Summary of Blackstone's Conference Call Company Overview - **Company**: Blackstone - **AUM**: $1.3 trillion, making it the number one alternative asset manager globally [3] - **Growth**: AUM has increased by more than 15x since the 2007 IPO [3] Macro Environment - **Investment Boom**: A historic investment boom is underway, expected to lead to a productivity boom [4] - **Revenue Growth**: 9% revenue growth in corporate private equity companies in Q4, with strong margins [4] - **AI Sector**: Significant gains in AI and related infrastructure, with data center platform QTS leasing growing by 50% in 2025 [4] - **Consumer Economy**: A two-speed consumer economy is observed, with high-end consumers remaining strong [5] - **Inflation**: Inflation is under control, with stable labor costs and a balanced labor market [5] - **Corporate Confidence**: CEO optimism is at its highest in over a year, with minimal expectations of a recession [6] Investment Outlook - **Deployment Expectations**: Anticipation of a very active 2026, following a strong 2025 with $138 billion in investments [9] - **Focus Areas**: Emphasis on AI, digital infrastructure, power and electrification, and life sciences [10][11] - **Market Opportunities**: A $30 trillion market opportunity in private credit, with private markets doubling from $6-7 trillion to $13 trillion in seven years [12] Fundraising Trends - **2025 Performance**: Generated $239 billion in inflows, a 40% increase year-over-year [15] - **Institutional Inflows**: Institutional inflows increased over 50% year-over-year, with AUM in this channel exceeding $700 billion [15] - **Insurance Clients**: AUM in insurance clients grew fourfold in the last five years, reaching over $270 billion [17] - **Private Wealth**: Crossed the $300 billion milestone in private wealth, up three times in five years [18] Financial Performance - **Management Fees**: Mid-teens growth in base management fees across three of four business segments in Q4 [21] - **Transaction Fees**: Expectation of a strong year for capital markets business due to improving transaction backdrop [23] - **Net Realizations**: Anticipation of significant benefits from cyclical recovery and crystallization of incentive fees [25] Real Estate Sector - **Market Recovery**: Private real estate values have improved from the trough, with data centers and industrials showing strength [40] - **Fundraising Outlook**: Strong interest in real estate credit and improvement in BREIT flows, which was up 8.1% net in 2025 [43] - **Sector Selection**: Focus on data centers, logistics, and residential sectors, which constitute 75% of the global portfolio [45] AI Integration - **Operational Efficiency**: AI tools are enhancing efficiency across various operations, including software development and cybersecurity [46][47] - **Data Advantage**: Emphasis on proprietary private market data as a strategic advantage [48] Conclusion - **Overall Outlook**: Blackstone is positioned for strong growth across various sectors, with a robust macro environment and strategic focus on AI and private markets driving future performance [25][48]

MetLife (NYSE:MET) 2026 Conference February 10, 2026 09:40 AM ET Company ParticipantsJohn McCallion - Head of Investment ManagementMichel Khalaf - CEOOperatorTo the Bank of America U.S. Financial Services. This is the MetLife presentation, and really pleased to have Michel Khalaf, President and CEO, and John McCallion, Head of Investment Management. Is this a new title or just a title that's been more?Michel KhalafHead of it for a while.OperatorYeah, head of it for a while, but more.Michel KhalafCouple of y ...

Barclays (NYSE:BCS) Q4 2025 Earnings call February 10, 2026 09:30 AM ET Company ParticipantsAnna Cross - Group Finance DirectorDan Fairclough - Group TreasurerGildas Surry - Managing DirectorLee Street - VPPaul Fenner-Leitão - Managing Director and Head of Financials Credit ResearchRobert Smalley - Managing DirectorConference Call ParticipantsDaniel David - Director and Senior AnalystOperatorWelcome to Barclays' full-year 2025 fixed income conference call. I'll now hand over to Anna Cross, Group Finance Dir ...

Barclays (NYSE:BCS) Q4 2025 Earnings call February 10, 2026 09:30 AM ET Company ParticipantsAnna Cross - Group Finance DirectorDan Fairclough - Group TreasurerGildas Surry - Managing DirectorLee Street - VPPaul Fenner-Leitão - Managing Director and Head of Financials Credit ResearchRobert Smalley - Managing DirectorConference Call ParticipantsDaniel David - Director and Senior AnalystOperatorWelcome to Barclays' full-year 2025 fixed income conference call. I'll now hand over to Anna Cross, Group Finance Dir ...

Financial Performance - Barclays achieved a return on tangible equity (RoTE) of 11.3% and top-line income grew by 9% year-on-year to GBP 29.1 billion [2][3] - The cost-income ratio improved to 61%, and the group loan loss rate was 52 basis points, within the 50-60 basis points guidance [2][3] - The CET1 ratio ended the year at 14.3%, with a GBP 1 billion share buyback and a GBP 800 million final dividend [7][8] Business Lines and Key Metrics - The investment bank's risk-weighted assets (RWAs) are expected to remain stable at around GBP 200 billion, with a target to reduce investment bank RWAs as a percentage of the group to approximately 50% by 2028 [5][6] - The structural hedge contributed significantly to net interest income (NII), with gross structural hedge income increasing by GBP 1.2 billion to GBP 5.9 billion, accounting for 46% of 2025 group NII [12][13] Market Data and Key Metrics - The deposit base increased by GBP 25 billion across customer segments, with strong corporate growth in the International Corporate Bank and retail deposits in both UK and US markets [12][13] - The average liquidity coverage ratio (LCR) was 170%, representing GBP 131 billion in excess of regulatory requirements [12] Company Strategy and Industry Competition - Barclays is focused on sustainable higher returns, with plans to achieve a RoTE greater than 12% in 2026 and over 14% by 2028, supported by stable income streams from retail and corporate businesses [4][5] - The company is actively engaging in digital assets and tokenization, aiming to leverage technology to enhance client services and bridge developments between the US and UK [14][15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong financial results and maintaining a robust capital position, while also emphasizing the importance of regulatory clarity in future capital planning [6][25][47] - The company is committed to disciplined capital allocation, prioritizing regulatory capital, shareholder distributions, and selective investments [6][25] Other Important Information - Barclays is participating in the Sterling Tokenized Deposits pilot phase, exploring the potential of digital assets to transform financial services [14][15][16] - The company aims for its senior ratings to qualify as single A composite across all indices, indicating a focus on improving credit ratings [17] Q&A Session Summary Question: Appetite for Inorganic Growth - Management highlighted recent transactions that align with strategic goals, emphasizing the importance of price and integration complexity in future inorganic growth opportunities [20][21][24] Question: Structural Hedge Balances - Management confirmed the successful reinvestment of structural hedge balances and discussed the balance between commercial outcomes and protecting hedgeable balances [26][27] Question: SRT Constraints - Management explained that SRTs are viewed as a risk management tool, with a focus on maintaining appropriate hedge ratios across the portfolio [27][30] Question: Tier 2 Issuance - Management indicated that while there is a Tier 2 call coming up, issuance will be limited, reflecting a disciplined approach to capital management [32][34] Question: Ratings and Upgrades - Management expressed optimism about potential ratings upgrades, citing improved credit profiles and ongoing dialogue with rating agencies [33][35] Question: Private Credit Partnerships - Management acknowledged the success of private credit partnerships but noted they are not material to the overall business [62]

LiveWire Group (NYSE:LVWR) Q4 2025 Earnings call February 10, 2026 09:00 AM ET Company ParticipantsArtie Starrs - CEOJonathan Root - CFOShawn Collins - Director of Investor RelationsConference Call ParticipantsBrandon Rolle - AnalystCraig R. Kennison - AnalystJaime M. Katz - AnalystNoah Zatzkin - AnalystRobin Margaret Farley - AnalystTristan Thomas - AnalystOperatorThank you for standing by, and welcome to the Harley-Davidson 2025 fourth quarter investor and analyst conference call. Please be advised that t ...

Xylem (NYSE:XYL) Q4 2025 Earnings call February 10, 2026 09:00 AM ET Company ParticipantsAndy Kaplowitz - Managing DirectorBill Grogan - CFODeane Dray - Managing DirectorKeith Buettner - VP of Investor Relations and FP&AMatthew Pine - CEONathan Jones - Managing DirectorScott Davis - Founding Partner of Multi-Industry ResearchConference Call ParticipantsMike Halloran - Senior Research AnalystWilliam Griffin - Director and Senior AnalystNone - AnalystOperatorGood day, everyone, and welcome to Xylem's fourth q ...

LiveWire Group (NYSE:LVWR) Q4 2025 Earnings call February 10, 2026 09:00 AM ET Company ParticipantsArtie Starrs - CEOJonathan Root - CFOShawn Collins - Director of Investor RelationsConference Call ParticipantsBrandon Rolle - AnalystCraig R. Kennison - AnalystJaime M. Katz - AnalystJames Hardiman - AnalystNoah Zatzkin - AnalystRobin Margaret Farley - AnalystTristan Thomas - AnalystOperatorThank you for standing by, and welcome to the Harley-Davidson 2025 Q4 investor and analyst conference call. Please be ad ...

XPLR Infrastructure (NYSE:NEP) Q4 2025 Earnings call February 10, 2026 09:00 AM ET Company ParticipantsAlan Liu - President and CEOChristine Cho - Managing DirectorHannah Velasquez - Equity Research AssociateJessica Geoffroy - CFOKaon Jeon - Director of Investor RelationsConference Call ParticipantsMark Jarvi - Director and Senior Equity Research AnalystNelson Ng - Managing Director and Equity Research AnalystOperatorGood day and welcome to the XPLR Infrastructure Fourth Quarter and Full Year 2025 earnings ...

Financial Data and Key Metrics Changes - For the quarter ended December 31st, Core Net Investment Income was $0.27 per share, consistent with GAAP net investment income [5][14] - Net realized and unrealized change on investments resulted in a loss of $30 million, with NAV decreasing to $10.49 per share, down 3.1% from the previous quarter [14] - Debt-to-equity ratio was reported at 1.57x, which was reduced to 1.5x after selling assets post-quarter end [15] Business Line Data and Key Metrics Changes - The new joint venture, PSSL II, invested $197 million during the quarter and an additional $133 million after the quarter end, with a total portfolio currently at $326 million [5][6] - The portfolio remains well-diversified, comprising 160 companies across 50 industries, with a weighted average yield on debt investments at 9.9% [15][16] - PIK interest represented only 2.5% of total interest income, indicating a conservative portfolio structure [8][16] Market Data and Key Metrics Changes - The current market environment shows an increase in M&A transaction activity across the private middle market, expanding the pipeline of new investment opportunities [6][7] - Pricing on high-quality first lien term loans remains attractive, typically ranging from SOFR plus 475-525 basis points, with leverage around 4.5x EBITDA [7] Company Strategy and Development Direction - The company aims to scale PSSL II to over $1 billion in assets, consistent with existing joint ventures, focusing on generating a steady, stable dividend stream while preserving capital [6][13] - The strategy emphasizes strong private equity sponsor relationships and disciplined underwriting, which are seen as competitive advantages in the current lending environment [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A activity driving repayments of existing portfolio investments and the potential for equity rotation into new income-producing investments [6][24] - The company believes it is well-positioned to cover dividends as the new joint venture ramps up, although this will depend on M&A activity and market conditions [24][25] Other Important Information - The company has invested $8.7 billion in 545 companies, with a loss ratio on invested capital of only 13 basis points annually since inception [12] - The focus remains on core middle market companies, typically those with $10 million-$50 million of EBITDA, which operate below the threshold of high yield markets [11] Q&A Session Summary Question: Why is software such a low exposure within the portfolio? - Management indicated that the low exposure to software (4.4%) is a strategic decision to focus on cash flow loans with reasonable multiples and strong covenant protections, avoiding high-leverage, covenant-lite structures prevalent in the market [19][21] Question: Does the expectation to cover the dividend assume full optimization of the new joint venture? - Management confirmed that the expectation to cover the dividend is based on ramping the joint venture to about $1 billion in assets, with M&A activity being a key driver [22][24] Question: What are the drivers of the unrealized marks in the quarter? - Management noted that most markdowns were related to the 2021 vintage, with some specific companies experiencing softness, but they do not foresee significant additional markdowns in the near term [40][44] Question: What is the mix of loans by vintage year in the portfolio? - Management did not have the exact data on hand but suggested that it would be useful for further analysis [45] Question: Is there a lot of activity around the software sector in M&A? - Management indicated that they are not major players in the software lending space and suggested that M&A activity in the sector may be lower as the market stabilizes [49][51]