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CEO Jon Winkelried explained that TPG is embedding capital markets expertise within each strategy, enhancing collaboration on complex deals like Altice and xAI. CFO Jack Weingart added that the 'transaction, monitoring and other fee' line item is expected to grow faster than the firm's overall pace.

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CEO Harvey Schwartz detailed a systematic global wealth strategy built on brand recognition, key partnerships like the exclusive international deal with UBS, and a diversified platform. He described Carlyle Alpinvest as a "category killer" for wealth clients and noted that the upcoming CPAP launch is one of three flagship products driving a natural flywheel effect.

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CEO Harvey Schwartz described the global wealth strategy as a long-term trend in its early stages. He highlighted the strength of Carlyle's brand, global partnerships like the one with UBS, and a diversified platform as key differentiators. He noted the three flagship funds, including the upcoming CPAP, create a natural flywheel effect and expressed enthusiasm for the potential opening of the retirement space, stating the firm is 'super enthusiastic about the momentum here.'

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CEO Harvey Schwartz confirmed that the firm feels "completely well resourced" following strategic changes to incentives and prioritization. He stated that it is already a record year for capital markets revenue, even in a subdued environment. While forecasting a specific run-rate is difficult, he assured that the "engine" is in place for growth. CFO John Redett added that as markets improve, they are comfortable that the revenue number should continue to accelerate.

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President & CFO Matt Audette confirmed strong momentum on efficiency initiatives, which he noted are improving both operating margins and the client experience. He stated that this is not a one-year effort and sees a 'long runway' for driving efficiencies for 'many, many years,' even before deploying newer technologies, suggesting a durable focus on operating leverage.

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Executive Matthew Audette expressed high conviction in delivering operating leverage, attributing the efficiencies to foundational improvements like automating manual processes and reducing system friction. He explained that these investments simultaneously lower costs and improve the client and employee experience. Audette affirmed that these efficiencies enable the firm to invest in the Commonwealth integration without compromising financial discipline, noting this focus is becoming ingrained in the company culture.

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Executive Richard Steinmeier expressed confidence in sustaining performance, attributing the firm's success to winning market share through a superior value proposition, technology, and service, even as overall advisor movement remains below historical norms. Executive Matthew Audette supported this by providing data showing consistent organic growth percentage despite a significantly larger asset base over the past several years.

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CEO Rich Steinmeier described a significant growth opportunity in the institutional channel, citing pivotal deals with M&T and Prudential, and outlined the strategy to penetrate the private wealth market by building on existing capabilities. President and CFO Matthew Audette acknowledged the stock's undervaluation but emphasized prioritizing a strong balance sheet and higher-return investments in organic growth and M&A over more aggressive buybacks, which are set to resume.

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Co-CEO Marc Lipschultz characterized digital infrastructure as a 'generational opportunity' where Blue Owl is uniquely positioned to deploy 'massively larger pools of capital' with top-tier tenants. CFO Alan Kirshenbaum provided a timeline, stating they expect to be in the market for the next flagship vintage in 2026 and will launch a dedicated digital infrastructure wealth product by early 2026, capitalizing on the immense demand.

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Co-Chief Executive Officer Marc Lipschultz responded that while it's early, market dislocation is beneficial for their business. He noted the syndicated loan market has 'essentially shut down,' reinforcing the value proposition of private credit's durability and predictability. He expects private credit to gain market share and for spreads to widen, though it will take time to fully manifest in the private markets.

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Co-Chief Executive Officer Marc S. Lipschultz stated that the company invests upfront for growth, and many 2024 investments were in anticipation of 2025's growth. Chief Financial Officer Alan Kirshenbaum provided guidance for 2025, expecting a 57-58% FRE margin, with G&A at about 12% of revenue and compensation at 30-31%.

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Co-Chief Executive Officer Marc Lipschultz pointed to the durable business model and new growth streams from M&A as drivers for future success. Chief Financial Officer Alan Kirshenbaum provided specific guidance, stating they expect mid-20s percent FRE growth in 2024 and similar mid-20s percent FRE growth in 2025, with the goal of continuing to lead the industry.

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Craig Larson, Partner & Head of IR, explained that the environment is excellent for ABF as companies seek to adopt capital-light models. He positioned the Harley-Davidson transaction, which involved buying a loan portfolio and a forward flow agreement, as part of a broader trend. Larson cited past deals with Discover, PayPal, and BMO as examples of companies freeing up capital for strategic initiatives, suggesting the opportunity is not a one-off.

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Executive Craig Larson described it as the 'earliest of days,' emphasizing a long-term focus on delivering strong net investment performance over raising capital quickly. Co-CEO Scott Nuttall added that the partnership aims to reach the 95% of households not targeted by existing K-Series products, with plans for private equity, real estate, and infrastructure products, as well as model portfolios and target-date fund solutions.

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Co-CEO Scott Nuttall reiterated comfort with the Investor Day target of $300+ billion over 2024-2026, emphasizing the 'plus' sign. He explained that key drivers from 2024 are sustainable and improving, and the addition of flagship funds being in the market for a greater part of the year should be 'quite additive' to the fundraising momentum.

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Executive Craig Larson stated that while there isn't a new target, their confidence in exceeding the $300 billion goal has increased. He highlighted that flagship fundraising, which has been modest recently, is poised to become a meaningful and incremental contributor. Co-CEO Scott Nuttall reinforced this positive outlook, advising the analyst to "lean even more into the plus" on the target.

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CEO Vlad Tenev argued that recent market share gains were driven by making their offering more competitive for high-volume traders via smart exchange routing, a segment they previously underserved. He expressed confidence in their product velocity, with staking and new assets widening their lead, and stated he doesn't worry about competitors until they have products in the market that are actually beating Robinhood's.

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CFO Jason Warnick did not provide specific Q2 NII guidance but reiterated that a 25 basis point cut would have about a $50 million standalone headwind. However, he stressed that this is misleading in isolation, as the company's rapid growth in interest-earning assets has more than outpaced the effect of dropping rates over the past year. He also pointed to the natural hedge where lower rates are expected to boost trading activity.

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CFO Jason Warnick noted that while competition may increase, it also signals that crypto is becoming more mainstream, which should grow the overall market. CEO Vladimir Tenev emphasized Robinhood's competitive advantage is its integrated platform, allowing users to trade crypto alongside equities, options, and futures, and highlighted the massive future opportunity in tokenization.

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CFO Jason Warnick expressed strong confidence in the long-term relationship. He attributed the Q3 deviation to two specific factors: the absence of ~$30 million in seasonal proxy revenue that was present in Q2, and a $14 million sequential increase in contra-revenues from promotions. He noted the main driver of the contra-revenue, the 1% gold deposit boost, is being wound down, which should help normalize the relationship going forward.

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CFO James Marischen provided a Q3 NII forecast of $265M-$275M, explaining that while recent loan sales are a headwind, loan growth and funding mix shifts provide a path to the full-year guidance. CEO Ronald Kruszewski added that short-term stock reactions in M&A deals are unlikely to deter boards focused on long-term strategy. Marischen quantified the aircraft leasing gain at approximately $28 million.

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CFO James Marischen attributed the NIM decline to several factors, including the lagging repricing of the CLO portfolio, the absence of episodic success fees seen in Q4, a lower day count, and slower loan growth. CEO Ronald Kruszewski explained that public finance was choppy due to tax policy uncertainty. Marischen added that the fixed income trading comparable was difficult due to strong, episodic activity in the prior year.

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CEO Ron Kruszewski expressed optimism for the fixed income business, citing a favorable environment and successful investments in structured products and public finance. CFO Jim Marischen cautioned that lumpy trading gains shouldn't be run-rated. On cash balances, Marischen stated sweep deposits were down a 'couple of hundred million dollars' in January but noted the figure is volatile. He clarified the NII forecast assumes loan growth is funded by other deposits, making any build in sweep balances incremental to guidance.

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CEO Ron Kruszewski confirmed his view has not changed from earlier in the year when he discussed achieving over $5 billion in revenue and $8 of EPS in 2025. Regarding capital, Kruszewski explained that while buybacks continue, bank growth currently appears more attractive for deploying capital given the stock's appreciation. CFO James Marischen added that achieving the $8 EPS target involves a trade-off between balance sheet growth and share repurchases.

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Chairman & CEO James Cracchiolo attributed the Q2 flow slowdown to seasonal tax payments and market uncertainty, noting a recovery later in the quarter. He explained that higher distribution expenses were primarily driven by a 9% increase in advisor gross production, which moves advisors into higher payout tiers, rather than solely by recruiting packages, where he acknowledged some 'irrational' behavior persists in the market.

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James Cracchiolo, Chairman & CEO, attributed the Q2 flow slowdown to seasonal tax payments and market uncertainty, noting a recovery began late in the quarter. He explained that the higher distribution expense was primarily driven by a 9% increase in advisor gross production, which dictates compensation, rather than a significant increase in recruitment package costs.

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Chairman and CEO Jim Cracchiolo noted that client activity and flows remained strong, with a good recruiting pipeline driven by the firm's technology and stability. He explained the disclosure for adviser headcount was removed to align with industry peers and avoid confusion around adviser retirements. He added that April cash levels were relatively flat, excluding tax-related movements, and the recruiting pipeline remains robust despite market volatility.

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CFO Walter Berman projected enterprise G&A to be roughly flat in 2025 (excluding certain items), with AWM G&A growth in the 4-5% range to support investment. CEO Jim Cracchiolo commented that the recruiting market is 'a bit frothy' with some firms using higher rates to boost offers, and he expects this to temper as rates decline.

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President & COO Jonathan Gray indicated that BMAX, as an interval fund launched initially in the RIA channel, will likely take some time to ramp up as investors observe its track record. He contrasted this with the remarkable success of other products like BXP, which became a market leader in just 18 months. Gray emphasized that Blackstone's overall position in the wealth channel is 'incredibly positive' due to its long track record, brand, and broad product suite, and that the firm will continue to introduce new products globally.

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President and COO Jonathan Gray highlighted recent successful fundraising for European real estate funds as a sign of franchise strength. He noted that while conversations with LPs have improved over the last six months, recent market volatility may create a 'speed bump.' He believes the underlying fundamentals of limited new supply and lower capital costs will ultimately drive a recovery and attract capital, likely favoring new drawdown funds initially.

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Jonathan Gray, President & COO, stated that a significant increase in flows is "all tied to performance." With net redemptions down 97% from the peak, he believes investors are waiting to see a few months of meaningful, positive NAV growth. Once that occurs, he expects flows to resume and build, expressing confidence in the underlying portfolio's quality (logistics, rental housing, data centers) and its 4% same-store NOI growth in the prior year.

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CFO Michael Chae focused on the positive 'building blocks' for 2025 FRE growth rather than a specific net flow algorithm. He cited numerous drivers, including the full-year impact of newly activated funds, new fundraising initiatives, the expansion of perpetual strategies, and significant momentum in credit and insurance, all of which support a strong outlook for FRE.

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Chairman & CEO David Solomon affirmed the firm's commitment to its strategy of being an asset manager and not running a large on-balance sheet alternatives platform, stating 'we're not gonna pivot from that.' CFO Denis Coleman added that the favorable treatment makes their necessary co-investments less of a returns headwind. Regarding the SCB, David Solomon noted that while it reflects their less RWA-dense strategy, a lack of regulatory transparency makes it difficult to confirm the specific drivers or durability.

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CEO David Solomon noted a large backlog of sponsor activity will eventually materialize. Executive Denis Coleman attributed the fee rate contraction to a mix shift toward lower-fee OCIO activities. Solomon added that while uncertainty exists, client dialogues are increasing and the deal backlog is up.

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CFO Denis Coleman quantified the drag from selected consumer items at 80 basis points on ROE and noted that reducing the HPI portfolio will provide incremental capital relief. On capital deployment, he reiterated prioritizing organic growth, especially in acquisition financing and durable revenues, but stated the current valuation does not preclude returning capital to shareholders via buybacks and dividends.

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CFO Jarrod Phillips affirmed that the 0 to 150 bps FRE margin expansion target remains current. He explained that the recent margin pressure was due to the integration of GCP, but this is temporary. He expects the drag to be offset by significant synergies over the next 12-24 months and improved operating margins as new funds, particularly in the data center business, are raised. He reiterated that the firm prioritizes strategic growth investments over maximizing short-term margins.

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CEO Michael Arougheti explained that the fundraising 'floor' is rising due to numerous continuous-offer funds and accelerating wealth and insurance channels. Regarding the T. Rowe partnership, he expressed excitement about leveraging their capabilities for Aspida and noted that while it's early, there are discussions around developing retirement products together.

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CEO Michael Arougheti attributed spread narrowing to a healthy economy and low defaults, in addition to supply/demand. He noted a durable 150-400 bps spread premium for private credit exists and that Ares's ability to invest across the entire middle market is a key advantage. He confirmed that Part 1 fees are expected to grow, as the growth in fee-earning assets from new vehicles will outpace the impact of lower rates, which are often offset by wider credit spreads and higher upfront fees from increased deal volume.

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President James Zelter highlighted the channel's strong growth trajectory, with $5 billion raised in Q1, and reaffirmed the full-year target. He noted that growth was broad-based across multiple strategies, with AAA showing solid performance. Zelter emphasized that momentum is driven by performance, technology, and a comprehensive product suite, and confirmed that April flows remained strong.

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CEO Marc Rowan clarified that ACS is not a standalone business but a strategic outgrowth of their core strategy, enabling them to originate large deals for their balance sheets while syndicating the rest. President Jim Zelter added that ACS is a critical tool for their open architecture and public-private convergence strategy. They affirmed they are not changing the Investor Day guidance, which was set only four months prior.

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CEO Marc Rowan clarified that while the DC market represents significant upside, it is not factored into the current 5-year plan. He stated the more immediate, baked-in opportunity is rethinking the retirement product set itself to offer simplification and guaranteed lifetime income. He noted that broad access to 401(k)s would be a positive development for the entire industry, limited only by origination capacity.

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CEO Paul Shoukry affirmed that a $400-$500 million quarterly buyback is a good assumption, absent major M&A or loan growth, to keep capital ratios from rising. He explained the NII outlook is based on spot balances and detailed the two main deposit buckets: a high-beta savings program and a low-beta cash sweep program, which drive the blended deposit cost.

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CEO Paul Shoukry confirmed that a $400-$500 million quarterly buyback is a good assumption to keep capital ratios stable, absent major growth or M&A. On NII, Shoukry noted the flattish guidance is based on spot balances and that deposit betas are blended, with the enhanced savings program near 100% while the cash sweep program is much lower.

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President Paul Shoukry defended the firm's competitive cash offerings, stating decisions are always client-first and that year-over-year trends are more telling than quarter-to-quarter comparisons. On AUM, Chair and CEO Paul Reilly explained the decline was driven by two one-off items: a negative foreign exchange impact from the U.K. and Canada, and the previously discussed departure of a large branch. Regarding the Capital Markets comp ratio, Shoukry advised looking at longer-term trends rather than comparing sequential quarters due to year-end accounting effects, reiterating the firm-wide goal of keeping the total comp ratio under 65%.

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CEO Michael O'Grady noted that deposit betas are stable, with institutional betas near 100% and wealth management betas around 60-70%, highlighting that focused pricing strategies have yielded benefits. CFO David Fox affirmed the commitment to keeping expense growth below 5%, explaining that the company has identified discretionary spending levers in consulting, technology, and incentives to maintain flexibility in various market conditions.

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Chief Financial Officer David Fox attributed the sequential AUC decline primarily to unfavorable currency movements (80%) and exposure to underperforming fixed income and international markets. Chairman and CEO Michael O'Grady stated there are no plans to add formal organic growth targets due to the estimates involved. He clarified the 30% pretax margin target is about achieving the right long-term balance between growth and returns, noting the full-year margin was still below that level.

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CFO Dermot McDonogh stated that while Pershing continually reviews its competitive offerings, no significant changes have been made to cash economics, and any impact on the firm's NII guide is "de minimis." Regarding NNA flows, he attributed the quarterly softness to the timing of large mandate signings, which can be choppy. He expressed confidence in the pipeline and reaffirmed the 2025 guide for the Wolfe platform, noting the Atria transition would occur in the next quarter or two.

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CFO Alastair Borthwick stated that the bank is comfortable growing into its capital by investing in the business and has flexibility on the buyback, without a specific CET1 target yet. CEO Brian Moynihan attributed loan growth to long-term investments in commercial bankers and technology, which he expects will continue to drive performance.

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CFO Alastair Borthwick attributed the NII growth to stabilizing deposit trends, accelerating loan growth, and the ongoing repricing of fixed-rate assets and swaps. CEO Brian Moynihan expressed confidence in the operating leverage goal, citing past performance and the benefits of a stable headcount and normalizing revenue mix, which will improve profitability as NII growth from the consumer segment accelerates.

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CFO Mike Santomassimo confirmed there is expense flexibility, citing variable compensation in Wealth and IB, as well as operating losses, as areas that could adjust with revenue. He stated the firm would actively manage costs while protecting core investments. Regarding NII, he acknowledged the difficulty in predicting the 2025 exit rate due to volatility in rates and loan growth, reiterating that the forward curve is often wrong and multiple scenarios are possible.

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CEO James Dimon argued that broad regulatory reform across SLR, G-SIB, and CCAR is needed, not just an SLR fix, to benefit the markets. Executive Jeremy Barnum added that while JPM isn't currently bound by SLR, it has been in the past. On the Markets outlook, Barnum declined to give guidance but acknowledged that while volatility is a positive ingredient, significant client de-risking could be a headwind.

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CFO Jeremy Barnum explained that the expense increase is driven by inflation, the annualization of growth initiatives, and higher volume-related costs. CEO James Dimon added that he views these as investments in areas like private banking, branches, and AI to gain market share. Regarding duration, Barnum stated that extending it is a headwind to short-term NII and that the firm is currently comfortable with its position, having made some minor active choices to extend duration recently.

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Executive Sharon Yeshaya explained that while the firm could reach 30%, they prioritize making durable, long-term investments in the business, such as in the Workplace and self-directed channels, which can be margin-dilutive initially. She stressed the goal is durable growth, not hitting a target at the expense of investment. Regarding Carta, Yeshaya described it as an 'exciting partnership' that provides an exclusive referral channel for private companies as they go public, creating opportunities for both the Wealth Management and Institutional Securities businesses.

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Executive Vice President and CFO Sharon Yeshaya explained that efficiency gains are part of a long-term strategy, citing real estate optimization and reduced professional services as funding growth investments in technology and infrastructure. She attributed the strong Wealth Management KPIs to broad-based client engagement and encouraging deposit trends following the recent Fed rate cut, rather than a single idiosyncratic factor.

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CEO Ted Pick attributed the record equities quarter to strong, broad-based client activity across all products and regions, driven by investments in technology and client service. He noted that while a weaker economy is a risk, client engagement remains high. CFO Sharon Yeshaya added that the M&A pipeline is supported by encouraging, broad-based flows across all wealth channels and noted a positive pickup in securities-based lending ahead of tax season.

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President & CEO Tim Hockey stated definitively that the commission price point has 'no bearing whatsoever' on the company's strong relationship with TD Bank. He deferred questions about TD's future strategic plans to TD itself.

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EVP & CFO Stephen Boyle stated that the company does not plan to dramatically change its ALM profile or take undue risk. He highlighted the benefit of having no negative convexity and indicated they would likely 'stay the course' with their current strategy.

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EVP and CFO Steve Boyle declined to provide specific fee rates for the cash buckets, stating the information is blended into the overall investment product fee number. On subscription pricing, President and CEO Tim Hockey confirmed they are exploring multiple pricing options as part of their strategy, noting that while subscription models are interesting, other versions are also under consideration, with nothing to announce at this time.

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President and CEO Tim Hockey reaffirmed the company's full-year expense guidance, noting that the second quarter is seasonally the highest and expenses should decline thereafter. On the capital structure, he stated they target a debt-to-EBITDA ratio of 1 to 1.5 for efficiency and also manage debt to ensure proper liquidity.

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