Financial Data and Key Metrics Changes - The company reported adjusted net income of $1,400,000,000 or $2.17 per share, up 17% year over year [4] - Fee-related earnings (FRE) increased by 23% year over year, with management fee growth of 22% year over year [6] - The company expects full-year SRE growth of approximately 8% year over year, exceeding the mid-single-digit target previously provided [6][56] Business Line Data and Key Metrics Changes - Asset management generated record AUM of $908,000,000,000, up 24% year over year [51] - The company achieved $75,000,000,000 in origination for the quarter, marking a 40% increase year over year [38] - Retirement services saw gross inflows of $23,000,000,000, contributing to a year-to-date total of $69,000,000,000 [30][53] Market Data and Key Metrics Changes - The average spread on origination was stable at 350 basis points over treasuries, with an average rating of BBB [7] - The company reported robust inflows of $82,000,000,000 for the quarter, with $59,000,000,000 from asset management and $23,000,000,000 from retirement services [8] Company Strategy and Development Direction - The company is focused on three strong fundamentals: financing the global industrial renaissance, addressing the retirement crisis, and providing alternatives to public markets [10][11][12] - The company anticipates significant growth in private assets, driven by increasing demand from various investor classes [15][16] - The outlook for asset management is bright, with expectations of over 20% FRE growth in 2026 [28][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current credit environment, emphasizing disciplined underwriting and risk management [35] - The company expects SRE growth of 10% in 2026, supported by strong organic growth and origination capabilities [58] - Management highlighted the importance of innovation in asset management and retirement services as a key driver for future growth [27][59] Other Important Information - The company closed the acquisition of Bridge, which is expected to contribute approximately $300,000,000 of annual fee-related revenues [52] - The company executed over $350,000,000 in share repurchases during the quarter, reflecting opportunistic capital management [61] Q&A Session Summary Question: Discussion around origination targets - Management acknowledged the strong origination performance but stated it would be premature to change the five-year estimates at this time [63][64] Question: Wealth market trajectory - Management indicated that the wealth market is on pace with previous estimates and highlighted the importance of expanding product offerings and partnerships [68][70] Question: Concerns about private letter ratings - Management defended Athene's credit quality, stating that less than 8% of assets are rated by private letter ratings and emphasized the importance of strong underwriting practices [78][80] Question: Demand for yield as rates decline - Management addressed concerns about rotation risk, emphasizing that private lending remains a strong business despite changing market conditions [90][92]