Alex Blostein

those balances have been coming down now for several quarters, which makes sense, I guess, given how elevated they've been running at

help us think about the reinvestment yields you expect on that book as that rolls off over the next couple of quarters

I was hoping you guys can give us a sense of roll-on, roll- off dynamics in the bank securities portfolio

how do you guys think that is likely to evolve here through 2025, relative to last year?

that gives you an opportunity perhaps to be a little more proactive, a little more opportunistic in this environment

the durability of the origination volumes and the transaction fees you guys are seeing

I was intrigued by your comments around the asset management partnerships broadly. So maybe you could expand a little bit on how you view this $5 billion trajectory from here?

double-click into credit spread dynamics and importantly, how that could impact the insurance business perhaps beyond 2025

When you think about how your institutional client base is responding and appreciate you guys actually don't have a large flagship fund in the market today

your expectations for origination into 2025. The way you framed it, I thought it was really helpful between Atlas lender finance, and direct lending.

Can you expand on which parts of the Credit business you have seen the biggest incremental pickup in deployment opportunities

can you unpack that a little more between direct lending products versus other well vehicles that you guys have

how you envision your franchise position in case LP appetite starts to normalize and resume in the real estate channel

how compression in U.S. direct lending spreads impacting institutional demands and fee rates

what are the more likely areas of deployment where the firm could stay active?

Can you guys just level set and remind us what their 2024 full-year management fee base is

can you talk a little bit about the changes you're seeing in that LP base?

I was hoping you could break that down by key strategies as well as whether Lexington, their flagship fund, contributed to that at all

Where do you see the profitability over time? Many of your peers are well in the thirties

your just total expense guide for 2026 in totality?

Can you just unpack how much you assume for Lexington's flagship fund?

expense guidance just as you kind of progress here towards the end of the fiscal year

I wanted to get your guys' thoughts on the outlook for private markets growth for Franklin over the next 12 months

would love to get your insight on how the retail products have done, through April

can you help us frame the operating income and management fee contribution from Western, kind of where that stands today?

how much of the benefit the elevated market volatility contributed this quarter to think about the right baseline

how does that inform your 10% NII guide

as you think about organic fee growth into '26 and beyond, any way to frame what that could look like

I don't think I heard you guys talk about the capital return plans for 2026 specifically

if you think about Q4 guide, is that a reasonable jumping-off point for NII for all of 2026

as you think about firm-wide margin in this kind of mid-30s year to date and as you think about the forward opportunity set

where do you see both risk to, you know, the existing business and some of the new revenue opportunities

How are you thinking about that? Maybe it's too early, but just want to get your sense for appetite for M&A

Can you comment also on the mix between interest-bearing and noninterest-bearing in April

We've seen stronger results in the repo business for a handful of quarters now

how important is fee operating leverage to the firm? I know you talk about total, which is right

You mentioned in your prepared remarks that in prior periods of dislocation, BlackRock, Inc. tends to gain share

how should we think about that progressing over the course of '26, assuming kind of normal markets?

what the HPS team is seeing on the ground, both with respect to credit trends across their direct lending portfolios in the third quarter

help us sort of think through the cadence and scaling of the business as these 2 acquisitions kind of come into the full run rate

Does that mean BlackRock might need to get even larger outside the U.S.?

to what extent does that change the backdrop you're seeing in the marketplace today?

how important is the sort of 10-ish percent gross return to the retail channel? So does the point you make, does that resonate or it's really viewed as an absolute product?

we're clearly seeing compression in credit spreads. And I'm curious how that's playing into your client conversations where the premium to liquid market is still there

curious to kind of how you think about the origination opportunity for Blackstone in IG private credit in light of potentially lose lending requirements on the bank side?

Can you give us a sense of the amount of capital that's sitting on the platform now that's not earning fees yet that will turn on upon deployment?

curious to get your thoughts on the health of the underlying customer. Obviously, we've seen extreme volatility

just curious how you could see your ecosystem impacted by this, whether it's in the rates business or any other products could potentially benefit

You help break down the composition of retail in terms of just the revenues where that stands now?

the recurring revenue improvement sequentially, where that sort of coming from

What in terms of actual savings you guys think this can produce for the firm? What's the time frame on that?

help us understand a little better how they could translate into either new or improved revenue opportunities for ICE as a whole

Can you kind of help us sort of think how that could impact the customers need to hedge and just sort of the broader activity in your energy markets

ICE made a nice progress gaining market share over the course of last year. It looks like trends have picked back up again on the market share trend versus your primary competitor there

anything you guys would be willing to share and how you would potentially respond if competitors come in at a lower price point?

what does that look like today? And is there enough there to move the needle on the blended fee rate when it comes to that bucket as well for you guys?

do you still see parts of the business that are sort of subscale where you could do something similar where you exit them or JV them or kind of try to maneuver them to where sort of it makes sense?

Maybe it would be helpful just to kind of level set where you guys expect the total dollar amount of expenses to be for 2026, assuming sort of flat markets

Maybe one, with the use of proceeds, obviously, you guys have been deleveraging, and there's more to do there, but maybe talk a little bit about capital return priorities as you look out over the n...

curious how you're thinking about the licensing fee of 8 basis points relative to other rates that are out there in the market, how durable do you think that's going to be?

how you envision sort of the product and distribution opportunities develop with Barings and MassMutual

what ultimately got MassMutual over the hump to agree to this

talk to us maybe a bit about the pipeline that you are seeing in the products there and your expectations for flows over the next couple of quarters?

what are the runrate expenses you expect to pay State Street once all the assets have migrated over?

As you think on the forward, it might be helpful just to get a mark-to-market on your expectations for fundraising

Can you talk maybe through the building blocks, your confidence levels in those building blocks?

it might be helpful just to kind of go through the broader building blocks as you look through current fundraising dynamics

Is that still the case? How are you sort of gauging the pulse of institutional clients as you go through this fundraising cycle?

Could you just maybe walk us through sort of why now? Why is now the right time to add?

I was hoping you can give us a little more detail on where you're seeing the incremental uptake, particularly within cap markets as well as your view for the rest of the year

how are you thinking about M&A broadly? Is organic growth still the primary focus for the firm for the next call at couple of years?

curious how you sort of think about areas of risk when it comes to AI with respect to Nasdaq's revenue model and as an offset potentially incremental revenue opportunities as well as areas where th...

how we should be thinking about the momentum in fintech entering into '26

What is the probability of deals you're seeing out there Obviously, macro uncertainty could present pretty compelling valuation opportunities

your outlook on Workflow and Insights. Obviously, it is a business that has been growing a little bit slower

With the Visa shares become available to you guys this year. Can you maybe just talk through the amount of proceeds you expect the use of these proceeds and timing when it comes to potentially bigg...

Can we talk through maybe the areas where you see the most opportunity to accelerate growth? And ultimately, what you think Northern's organic fee growth, so, ex markets, should look like over the ...

how you're thinking about the trajectory from NII off of that jumping off point? And are there any things you could do today to mitigate the effects of potentially lower interest rates

as you think about how long it will take you guys to get there, and ultimately, what interest environment does that contemplate?

the percentage of your expense base that flexes directly with lower asset levels?

give us an update on kinda how things stand so far in April both in terms of the level and the mix

has that changed at all, meaning that if you are in a sort of better fee environment in 2025

as you think about the expense to fee ratio, which would kind of normalize for that flex, so to speak

what do you think the margins could go to over time

Where are the odds of that today? So you sort of think about your pipeline of corporate M&A, particularly in the wealth space

Can you maybe elaborate on what specifically is going into that growth this year

It seems the past couple of quarters has been closer to like $350 to $400 million range, including the target for the fiscal second. Can you kind of walk through the rationale

was this related to GreensLedge acquisition in the quarter? Or should we take it as a signal that maybe there's something bigger that's imminent

Maybe can you expand on some of the financial parameters, the criteria that you guys would look for, for a larger-sized deal

How are you thinking about that for AJ? It feels like the opportunity to increased penetration of alternative products

Is the pipeline in banking what are you seeing right now and stuff that's sort of tangible enough to get you guys into that 20-plus percent pretax margin goal

Maybe spend a minute on kind of what does that look like today at RayJay

can you give us a sense of realistically when you expect to get there not to pin you down to any particular quarter

how much the underlying drivers of the business have expanded over the last couple of years

Is it possible to unpack sort of sources of growth you saw in the third quarter, your fiscal fourth quarter across the cash stack

Should we assume that to be kind of run rate quarterly pace of buybacks from here as well or absent, obviously, like M&A

what you're hearing on the ground from advisers with respect to their reception to Evergreen private alts

maybe just level set us what you assume for buybacks then? And again, how are you thinking about longer-term trajectory?

how are you thinking of that over the next couple of quarters here? Because obviously, it's a pretty important component

How are you thinking about that? What do you think is the ultimate profitability destination for the firm

Could you guys spend a minute on your securities portfolio strategy as you roll through 2025

can you give us the overarching goals you are trying to achieve?

Any early thoughts on the implications that might have on both ETF growth for State Street Corporation and incremental expenses

should we expect a larger buyback or a larger payout for 2026?

is it a function of the balances being higher? I know that tend to pick up seasonally. Or is there something more more specific that you guys are already starting to work through?

How are you thinking about, both the balance sheet management and sort of operating dynamics in the company?

help us maybe think about what are the things you guys could do and what are you working on to perhaps mitigate the effects of lower interest rates as you look out beyond this year

what holding up better in the business to fill the gap, I guess, from the market impact on fees in 2025 to keep your guidance largely intact

I was hoping you can bifurcate between interest-bearing and non-interest deposits trends

how you guys are planning from an operating perspective for 2026. Heard this expense guide, so maybe just remind us of the ability to flex up or down

I was hoping to get your latest views on acquisitions for T. Rowe with respect to both thinking about opportunities in the 401(k) channel

help us understand the drivers between sort of the original guide versus we are now. And as of what point, I guess, in April did you guys set the guide

Is there room to bend that kind of non, sort of variable part of the expense base to be more aligned, with the organic revenue growth