, while distributable earnings (DE) increased by 20% on a last twelve months (LTM) basis [35][23] - The company raised $6.7 billion in equity during the first quarter and $29.4 billion over the last twelve months, marking a 76% increase from the prior year [36] Business Line Data and Key Metrics Changes - In direct lending, gross origination reached nearly $13 billion, with net origination over $4.5 billion for the quarter, more than double the previous quarter's net origination [26] - The direct lending portfolio gross returns were 3.1% in the first quarter and 13.3% over the last twelve months [39] - The net lease strategy saw a record quarter of commitments totaling $3.8 billion, with commitments over the last twelve months reaching $8 billion at an average cap rate of roughly 8% [46] Market Data and Key Metrics Changes - The company raised over $6.5 billion in the first quarter, with $4 billion raised in private wealth, primarily across perpetually distributed products and GP stakes [25] - The company noted a significant increase in investor interest in alternative credit solutions, particularly as traditional securitization markets face challenges [22] Company Strategy and Development Direction - The company is focused on innovation, diversification, and scale, aligning with the ongoing evolution of the alternatives industry [11] - The strategy emphasizes downside protection, income generation, and inflation protection, which are particularly valuable in volatile markets [18] - The company aims to leverage its permanent capital model to provide stability and predictability in uncertain economic environments [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current market volatility, citing a strong track record of performance during previous disruptions [16] - The company anticipates continued growth in FRE per share, expecting to narrow the gap between FRE growth and FRE per share growth over the next few years [56] - Management highlighted the defensive nature of their business model, which is expected to perform well even in challenging economic conditions [50] Other Important Information - The company completed the merger of OTF and OTF2, positioning OTF as the largest technology-focused BDC in the public market, which is expected to drive additional management fees [20] - The company has over $23 billion of assets under management (AUM) that will begin to pay management fees once capital is deployed, potentially driving an incremental $290 million in revenue [19] Q&A Session Summary Question: How to bridge the gap from stable growth to better earnings per share growth? - Management acknowledged a gap between FRE growth and FRE per share growth due to acquisitions and expects this gap to narrow in the coming years, targeting 20% growth in FRE per share over the next five years [55][56] Question: Evolution of retail investors' behavior during volatility? - Management noted that retail investors are increasingly recognizing the benefits of stability and predictability offered by Blue Owl products, especially during volatile periods [60][64] Question: Drivers for expected acceleration in institutional business? - Management highlighted the launch of flagship funds and new products as key drivers for anticipated growth in institutional fundraising throughout the year [68][76] Question: Dynamics of GP stakes fees and future run rate? - Management explained that the decline in GP stakes fees was due to a fee step down and catch-up fees from the previous quarter, indicating a clean quarter for management fees [84][86] Question: Spread and pricing dynamics in the market? - Management indicated that dislocated environments are beneficial for the company, with expectations for spreads to widen as competition in the public market diminishes [90][95]
Blue Owl Capital (OWL) - 2025 Q1 - Earnings Call Transcript
2025-05-01 14:00
Financial Data and Key Metrics Changes - The company reported fee-related earnings (FRE) of $0.23 per share and distributable earnings (DE) of $0.21 per share for Q4 2024, with full-year FRE at $0.86 and DE at $0.77 per share [8][9] - For the last twelve months, management fees increased by 31%, FRE grew by 23%, and DE rose by 20% [36][23] - The company raised $6.7 billion in equity in Q1 2025 and $29.4 billion over the last twelve months, marking a 76% increase from the prior year [37][23] Business Line Data and Key Metrics Changes - In direct lending, gross origination was nearly $13 billion, with net origination over $4.5 billion for the quarter, more than double the previous quarter's net origination [26][27] - The net lease strategy saw a record quarter of commitments totaling $3.8 billion, with commitments over the last twelve months reaching $8 billion at an average cap rate of roughly 8% [46][32] - The alternative credit portfolio generated gross returns of 6.1% in Q1 and 15.2% over the last twelve months [44] Market Data and Key Metrics Changes - The company raised over $6.5 billion in the first quarter, with $4 billion raised in private wealth, primarily across perpetually distributed products and GP stakes [25][37] - The company noted a significant increase in fundraising from institutional channels, with expectations for stronger fundraising in Q2, Q3, and Q4 due to flagship fund launches [76][78] Company Strategy and Development Direction - The company is focused on innovation, diversification, and scale, with a strategy aimed at downside protection, income generation, and inflation protection [11][19] - The merger of OTF and OTF2 is expected to drive approximately $135 million of incremental annual management fees, enhancing revenue visibility [21] - The company is actively pursuing opportunities in alternative credit and digital infrastructure, anticipating increased market share as traditional markets face challenges [30][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience amid economic uncertainties, highlighting the defensive nature of its business model [18][50] - The company expects to see increased demand for private credit solutions as traditional markets face volatility, with a focus on maintaining strong credit quality [27][92] - Management anticipates a narrowing gap between FRE growth and FRE per share growth, projecting 20% growth in FRE per share over the next five years [58] Other Important Information - The company declared an annual fixed dividend of $0.90 for 2025, a 25% increase from the prior year [9] - The company has over $23 billion of assets under management (AUM) that will begin to pay management fees once capital is deployed, driving an incremental $290 million of revenue [21] Q&A Session Summary Question: How to bridge the gap from stable growth to better earnings per share growth? - Management acknowledged a gap between FRE growth and FRE per share growth due to acquisitions, expecting this gap to narrow as they progress [56][58] Question: Evolution of retail investors' behavior during volatility? - Management noted that retail investors are increasingly recognizing the benefits of stable, income-oriented products during volatile periods, leading to optimism about future adoption [61][65] Question: Drivers behind expected acceleration in institutional business? - Management highlighted the launch of flagship funds and new products as key drivers for expected acceleration in institutional fundraising [76][78] Question: Decline in GP stakes fees relative to AUM growth? - Management explained that the decline was due to a fee step down and catch-up fees from the previous quarter, indicating a clean quarter for management fees [82][84] Question: Spread and pricing dynamics in the market? - Management indicated that dislocated environments are beneficial for the company, with expectations for spreads to widen as competition in the public market decreases [88][92]