Core Insights - StepStone Group Inc. reported its third quarter results for the fiscal year ending March 31, 2026, highlighting significant growth in revenues and performance fees [1][4]. Financial Performance - Total revenues for the quarter ended December 31, 2025, reached $586.5 million, a 73% increase compared to $339.0 million in the same quarter of the previous year [6][17]. - Management and advisory fees for the same period were $239.9 million, up 26% from $190.8 million year-over-year [6][17]. - Total performance fees surged to $346.6 million, a 134% increase from $148.2 million in the prior year [6][17]. - The company reported a net loss of $162.4 million for the quarter, compared to a net loss of $287.2 million in the same quarter of the previous year, indicating a 43% improvement [6][17]. Dividends - The Board of Directors declared a quarterly cash dividend of $0.28 per share of Class A common stock, payable on March 13, 2026, to shareholders of record as of February 27, 2026 [1]. Assets Under Management - As of December 31, 2025, StepStone managed approximately $811 billion in total capital, including $220 billion in assets under management (AUM) [4][6]. Key Business Metrics - Fee-related earnings (FRE) for the quarter were $78.6 million, with a FRE margin of 37% [6][8]. - Adjusted net income (ANI) was reported at $66.7 million, reflecting a 19% increase year-over-year [6][8]. - The company’s weighted-average shares of Class A common stock increased to 79.5 million, an 8% rise compared to the previous year [6][8].

Core Insights - Ares Management Corporation's fourth-quarter 2025 after-tax realized income per share was $1.45, missing the Zacks Consensus Estimate of $1.71, but increased from $1.23 per share in the prior-year quarter [1][8] - The company's shares fell nearly 7.3% in early trading following the disappointing results [1] Financial Performance - Net income attributable to Ares Management was $54.2 million, down from $177.3 million in the year-ago quarter [2] - For the full year 2025, after-tax realized income per share was $4.76, missing the Zacks Consensus Estimate of $5.07, but up from $3.97 in the prior year [3] - Total revenue for the fourth quarter declined 5.6% year over year to $1.17 billion, missing the Zacks Consensus Estimate of $1.63 billion [4] - Full-year revenues reached $5.6 billion, a 44.1% increase year over year, surpassing the Zacks Consensus Estimate of $4.8 billion [4] - Total expenses rose 27.3% year over year to $1.25 billion, driven by increases across all components [4] Assets Under Management (AUM) - Fee-paying AUM increased 31.5% year over year to $384.9 billion, while perpetual capital AUM rose 49.7% year over year to $200 billion [5] - Total AUM as of December 31, 2025, was $622.5 billion, up 28.5% from a year ago, supported by commitments to drawdown funds and acquisitions [5][8] Liquidity Position - As of December 31, 2025, Ares Management had $488.9 million in cash and cash equivalents and $2.6 billion in debt [6] Recent Developments - Ares Management completed the acquisition of BlueCove Limited, enhancing its capabilities in systematic fixed-income investing [7][9] - The integrated BlueCove business now operates within the Ares Credit Group, leveraging data-driven investment processes [9] Strategic Outlook - Ares Management is benefiting from strong AUM growth across fee-paying and perpetual capital platforms, supported by capital inflows and strategic acquisitions [10]

WisdomTree, Inc. (WT) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.The upward trend in estimate revisions for this company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earning ...

Core Insights - KKR & Co. Inc. reported a fourth-quarter 2025 net income per share of $1.12, missing the Zacks Consensus Estimate of $1.16, and a decline from $1.32 in the prior-year quarter [1][9] - The company's total assets under management (AUM) grew 16.6% year over year to $743.9 billion, contributing positively to management and transaction fees [4][9] - Total segment revenues increased by 13.7% year over year to $1.43 billion, but fell short of the Zacks Consensus Estimate of $1.44 billion [3][9] - Total segment expenses rose by 10.3% to $454.5 million, impacting the bottom line [3][9] Financial Performance - For 2025, KKR's net income per share was $5.05, missing the Zacks Consensus Estimate of $5.39, but increased from $4.70 in the previous year [2] - Net income attributable to the company was $3.08 billion, compared to $2.25 billion in the previous year [2] - Total operating earnings grew 17% year over year to $1.3 billion, while fee-related earnings increased by 15% year over year to $1 billion [5] Market Position and Outlook - KKR is expected to continue leveraging investment opportunities due to its effective fundraising capabilities, despite elevated expenses from global expansion [6] - The current challenging operating environment poses additional concerns for the company [6] - KKR holds a Zacks Rank 3 (Hold), indicating a neutral outlook in the market [7]

Financial Data and Key Metrics Changes - Ares Management achieved a record $994 million in management fees for Q4 2025, totaling $3.7 billion for the full year, reflecting a 27% and 25% year-over-year growth respectively [30] - Fee-related earnings (FRE) for the full year increased by 30%, with a record $528 million in Q4, and FRE margins improved to 41.7% [32] - Realized income for Q4 reached a record $589 million, exceeding $1.8 billion for the full year, marking a 26% increase from 2024 [34] Business Line Data and Key Metrics Changes - The wealth management business saw AUM grow to over $66 billion, a 69% increase year-over-year, driven by strong performance across various strategies [9] - The real estate group raised more than $16 billion for the year, including over $7 billion in Q4, with significant commitments in various funds [19] - The secondaries group raised $12.9 billion for the full year, with AUM increasing by 45% [23] Market Data and Key Metrics Changes - Ares Management's total AUM reached over $622 billion, a 29% increase from the previous year [7] - The company reported a record $36 billion in fundraising for Q4, contributing to a total of $113 billion for the year [6] - Deployment in real assets more than doubled from approximately $10 billion in 2024 to over $23 billion in 2025 [11] Company Strategy and Development Direction - Ares Management is focused on expanding its investment platform and geographic reach, with significant investments in AI projects to enhance decision-making and operational efficiency [9] - The acquisition of GCP has positioned Ares as a top three global owner and operator of industrial real estate, enhancing its product offerings [9] - The company aims to leverage its diverse strategies to capture growth opportunities across various asset classes and geographies [70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing improved conditions for deployment across a broader range of investment strategies [29] - The company anticipates significant growth in realized performance income from European-style funds, projecting approximately $350 million for 2026 [33] - Ares Management is well-prepared to navigate market challenges, with strong fundamentals across its credit portfolios and a substantial amount of dry powder for investment [46] Other Important Information - Ares Management declared a 20% year-over-year increase in its first quarter 2026 common dividend to $1.35 per share [4] - The company has a robust pipeline of investment opportunities, with record levels of origination capacity across its strategies [13] Q&A Session Summary Question: Impact of software AI disruption on deployment efforts - Management reassured that their software investments are well-positioned to withstand disruption risks, emphasizing the diversification and stability of their portfolio [49][51] Question: Wealth channel performance and sentiment - Management noted strong inflows in January and February, with broad-based demand across various products, indicating resilience in the wealth channel despite market volatility [56][62] Question: Outlook for fundraising and deployment in real assets and secondaries - Management highlighted ongoing growth in real estate and secondaries, with expectations for significant fundraising in flagship credit vehicles and a focus on diversifying strategies [66][70]

Core Viewpoint - TPG Inc. is preparing to release its quarterly earnings on February 5, 2026, with expectations of an EPS of $0.64 and revenue of approximately $547.9 million, which could significantly impact its stock price [1][6] Financial Performance - Analysts predict a year-over-year increase in earnings for the quarter ending December 2025, with a consensus estimate of $0.64 per share [2] - In the previous quarter, TPG reported earnings of $0.53 per share and revenue of $509 million, reflecting a 10.8% increase in revenue compared to the same quarter the previous year [3][6] - TPG achieved a net margin of 2.83% and a return on equity of 25.79% in the previous quarter [3] Valuation Metrics - TPG's price-to-earnings (P/E) ratio is approximately 70.09, indicating high investor confidence [4][6] - The price-to-sales ratio stands at 7.11, and the enterprise value to sales ratio is 7.58, reflecting the company's valuation [4] - The debt-to-equity ratio is 2.18, indicating significant debt usage compared to equity [4][6] Future Outlook - The upcoming earnings call is crucial for understanding TPG's future prospects and management's strategies for maintaining growth and managing financial metrics [5]

Blue Owl Capital (NYSE:OWL) Q4 2025 Earnings call February 05, 2026 10:00 AM ET Company ParticipantsAlan Kirshenbaum - CFOAlex Bernstein - Equity Research AssociateAnn Dai - Head of Investor RelationsBenjamin Budish - DirectorBrian McKenna - Director of Equity ResearchCraig Siegenthaler - Managing DirectorCrispin Love - DirectorGlenn Schorr - Senior Managing DirectorMarc Lipschultz - Co-CEOMike Brown - Managing DirectorPatrick Davitt - PartnerWilma Burdis - DirectorConference Call ParticipantsBill Katz - Se ...

Blue Owl Capital (NYSE:OWL) Q4 2025 Earnings call February 05, 2026 10:00 AM ET Company ParticipantsAlan Kirshenbaum - CFOAlex Bernstein - Equity Research AssociateAnn Dai - Head of Investor RelationsBenjamin Budish - DirectorBrian McKenna - Director of Equity ResearchCraig Siegenthaler - Managing DirectorCrispin Love - DirectorGlenn Schorr - Senior Managing DirectorMarc Lipschultz - Co-CEOMike Brown - Managing DirectorPatrick Davitt - PartnerWilma Burdis - DirectorConference Call ParticipantsBill Katz - Se ...

Financial Data and Key Metrics Changes - Full-year non-GAAP operating earnings were $5.64 per share, or $6.21 per share after adjusting for notable items, up 1% over 2024, with growth held back by elevated mortality claims [7][8] - Full-year organic cash generation was $1.6 billion, consistent with guidance, expected to increase to approximately $1.8 billion in 2026, and on track to reach $2 billion in 2027 [8][25] - Assets under management and administration ended 2025 at a record $1.1 trillion, up 10% year-over-year [8][18] Business Line Data and Key Metrics Changes - In Retirement, net flows were $5.9 billion in 2025, a 4% organic growth rate, supported by record RILA sales [9] - Wealth Management saw full-year net inflows of $8.4 billion, a 13% organic growth rate, with the number of wealth planners increasing by 12% [9][21] - AllianceBernstein experienced overall net outflows of $11.3 billion, but its private markets business increased AUM by 18% to $82 billion [10] Market Data and Key Metrics Changes - The retirement segment's net interest margin increased 2% sequentially, driven by growth in general account assets [19] - The adjusted operating margin for AllianceBernstein was reported at 33.7%, at the upper end of its targeted range [13][21] - The company expects mid to high single-digit growth in pre-tax earnings for the retirement segment in 2026 [28] Company Strategy and Development Direction - The company is focused on refining its business mix to emphasize U.S. retirement, asset management, and wealth management as core growth engines [5] - A life reinsurance transaction with RGA freed $2 billion of capital and reduced mortality exposure by 75%, supporting growth in asset and wealth management [11] - The company aims to achieve $150 million in expense savings by 2027, with $120 million already in run rate results [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, citing solid momentum entering 2026 and reduced mortality exposure [6][31] - The company anticipates continued growth in assets under management and advice, supported by healthy organic growth trends [16] - Management acknowledged competitive market conditions but remains optimistic about the company's ability to execute and capture growth opportunities [5][32] Other Important Information - The company returned $1.8 billion to shareholders in 2025, including $500 million of additional share repurchases [8][24] - The full-year payout ratio was 68% at the high end of the target range of 60%-70% [8][14] - The company ended 2025 with a combined NAIC RBC ratio of approximately 475%, above the target of 400% [25] Q&A Session Summary Question: Insights on private credit portfolio quality - Management indicated that private credit constitutes about 16% of the total general account, with minimal exposure to software, which is only 1% of the total [35][36] Question: Competition for advisors in wealth management - Management noted that organic growth is strong, with a distinct model attracting new advisors, and emphasized disciplined hiring practices [40][42] Question: Addressing valuation gap between AB and Equitable - Management acknowledged the valuation gap and emphasized the focus on growing the business and improving execution to close the gap [45][48] Question: Mortality exposure and potential reduction - Management discussed the manageable nature of remaining mortality exposure and the potential for further reductions through strategic actions [49][52] Question: Retirement segment commission and distribution expenses - Management explained that commission expenses are expected to normalize over time, with earnings growth anticipated to exceed commission expenses [55][56]

Financial Data and Key Metrics Changes - Full-year non-GAAP operating earnings were $5.64 per share, or $6.21 per share after adjusting for notable items, up 1% over 2024 [6][7] - Full-year organic cash generation was $1.6 billion, consistent with guidance, expected to increase to approximately $1.8 billion in 2026 [8][25] - Assets under management and administration ended 2025 at a record $1.1 trillion, up 10% year-over-year [8][18] - The company returned $1.8 billion to shareholders in 2025, with a payout ratio of 68% excluding incremental buybacks [8][24] Business Line Data and Key Metrics Changes - In Retirement, net flows were $5.9 billion in 2025, a 4% organic growth rate, supported by record RILA sales [9] - Wealth Management saw full-year net inflows of $8.4 billion, a 13% organic growth rate, with a 12% increase in the number of wealth planners [9][22] - AllianceBernstein (AB) experienced overall net outflows of $11.3 billion, but its private markets business increased AUM by 18% to $82 billion [10] Market Data and Key Metrics Changes - The company reported strong momentum in the private markets business, with a target of $90 billion-$100 billion in AUM by the end of 2027 [10] - The institutional pipeline for AB ended 2025 with $20 billion, indicating strong future growth potential [10] Company Strategy and Development Direction - The company is focused on three core growth engines: U.S. retirement, asset management, and wealth management, aiming to refine its business mix [5] - The life reinsurance transaction with RGA is expected to create a more valuable company by reducing mortality exposure by 75% and freeing up $2 billion of capital [11][15] - The company aims to achieve $150 million in expense savings by 2027, with $120 million already in run rate results [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, with solid momentum entering 2026 [6][31] - The company expects EPS growth to accelerate in 2026, driven by reduced mortality exposure and strong cash generation [15][16] - Management highlighted the importance of maintaining a disciplined approach to expenses and capital allocation to support growth [48][88] Other Important Information - The adjusted book value per share was $33.84, providing a more meaningful valuation than reported book value [19] - The company expects a total company tax rate of approximately 20% and segment tax rates of 16% for retirement, 26% for wealth management, and 28% for asset management [29] Q&A Session Summary Question: Insights on private credit portfolio quality - Management indicated that private credit constitutes about 16% of the total general account, with minimal exposure to software, which is only 1% of the total [35][36] Question: Competition for advisors in wealth management - Management noted that organic growth is strong, with a focus on recruiting experienced advisors and maintaining a disciplined approach to hiring [40][42] Question: Addressing valuation gap between AB and Equitable - Management acknowledged the valuation gap and emphasized the importance of focusing on business growth and execution to close it [45][48] Question: Mortality exposure and potential for further reduction - Management discussed the impact of recent claims and indicated that while the remaining exposure is manageable, they will explore options to further reduce it [49][51] Question: Retirement segment commission and distribution expenses - Management explained that commission expenses are expected to normalize over time, with growth in earnings expected to exceed commission expenses [55][56] Question: Cash flow conversion and underlying drivers - Management confirmed that cash generation is improving, driven by higher asset and wealth earnings, and emphasized the importance of cash flow as a key metric [65][68]