The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Brian McKenna - Citizens JMP Securities LLC - Analyst
: Thanks, good morning, everyone. So looking at info for the, hey, how are you doing, Harvey?
Question: Brian McKenna - Citizens JMP Securities LLC - Analyst
: So looking at inflows for the quarter, it was clearly a little bit lighter in in private equity, but credit and solutions both came in above expectations
and there's a lot of momentum there. It would just be helpful, if you could talk about the outlook for inflows by business into year end, and how
you're thinking about flows throughout 2026 and some of the different drivers there. And then I guess do you have any visibility into some of the
larger insurance transactions that might be coming in over the next couple of quarters.
Question: Brian McKenna - Citizens JMP Securities LLC - Analyst
: Got it. Thanks so much.
Question: Alex Blostein - Goldman Sachs - Analyst
: Hey, good morning, everybody. Justin, welcome to the call and John, congrats again on the new role. Harvey, maybe just building on that a little
bit. You alluded in your prepared remarks and in the script as well just around the strong momentum you guys think for 2026, maybe expand on
that a little bit. What are the key top of the house priority in terms of growth for next year? What do you find to be most needle moving and what
do you guys ultimately that could mean for management your growth into '26. Thanks.
Question: Bill Katz - Cowen and Company LLC - Analyst
: Okay, thank you very much. Maybe just a two part. Just a moment, to make sure I understand the math. If it's $4 billion to $5 billion of announced
transactions, is the typical (inaudible) 2x to sort of think through the realization opportunity?
And then the broader question is just as I think about you getting toward the end of your repurchase activity, could you maybe refresh a bit on
capital management priorities? How do you think about maybe where the stock is trading today versus any kind of inorganic opportunity now
that the core business is stabilized. Thank you.
Question: Brennan Hawken - BMO Capital Markets - Analyst
: Good morning. Thanks for taking my questions. The credit flows were really strong this quarter, but I, actually the fee rate looked a little bit light
versus my expectations. Was there anything to do with timing on those flows? I know sometimes that can kind of skew the averages and cause
the fee rate to look a little wonky. Did the flows come in at a lighter fee rate with the mix or was that fee rate impact more of a timing thing? Thanks
for taking my question.
Question: Brennan Hawken - BMO Capital Markets - Analyst
: Thanks for that color.
Question: Benjamin Budish - Barclays Services Corp - Analyst
: Hi, good morning and thanks for taking my question. I had maybe another two parter on the, your sort of public markets exposure. Maybe just in
the quarter, it looked like there were a few public investments that were weighing on your private performance. Just curious if you could address
is there is it sort of timing related end of quarter to end of quarter, are there any sort of like impaired stories there or is it more market fluctuations?
And then as we think out, you've given us some commentary on big specific transactions like Medline, but maybe just philosophically, how should
we be thinking about the realization pipeline in terms of strategics versus financial sponsors versus IPOs? What's the historical mix? What would
you expect going over into the next couple of years? Thank you.
Question: Benjamin Budish - Barclays Services Corp - Analyst
: All right, thanks John.
Question: Kenneth Worthington - JPMorgan Chase & Co - Analyst
: Hi, good morning. Thanks for taking the question, John, it's been a pleasure working with you. Best of luck back and buy out. Justin, I'm sorry, John
has set a pretty high bar here. When looking at credit, the union block at this quarter, so congrats. At the same time we saw the most significant
level of credit are called distributions in both AUM and fee paying AUM. Can you talk about the dynamics that drove the outsized, I guess, distributions
this quarter? I don't know if it was unim related or something else recurring, doesn't recur anyway, any flavor would be helpful.
Question: Kenneth Worthington - JPMorgan Chase & Co - Analyst
: Okay, great. I appreciate it thank you.
Question: Patrick Davitt - Bernstein Autonomous LLP - Analyst
: Hey, good morning, everyone. Obviously been a perfect storm for secondaries here for a while now, but your points early, it feels like the realization
window is opening up a bit though in fits and starts. How are you guys thinking about the sustainability of the so-called golden era and secondaries
if the realization window keeps opening up? Thank you.
Question: Michael Cyprus - Morgan Stanley - Analyst
: Hey, good morning. Thanks for taking the question. Wanted to ask about ABF. I think you mentioned $10 billion platform today. I was hoping you
could elaborate on some of the steps you're taking to expand the platform to accelerate growth, how you see this platform contributing as you
look out over the next 12 to 24 months. Thanks.
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