Core Insights - KKR reported an increase in third-quarter revenue and profit, driven by growth in its insurance business, which compensated for declines in its asset management sector [1] Group 1: Financial Performance - The growth in KKR's insurance business was significant enough to offset the downturn in its asset management business [1] - The overall financial results indicate a positive trend for KKR despite challenges in certain areas [1]

KKR reported a rise in third-quarter profit that beat Wall Street's expectations on Friday, boosted by strong fundraising, particularly in its insurance unit and credit. ...

Core Insights - KKR & Co. Inc. reported its third quarter 2025 results, which are available on its Investor Center website [1] - A conference call to discuss the financial results is scheduled for November 7, 2025, at 9:00 a.m. ET, with access details provided [2][6] Company Overview - KKR is a leading global investment firm that specializes in alternative asset management, capital markets, and insurance solutions, aiming to generate attractive investment returns through a disciplined approach [3] - KKR sponsors investment funds that focus on private equity, credit, and real assets, and has strategic partners managing hedge funds [3] Recent Developments - KKR launched Galaxy Container Solutions, a global marine container leasing and financing platform, with a commitment of $500 million from KKR-managed credit funds [7] - KKR completed the acquisition of OSTTRA, a provider of post-trade solutions for the global OTC market, from S&P Global and CME Group, with a total enterprise value of $3.1 billion [8]

Core Insights - T. Rowe Price reported moderate growth in Q3, exceeding Wall Street expectations for revenue and adjusted earnings, driven by solid investment returns and progress in ETFs and alternative investments [1][2] - CEO Rob Sharps highlighted improvements in one-year fund performance and positive momentum in retirement-focused products [1] Financial Performance - Revenue reached $1.91 billion, surpassing analyst estimates of $1.87 billion, reflecting a 6.9% year-on-year growth and a 2.2% beat [5] - Adjusted EPS was $2.81, exceeding analyst estimates of $2.54, marking a 10.5% beat [5] - Adjusted EBITDA stood at $785.8 million, with a margin of 41.2%, beating estimates of $757.6 million [5] - Operating margin was 33.7%, consistent with the same quarter last year [5] - Market capitalization is reported at $22.29 billion [5] Analyst Insights - Questions from analysts focused on T. Rowe Price's digital asset strategy, with management emphasizing internal expertise and gradual product rollout [5] - The economics of the Goldman Sachs partnership were described as balanced, with shared incentives but no specific financial details provided [5] - Management acknowledged weaker near-term flows due to higher equity redemptions, indicating a need for alternatives and retirement products to scale further [5] - Initial launches of co-branded Target Date products are planned for mid-2026, with potential slow client uptake due to regulatory and fee concerns [5] - Recent investment performance was attributed to a narrow market environment and some stock selection missteps, with recent changes in portfolio management acknowledged [5]

Core Insights - WisdomTree reported record assets under management (AUM) of $137.2 billion, with net inflows of $2.2 billion driven by strong demand for European gold and cryptocurrency products [1] - The company's revenue for Q3 was $125.6 million, exceeding analyst estimates of $122.9 million, reflecting an 11% year-on-year growth [5] - Adjusted EPS was $0.23, beating analyst expectations of $0.21, indicating a 10.4% increase [5] Financial Performance - Adjusted EBITDA reached $50.04 million, surpassing analyst estimates of $46.42 million, with a margin of 39.8% [5] - Operating margin was reported at 36.3%, consistent with the same quarter last year [5] - Market capitalization stands at $1.59 billion [5] Strategic Insights - CEO Jonathan Steinberg emphasized the importance of diversification in asset classes, geographies, and client types for organic growth [1] - The company is actively exploring tokenization as a service, leveraging its end-to-end technology stack for asset management and token issuance [5] - Digital asset AUM growth is attributed to stablecoin issuers and on-chain native businesses, with a focus on blockchain-enabled money market funds [5] Analyst Engagement - Analysts raised questions regarding WisdomTree's long-term growth vision in Europe, to which management highlighted strong fundamentals and cross-regional synergies [5] - Inquiry into the expansion strategy for digital asset distribution revealed a presence on seven blockchains and potential B2B2C fintech relationships [5] - CFO Bryan Edmiston provided insights on modeling Ceres' AUM and performance fee structure, explaining reporting timing and growth assumptions [5]

Core Insights - StepStone Group Inc. reported a revenue of $282.34 million for the quarter ended September 2025, reflecting a year-over-year increase of 35.2% and surpassing the Zacks Consensus Estimate by 5.44% [1] - The earnings per share (EPS) for the quarter was $0.54, an increase from $0.45 in the same quarter last year, exceeding the consensus EPS estimate of $0.49 by 10.2% [1] Financial Performance Metrics - Fee-Earning AUM (FEAUM) for Focused Commingled Funds reached $54,584 billion, significantly higher than the average estimate of $17,651.97 billion [4] - Total Fee-Earning AUM (FEAUM) was reported at $132,791 billion, compared to the average estimate of $43,654.68 billion [4] - FEAUM for Separately Managed Accounts (SMAs) was $78,207 billion, exceeding the average estimate of $26,002.71 billion [4] - Assets Under Advisement (AUA) totaled $561.56 billion, surpassing the average estimate of $528.57 billion [4] - Assets Under Management (AUM) stood at $209.15 billion, slightly above the average estimate of $208.32 billion [4] Revenue Breakdown - Total revenues from management and advisory fees, net, were $215.49 million, slightly below the average estimate of $217.05 million [4] - Total performance fees amounted to $238.74 million, significantly higher than the average estimate of $79.7 million [4] - Performance fees from carried interest allocations (unrealized) reached $147.81 million, compared to the average estimate of $26.14 million [4] - Total revenues from carried interest allocations were $206.69 million, exceeding the average estimate of $75.29 million [4] - Realized performance fees from carried interest allocations were reported at $58.88 billion, above the average estimate of $49.15 million [4] Stock Performance - Over the past month, StepStone Group's shares have returned -0.5%, while the Zacks S&P 500 composite has increased by 1.3% [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 - Abacus Life, Inc. reported quarterly earnings of $0.20 per share, exceeding the Zacks Consensus Estimate of $0.18 per share, and matching the earnings from the previous year [1] - The company achieved revenues of $62.98 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 32.80% and significantly increasing from $28.15 million year-over-year [2] - The stock has underperformed, losing approximately 32.3% since the beginning of the year, while the S&P 500 has gained 15.6% [3] Earnings Performance - Abacus Life has surpassed consensus EPS estimates in all four of the last quarters [2] - The company had an earnings surprise of +11.11% for the latest quarter and a +37.5% surprise in the previous quarter [1][2] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $50.49 million, and for the current fiscal year, it is $0.79 on revenues of $198.29 million [7] - The Zacks Rank for Abacus Life is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [6] Industry Context - The Insurance - Life Insurance industry is currently ranked in the top 11% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Core Insights - Victory Capital Holdings (VCTR) reported a revenue of $361.2 million for the quarter ended September 2025, marking a year-over-year increase of 60.1% and an EPS of $1.63 compared to $1.35 a year ago [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $361.76 million, resulting in a surprise of -0.16%, while the EPS exceeded expectations by 1.87% [1] Financial Performance - Victory Capital's shares have returned -7.2% over the past month, contrasting with the Zacks S&P 500 composite's +1.3% change, and the stock currently holds a Zacks Rank 3 (Hold) [3] - The company’s ending assets under management (AUM) totaled $310.64 billion, closely aligning with the average estimate of $310.65 billion from three analysts [4] - Specific AUM figures include: - Money Market/Short-term: $3.66 billion [4] - Alternative Investments: $3.02 billion [4] - U.S. Small Cap Equity: $12.72 billion [4] - U.S. Mid Cap Equity: $31.88 billion [4] - Solutions: $86.96 billion [4] - Global/Non-U.S. Equity: $28.96 billion [4] - Fixed Income: $80.39 billion [4] - U.S. Large Cap Equity: $63.06 billion [4] Revenue Breakdown - Investment management fees generated $288.51 million, surpassing the estimated $282.47 million and reflecting a year-over-year increase of 62.3% [4] - Fund administration and distribution fees amounted to $72.69 million, below the estimated $79.28 million, but still showing a year-over-year increase of 52% [4] - Net client cash flows for Money Market/Short-term were reported at -$48 million, contrasting with the average estimate of $15.44 million from two analysts [4]

Core Viewpoint - State Bank of India and France's Amundi are planning to sell a 10% stake in SBI Funds Management through an initial public offering, with SBI divesting 6.3% and Amundi 3.7% [1] Group 1 - The IPO is expected to be completed in 2026 [1] - SBI Funds Management will be the third subsidiary of SBI to list [1]

Financial Data and Key Metrics Changes - Total revenue increased 124% year-over-year to $63 million, compared to $28.1 million in the prior year [4][20] - Adjusted net income rose 60% to $23.6 million, while adjusted EBITDA increased 127% to $37.9 million [4][23] - The company raised its 2025 guidance to a range of $80-$84 million, representing year-over-year growth of 72%-81% [4][24] Business Line Data and Key Metrics Changes - The Life Solutions segment benefited from a highly efficient origination platform and active trading division, contributing significantly to revenue growth [20] - The asset management segment generated $8.6 million in revenue during Q3, with $102 million of new inflows, demonstrating the value of strategic M&A activity [20] Market Data and Key Metrics Changes - Year-to-date, the company raised $468 million across all fund strategies, with Q3 inflows representing $102 million [9] - The average publicly traded alternative asset manager trades at roughly 20 times projected 2025 earnings, while the company trades in the mid-single digits, indicating a significant valuation disconnect [8] Company Strategy and Development Direction - The company initiated an annual dividend of $0.20 per share and a $10 million share repurchase program, reflecting confidence in its long-term strategy [4][5] - The acquisition of AccuQuote is expected to enhance competitive position and broaden origination and global wealth platforms [10][11] Management's Comments on Operating Environment and Future Outlook - Management emphasized the structural differentiation of longevity-based assets, which are uncorrelated to traditional markets, providing consistent exposure [11][12] - The company aims to increase recurring fee-based revenue, which commands higher valuations, and is committed to clear communication with investors [9][10] Other Important Information - The company achieved a major milestone with a $50 million above investment-grade securitization product note backed by life insurance assets, validating strong institutional demand [12][15] - The annualized adjusted return on equity was 22%, and the annualized adjusted return on invested capital was 21% for the quarter [23] Q&A Session Summary Question: Inquiry about securitization and additional economics - Management confirmed that they will retain servicing fees on the securitized assets, which will produce additional fee-related earnings [30] Question: Update on advertising efforts and KPIs - Management noted a 10% increase in Q3 revenue compared to the previous year, attributing success to increased advertising efforts [32] Question: Capital deployed and expectations for future capital deployment - Management indicated that $120 million is a reasonable run rate for future capital deployment, driven by increased demand from institutional investors [39] Question: Thoughts on the new dividend and capital allocation - Management explained that the dividend is a way to capitalize shareholders while still pursuing growth opportunities, with a conservative payout ratio [44][46] Question: Unit economics and revenue from securitization - Management stated that the unit economics from securitization are compelling and will provide consistency in profitability and margins over time [51][54] Question: Progress on Abacus Wealth Advisors and AUM goals - Management expressed confidence in the growth of the wealth advisory segment and highlighted the importance of being selective in acquisitions [56] Question: Realized gains and holding periods for policies - Management explained that longer holding periods for policies led to increased realized gains, and they aim to maintain a target of north of 20% for future gains [60][63]