Financial Data and Key Metrics Changes - The adjusted non-GAAP earnings per share (EPS) growth for full year 2025 was 12%, at the high end of the target range, while reported EPS growth was nearly 20% [4][5] - Full year non-GAAP operating earnings were $1.9 billion, or $8.55 per diluted share, representing a 12% increase over 2024 [14] - Non-GAAP operating return on equity (ROE) for 2025 was 15.7%, an improvement of 120 basis points compared to the previous year [15] - The company returned over $1.5 billion to shareholders in 2025, including approximately $850 million in share repurchases and $685 million in dividends [5][16] Business Line Data and Key Metrics Changes - In the retirement ecosystem, total retirement transfer deposits grew 9% year-over-year to $35 billion, with workplace savings and retirement solutions recurring deposits increasing by 5% [6][7] - Small and midsize business (S&B) market WSRS recurring deposits grew 8% in 2025, with account value net cash flow of positive $1.5 billion [8][9] - Global asset management gross sales reached $127 billion in 2025, up 16% from 2024, with private markets sales increasing by 50% [9][10] Market Data and Key Metrics Changes - The international pension AUM grew 24% to record levels, demonstrating the strength of the diversified global platform [10] - Managed account adoption accelerated, with participant enrollment up 51% in 2025, and account values exceeding $9 billion [11] - Demand for private market solutions was reflected in increased RFP volume, up 16% over the average of the last three years [11] Company Strategy and Development Direction - The company remains focused on three attractive profit pools: the retirement ecosystem, small and midsize businesses, and global asset management [6] - The recent sale of the runoff annuities business in Chile reflects a strategic focus on higher growth, higher return, and more capital-efficient businesses [12] - The company aims to deliver on its enterprise financial targets in 2026, with 9%-12% growth in EPS and a return on equity target of 15%-17% [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering financial goals, citing strong execution and favorable market conditions [23] - The company is not currently seeing any meaningful impact from employment challenges, with positive employment growth remaining stable [42] - Management highlighted the importance of leveraging data and emerging technologies, including AI, to enhance customer engagement and experience [11] Other Important Information - The company received several recognitions, including being named a Best Place to Work in Money Management for the 14th consecutive year [12] - The adjusted loss ratio for the year was 59%, the best in the company's history, reflecting effective management actions [22] Q&A Session Summary Question: Outlook for performance fees in 2026 - Management expects performance fees to remain in the typical range of $30 million-$40 million for 2026, similar to 2025 [31][32] Question: Definition of operating earnings related to real estate - Management confirmed that operating earnings include real estate properties, and improvements in variable investment income are expected for 2026 [33][35] Question: Employment growth expectations for 2026 - Management noted that employment growth remains positive and stable, with no significant near-term impact expected from AI [40][42] Question: Strategy for small divestitures in international - Management emphasized ongoing portfolio optimization to focus on higher growth and higher return businesses [51][54] Question: Confidence in raising ROE target to 15%-17% - Management cited strong competitive positioning and capital-light businesses as reasons for the increased ROE target [55][57] Question: Capital benefits from announced divestitures - Management indicated that divestitures will free up capital for share buybacks and organic growth, with minimal impact on profitability [62][66] Question: Specialty benefits loss ratio expectations - Management anticipates continued improvement in the dental loss ratio, potentially moving into the high 60s range [70][74] Question: Free cash flow production strategy - Management highlighted a focus on capital-efficient businesses and strategic capital deployment as key to strong free cash flow [75][80] Question: Outlook for net flows in investment management - Management noted a growing pipeline of committed transactions and new diligence activity, particularly in European real estate [84][87]

Financial Data and Key Metrics Changes - In 2025, GCM Grosvenor achieved a record fundraising year, raising $10.7 billion, with $3.5 billion raised in Q4 alone [4][5] - Fee-Related Earnings, Adjusted EBITDA, and Adjusted Net Income increased by 11%, 15%, and 18% respectively compared to 2024 [5][24] - The Fee-Related Earnings margin for the year was 44%, an increase of 200 basis points from 2024 [5][24] - The company ended 2025 with $91 billion in assets under management, a 14% increase from the end of 2024 [7] Business Line Data and Key Metrics Changes - Absolute Return Strategies (ARS) performance was strong, with a Multi-Strategy Composite generating a 15% gross rate of return in 2025 [4] - Infrastructure, the fastest-growing strategy, returned approximately 11% for the year [4] - Fee-Paying AUM increased by 12% year-over-year to $72 billion, while Contracted Not Yet Fee-Paying AUM rose by 27% to $10 billion [8] Market Data and Key Metrics Changes - The individual investor channel saw AUM increase by 18% year-over-year, indicating strong growth potential [8] - The company has less exposure to SaaS businesses, with only 4% of total AUM and less than 6% of credit AUM [10] Company Strategy and Development Direction - GCM Grosvenor is focused on diversifying its investment strategies and enhancing its wealth management distribution through initiatives like Grove Lane Partners [8] - The company aims to double its 2023 Fee-Related Earnings to over $280 million and grow adjusted net income per share to more than $1.20 by 2028 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment opportunity set and noted that the recent market stress has created potential opportunities [9][10] - The company believes it has more exposure to disruptors and beneficiaries of disruption than to businesses at risk from disruption [11] Other Important Information - The company has increased its share buyback authorization by $35 million, totaling $91 million available for repurchase [12][24] - GCM Grosvenor is prepaying $65 million of its term loan, which will reduce leverage and save over $3 million annually in interest expenses [24] Q&A Session Summary Question: Discussion on capital allocation plans - Management indicated a focus on remaining a capital-light business, with plans for share buybacks and debt paydowns [27][28] Question: Operating leverage and margin expansion - Management believes they can continue to drive margin expansion through 2028 [29][30] Question: Outlook for absolute return business and organic growth - Management is cautious about budgeting for organic growth but acknowledges positive performance trends [34][36] Question: Fundraising dynamics for 2026 - Management has a strong pipeline and expects fundraising in 2026 to potentially exceed 2025, but is not officially budgeting for it yet [57] Question: Performance fees and carried interest - Management noted that carried interest realizations were lower than expected but expressed confidence in future increases [58][59]

Financial Data and Key Metrics Changes - Adjusted non-GAAP earnings per share (EPS) growth for full year 2025 was 12%, at the high end of the target range, while reported EPS growth was nearly 20% [4][5] - Full year non-GAAP operating earnings were $1.9 billion, or $8.55 per diluted share, representing a 12% increase over 2024 [14] - Non-GAAP operating return on equity (ROE) for 2025 was 15.7%, an improvement of 120 basis points compared to the previous year [15] - The company returned over $1.5 billion to shareholders in 2025, including approximately $850 million in share repurchases and $685 million in dividends [5][16] Business Line Data and Key Metrics Changes - In the retirement ecosystem, total retirement transfer deposits grew 9% year-over-year to $35 billion, with workplace savings and retirement solutions recurring deposits increasing by 5% [6][19] - Small and midsize business (SMB) market saw WSRS recurring deposits grow 8% in 2025, with transfer deposits increasing by 32% [8] - Investment Management gross sales reached $127 billion in 2025, up 16% from 2024, with private markets sales increasing by 50% [9][20] - Benefits and Protection pre-tax operating earnings increased by 7% in 2025, driven by a 29% increase in life insurance [21] Market Data and Key Metrics Changes - Total company managed assets under management (AUM) was $781 billion at year-end, a 10% increase compared to the fourth quarter of 2024 [17] - International Pension AUM grew 24% year-over-year to record levels [20] - The company experienced a net cash flow of -$2 billion for the quarter, with positive private flows of $1 billion [17] Company Strategy and Development Direction - The company remains focused on three strategic profit pools: the retirement ecosystem, small and midsize businesses, and global asset management [6] - Recent divestitures, including the sale of the runoff annuities business in Chile, reflect a strategic focus on higher growth and more capital-efficient businesses [12][54] - The company is committed to returning excess capital to shareholders, targeting $1.5-$1.8 billion in capital deployments in 2026 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering financial targets for 2026, with expected EPS growth of 9%-12% and ROE of 15%-17% [24] - The company is not currently seeing significant impacts from employment challenges in the market, with stable employment growth expected [40][42] - Management highlighted the importance of leveraging data and emerging technologies, including AI, to enhance customer engagement and experience [11] Other Important Information - The company received several recognitions, including being named a Best Place to Work in Money Management for the 14th consecutive year [12] - The company is focused on optimizing its portfolio to align with growth priorities and enhance strategic focus [54] Q&A Session Summary Question: Outlook for performance fees in Investment Management for 2026 - Management expects performance fees to remain similar to the $30 million-$40 million range seen in 2025 [31][32] Question: Impact of job market challenges on employment growth - Management noted that employment growth remains stable and positive, with no significant impact observed [40][42] Question: Strategy for small divestitures in international markets - Management emphasized that divestitures are part of ongoing portfolio optimization to focus on higher growth businesses [51][54] Question: Confidence in raising ROE target to 15%-17% - Management cited strong competitive positioning and capital-light business model as reasons for increased confidence in ROE [55][56] Question: Capital benefits from divestitures - Management indicated that divestitures will free up capital for share buybacks and organic growth opportunities [62][66] Question: Expectations for loss ratios in Specialty Benefits - Management anticipates improved loss ratios in 2026 driven by pricing and network optimization efforts [70][74] Question: Free cash flow performance compared to peers - Management highlighted a lower capital-intensive business model as a key factor in achieving strong free cash flow [75][80] Question: Outlook for net flows in Investment Management - Management noted a growing pipeline of committed transactions and new diligence activity, particularly in European real estate [84][86]

Financial Data and Key Metrics Changes - In 2025, GCM Grosvenor achieved a record fundraising year, raising $10.7 billion, with $3.5 billion raised in Q4 alone, marking significant growth compared to previous years [4][5] - Fee-Related Earnings, Adjusted EBITDA, and Adjusted Net Income increased by 11%, 15%, and 18% respectively compared to 2024 [5][24] - The company ended 2025 with $91 billion in assets under management (AUM), a 14% increase from the end of 2024 [7] - Fee-Paying AUM grew 12% year-over-year to $72 billion, while Contracted Not Yet Fee-Paying AUM increased by 27% to $10 billion [8] Business Line Data and Key Metrics Changes - Absolute Return Strategies (ARS) performance was strong, with a Multi-Strategy Composite generating a 15% gross rate of return in 2025 [4] - Infrastructure, the fastest-growing strategy, returned approximately 11% for the year [4] - ARS fee-paying AUM and management fees grew 15% and 5% year-over-year respectively [22] Market Data and Key Metrics Changes - The individual investor channel saw AUM increase by 18% year-over-year, indicating strong demand for customized solutions [8] - The company has less exposure to SaaS businesses, with only 4% of total AUM and less than 6% of credit AUM attributed to this sector [10] Company Strategy and Development Direction - GCM Grosvenor is focused on diversifying its investment strategies and enhancing its wealth management distribution through initiatives like Grove Lane Partners [8] - The company aims to double its Fee-Related Earnings to over $280 million by 2028 and grow adjusted net income per share to more than $1.20 [12] - The firm is committed to maintaining a capital-light business model while increasing shareholder returns through share buybacks and debt repayment [27][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment opportunity set and the strength of their fundraising pipeline entering 2026 [5][9] - The recent market volatility is viewed as an opportunity, with management emphasizing the importance of diversification in their investment strategy [9][10] - The company anticipates continued operating leverage and margin expansion through 2028 [30] Other Important Information - The gross unrealized carried interest balance reached an all-time high of $949 million, up 14% from the end of 2024 [7] - The company repurchased 2.8 million shares in Q4 at an average price of $11.11 per share, totaling $31 million [24] Q&A Session Summary Question: Capital allocation plans post-warrant exercise - Management indicated a focus on maintaining a capital-light business model, with plans for share buybacks and debt repayment [27] Question: Operating leverage and margin expansion - Management believes they can continue to drive margin expansion through 2028 [30] Question: Future of the absolute return business - Management remains cautious about budgeting for organic growth in the absolute return business but acknowledges recent successes [34] Question: Fundraising outlook for 2026 - Management has a strong pipeline and expects fundraising in 2026 to potentially exceed 2025, but they are not officially budgeting for that yet [58] Question: Performance fees and carried interest - Management noted that carried interest realizations were lower than expected but expressed confidence in future increases [60]

Financial Data and Key Metrics Changes - In 2025, GCM Grosvenor achieved a record fundraising year, raising $10.7 billion, with $3.5 billion raised in Q4 alone [5][6] - Fee-Related Earnings, Adjusted EBITDA, and Adjusted Net Income increased by 11%, 15%, and 18% respectively compared to 2024 [6][24] - The company ended 2025 with $91 billion in assets under management, a 14% increase from the end of 2024 [7][24] - Fee-Paying AUM grew 12% year-over-year to $72 billion, while Contracted Not Yet Fee-Paying AUM increased 27% year-over-year to $10 billion [8][24] Business Line Data and Key Metrics Changes - Absolute Return Strategies (ARS) performance was strong, with a Multi-Strategy Composite generating a 15% gross rate of return in 2025 [5] - Infrastructure, the fastest-growing strategy, returned approximately 11% for the year [5] - ARS fee-paying AUM and management fees grew 15% and 5% year-over-year respectively [21] Market Data and Key Metrics Changes - The individual investor channel saw AUM increase by 18% year-over-year, reflecting strong demand for customized solutions [9][18] - The company has less exposure to SaaS businesses, with only 4% of total AUM and less than 6% of credit AUM [11] Company Strategy and Development Direction - GCM Grosvenor is focused on maintaining a capital-light business model while increasing shareholder returns through share buybacks and debt repayment [27][13] - The company launched Grove Lane Partners, a new wealth management distribution joint venture, and an infrastructure interval fund [9][10] - The firm aims to double its 2023 Fee-Related Earnings to over $280 million and grow adjusted net income per share to more than $1.20 by 2028 [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment opportunity set and the strength of their fundraising pipeline entering 2026 [5][6] - The company remains optimistic about the future despite recent market volatility, emphasizing the importance of diversification in their investment strategy [10][12] - Management noted that while carry realizations were light in Q4, the gross unrealized carried interest balance reached an all-time high of $949 million, indicating potential for future revenue growth [7][24] Other Important Information - The company repurchased 2.8 million shares in Q4 at an average price of $11.11 per share, totaling $31 million [24] - An additional $35 million was authorized for share buybacks, bringing the total available for repurchase to $91 million [13][24] Q&A Session Summary Question: Discussion on capital allocation plans - Management indicated a focus on remaining a capital-light business, with plans for share buybacks and debt repayment [27][28] Question: Operating leverage and margin expansion - Management expressed confidence in continuing to drive margin expansion through 2028 [29][31] Question: Outlook for absolute return business and organic growth - Management maintained a cautious stance on budgeting for flows but acknowledged recent successes in the absolute return business [35][36] Question: Fundraising outlook for 2026 - Management noted a strong pipeline for 2026 but did not commit to exceeding 2025 fundraising levels [58][59] Question: Performance fees and carried interest - Management acknowledged lower-than-expected carry realizations in Q4 but expressed optimism about future revenue from carried interest [60][61]

Financial Data and Key Metrics Changes - The adjusted non-GAAP earnings per share (EPS) growth for full year 2025 was 12%, at the high end of the target range, while reported EPS growth was nearly 20% [3][4] - Full year non-GAAP operating earnings were $1.9 billion, or $8.55 per diluted share, representing a 12% increase over 2024 [13] - Non-GAAP operating return on equity (ROE) for 2025 was 15.7%, an improvement of 120 basis points compared to the previous year [14] - The company returned over $1.5 billion to shareholders in 2025, including approximately $850 million in share repurchases and $685 million in dividends [4][15] Business Line Data and Key Metrics Changes - In the retirement ecosystem, total retirement transfer deposits grew 9% year-over-year to $35 billion, with workplace savings and retirement solutions recurring deposits increasing by 5% [5][6] - Small and midsize business (S&B) market WSRS recurring deposits grew 8% in 2025, and transfer deposits increased by 32% [7] - Investment management gross sales reached $127 billion in 2025, up 16% from 2024, with private markets sales increasing by 50% [8][9] - The benefits and protection segment saw pre-tax operating earnings increase by 7%, driven by a 29% increase in life insurance [20] Market Data and Key Metrics Changes - The company’s total managed assets under management (AUM) was $781 billion at year-end, a 10% increase compared to the fourth quarter of 2024 [16] - International pension AUM grew 24% year-over-year, reaching record levels [9][19] - The company experienced a net cash flow of -$2 billion for the quarter, with positive private flows of $1 billion [16] Company Strategy and Development Direction - The company remains focused on three strategic growth areas: the retirement ecosystem, small and midsize businesses, and global asset management [5][10] - The recent sale of the runoff annuities business in Chile reflects the company's strategy to focus on higher growth, higher return, and more capital-efficient businesses [11] - The company is leveraging data and emerging technologies, including AI, to enhance customer engagement and experience [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering financial targets for 2026, with expected EPS growth of 9%-12% and ROE of 15%-17% [23] - The company anticipates continued strong performance driven by disciplined execution and strategic investments [10][22] - Management noted that employment growth remains stable, with no significant impact from market challenges observed in 2025 [41][43] Other Important Information - The company received several recognitions, including being named a Best Place to Work in Money Management for the 14th consecutive year [11] - The company is committed to returning excess capital to shareholders, targeting $1.5-$1.8 billion in capital deployments in 2026 [23] Q&A Session Summary Question: Outlook for performance fees in 2026 - Management expects performance fees to remain similar to the $30 million-$40 million range seen in 2025 [31][33] Question: Strategy for small divestitures in international - Management emphasized that divestitures are part of ongoing portfolio optimization to focus on higher growth businesses [53][55] Question: Confidence in raising ROE target to 15%-17% - Management cited strong competitive positioning and capital-light business model as reasons for the increased ROE target [56][60] Question: Capital benefits from divestitures - Management indicated that divestitures would free up capital for share buybacks and organic growth investments [66][68] Question: Specialty benefits loss ratio expectations - Management anticipates improved loss ratios in 2026 due to pricing and network optimization efforts [71][75] Question: Free cash flow generation strategy - Management highlighted a focus on capital-efficient businesses and disciplined capital deployment as key to strong free cash flow [77][80] Question: Investment management net flows outlook - Management noted a growing pipeline of committed transactions and new diligence activity in international markets [85][88]

Bain Capital and Goldman Sachs Lead Financing for Truelink Capital's Acquisition of SouthernCarlson from Kyocera CorporationFeb 10, 2026 10:57 AM Eastern Standard Time# Bain Capital and Goldman Sachs Lead Financing for Truelink Capital's Acquisition of SouthernCarlson from Kyocera CorporationShare---BOSTON-- ([BUSINESS WIRE])--Bain Capital today announced that its Private Credit Group, alongside Private Credit at Goldman Sachs Alternatives, acted as co-Administrative Agents and Joint Lead Arrangers on a sen ...

2025 Fourth Quarter and Full Year Results Earnings Presentation GCM Grosvenor Reports Q4 and Full Year 2025 Results CHICAGO, February 10, 2026 – GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the fourth fiscal quarter ended December 31, 2025. Dividend GCM Grosvenor's Board of Directors approved a $0.12 per share dividend payable on March 16, 2026 to shareholders on record March 2, 2026. Conference Call Management will host a webcast ...

RETIREMENT ASSET MANAGEMENT BENEFITS & PROTECTION Fourth Quarter 2025 Earnings and 2026 Outlook PRINCIPAL FINANCIAL GROUP February 9, 2026 Audience disclosure Key takeaways | | 12% | 92% | 15.7% | | --- | --- | --- | --- | | Delivered on 2025 outlook | FY EPS growth1 | FY FCF %2 | ROE3 | | | (9-12% target) | (75-85% target) | (14-16% target) | | | | 2025 Highlights4 Capital • Returned $448M capital to shareholders during 4Q25, including $275M of share repurchases and $172M of common stock dividends; bringin ...

Apollo Global Management (NYSE:APO) 2026 Conference February 10, 2026 08:50 AM ET Company ParticipantsMartin Kelly - CFOConference Call ParticipantsMike Brown - Asset Management AnalystMike BrownAll right. Hello. I'm Mike Brown, the U.S. Asset Management and Broker Analyst here at UBS. It's my pleasure to introduce you to Martin Kelly, the CFO of Apollo Global Management. Apollo today is one of the world's largest alternative asset managers, with AUM totaling $938 billion. So Martin, thank you so much for j ...