Solid long-term track record in fixed-income products Strong organic growth, driven primarily by sustained net inflows Concentrated in fixed-income products Several large funds make up a sizable portion of total assets under management (AUM) Ownership by Carlyle, a financial sponsor, which limits our financial risk profile and financial policy assessments Leverage that has steadily improved because of debt paydown and meaningful EBITDA growth Strong liquidity profile underpinned by substantial excess cash and good cash flow generation The stable outlook on Clipper Acquisitions Corp. reflects S&P Global Ratings' expectation for Clipper to slowly increase its AUM and earnings over the next 24 months and to maintain leverage below 2.0x. If leverage increases above 2.0x and we don't expect the firm to
