This report does not constitute a rating action. Overview Key strengths Key risks Significant fee income from permanent capital. Less diversified than most larger competitors, though meaningful growth in real assets. AUM growth over time driven by strong fundraising, continued capital deployment, and strategic acquisitions. Short track record as a combined entity. Management team with significant investment experience. Strong liquidity. The company reported $295.6 billion in assets under management (AUM) as of Sept. 30, 2025, with $183.8 billion classified as fee-paying AUM (FPAUM). Additionally, $28.4 billion of AUM is not yet paying fees but is expected to generate approximately $361 million in annualized management fees upon deployment, underscoring significant growth potential. The company?s large and growing permanent capital base underpins
