...A. Highlights: Another strong qtr. of growth. 1. Reflecting on growing earnings power of Co. and contrasting that to how stock has traded over last few months, Co. is struck by disparity between these two trends. a. 2. Co.'s accomplishments include: Entered public markets in May 2021 at $10.00 per share. a. At that time, mapped out and shared with investors an ambitious growth plan. i. ii. Over past six quarters, made substantial progress in outperforming that plan. b. Since Co.'s entrance to public markets, grew: AUM, 112%. i. ii. Fee-paying AUM, 96%. iii. Permanent capital, 86%. iv. Management fees, 93%. v. Distributable earnings, 77%. vi. Dividend, 50%. c. Acquired $15b net lease real-estate business and $6.5b CLO business. d. Continued to expand already robust retail distribution. e. Earnings are driven 100% by FRE with 93% of management fees coming from permanent capital. f. Over past few weeks, traded below $10.00 per share initial trading price, despite an earnings stream that looks...
