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    Alexander Bernstein • JPMorgan Chase & Co.

    Alexander Bernstein's questions to P10 Inc (PX) leadership

    Alexander Bernstein's questions to P10 Inc (PX) leadership • Q1 2025

    Question

    Alexander Bernstein of JPMorgan Chase & Co. questioned the higher-than-expected Q1 step-downs and expirations, the drivers of fee rate seasonality, potential tax benefits from the Qualitas acquisition, and the M&A outlook in Europe.

    Answer

    EVP and CFO Amanda Coussens confirmed that full-year guidance for step-downs remains unchanged and reiterated the 103 basis point core fee rate target for the year, attributing the Q1 dip to seasonality and slight drag from expirations. She also noted the Qualitas deal structure offers no new tax amortization benefits. Chairman and CEO Luke Sarsfield described the M&A pipeline as 'vibrant and robust,' with a particular focus on European opportunities and strategic adjacencies in private credit and real assets.

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    Alexander Bernstein's questions to Blue Owl Capital Inc (OWL) leadership

    Alexander Bernstein's questions to Blue Owl Capital Inc (OWL) leadership • Q4 2024

    Question

    Alexander Bernstein, on for Ken Worthington of JPMorgan Chase & Co., asked for more detail on the gross-to-net deployment delta, the power of incumbency, and why the conversion was lower in Q4.

    Answer

    Co-Chief Executive Officer Marc S. Lipschultz reiterated that the dynamic is healthy, accelerates OID, and provides prepayment benefits. He characterized recent refinancings as companies with strong performance re-optimizing their capital structures in a healthier environment, rather than a surge of loans moving to the BSL market.

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    Alexander Bernstein's questions to Brookfield Corp (BN) leadership

    Alexander Bernstein's questions to Brookfield Corp (BN) leadership • Q3 2024

    Question

    Alexander Bernstein, on for Ken Worthington, asked about any negative impacts on the P&C insurance business from Q3 hurricane activity and the outlook for Q4. He also inquired about potential changes to the energy transition opportunity following the U.S. election results.

    Answer

    President Nick Goodman reported a small, non-material impact from hurricanes in Q3 and does not expect anything significant in Q4, as the company has taken steps to derisk its exposure. On the energy transition business, he asserted that investment is driven by strong underlying fundamentals, such as renewables being the lowest-cost power source and high corporate demand, which are long-term trends that will support the business regardless of the political environment.

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