Company Overview and Strategy - Main Street Capital Corporation (MAIN) focuses on Lower Middle Market (LMM) debt and equity investments and has an asset management business[7] - The company manages over $8.4 billion in capital, with over $6.5 billion managed internally and approximately $1.9 billion managed for external parties[8] - MAIN aims to provide sustainable growth in recurring monthly dividends, supplemental dividends, and long-term capital appreciation to shareholders[9] Dividend and NAV Growth - Monthly dividends have increased by 132% from $0.33 per share in Q4 2007 to $0.765 per share for Q4 2025[12, 16] - Supplemental dividends of $1.20 per share were paid or declared during the last twelve months[12] - Net Asset Value (NAV) has grown by $19.45 per share (or 151%) since 2007[14, 16] Investment Portfolio - The total investment portfolio is diversified, with approximately 52% in LMM investments and 38% in Private Loan investments[50] - The LMM portfolio has 88 companies with $2.7 billion in fair value, with debt yielding 12.8% and an average equity ownership of 38%[62, 63] - The Private Loan portfolio consists of 87 investments with $1.9 billion in fair value, yielding 11.4%[81, 82] Financial Performance - Total investment income for the year-to-date 2025 is $541 million[93] - Distributable Net Investment Income (DNII) for the year-to-date 2025 is $281 million[93] - DNII per share for Q2 2025 is $1.06[104] Capital Structure and Liquidity - The company has total SBIC debentures regulatory financing capacity of $350 million[12, 35] - Total liquidity is $1.351 billion, including cash and availability under credit facilities[108] - 79% of MAIN's outstanding debt obligations have fixed interest rates[118]

Core Insights - Apollo Global Management, LLC (APO) reported better-than-expected second-quarter 2025 results, with adjusted net income per share of $1.92, exceeding the Zacks Consensus Estimate of $1.85 and up from $1.64 in the prior year [1][10] - The company's total revenues reached $1.1 billion, reflecting a 17.5% year-over-year increase and surpassing the Zacks Consensus Estimate by 7.9% [3][10] - Apollo's assets under management (AUM) increased significantly, with fee-earning AUM rising 22.2% year-over-year to $638 billion and total AUM up 36.1% to $840 billion [4][5][10] Financial Performance - GAAP net income attributable to Apollo Global was $605 million, down from $828 million in the same quarter last year [2] - Total expenses for the combined segments rose 7.4% year-over-year to $189 million [3] - The company declared a quarterly cash distribution of 51 cents per share, to be paid on August 29, 2025 [7] AUM and Inflows - As of June 30, 2025, total AUM was $840 billion, benefiting from $98 billion of inflows from Asset Management and $81 billion from Retirement Services, partially offset by $60 billion of outflows [5] - The increase in AUM was driven by strong management fee growth and record capital solutions fees [4] Strategic Outlook - The company is experiencing broad-based momentum across its platform, with robust quarterly origination volume driven by diverse investing activities [8] - Apollo announced a deal to acquire Bridge Investment Group, expected to close in the third quarter of 2025, which aligns with its goal to expand real estate expertise and strengthen its wealth business [8]

Core Insights - KKR & Co. Inc. reported a second-quarter 2025 adjusted net income per share of $1.18, exceeding the Zacks Consensus Estimate of $1.17 and up from $1.09 in the prior-year quarter [1][9] - The company's shares saw a nearly 1% increase in pre-market trading due to better-than-expected results [1] - The results were driven by significant growth in assets under management (AUM) and transaction fees, although rising expenses posed a challenge [1] Financial Performance - Net income attributable to KKR on a GAAP basis was $472.4 million, down from $667.9 million in the same quarter last year [2] - Total segment revenues reached $1.28 billion, a 15.9% increase year-over-year, driven by higher management fees and transaction-related revenues, beating the Zacks Consensus Estimate by 0.4% [3] - Total segment expenses rose by 12.8% to $396.9 million [3] - Total operating earnings grew 13.8% year-over-year to $1.19 billion, while fee-related earnings increased by 17.4% to $886.8 million [5] Assets Under Management - As of June 30, 2025, total AUM increased by 14% year-over-year to $686 billion, with fee-paying AUM rising 14.1% to $556 billion [4] Future Outlook - The company is expected to continue capitalizing on lucrative investment opportunities due to its effective fundraising capabilities, with significant growth in fee-related and total operating earnings supporting its financials [6] - However, ongoing global expansion may keep expenses elevated, and the current challenging operating environment remains a concern [6]

Core Insights - Affiliated Managers Group Inc. (AMG) reported second-quarter 2025 economic earnings of $5.39 per share, exceeding the Zacks Consensus Estimate of $5.26 and reflecting a 15.4% increase from the prior-year quarter [1][8] - The company's total assets under management (AUM) rose by 10% to $771 billion, with net client cash inflows of $8.1 billion contributing to this growth [4][8] - Despite the positive AUM growth, total revenues declined by 1.4% year over year to $493.2 million, missing the Zacks Consensus Estimate of $510.2 million, while total consolidated expenses increased by 14.8% to $412.7 million [3][8] Financial Performance - Economic net income for the quarter was $159.2 million, up 2.1% year over year, surpassing the estimate of $151.5 million [2] - Adjusted EBITDA increased by 1% to $219.7 million, slightly above the projected $214.8 million [3] - The company's cash and cash equivalents decreased to $361 million from $950 million as of December 31, 2024, while total debt remained stable at $2.62 billion [5] Shareholder Actions - During the second quarter, AMG repurchased shares worth $100 million, indicating a commitment to returning value to shareholders [6] Market Position - AMG is positioned for growth due to successful partnerships, global distribution capabilities, and a diverse product mix, although concerns remain regarding substantial intangible assets and a challenging operating environment [7]

Company Overview - Bluemount Holdings Limited is a Hong Kong-based consulting and advisory and financial services provider, as well as a trader of commodities such as luxury timepieces [6] - The company offers comprehensive consulting and advisory services on business development strategies and focuses on underwriting, securities dealing, brokerage, and asset management services [6] Initial Public Offering (IPO) Details - The underwriter of Bluemount's IPO has partially exercised their over-allotment options to purchase an additional 140,000 Class B Ordinary Shares at a public offering price of $4.00 per share, resulting in additional gross proceeds of $560,000 [1] - After the partial exercise, the total number of shares sold in the Offering increased to 1,515,000 Class B Ordinary Shares, with total gross proceeds rising to $6,060,000 before deducting underwriting discounts and other expenses [2] - The Offering was conducted under the company's registration statement on Form F-1, which was filed with the U.S. Securities and Exchange Commission (SEC) on March 17, 2025, and declared effective on June 30, 2025 [3] Trading Information - Bluemount's Class B Ordinary Shares began trading on the Nasdaq Capital Market on July 11, 2025, under the symbol "BMHL" [2] - Dominari Securities LLC acted as the representative of the underwriters, with Pacific Century Securities, LLC and Revere Securities LLC serving as co-underwriters [2]

Financial Performance - GAAP Net Income was $2839 million, or $053 per diluted share, with a 17% Return on Equity[15] - Earnings Available for Distribution (EAD) reached $2911 million, or $054 per diluted share, resulting in an 18% Return on Equity[15] - The company's book value stood at $67 billion, equivalent to $1271 per common share[15] - Cash and liquidity amounted to $21 billion, complemented by a common stock dividend with an 89% dividend yield, or $025 per common share[15] Business Highlights - Rithm Capital has approximately $80 billion in investable assets, including $36 billion in Assets Under Management (AUM) and $44 billion in balance sheet assets[9] - Newrez's total servicing portfolio reached $864 billion UPB, ranking it as the 3 US Mortgage Servicer and 4 US Mortgage Originator[12] - Genesis Capital's Q2'25 originations totaled $12 billion, representing a 49% year-over-year increase[30] - Sculptor Capital reported $36 billion of AUM, up $35 billion since acquisition close, with $17 billion of gross inflows in Q2[30] Strategic Initiatives - The company believes a strategy centered on earnings growth and an increased focus on fee-related earnings will lay a foundation for significant upside[17] - Rithm Property Trust has an active investment pipeline of over $2 billion[12] - The company's current valuation of 96% of book value understates the intrinsic value of Rithm's core segments[25]

Core Insights - SEI Investments Co. (SEIC) reported a second-quarter 2025 earnings per share (EPS) of $1.78, exceeding the Zacks Consensus Estimate of $1.18, and reflecting a 70% increase from the prior-year quarter [1][9] - The net income for the quarter was $227.1 million, up 63% from the year-ago quarter, surpassing the estimate of $145.3 million [1] Revenue and AUM Performance - Total revenues reached $559.6 million, marking an 8% year-over-year increase, driven by higher asset management, administration, distribution fees, and information processing and software servicing fees, although it fell short of the Zacks Consensus Estimate of $561.1 million [2][9] - Assets under management (AUM) stood at $517.5 billion, reflecting a 10% increase from the prior-year quarter, while client assets under administration (AUA) rose 11% year over year to $1.14 trillion [4][9] Expense Analysis - Total expenses amounted to $411 million, up 7% year over year, primarily due to increases in almost all cost components, except for amortization and depreciation charges, and slightly above the estimate of $409.8 million [3] - Operating income increased by 9% year over year to $148.6 million, exceeding the estimate of $139.7 million [3] Share Repurchase Activity - In the reported quarter, SEIC repurchased 2.2 million shares for $180.8 million at an average price of $83.60 per share [5] Strategic Outlook - The company's global presence, diverse product offerings, solid balance sheet, strategic acquisitions, and robust AUM balance are expected to support revenue growth, despite concerns over elevated operating expenses and concentrated fee-based revenues [6]

Financial Data and Key Metrics Changes - The total firm-wide adjusted net revenue for the first half of 2025 was $1.4 billion, with a second quarter adjusted net revenue of $770 million, up 12% year-over-year [4][8] - Financial Advisory achieved a record first half adjusted net revenue of $861 million, with second quarter adjusted net revenue of $491 million, up 20% from the previous year [4][8] - Asset Management reported adjusted net revenue of $533 million for the first half of the year, with second quarter adjusted net revenue of $268 million, up 1% year-over-year [5][10] Business Line Data and Key Metrics Changes - Financial Advisory revenue demonstrated geographic and product diversity, with record revenue in France and Germany [4] - Revenue from private capital accounted for over 40% of total financial advisory revenue, reflecting increased emphasis on this business [5] - Asset Management AUM increased by 10% year-to-date, reaching $248 billion as of June 30, 2025, with positive net flows and record gross inflows for the first half of the year [5][10] Market Data and Key Metrics Changes - The second quarter saw market appreciation of $11.9 billion and foreign exchange appreciation of $8.4 billion, contributing to overall asset management performance [11] - Notable new mandates included significant inflows from various institutional clients across different strategies, indicating robust client engagement [11] Company Strategy and Development Direction - The company is diversifying its advisory business model, now comprising approximately 60% M&A and 40% non-M&A activities, with a focus on expanding product offerings [24] - The outlook for M&A activity is improving, driven by strong corporate balance sheets and ongoing dialogue with corporate strategics [14][29] - The company is investing in talent acquisition, having hired 14 financial advisory managing directors in 2025, aiming to expand its team by 10 to 15 net per year [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving environment for financial advisory activity, citing strong underlying drivers such as innovation and technology [14][26] - The regulatory environment is expected to clarify, which may enhance M&A activity, particularly from private equity [78] - Management highlighted the importance of human relationships in an AI-enabled world, emphasizing the need for deep client connectivity [74] Other Important Information - The adjusted effective tax rate for the second quarter was 36.5%, with expectations for the full year to be in the mid-twenty percent range [13] - The company returned $60 million to shareholders in the second quarter, including a quarterly dividend of $0.50 per share [13] Q&A Session Summary Question: Advisory outlook and recovery trajectory - Management noted that while the M&A market is improving, the business mix is diversifying, with a current ratio of 60% M&A and 40% non-M&A [24][26] Question: Asset management distribution momentum - Management highlighted changes in sales and distribution teams and increased clarity and accountability in setting sales goals, contributing to positive net inflows [35][36] Question: Advisory compensation ratio and hiring - The compensation ratio was held flat at 65.5%, with management cautious about quarter-to-quarter fluctuations, aiming for a long-term goal of 60% [42][43] Question: M&A activity in Europe vs. the U.S. - Management indicated that while European activity remains strong, they expect a disproportionate pickup in U.S. activity in the latter half of the year [54] Question: Impact of inflows on asset management fee rates - The fee rate increased slightly quarter-over-quarter, with expectations for stability or an increase due to shifts in AUM mix [83] Question: Restructuring and liability management activity - Management noted that even in a constructive environment, challenges remain for certain companies, leading to continued activity in liability management [92]

Financial Data and Key Metrics Changes - The company reported total firm-wide adjusted net revenue of $1.4 billion for the first half of the year, with a record first half in Financial Advisory generating adjusted net revenue of $861 million [2][3] - For the second quarter, firm-wide adjusted net revenue was $770 million, up 12% year-over-year, driven by Financial Advisory, which achieved adjusted net revenue of $491 million, up 20% from the previous year [5][6] - Adjusted compensation expense for the second quarter was $504 million, resulting in a compensation ratio of 65.5%, compared to 66% for the same quarter last year [9][10] Business Line Data and Key Metrics Changes - Financial Advisory revenue represented over 40% of total financial advisory revenue from private capital, reflecting a strategic shift towards this area [3] - Asset Management reported adjusted net revenue of $533 million for the first half of the year, with a positive net flow in the second quarter and AUM increasing by 10% year-to-date [3][4] - The second quarter adjusted net revenue for Asset Management was $268 million, up 1% year-over-year, with average AUM of $239 billion, which was 3% lower than the previous year [7][8] Market Data and Key Metrics Changes - The company noted strong client engagement across both businesses, with corporate leaders becoming more comfortable making decisions in the current environment [4] - Market appreciation contributed $11.9 billion to AUM, with foreign exchange appreciation adding $8.4 billion and net inflows of $700 million during the quarter [8] Company Strategy and Development Direction - The company is focusing on diversifying its advisory business model, with a current mix of approximately 60% M&A and 40% non-M&A activities [19] - There is an emphasis on enhancing the Asset Management business through improved sales and distribution strategies, with record gross inflows in the first half of the year [13][14] - The company is well-positioned to benefit from ongoing investments in private capital coverage and expects private equity to play a more active role in M&A [12][73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving environment for financial advisory activity, citing strong corporate balance sheets and a constructive financing market [11][24] - The company anticipates that the regulatory environment will clarify, which should facilitate M&A activity, particularly from private equity [73] - Management highlighted the importance of human relationships in an AI-enabled world, emphasizing that deep client connectivity will remain crucial [69] Other Important Information - The company has returned $60 million to shareholders in the second quarter, including a quarterly dividend of $47 million [10] - The adjusted effective tax rate for the second quarter was 36.5%, with expectations for the full year to be in the mid-twenty percent range [10] Q&A Session Summary Question: Advisory outlook and recovery trajectory - Management emphasized the diversification of the advisory business model, now at a mix of 60% M&A and 40% non-M&A, and noted that while the environment is improving, it may not be linear [19][20] Question: Asset management distribution momentum - Management discussed changes in sales and distribution teams, highlighting clarity and accountability in setting specific goals, which have contributed to improved performance [29][30] Question: Timing to hit compensation ratio goals - Management stated that achieving the goal of a 60% compensation ratio will depend on market conditions and performance, with no specific timetable provided [36][37] Question: M&A activity in Europe vs. the U.S. - Management noted that while European activity remains strong, they expect a disproportionate pickup in U.S. activity in the latter half of the year [46][47] Question: Impact of recent inflows on asset management fee rates - Management indicated that the fee rate increased slightly quarter-over-quarter and year-over-year, with expectations for stability or an increase in average fee rates due to shifts in AUM [78][79]

Lazard's Business Overview - Lazard is an independent financial advisory and asset management firm[11] - Asset Management AUM reached $248 billion in 2Q25, with 63% in non-USD securities[19] - Financial Advisory had >200 clients in FY24 with fees >$1M[19] Financial Performance & Strategy - Lazard aims to double revenue by 2030 and achieve a 10-15% average annual total shareholder return (TSR)[31] - In 2024, Financial Advisory net revenue was $1731 million and Asset Management net revenue was $1100 million[161] - Lazard targets an $85 million annual revenue per MD in Financial Advisory by 2025, increasing to $10 million by 2028[34] Financial Metrics - Adjusted net revenue for 2024 was $2890 million[159] - The adjusted compensation ratio for 2024 was 659%[154] - The adjusted non-compensation ratio for 2024 was 199%[156]