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    Benjamin Budish • Barclays

    Benjamin Budish's questions to BlackRock Inc (BLK) leadership

    Benjamin Budish's questions to BlackRock Inc (BLK) leadership • Q2 2025

    Question

    Benjamin Budish of Barclays asked about the strategy behind the Elmtree acquisition, questioning if it signals a new phase of M&A or if the firm is now focused on integrating its existing assets.

    Answer

    CFO Martin S. Small described Elmtree as a smaller, tactical acquisition to add capabilities in triple-net lease real estate, which is attractive to insurance and wealth clients. He stressed the main focus is integrating the larger HPS, GIP, and Preqin deals. CEO Laurence D. Fink added that beyond tuck-ins, a key future growth driver is organic expansion into developing capital markets, citing initiatives in India and the Middle East.

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    Benjamin Budish's questions to Robinhood Markets Inc (HOOD) leadership

    Benjamin Budish's questions to Robinhood Markets Inc (HOOD) leadership • Q1 2025

    Question

    Benjamin Budish from Barclays asked for details on credit performance, expectations for credit loss provisions, and behavior of Gold Card users, such as whether they are accruing balances or maximizing points.

    Answer

    CFO Jason Warnick stated that delinquency and write-off rates are very low and in line with expectations, supported by tight underwriting standards. He clarified that the Q1 step-up in provision for credit losses was primarily from brokerage-related fraud, not the credit card. He noted a nice ramp in revolve rates on the card and confirmed customers are enjoying the 3% rewards, with plans to continue adding cardholders throughout the year.

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    Benjamin Budish's questions to Virtus Investment Partners Inc (VRTS) leadership

    Benjamin Budish's questions to Virtus Investment Partners Inc (VRTS) leadership • Q1 2025

    Question

    Benjamin Budish of Barclays inquired about the forward-looking fee rate, the drivers behind recent changes in fee rates across different products, and the company's capital allocation strategy, particularly its appetite for share repurchases.

    Answer

    President and CEO George Aylward explained that the fee rate is influenced by market conditions and asset mix, but the previously guided range of 41-42 basis points remains appropriate for modeling. Regarding capital allocation, Mr. Aylward confirmed that the recent increase in share buybacks was a deliberate response to the stock's valuation and that returning capital to shareholders remains a key priority, supported by low leverage and strong cash flow.

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    Benjamin Budish's questions to P10 Inc (PX) leadership

    Benjamin Budish's questions to P10 Inc (PX) leadership • Q3 2024

    Question

    Benjamin Budish inquired about the M&A strategy, specifically the integration and cross-sell expectations for Qualitas Funds, and asked how P10 is positioned to benefit from a potential market recovery.

    Answer

    Chairman & CEO Luke A. Sarsfield expressed high excitement for the Qualitas Funds acquisition, which closes in Q1 2025, citing strong strategic alignment with RCP and Hark and significant cross-border opportunities. He stated that P10's 'all-weather' business mix in the lower middle market provides resilience, but a broader market recovery would be a 'rising tide' that lifts all ships, particularly benefiting their private equity and venture strategies.

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