Long track-record of over 29 years in hedge fund investment strategies and solid investment performance since inception Strong risk-management framework Expense pass-through structure for all assets under management (AUM) that enables the company to maintain investments in people and infrastructure across market cycles, which, however, could potentially make revenues more volatile than its peers Relatively concentrated asset management platform, with two of the company's flagship funds representing 68% of total AUM at $28.6 billion as of Jan. 1, 2019 Business that depends heavily on investment performance, which can be volatile Debt-to-adjusted EBITDA leverage between 1.5x-2.0x in the next 18-24 months The outlook on Citadel Limited Partnership is stable, reflecting S&P Global Ratings' view that the company will generate strong adjusted
