Financial Data and Key Metrics Changes - The company achieved record-high gross flows and net flows finished just under flat for the quarter, with total assets reaching $313 billion [5] - Adjusted EBITDA set a new all-time quarterly high at $191 million, resulting in an adjusted EBITDA margin of 52.7% [5][22] - Adjusted earnings per diluted share rose to a record $1.63, up 4% from the second quarter and 20% higher than the quarter preceding the Amundi transaction [5][22] - Revenue increased 3% from the second quarter to $361.2 million, with average assets for the quarter rising 7% quarter over quarter [21] - The company returned a total of $163 million to shareholders in the quarter, marking an all-time high [22][28] Business Line Data and Key Metrics Changes - Long-term gross flows rose 10% quarter over quarter to $17 billion, reflecting the expanded U.S. distribution team and strong sales outside the U.S. [5][24] - Multiple investment franchises generated positive net long-term flows, including Victory Income Investors, Pioneer Investments, RS Global, Trivalent, and the VictoryShares ETF platform [24] - Year-to-date positive net flows for the ETF platform reached $5.4 billion, representing a 53% organic growth rate [13] Market Data and Key Metrics Changes - The company currently manages $52 billion of AUM from clients outside the U.S. across 60 countries, with net flows remaining positive [7] - 17% of total AUM was from investors outside the United States as of quarter end [23] Company Strategy and Development Direction - The company aims to be a $1 trillion firm, focusing on strategic acquisitions that enhance its competitive position and shareholder value [34][36] - The integration process at Pioneer Investments is ahead of plan, with $86 million of net expense synergies achieved on a run-rate basis [6][40] - The company is investing in expanding its distribution capacity outside the U.S. and launching new UCITS products [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the distribution opportunities outside the U.S. and the potential for significant growth in 2026 [11][48] - The company anticipates a transformational opportunity in the non-U.S. segment, with strong sales expected from legacy Victory products [48] - Management highlighted the importance of strategic acquisitions in a fragmented industry, emphasizing the need for firms to partner to grow [36][72] Other Important Information - The company has achieved $86 million of net expense synergies and expects to reach a total of $110 million [6][25] - The balance sheet remains strong with $116 million of cash and a net leverage ratio of 1.1x, providing financial flexibility for growth [22][28] Q&A Session Summary Question: M&A Strategy and Focus - Management aims for strategic acquisitions rather than purely financial transactions, with a focus on enhancing the company's capabilities and shareholder value [34][36] Question: Pioneer Acquisition Synergies - The company is ahead of synergy targets due to conservative planning and the identification of operational efficiencies [38][40] Question: Non-U.S. Business Performance - Positive net sales have primarily come from the Pioneer franchise, with expectations for increased flows from legacy Victory products in 2026 [46][48] Question: Inorganic Pipeline and Risks - The inorganic pipeline is full, with active discussions ongoing, and the environment for acquisitions has improved [72][73] Question: Integration Challenges with Alternatives - Management is aware of cultural integration challenges and has been patient in observing the market before pursuing acquisitions in the alternatives space [77]

Financial Data and Key Metrics Changes - Victory Capital achieved record-high gross flows and net flows finished just under flat for the quarter, with total assets reaching $313 billion [4] - Adjusted EBITDA set a new all-time quarterly high at $191 million, resulting in an adjusted EBITDA margin of 52.7% [4][22] - Adjusted earnings per diluted share rose to a record $1.63, up 4% from the second quarter and 20% higher than the quarter immediately preceding the Amundi transaction [4][22] Business Line Data and Key Metrics Changes - Long-term gross flows rose 10% quarter over quarter to $17 billion, reflecting the expanded U.S. distribution team and strong sales outside the U.S. [4] - The ETF business, Victory Shares, saw year-to-date positive net flows of $5.4 billion, representing a 53% organic growth rate through the first nine months of the year [12] - Nearly half of the mutual fund and ETF AUM ranks in the top quartile based on Morningstar's three-year rankings [14] Market Data and Key Metrics Changes - 17% of total AUM was from investors outside the United States, indicating meaningful diversification into non-U.S. geographies [23] - The company currently manages $52 billion of AUM from clients outside the U.S. from 60 countries, where net flows remain positive [6] Company Strategy and Development Direction - The company aims to be a trillion-dollar firm, focusing on strategic acquisitions that enhance its competitive position and satisfy growth objectives [30][31] - The integration process at Pioneer Investments is ahead of plan, with approximately $86 million of net expense synergies achieved on a run-rate basis [5][25] - The company is investing in expanding its distribution capacity outside the U.S. and launching new UCITS products [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the distribution opportunities outside the U.S., particularly in Asia and the Middle East, where there is high demand for U.S. dollar-denominated products [10][11] - The company anticipates that the integration of Pioneer Investments will lead to significant growth in the non-U.S. segment starting in 2026 [38] Other Important Information - The company repurchased 1.8 million shares during the quarter and has $355 million of capacity remaining on its existing repurchase authorization [5][22] - The balance sheet remains strong with $116 million of cash and a net leverage ratio of 1.1 times, providing financial flexibility for growth initiatives [27] Q&A Session Summary Question: M&A Strategy and Focus - Management emphasized that all acquisitions will be strategic, aiming for size and scale to compete effectively in the long term [30][31] Question: Pioneer Acquisition Synergies - The company is ahead of synergy targets due to conservative planning and the identification of operational efficiencies [32][34] Question: Non-U.S. Business Performance - Positive net sales have primarily come from the Pioneer franchise, with expectations for increased flows into legacy Victory products in 2026 [38] Question: Inorganic Pipeline and Opportunities - The inorganic pipeline is full, with active discussions ongoing, and the environment for acquisitions has improved [50][51] Question: Integration Challenges with Alternatives - Management acknowledged the cultural differences between traditional and alternative investments and emphasized a careful approach to integration [52]

Financial Performance - The Board of Directors approved a fourth quarter 2025 dividend of $0.26 per share[25] - Net investment income for the quarter ended September 30, 2025, was $0.32 per share[25] - Net asset value (NAV) as of September 30, 2025, was $11.10 per share, compared to $11.18 per share as of June 30, 25, a decrease of 0.8%[25, 60] - Total investment income was $72.4 million[27] - Net income was $23.6 million[27] Portfolio Composition and Performance - Total originations during the quarter were $149 million, while sales and repayments totaled $230 million, for net repayments of $81 million[25] - The weighted-average portfolio yield as of September 30, 2025, was 9.9%[25] - The investment portfolio at fair value was $2,536.3 million[27] - Non-accruals represented 0.4% of the total portfolio at fair value[25] - First lien investments accounted for 70% of the portfolio[30] - Sponsored investments accounted for 78% of the portfolio[35]

Brookfield Asset Management Overview BAM is a leading alternative asset manager with a +25-year track record of delivering strong, risk-adjusted returns by investing in high-quality assets, forming the backbone of the global economy | Fee-Bearing Capital | $581B | Our Businesses by Fee-Bearing Capital | | | | --- | --- | --- | --- | --- | | | | Infrastructure | | | | | | | $101B | | | Assets Under Management | $1T+ | Renewable Power & Transition | | | | | | $69B | | | | Operating Employees | 250K+ | Private ...

Core Insights - Bond ETFs, particularly active bond ETFs, have seen significant inflows in 2025, indicating strong investor interest and momentum [1][2] - The T. Rowe Price QM U.S. Bond ETF (TAGG) has attracted $1.4 billion in net inflows since January 1, bringing its total AUM to over $1.5 billion [2] - TAGG has delivered a year-to-date return of 6.8%, outperforming its category average, and offers a yield to maturity of 4.5% as of September 30 [2] Investment Strategy - TAGG focuses on investment-grade bonds and aims to outperform the Bloomberg U.S. Aggregate Bond index by leveraging T. Rowe Price's fundamental research and quantitative tools [3] - The fund is designed to invest in a variety of securities, including mortgage and asset-backed securities, to enhance its performance [3] Future Outlook - As investors approach 2026, TAGG's active management strategy is positioned to outperform passive bond funds, especially in a challenging economic environment characterized by potential Fed rate cuts and persistent inflation [4] - TAGG is suggested as a strategic addition to long-term bond portfolios, rather than just a tactical adjustment, due to its low-cost structure and consistent performance goals [4]

Group 1: Core Insights - GeoWealth has launched a Private Model Marketplace that consolidates strategies developed over the past year with contributions from major firms like Apollo, BlackRock, Goldman Sachs Asset Management, and J.P. Morgan Asset Management [1][3][4] - The platform allows advisors to create custom models or select from pre-built options that include private market exposure, facilitating a combination of standalone and public models within the same custodial account [2][3] - The CEO of GeoWealth emphasized that the Private Model Marketplace aims to provide a fully managed solution for private market exposure, addressing the growing demand from Registered Investment Advisors (RIAs) [3][4] Group 2: Funding and Partnerships - In June 2024, GeoWealth secured $18 million in growth investment funding, with BlackRock as a new lead investor, followed by a $38 million Series C funding round led by Apollo in August [4] - Partnerships have been established with Goldman Sachs and iCapital to enhance private market options, along with a recent agreement with J.P. Morgan Asset Management [4]

Core Insights - Franklin Resources, Inc. reported a preliminary net income of $117.6 million or $0.21 per diluted share for Q4 2025, a 27% increase from the previous quarter and a recovery from a net loss of $84.7 million in Q4 2024 [1][3] - For the fiscal year ending September 30, 2025, the company achieved a net income of $524.9 million or $0.91 per diluted share, up from $464.8 million or $0.85 per diluted share in the prior year [1][3] - The company experienced long-term inflows of $84.6 billion, a 12% increase from the prior quarter, while long-term net outflows totaled $11.9 billion [3][4] Financial Performance - Preliminary operating income for Q4 2025 was $85.4 million, down from $154.1 million in the previous quarter and a loss of $150.7 million in Q4 2024 [1][7] - Adjusted net income for Q4 2025 was $357.5 million, compared to $263.4 million in the previous quarter and $315.2 million in Q4 2024 [2][7] - Total operating revenues for Q4 2025 were $2,343.7 million, a 6% increase from $2,211.2 million in the previous quarter [7][12] Asset Management and Flows - Total assets under management (AUM) reached $1,661.2 billion at September 30, 2025, reflecting a 3% increase from $1,611.8 billion at June 30, 2025 [7][16] - The company reported $44.5 billion in long-term net inflows for the fiscal year, with significant contributions from multi-asset and alternative strategies [4][16] - AUM in alternative investments reached a record $270 billion, bolstered by strong fundraising of $26.2 billion [4][16] Shareholder Returns - The company returned $930 million to shareholders through dividends and share repurchases during the fiscal year [5][8] - Cash and cash equivalents stood at $5.5 billion, with total stockholders' equity at $13.0 billion as of September 30, 2025 [8][5] Strategic Outlook - The company expressed confidence in its business strategy to capture long-term trends in the investment industry, emphasizing its global scale and client-first culture [6][5] - The institutional pipeline of won-but-unfunded mandates remains robust at $20.4 billion, indicating potential future growth [3][4]

KKR & Co. Inc. (KKR) reported that its third quarter net income to stockholders increased to $859.9 million from $600.6 million, last year. Earnings per share was $0.90 compared to $0.64. Fee Related Earnings was $1.0 billion or $1.15 per share, up 3%. Total Operating Earnings was $1.4 billion or $1.55 per share, up 12%. Adjusted net income was $1.3 billion or $1.41 per share, up 8% year-over-year. Third quarter total revenues were $5.53 billion compared to $4.79 billion, a year ago. Asset Management and S ...

Core Insights - Trinity Place Holdings Inc. reported its third quarter financial results for the period ending September 30, 2025, highlighting its ongoing strategy in intellectual property and asset management [1] Company Overview - The company is focused on intellectual property holding, investment, and commercialization, with a portfolio that includes assets from its predecessor, Syms Corp, such as FilenesBasement.com and the Stanley Blacker® brand [2] Financial Highlights - For the nine months ended September 30, 2025, the company recognized a non-cash settlement charge of $2.6 million related to the termination of its legacy pension plan, along with a $0.5 million excise tax on the estimated reversion of pension plan assets [5] - The company reported cash proceeds of approximately $0.9 million from the pension asset reversion during the three months ended September 30, 2025, and paid approximately $0.4 million in related excise tax [6] - The company had carryforwards of federal net operating losses (NOLs) totaling approximately $330.7 million as of September 30, 2025, with $226.9 million generated prior to 2018 and $103.8 million generated in 2018 and later years [9][10] Debt and Financing - On February 18, 2025, the company issued a Senior Secured Promissory Note to Steel Connect, LLC, allowing it to borrow up to $5.0 million, with approximately $1.3 million outstanding as of September 30, 2025 [3] - The company entered into a management services agreement with Steel Services Ltd. for managerial support, with a monthly fee of $10,000 [4] Stock Activity - During the three months ended September 30, 2025, the company repurchased 1,100,000 shares of its common stock for a total cash payment of $44,000, and also repurchased an additional 200,000 shares for $8,000 [7][8] Operating Results - The company reported total revenues of $239,000 for the three months ended September 30, 2025, compared to $3.1 million for the same period in the previous year, indicating a significant decline [14] - The operating loss for the three months was $304,000, compared to a loss of $1.0 million in the same period of the prior year [14]

Core Points - Burford Capital Limited announced an interim dividend of 6.25 US cents per ordinary share for the year ending December 31, 2025, to be paid on December 4, 2025 [1] - For shareholders opting for pound sterling, the interim dividend is set at 4.785971 pence per ordinary share, based on an exchange rate of £1 = US$1.3059 as of November 5, 2025 [2] Company Overview - Burford Capital is a leading global finance and asset management firm focused on law, involved in litigation finance, risk management, asset recovery, and various legal finance and advisory activities [3]