Total Revenue

+27.8% (from $494.03M in Q4 2023 to $631.4M in Q4 2024)

Strong overall revenue growth driven by increased fees and higher transaction activity across all platforms. The improvement builds on previous periods’ momentum from enhanced management fee collections and increased capital raising efforts, which continue to drive robust revenue generation. " "

Credit Platform

+10.6% (from $364.35M in Q4 2023 to $403.16M in Q4 2024)

Moderate growth in the Credit Platform reflects continued strength in direct lending and capital deployment strategies. This expansion builds upon recent gains in asset growth and fee-paying activity from previous periods, indicating a stable yet steadily improving performance. " "

GP Strategic Capital

+29% (from $126.11M in Q4 2023 to $162.66M in Q4 2024)

Significant growth in GP Strategic Capital is largely attributable to successful capital raising, especially in minority stakes and flagship products, and asset appreciation. These factors, which began showing momentum in prior periods, contributed to buoyant fee revenue and stronger underlying value. " "

Real Estate Platform

+32.3% (from $49.51M in Q4 2023 to $65.48M in Q4 2024)

Robust performance in the Real Estate Platform is driven by strategic acquisitions (e.g., Prima and Kuvare) and increased capital inflows. This strong growth, mirroring previous period trends, boosted both AUM and fee-paying AUM, leading to notably higher management fee revenue. " "

Consolidated Net Income

–12.5% (from $81,192K in Q4 2023 to $71,055K in Q4 2024)

Despite revenue gains, net income declined due to higher GAAP expenses—including increased administrative, compensation, and amortization costs—which eroded profitability relative to the previous period. This suggests that while top-line growth was robust, expense management did not keep pace in Q4 2024. " "

FRE Margin

FY 2025

57%-58% "

57%-58% "

no change

Dividend

FY 2025

$0.90 per share " "

$0.90 per share or $0.225 per quarter "

no change

FRE Growth

FY 2025

FRE revenues projected to grow at mid- to upper 20s%; management fees at upper 20s% or more "

FRE revenue growth expected in the mid- to upper 20% range; per‐share growth ~20% "

no change

FRE Dollar Amount

FY 2025

Mid-20s% growth range " "

No guidance

removed

Fundraising

FY 2025

GP Strategic Capital targeting $13 billion by FY 2025 "

No guidance

removed

Acquisitions

FY 2025

Atalaya fundraising for early FY 2025 and IPI acquisition " "

No guidance

removed

Long-Term Margin Target

FY 2025

Path to a 60% FRE margin "

No guidance

removed

Embedded Earnings

FY 2025

~$260M incremental management fees plus $135M from BDC listings " "

No guidance

removed

Investor Day

Feb 7, 2025

Investor Day on February 7, 2025 " "

No guidance

removed

G&A Expenses

FY 2025

No prior guidance

Approximately 12% of revenue "

no prior guidance

Compensation Expenses

FY 2025

No prior guidance

Around 30%-31% of revenue (vs 28.5% in FY 2024) "

no prior guidance

Effective Tax Rate

FY 2025

No prior guidance

Mid- to high single digits "

no prior guidance

Management Fees from AUM Not Yet Earning Fees

FY 2025

No prior guidance

~$300 million incremental fees plus an additional $135 million from a BDC listing "

no prior guidance

Fundraising and Diversified Product Offerings

Earlier periods (Q1–Q3 2024) consistently emphasized robust fundraising – record quarters in Q3 and strong performance in Q1/Q2 – along with deliberate expansion into digital infrastructure, net lease, alternative credit and other diversified product offerings. " " " "

In Q4 2024, the firm reported record fundraising numbers (e.g. $27.5B equity in 2024, $9.5B in Q4, and over $18B including debt) along with continued expansion into digital infrastructure (acquisition of IPI) and net lease strategies (e.g. European net lease approaching targets). " " "

Consistent robust fundraising with enhanced diversification; focus remains strong but evolves to incorporate greater emphasis on digital and net lease strategies.

Fee Growth and Management Fee Revenue

Q1–Q3 2024 discussions stressed sustained fee growth (with 12–14 consecutive quarters of growth), stable and high management fee revenue driven by permanent capital, and predictable FRE expansion despite emerging margin pressures. " " "

Q4 2024 highlighted continued fee growth with FRE growing around 26% and management fees increasing ~30%, though margins are slightly compressed (59% FRE margin; guidance of 57–58% for 2025) due mainly to acquisition integration. " " "

Steady fee growth remains a strength but margin compression from acquisitions is emerging; however, the long‑term outlook remains positive.

Mergers, Acquisitions and Integration Risks

In Q1–Q3 2024, the emphasis was on a “buy and build” strategy with several strategic acquisitions (e.g., Oak Street, early-stage net lease opportunities) and early integration processes. BDC platform consolidation was noted as a key part of their strategy. " " "

Q4 2024 reiterated the successful integration of key acquisitions (including IPI) and progress on BDC platform consolidation (merger of publicly traded BDCs and upcoming ORTT/ORTF II merger), though acquisitions continue to weigh on margins in the short term. " " " "

Continued strategic acquisitions with a particular focus on BDC consolidation; integration processes remain effective though pose near‑term margin challenges.

Margin Performance

Previous quarters described margins near or at 60% target with robust FRE margins, while noting that acquisitions and integration (e.g., Atalaya, Oak Street) might cause some short‑term compression. " " "

In Q4 2024, the FRE margin was reported at 59% for 2024 with guidance for 2025 between 57–58%. Management attributed the slight compression to acquisition integration and upfront investments while emphasizing long‑term margin recovery. "

Slight ongoing margin compression driven by acquisitions, but fundamentals remain resilient; management expects a return to higher margins over time.

Dividend Policy and Sustainability

Q1–Q3 2024 discussions balanced attractive dividend growth with sustainability concerns; Q3 in particular shifted to a more conservative view given market and interest rate volatility, while Q2 highlighted predictable growth (low to mid‑30% growth) and a strong sustainability narrative. " " "

Q4 2024 focused on concrete dividend amounts—a $0.18 share dividend for Q4 and an annual fixed dividend of $0.90 for 2025 (up 25% from prior year). There was less emphasis on sustainability concerns in Q4, with the focus on attractive payout levels. "

Continued dividend growth with a focus on maintaining strong payouts; previous caution regarding sustainability is less vocal as actual dividend numbers are confirmed.

Credit Quality and Resilience

Across Q1–Q3 2024, the company consistently pointed to strong credit quality: low realized loss rates (e.g. 7–11 basis points), stable LTVs, and robust portfolio performance despite market volatility. Emphasis was on conservative credit practices and resilience amid market challenges. " " "

Q4 2024 confirmed similar credit strength – with an average annual realized loss rate of 11 basis points, stable weighted average LTVs in the high 30s (direct lending) and low 30s (software lending), and no significant upticks in nonaccruals, reinforcing its resilient portfolio. " "

Consistently strong credit quality and resilience across periods; no significant deterioration and credit fundamentals remain intact even in tougher market environments.

Direct Lending and AUM Deployment

In earlier quarters, record performance was reported through robust originations and deployment (e.g. Q1 reported $8.9B in originations, pipeline of AUM not-yet-paying fees valued at $16.8B in Q1/Q2) despite some moderate concerns over timing of fee activation. " "

Q4 2024 reported record gross deployment ($52B) and net deployment ($16.6B) in credit, while highlighting an even larger AUM pipeline (e.g. $22.6B not-yet-paying fees), indicating ongoing strong activity alongside some delay concerns in fee activation. " " "

Record deployment performance continues while a substantial pipeline awaits fee activation; slight delay concerns persist, but the overall growth trajectory is robust.

Interest Rate and Market Environment Impacts

Q1–Q3 2024 deliberations centered on a volatile rate environment with significant SOFR movements, impacting Part 1 fees and spread compression; management emphasized that higher-for‑longer rates would benefit floating rate assets while maintaining strong underlying fee stability. " " "

Q4 2024 reinforced that spreads had compressed (around 100–150bps declines) while highlighting that management fees continued to grow and being able to pass some benefits from higher rates into fee increases. Dividend outcomes were set amid ongoing market volatility. " " "

Market impacts remain significant with continued rate volatility and spread compression; management adapts by leveraging permanent capital and strategic deployment, sustaining fee margins and dividend commitments.

Digital Infrastructure and Net Lease Strategies

Q1–Q3 2024 saw emerging emphasis on these themes—with early initiatives into digital infrastructure (notably the buildup toward the IPI acquisition) and strong net lease performance in terms of yield and pipeline growth, including European strategies. " " "

In Q4 2024 these strategies are elevated: the acquisition of IPI adds over $14B AUM, the digital infrastructure fund nears its hard cap, and the European net lease strategy is advancing toward its targets. Fundraising and deployment results further underscore their high-growth status. " " " " "

Elevated focus on high‑growth digital and net lease strategies; progression from early-stage initiatives to large‑scale, well-funded deployments demonstrating significant strategic commitment.

Alternative Credit Initiatives

In Q1–Q3 2024, alternative credit was already a strategic focus highlighted through new product launches and acquisitions (e.g., Prima Capital in Q1, forward flow agreements, and early discussions around Atalaya and Kuvera). " " "

Q4 2024 continued to stress alternative credit with further product innovation, forward flow agreements with Upstart and Atalaya, and an emphasis on launching new products in 2025. The narrative reinforced its status as an area of significant growth opportunity. " "

Alternative credit remains a prioritized area with new product launches and strategic acquisitions driving momentum, building on prior progress and expanding market opportunities.

Legacy GP Stakes and Traditional Revenue Streams

In Q1–Q3 2024, GP stakes and traditional fee‑based revenue streams were consistently presented as core, stable revenue drivers—with robust performance metrics, strong fundraising, and attractive returns being highlighted. " "

In Q4 2024, discussion of legacy GP stakes and traditional revenue streams was less emphasized as management shifted focus toward newer, high‑growth initiatives. While GP stakes performance was mentioned, the narrative pivoted more to diversification through alternative credit, digital infrastructure, and net lease strategies.

Reduced emphasis on legacy GP stakes and traditional revenue streams; the narrative has shifted toward emerging high‑growth areas, indicating a strategic rebalancing of focus over time.