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    Christoph Kotowski

    Research Analyst at Oppenheimer & Co. Inc.

    Chris Kotowski is Managing Director and Senior Analyst at Oppenheimer & Co. Inc., specializing in coverage of large-cap banks, brokers, private equity firms, and business development companies. His coverage includes companies such as Blackstone (BX), WhiteHorse Finance (WHF), and KKR, and he has a strong performance track record with a 73.54% success rate and an average return of 24.36% across 351 ratings, ranking him 13th out of 4,955 analysts. Kotowski began his career at Oppenheimer in 1985 as a research associate, advanced to Senior Bank Analyst, and later held leadership roles including Director of Research at both Oppenheimer and CIBC World Markets, as well as Director of Research and Head of Institutional Equities at Leerink Swann & Co., before rejoining Oppenheimer in 2009. He holds senior research credentials and has received repeated recognition in Institutional Investor's annual rankings.

    Christoph Kotowski's questions to StepStone Group (STEP) leadership

    Christoph Kotowski's questions to StepStone Group (STEP) leadership • Q4 2025

    Question

    Christoph Kotowski from Oppenheimer requested specific details on the noncontrolling interest (NCI) buyout, including the amount of stock issued and how to model the ongoing impact on the percentage of earnings accruing to the NCI.

    Answer

    Michael McCabe, Head of Strategy, confirmed the buyout involved $10 million in cash and $161 million in equity, equating to 3.2 million shares. David Park, Chief Financial Officer, elaborated that the cash portion is variable up to 20% based on seller elections and that with each annual buy-in, the NCI's growth will taper and eventually decline. He estimated the incremental impact from fiscal '25 to '26 would be in the low single-digit percentage points.

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    Christoph Kotowski's questions to StepStone Group (STEP) leadership • Q3 2025

    Question

    Christoph Kotowski of Oppenheimer & Co. Inc. asked for more details on the $600 million secondary transaction for the CRDEX private credit fund. He questioned whether this was a one-time deal to achieve critical mass or if it represents a repeatable fundraising strategy for the future.

    Answer

    Jason Ment, President and Co-Chief Operating Officer, explained that the transaction was an opportunistic situation to increase the fund's scale, which in turn lowers the expense ratio, improves diversification, and makes the fund more attractive to distribution platforms. While not viewed as a primary fundraising path, he stated that the company will evaluate similar opportunities on a case-by-case basis if they are beneficial to the fund and its investors.

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    Christoph Kotowski's questions to P10 (PX) leadership

    Christoph Kotowski's questions to P10 (PX) leadership • Q1 2025

    Question

    Christoph Kotowski of Oppenheimer & Co. Inc. asked for clarification on the timing of the RCP Direct V fund closing and its relation to Q1 catch-up fees, and inquired about the early results and strategy for cross-marketing to P10's extensive LP base.

    Answer

    EVP and Chief Financial Officer Amanda Coussens clarified that the fund's closing date was within the first quarter, distinct from its later announcement date. Chairman and CEO Luke Sarsfield and EVP, Global Head of Client Solutions Sarita Jairath explained that the focus has been on optimizing proprietary data analytics to identify and capitalize on cross-selling synergies, a process that will now include the newly acquired Qualitas Funds.

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    Christoph Kotowski's questions to P10 (PX) leadership • Q4 2024

    Question

    Christoph Kotowski of Oppenheimer & Company questioned the expected decline in the average fee rate, ex-catch-up fees, from 107 basis points in 2024 to a guided 103 basis points for 2025.

    Answer

    Amanda Coussens, EVP and CFO, explained that the elevated 2024 rate was influenced by episodic direct and secondary fund catch-up fees, particularly from the extraordinary Bonaccord II fundraise, which are not expected to repeat. CEO Luke A. Sarsfield added that the 103 basis point level is a reversion to the historical average, citing rates of 100, 103, and 103 basis points in 2021, 2022, and 2023, respectively.

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    Christoph Kotowski's questions to BLUE OWL CAPITAL (OWL) leadership

    Christoph Kotowski's questions to BLUE OWL CAPITAL (OWL) leadership • Q1 2025

    Question

    Christoph Kotowski asked about the larger gap between FRE and DE due to taxes, the timeline for the final close of the GP Stakes flagship fund, and the accounting method for catch-up fees.

    Answer

    Chief Financial Officer Alan Kirshenbaum explained the tax rate is seasonally high in Q1 due to the Tax Receivable Agreement (TRA) payment, and will be significantly lower in subsequent quarters, reaffirming the mid-to-high single-digit full-year guidance. Co-CEO Marc Lipschultz projected the GP Stakes fund close would likely extend into early 2026, as it is back-end loaded. Alan Kirshenbaum also confirmed that catch-up fees are generally amortized over the remaining life of the fund.

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    Christoph Kotowski's questions to GCM Grosvenor (GCMG) leadership

    Christoph Kotowski's questions to GCM Grosvenor (GCMG) leadership • Q4 2024

    Question

    Christoph Kotowski sought clarification on the Q1 2025 private markets management fee guidance, particularly regarding catch-up fees. He also asked for more details on the new retail vehicles, including marketing strategy and potential for a private equity version.

    Answer

    Chairman and CEO Michael Sacks reiterated the Q1 guidance: $2-3 million in catch-up fees and 10% year-over-year growth in private markets management fees, excluding catch-ups. On retail, he stated that while significant 2025 revenue isn't expected from the new infrastructure fund, its long-term potential is meaningful. The initial marketing focus is the RIA space, and he noted an anchor tenant is ideal for any such fund launch.

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    Christoph Kotowski's questions to KKR & Co. (KKR) leadership

    Christoph Kotowski's questions to KKR & Co. (KKR) leadership • Q4 2024

    Question

    Christoph Kotowski asked about the investment period status for Infrastructure V and the Global Climate Fund, and the fundraising timeline for the next Europe and Asia funds.

    Answer

    Executive Craig Larson stated that Infrastructure V was activated mid-last year and is generating management fees, with the Asia infrastructure strategy set to launch fundraising shortly. Co-CEO Scott Nuttall added that the next Asia private equity fund would likely come to market before the next Europe private equity fund.

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    Christoph Kotowski's questions to WisdomTree (WT) leadership

    Christoph Kotowski's questions to WisdomTree (WT) leadership • Q4 2024

    Question

    Christoph Kotowski of Oppenheimer & Co. Inc. noted the new metrics for WisdomTree Prime and questioned the large gap between the 26,000 opened accounts and the 2,300 funded accounts.

    Answer

    Executive William Peck explained that a low conversion rate from opened to funded accounts is typical for fintech apps. He stated they are actively working to improve this ratio by enhancing onboarding and marketing. He also reiterated that their primary target market, the on-chain community, is not yet fully supported due to the lack of stablecoin on/off ramps, which they plan to add in H1 2025. Once live, he expects the conversion ratio to be a better performance indicator.

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    Christoph Kotowski's questions to Angel Oak Mortgage REIT (AOMR) leadership

    Christoph Kotowski's questions to Angel Oak Mortgage REIT (AOMR) leadership • Q3 2024

    Question

    Christoph Kotowski asked for clarification on the direct financial impact of the October securitization, questioning if the 110 basis points of interest savings would translate into a direct quarterly increase in net interest income.

    Answer

    CFO Brandon Filson clarified that the direct impact on net interest income from that single transaction is relatively flat. He explained that while the funding cost is lower, the leverage on the assets increased from ~80% on the warehouse line to 95% in the securitization. The primary benefit is the capital efficiency, which freed up nearly $40 million in cash to be redeployed into new, accretive loan purchases that will drive future net interest income growth.

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