Core Insights - Equitable Holdings, Inc. reported a revenue of $3.74 billion for the quarter ended December 2025, reflecting a decrease of 5.4% year-over-year and a surprise of -7.2% compared to the Zacks Consensus Estimate of $4.03 billion. The EPS was $1.76, up from $1.57 in the same quarter last year, resulting in a positive surprise of +0.64% over the consensus estimate of $1.75 [1][3]. Financial Performance Metrics - Retirement net flows were reported at $1.26 billion, below the average estimate of $1.48 billion from two analysts [4]. - Total asset value in the Retirement segment at the end of the period was $163.86 billion, compared to the average estimate of $177.11 billion from two analysts [4]. - Wealth Management advisory net new assets reached $2.15 billion, exceeding the average estimate of $1.89 billion from two analysts [4]. - Total Wealth Management ending assets were $122.01 billion, slightly below the average estimate of $122.15 billion [4]. - Retirement segment revenues were $1.67 billion, slightly above the average estimate of $1.66 billion from three analysts, representing a year-over-year increase of +70.4% [4]. - Revenue from Retirement investment management, service fees, and other income was $186 million, slightly above the average estimate of $185.87 million, with a year-over-year increase of +97.9% [4]. - Policy charges, fee income, and premiums in the Retirement segment generated $435 million, significantly lower than the average estimate of $810.18 million [4]. - Retirement net derivative losses were reported at -$9 million, worse than the average estimate of -$2.03 million, but showed a year-over-year change of +80% [4]. - Net investment income in the Retirement segment was $1.16 billion, matching the average estimate and reflecting a year-over-year increase of +74.3% [4]. - Policy charges, fee income, and premiums in the Retirement segment were $328 million, exceeding the average estimate of $312.96 million, with a year-over-year increase of +47.1% [4]. - Corporate and Other segment revenues were $557 million, significantly below the average estimate of $845.64 million, but represented a year-over-year increase of +148.7% [4]. - Wealth Management segment revenues were $548 million, surpassing the average estimate of $523.73 million, with a year-over-year increase of +13.9% [4].

David Long from Raymond James sets a price target of $29 for ALRS, indicating a potential upside of 18.76%.The Q4 2025 earnings call provides crucial insights into ALRS's financial health and strategic direction.ALRS's current trading price of $24.62 shows a 1.07% increase, with a year-high of $25 and a low of $15.78.Alerus Financial Corporation, listed on NASDAQ:ALRS, is a prominent financial services company. It offers a comprehensive suite of services including banking, mortgage, wealth management, and r ...

Financial Data and Key Metrics Changes - The company reported a core return on assets (ROA) of 1.62% for the quarter and an adjusted ROA of 1.35% with an adjusted efficiency ratio of 64.45% [3][4] - Net interest income increased by 4.7% over the prior quarter, while adjusted non-interest income rose by 8.3% [17] - The tangible common equity (TCE) ratio improved to 8.72%, up from 8.24% in the prior quarter [25] Business Line Data and Key Metrics Changes - The retirement division generated total revenue of $17.3 million, a 4.6% increase over the prior quarter, driven by growth in asset and transaction-based fees [22] - The wealth management business saw revenues increase by 13.4% to $7.4 million, with end-of-quarter assets under management rising by 0.8% [24] - Core revenues from fee income grew by 7% year-over-year, maintaining over 40% of total revenues [9] Market Data and Key Metrics Changes - The company experienced a decline in loans by 1.3% over the previous quarter due to strategic downsizing of the loan portfolio [19] - Deposits declined by 5%, primarily due to the calling in of broker deposits and other wholesale funding [20] - The loan-to-deposit ratio was reported at 96.6%, with a deposit retention rate close to 95% since the acquisition of Home Federal [21] Company Strategy and Development Direction - The company aims for sustainable organic growth and a return to top-tier profitability, focusing on enhancing its commercial bank and improving returns [5][6] - A strategic entry into the mid-market commercial and industrial (C&I) space is expected to drive growth, with strong pipelines entering 2026 [7] - The company plans to double the number of wealth management advisors and invest in technology and AI to enhance scalability and improve margins [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic position and momentum as it enters 2026, highlighting strong core financial performance and successful execution of strategic initiatives [3][4] - The company anticipates loan growth in the mid-single digits and deposit growth in the low single digits for 2026, with a net interest margin projected around 3.5%-3.6% [26][27] - Management noted that the competitive environment for deposits remains strong, with expectations of continued pressure on margins [80] Other Important Information - The company successfully converted its entire wealth business onto a new system, achieving 100% client retention [11] - The allowance for loan losses remained robust at 1.53% of total loans, with net recoveries reported [9] - The company has close to $2.8 billion in liquidity to support loan growth and other liquidity events [25] Q&A Session Summary Question: Balancing dynamics for 2026 regarding loan and deposit growth - The company aims to manage a loan-to-deposit ratio around 95%-96%, acknowledging potential seasonal fluctuations [34] Question: Insights on expenses and technology investments - The guidance incorporates team additions and variable costs related to technology investments [36][37] Question: Loan growth expectations and credit trimming - A significant portion of loan runoff was intentional, focusing on reducing marginal credits and enhancing C&I relationships [42] Question: Non-performing loans and resolution expectations - The increase in non-performing loans was related to a multifamily loan, with expectations for resolution in the first half of the year [45] Question: Tax rate expectations for 2026 - The anticipated tax rate for 2026 is 24% [73]

Financial Data and Key Metrics Changes - Alerus Financial reported a core return on assets (ROA) of 1.62% for Q4 2025, with an adjusted ROA of 1.35% and an adjusted efficiency ratio of 64.45% [3][4] - Net interest income increased by 4.7% over the prior quarter, reaching $45.2 million, while adjusted non-interest income grew by 8.3% [17][19] - The reported net interest margin (NIM) increased to 3.69%, with a core interest margin of 3.17%, reflecting a 12-basis point improvement from the previous quarter [18][19] Business Line Data and Key Metrics Changes - The retirement division generated total revenue of $17.3 million, a 4.6% increase over the prior quarter, driven by growth in asset and transaction-based fees [22] - The wealth management business saw revenues increase by 13.4% to $7.4 million, with end-of-quarter assets under management rising by 0.8% [23] - Core revenues from fee income businesses grew by 7% year-over-year, maintaining over 40% of total revenues [9][10] Market Data and Key Metrics Changes - Organic loan growth for 2025 would have been mid-single digits if not for strategic reductions in commercial real estate (CRE) and targeted loan sales [6] - The company experienced a 5% decline in deposits, primarily due to the calling in of broker deposits and other wholesale funding [20] - The deposit retention rate since the acquisition of Home Federal remains close to 95% [20] Company Strategy and Development Direction - Alerus aims to enhance its commercial banking operations and improve returns while focusing on long-term strategies, including a purposeful deleveraging plan [5][6] - The company is committed to organic growth and strategic hiring, particularly in the mid-market commercial and industrial (C&I) space [13] - Alerus plans to double the number of wealth management advisors and expand its national presence through partnerships and technology investments [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic position and momentum entering 2026, highlighting strong financial performance and integration capabilities [3][4] - The outlook for 2026 includes expectations for mid-single-digit loan growth and low single-digit deposit growth, with a projected net interest margin of 3.5%-3.6% [26][27] - Management noted that the economic environment appears favorable for businesses in 2026, with expectations of continued improvement in core businesses [68] Other Important Information - The tangible common equity ratio improved to 8.72%, providing a strong position for organic loan growth [25] - The company has approximately $2.8 billion in liquidity to support loan growth and other liquidity events [25] - Alerus is focused on maintaining a diversified revenue engine across banking, wealth, and retirement sectors [14] Q&A Session Summary Question: Balancing dynamics for 2026 regarding loan and deposit growth - Management aims for a loan-to-deposit ratio around 95%-96%, acknowledging potential increases during seasonal outflows [33] Question: Insights on expenses and technology investments - Guidance includes team additions and variable costs related to new technology platforms [35][36] Question: Loan growth expectations and credit trimming - A significant portion of loan runoff was intentional, focusing on improving the risk profile by reducing marginal credits [40] Question: Non-performing assets and resolution expectations - Management expects resolution of several non-performing assets in the first half of the year [72] Question: Tax rate expectations for 2026 - The anticipated tax rate for 2026 is 24% [73]

Core Insights - The company is presenting an update on its Retirement Services Business for 2025, emphasizing a narrative of long-term success, profitable growth, and consistent value creation [2] Group 1 - The session aims to provide transparency and leading disclosure in areas of market interest, reflecting the company's commitment to educating stakeholders [2] - The update includes tactical business discussions from the current year while continuing a broader strategic narrative [2]

Core Insights - T. Rowe Price Group (TROW) and Apollo Global Management (APO) are prominent players in the asset management industry, each with distinct strengths and focuses [1][20] - Apollo emphasizes private equity and alternative assets, while T. Rowe Price specializes in mutual funds and active management of equity and fixed income [1] Apollo Global Management (APO) - Apollo's diversified business model supports sustainable earnings, with a compound annual growth rate (CAGR) of 7.8% in assets under management (AUM) from 2021 to 2024, driven by retirement services and new financing [3] - The company expects its total AUM to reach nearly $1.5 trillion by 2029, primarily through scaling its private equity business [3][9] - Recent acquisitions, such as Bridge Investment Group Holdings, and partnerships with Mubadala and Citigroup enhance Apollo's capabilities and growth potential [4] - Apollo's revenues grew at a CAGR of 63.7% from 2021 to 2024, although growth moderated in the first half of 2025 [5] - The Zacks Consensus Estimate projects a year-over-year earnings increase of 4.7% for 2025 and 19.3% for 2026, with upward revisions in estimates over the past 60 days [10] T. Rowe Price Group (TROW) - T. Rowe Price's AUM experienced a CAGR of 2.3% from 2020 to 2024, supported by market appreciation and strength in multi-asset and fixed income [6] - The company has formed strategic alliances, including a partnership with Goldman Sachs to enhance access to private markets and an acquisition of Retiree for retirement income planning [7] - T. Rowe Price's net revenues grew at a CAGR of 3.4% over the past four years, continuing into the first half of 2025 [8] - The Zacks Consensus Estimate indicates a year-over-year earnings decline of 1.6% for 2025, followed by a 4.9% increase in 2026, with upward revisions in estimates [13] Comparative Performance - Over the past year, Apollo outperformed the industry with a stock gain of 17.3%, while T. Rowe Price only rose 0.5% [15] - Apollo trades at a forward price-to-earnings (P/E) multiple of 16.3X, while T. Rowe Price trades at 11X, both below the industry average of 17.45X [17] - Both companies have increased dividends five times in the past five years, with Apollo's yield at 1.5% and T. Rowe Price's at 4.8% [19] Investment Outlook - Apollo is positioned for greater upside potential due to its diversified and rapidly growing alternative asset platform, aggressive expansion, and strong earnings growth trajectory [20] - T. Rowe Price offers steady growth and high dividend yield but has a more conservative approach, limiting its upside compared to Apollo [21]

Core Insights - Apollo Global Management (APO) is pursuing growth through an acquisition-driven strategy, focusing on inorganic expansion to enhance its assets under management (AUM) and diversify revenue streams [1][2][24] - The company aims to scale its total AUM to $1.5 trillion by 2029, with significant growth expected in its equity and private lending segments [8][12][13] Inorganic Growth Efforts - Apollo completed the acquisition of Bridge Investment Group Holdings Inc., which adds approximately $50 billion in assets and nearly doubles its real estate AUM to over $110 billion [4][5][11] - The acquisition is expected to enhance Apollo's fee-related earnings and strengthen its offerings for institutional and wealth clients [5][11] Strategic Partnerships - In May 2025, Apollo partnered with JPMorgan Chase and Goldman Sachs to increase liquidity in the private credit market, aiming to originate larger loans more quickly [6] - Strategic alliances with Citigroup and State Street were formed to broaden access to private credit and enhance retail distribution channels [7][10] Revenue Growth and Financial Goals - Apollo has shown strong organic growth, with total GAAP revenues experiencing a three-year CAGR of 63.7% through 2024 [9] - The company expects fee-related earnings to grow at an average annual rate of 20% by 2029, with spread-related earnings projected to grow at 10% [12] Capital Distribution and Shareholder Returns - As of June 30, 2025, Apollo had $2.4 billion in cash and cash equivalents, supporting its capital distribution activities, including a 10.9% increase in its quarterly dividend [14][15] - The company has a share repurchase program authorized for up to $3 billion, with $1.03 billion remaining as of June 30, 2025 [15] Price Performance and Estimates - Over the past year, APO shares have gained 24.1%, outperforming the industry and the S&P 500 Index [16] - The Zacks Consensus Estimate for Apollo's 2025 and 2026 sales indicates year-over-year growth of 18% and 19.4%, respectively [19] Final Thoughts - Apollo's combination of inorganic acquisitions and strong organic growth positions it as a significant player in alternative asset management and private credit [24] - The company's robust liquidity, disciplined capital management, and consistent dividends and share repurchases enhance its attractiveness for long-term investors [25]

Summary of Great-West Lifeco FY Conference Call Company Overview - **Company**: Great-West Lifeco (OTCPK:GRWF.F) - **Date of Conference**: September 08, 2025 Key Industry Insights - **Industry Focus**: Retirement and wealth management sectors in the U.S. and Canada - **Market Position**: Second largest retirement provider in the U.S. after significant consolidation and strategic transactions [5][6] Core Strategic Points - **Portfolio Transformation**: The company has shifted its focus towards capital-light businesses, which now constitute about two-thirds of its operations, including retirement, wealth, and group benefits [7][8] - **Earnings Growth Target**: The earnings growth target has been raised from 8% to a range of 8% to 10%, with a return on equity (ROE) target increased from 16%-17% to 19% plus [7][76] - **Capital Generation**: The company aims to generate over 580% of capital as a percentage of earnings over the medium term, emphasizing strong capital generation capabilities [7][30] Operational Focus - **Wealth Business Expansion**: The primary focus over the next two to three years is to expand the wealth business in the U.S., with a target to increase rollover capture rates by 30% [10][11] - **Cost Efficiency**: The company has a cost advantage, able to reduce costs by 30%-40% when integrating new books onto its platform [14][15] - **Diversified Revenue Streams**: Approximately 50% of revenues are asset-based fees, with an additional 25%-30% from transactional fees, providing a diversified revenue profile [19][21] Competitive Landscape - **Market Share Gains**: The company has successfully captured $135 billion in plan flows from competitors over the last three to four years, indicating strong organic growth [26][27] - **Pricing Strategy**: While there is some price competition, the company believes it often wins on service and capability rather than price alone [29] International Operations - **Canada**: The company is a leading group benefits provider in Canada, focusing on small and medium sectors while also moving into larger markets [49][50] - **UK Market**: The company is targeting growth in bulk annuities and pension risk transfer, with a focus on small to mid-sized transactions [58][63] Future Outlook - **M&A Strategy**: The company remains open to opportunistic acquisitions, particularly in the retirement sector, while maintaining strict price discipline [31][34] - **Productivity Initiatives**: Investments are being made to improve efficiency, particularly in Canada, with a goal to reduce the efficiency ratio from 56%-57% to below 50% [69][70] - **Technological Advancements**: The company is modernizing its tech platform to enable AI integration, which is expected to drive further efficiencies [68][70] Conclusion - Great-West Lifeco is strategically positioned for growth in the retirement and wealth management sectors, with a focus on capital-light businesses, strong capital generation, and a commitment to enhancing customer experience and operational efficiency. The company is well-prepared for potential market consolidation and is actively pursuing opportunities to expand its market share.

Apollo's Overview - Apollo has \$733 billion in Assets Under Management (AUM) [13] - The company has approximately \$29 billion in regulatory capital [13] - Apollo's private equity business has achieved a gross IRR of 39% and a net IRR of 24% since inception [13] - Apollo's total earnings growth from 2022 to 2023 was 26% [13] Financial Performance and Targets - Apollo's last twelve months (LTM) 3Q'24 deployment was \$248 billion [20] - Total origination for LTM 3Q'24 reached \$194 billion [22] - Total inflows for LTM 3Q'24 were \$151 billion [22] - Apollo's record fee-related earnings for 3Q'24 were \$531 million [23] - Apollo is targeting \$275 billion+ in annual origination by 2029 [59] - The company aims for \$150 billion+ in cumulative organic capital raise in Global Wealth from 2025 to 2029 [59] - Apollo targets approximately \$1 billion in annual fee-related revenue from Capital Solutions by 2029 [59]