Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $18.5 million or $0.24 per share for the fourth quarter [5] - Fee related earnings reached $94.1 million, an increase of 85% from the prior year quarter, with an FRE margin of 44% [5][31] - Adjusted net income for the quarter was $80.6 million or $0.68 per share, up from $37.7 million or $0.33 per share in the same quarter last year [6][31] - The total dividend payout for the fiscal year was $1.36, up from $0.99 the previous year [6][29] Business Line Data and Key Metrics Changes - The company raised over $31 billion in assets under management (AUM) for the fiscal year, with a growth of $27.5 billion in fee earning AUM, marking a 29% growth rate [8][18] - Managed account re-up rates remained above 90%, with average growth of approximately 30% [9] - The private wealth platform saw significant growth, increasing from $3.4 billion to over $8 billion in assets [11] Market Data and Key Metrics Changes - Total gross inflows for the quarter were $9.9 billion, the second highest on record [12] - Fee earning assets under management grew to over $121 billion, up $7.2 billion from the previous quarter [13] - The undeployed fee earning capital (UFEC) increased from approximately $22 billion to $25 billion [22] Company Strategy and Development Direction - The company aims to continue expanding its private wealth offerings and has introduced new products to enhance distribution [11][27] - The strategy includes focusing on scenario planning to assess impacts by asset class, strategy, region, and sector amid a volatile market environment [14] - The company is actively pursuing opportunities in private markets, leveraging its scale and expertise to navigate through cycles [17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the operating environment, noting recent progress in trade policy but acknowledging ongoing uncertainty [14] - The company believes that private markets will continue to outperform public markets, emphasizing the importance of a long-term investment approach [15][16] - Management highlighted the importance of maintaining a disciplined investment strategy to capitalize on market dislocations [17] Other Important Information - The company plans to conduct a buy-in of non-controlling interests using $10 million in cash and $161 million in equity [28] - The board declared a supplemental dividend of $0.40 per share, in addition to a base quarterly dividend of $0.24 [29] Q&A Session Summary Question: What were the one-time fees mentioned in the quarter? - The one-time fees were approximately $4 million in advisory fees, which were larger than usual for the quarter [39] Question: How does the pipeline of new business look? - Management expressed a positive outlook on the pipeline, noting strong opportunities in new capital allocations to private markets [44] Question: How do you see the fundraising environment evolving? - Management noted a barbell fundraising trend with strong first and final closes, indicating a healthy fundraising environment [50] Question: What is the outlook for the secondaries marketplace? - Management expects increased selling in the secondaries market due to liquidity constraints among investors, positioning the company as an active buyer [59] Question: How is the private wealth product platform evolving? - The company sees significant growth potential in the private wealth space, particularly in expanding its offerings and distribution in Europe [63]