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Analyst
Ben Budish
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q2 (8 quarters).
- Questions
- 122on tracked calls
- Challenge rate
- 3%4 of 122 questions
- Companies
- 17questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 122 of 122 questions from 17 companies
IBKRInteractive Brokers Group13 questions · 7 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
I was wondering if you could unpack the strength in securities lending this quarter.
Show response
Brody explained the two drivers (balance growth and hard-to-borrow specials) but said future activity is hard to predict.
Calendar 2026 Q1
conversations with institutions that may be interested in onboarding to ForecastEx, any progress there
Show response
Thomas expressed strong conviction that prediction markets will be 'a huge thing,' noting previously reluctant institutions are now showing curiosity.
I'm just curious if you can give any more of a detailed update, what are margin balances looking like intra-month
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Thomas gave the quarter-end figure but deflected on intra-month trends, pointing to the monthly public releases instead of providing real-time detail.
Calendar 2025 Q4
onboarding insurance companies, electric utilities, these sorts of institutions, does that require any change to product design, or do you think it is more a matter of education
Show response
Paul stated plainly that institutional adoption of prediction markets is a sales challenge, not a product design issue, suggesting the existing infrastructure is sufficient for institutional use cases.
Can you maybe talk about your plans to get or drive more engagement on Predictive Markets either through the Interactive Brokers platform onboarding more FCMs?
Show response
Thomas gave a brief response focused on improving and increasing advertising spend but did not elaborate on specific prediction market growth tactics or midterm election strategy.
Calendar 2025 Q3
It looks like that stepped up a little bit from what you had disclosed last quarter. It also looks like for the last several quarters, the percentage of balances that are not in U.S. dollars is goi...
Show response
Paul explained the non-USD sensitivity increase is a natural byproduct of platform growth and larger international client balances, noting some non-USD currencies approached zero rates again creating nonlinearity.
There's been some press suggesting that you've made a filing preparing to launch contracts on sports. I'm curious if you can comment on that. But maybe otherwise, it sounds like there's a lot of mo...
Show response
Thomas clearly separated IBKR the broker (not contemplating sports betting, focusing on elections/economic/climate contracts globally) from ForecastEx the exchange (which will allow introducing brokers to carry sports contracts pending court rulings on state regulatory authority).
Calendar 2025 Q2
overnight trading specifically, it sounds like that is growing much faster than international growth more broadly
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Milan explained overnight trading serves European and Asian clients during their daytime, with introducing brokers increasingly enabling the feature, and expects the distinction between trading hours to diminish over time.
sensitivity to a 25 basis point change in rate seems like it is a much lower dollar number
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Paul explained the nonlinearity arises as some foreign currency rates approach or breach zero, compressing the spread and reducing the sensitivity calculation.
Calendar 2025 Q1
margins declined 12% from the end of the quarter, is that as of sort of the lowest point perhaps a week ago
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Milan clarified the 12% drop happened quickly and stabilized, characterizing it as not significant, with no further deterioration in the days since.
calibrate our models correctly given the SEC reduction, I think you said $27 million for the current quarter
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Paul confirmed the $27 million in SEC fees are pass-through and will drop to zero after May 15th, reducing both the execution cost line and commission revenue symmetrically.
Calendar 2024 Q4
the employee comp and benefits line, you called out a capitalized expense. Just curious in Q1 and going into the year
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Paul provided a clear benchmark of $143M quarterly average for comp modeling, noting the capitalization adjustment is periodic and the full-year figure is the best guide.
what account growth could look like in 2025. I know you tend not to give guidance on a per year basis
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Milan gave qualitative outlook citing market enthusiasm and new administration but did not provide specific account growth targets for 2025.
CMECME Group11 questions · 7 reporting periods · 1 of 11 challenging
Calendar 2026 Q2
I wonder if you could unpack the strength in market data growth this quarter.
Show response
Julie cited the price increase, professional-subscriber growth, and derived data; Lynne flagged $7 million of non-recurring catch-up payments.
Calendar 2026 Q1
you've now seen it looks like about 15% of volumes are kind of markets related
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Tim McCourt said market-based contracts exceeded 30% of prediction volume since mid-March marketing push. Over 150,000 new accounts opened, with a pipeline of FCMs still being onboarded.
this quarter's recurring revenue growth was the fastest I think you've seen in several years
Show response
Julie Winkler highlighted sim trading environments driving new trader acquisition, data feed licensing changes, and professional subscribers up 2.45% YoY. Lynne reinforced broad-based growth across the market data ecosystem.
Calendar 2025 Q4
I was wondering if you could address the pricing changes made
Show response
Lynne noted biggest fee impacts in metals/micro, crude oil, and grains. Rates adjusted via incentive programs. Moving to dynamic pricing timing vs annual December consolidation.
Calendar 2025 Q3
Is there anything structurally different about this market that might necessitate like a higher or lower operating margin, higher spend?
Show response
Tim McCourt emphasized CME's existing scale handles intraday listings efficiently. Julie noted 130 retail broker partners handle KYC/onboarding, so CME doesn't see demonstrable change in spend.
Calendar 2025 Q2
curious if you could unpack a little bit how cash versus noncash traded month-over-month
Show response
Lynne reported July cash $132B (steady from Q2 $133B), noncash up to $153B, total $321B. Indicating elevated collateral levels persisting post-April volatility.
It looks like your market share of overall treasury trading volume has stepped down a bit in the last couple of months
Show response
Mike Dennis pushed back on share concerns, BrokerTec ADNV up 24%, April hit $151B ADNV up 39% YoY. Share flat vs like-for-like CLOBs. Record repo at $362.9B ADNV. BrokerTec Chicago launching September 15.
Calendar 2025 Q1
any early reads on the sort of shift from cash to non-cash or non-cash to cash collateral?
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Lynne provided detailed figures showing April cash balances surging to $131B from Q1 average of $79B. Vast majority of participants meeting the 30% cash minimum.
I was wondering if you could talk a little bit more about the launch of BrokerTec in Chicago
Show response
Mike Dennis explained the Q3 2025 launch targets relative value traders needing cash-futures proximity. Terry emphasized futurization of cash markets as a long-term strategic focus.
Calendar 2024 Q4
The fee adjustments on the trading side, side, 1% to 1.5%, and then adding the sort of fee changes to cash minimum, so that add another 1% on top
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Lynne confirmed 1-1.5% includes incentive changes. Collateral fee impact depends on customer decisions, could flow through other revenue or non-operating income.
what your sort of expectations are in terms of engagement. How do you think about maybe for that product, specifically competition with other sort of S&P derivatives
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Julie highlighted product diversity as a differentiator, noting crypto and commodities attracting customers differently than the traditional micro equity entry point.
IVZInvesco9 questions · 7 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
How should we be thinking about variable comp going to the back half of the year?
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Dukes explained the Q1 payroll tax and long-term award seasonality, said it bleeds into Q2 and washes out in the back half, and pointed again to the 40% full-year guide.
Calendar 2026 Q1
is there anywhere else that might make sense to trim and continue to focus?
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Allison confirmed no more significant pruning expected, with Canadian partnership ($19B, closing end Q2) as the final near-term portfolio action. Focus shifts to execution, expense remixing, balance sheet improvement, and growing in high-growth markets.
Calendar 2025 Q4
you mentioned that we should see an operating income drag starting in the third quarter, but you expect it to ease over time. Any more color
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Allison detailed Canada impact: $15-20M quarterly net revenue decline offset by $5-10M expense reduction (half+ in compensation), starting Q3 2026. Net OI drag of $5-10M per quarter starting at high end, trending lower through 2027 as workforce repositioning and expense optimization take hold.
Calendar 2025 Q3
any specific feedback on that one? I know there's a healthy component of direct lending in there
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Andrew noted fund repurposed from legacy vehicle with $250 million base plus MassMutual infusion, targeting all U.S. wealth management channels. Only a couple weeks in market but early soundings positive on dynamic credit approach, pricing, and relative liquidity. Second product already in development.
How are you thinking about variable expenses going into '26 and '27?
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Allison explained variable expenses run about 25% of total, focus is on managing fixed expense base through simplification, reducing redundancies, unifying teams, and making the firm more global versus regional. Comp-to-revenue tracking about 43% year-to-date.
Calendar 2025 Q2
Just curious how you think about the missing pieces in the private market suite and how you think about your capacity?
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Andrew emphasized $130 billion private markets base with partnership route as priority over M&A, citing Barings/MassMutual as model. High bar for acquisitions, but distribution strength in U.S. wealth management positions well for retirement channel expansion.
Calendar 2025 Q1
Once you sort of are able to file a registration statement, how long does it take to start getting the product available on the platforms?
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Andrew noted existing distribution infrastructure is fully built, so no incremental investment needed. Timeline measured in quarters, with potential to enhance existing strategies sooner.
Calendar 2024 Q4
It looks like the ranges for most of your categories were either kind of lowered at the midpoint or narrowed. If you could kind of comment on what's been going on there?
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Allison attributed fee rate trends to mix shift within categories (strong demand for lower-fee QQQM and S&P 500 equal weight), not secular competitive pressure.
I think you mentioned $2.5 billion for a Finnish pension insurer. That sounded fairly interesting. Curious what the pipeline is like for those sorts of opportunities
Show response
Andrew characterized large custom institutional ETFs as episodic rather than recurring pipeline, but sees broader custom indexing demand growing over time.
ARESAres Management Corporation8 questions · 7 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
How might liquidity need to be structured differently as you go maybe a little further down market?
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Mike said interval fund structures are the path down-market to mass affluent, keeping about 5% quarterly liquidity, with product building blocks mixed into model portfolios.
Calendar 2026 Q1
Is there anything you can share around expectations for the European-style realization revenues for the year, G&A growth, and any help with expectations for FRPR
Show response
Phillips noted G&A will show a high-single-digit to low-double-digit increase next quarter due to AGM timing, but that pulls expense forward out of H2. Otherwise, guidance metrics are in line with prior communications.
Calendar 2025 Q4
wondering if you could give any color on FRPR for the year
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Jarrod noted FRPR growth expected from multiple sources: credit (incentive-generating AUM grew 16% from SMA raises), both nontraded REITs approaching or exceeding high watermarks, and PMF secondaries product growing. PE accrued carry fluctuations driven by a publicly traded holding's fair value moves. ACOF VI at 21%+ gross IRR.
Calendar 2025 Q3
Should this be a number that is repeatable in upcoming quarters
Show response
Mike attributed deployment acceleration to broad transaction market recovery driven by strong economic fundamentals, declining rate trajectory, and pro-business deregulatory tone. Deployment was very broad-based across asset classes and geographies with no single driver.
Calendar 2025 Q2
I wonder if you could talk about what are the sort of swing factors
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Jarrod explained deployment speed drives margin expansion, international wealth flows margin-accretive (no distribution fees), domestic products roughly neutral. GCP synergies gradually offsetting margin drag.
Calendar 2025 Q1
where would you say currently institutional allocations to private credit bar?
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Mike noted significant public institutions targeting near-doubling of private credit exposure. Alternative credit generated 12.5% LTM return, US direct lending 15%, APAC 25%. Asset-based finance roughly 50% high-grade and 50% sub-IG.
Calendar 2024 Q4
anything you can share with us in terms of we might think about managing fee growth in 2025?
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Jarrod segmented fee growth drivers: drawdown funds driven by deployment, retail products fee immediately on raise, equity-style funds benefit from both fundraising and deployment doubling fee rates.
as the European waterfall style realizations start to come in, your after-tax net income is getting bigger and bigger
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Jarrod noted AMT probably still a year or two away. Tax rate range of 11-15% for 2025. GCP acquisition creates taxable goodwill amortizing over 15 years, which helps offset rate pressure.
CBOECboe Global Markets8 questions · 7 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
How would you sum up maybe the bits of volume where there is potential overlap
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Hocking distinguished perps (linear, no expiry) from options' convexity and defined risk, noting over 95% of 0DTE trades are defined-risk and 55% are spreads. Direct.
Calendar 2026 Q1
How should we think about, you know, use of cash, you know, OpEx versus M&A versus CapEx?
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Jill emphasized organic investment in event markets, tokenization and clearing, plus opportunistic buybacks and a likely Q3 dividend review, without specifics.
Calendar 2025 Q4
could you maybe give us an update of where you are in the thinking in terms of product design, conversations with, you know, just distribution partners, market makers
Show response
Rob detailed: securities-based products on registered exchange, aligned with SPX ecosystem, financial/economic focus. Targeting Q2 2026 launch. Regulatory clarity from SEC chairs encouraging. 200K+ daily tight-spread SPX contracts already have binary-like payouts.
Calendar 2025 Q3
how might that help you in terms of new data and analytics products? How do you think about potential to increase efficiency in your operations?
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Chris detailed: 900 active AI associates, center of excellence since mid-2024, multiple agents deployed, AI Olympics program. Primarily internal productivity so far, now turning to commercializable products.
I was wondering if you could talk a little bit about your expectations for expanding trading hours
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Rob described SEC filing: 7:30-9:25 morning and 4:00-4:15 post-close sessions, starting with ~25 highest-cap names. Captures where majority of GTH volume occurs. First step toward 24x5 for single-name options.
Calendar 2025 Q2
it seems like the guidance might prove to be conservative. Just curious if there's anything we should be thinking about in terms of the revenue model?
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Cathy noted favorable YoY comparison in H1, strong momentum from dedicated cores, 45% of new recurring sales from outside US, 85% of Cboe Global Cloud sales international. Confident in full year but quarterly fluctuation expected.
Calendar 2025 Q1
On the I think in the last earnings call, you said you called out faster adoption of index options than expected at Robinhood
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Dave highlighted retail discipline: 95% of zero DTE trades are capped-risk strategies. Retail remained engaged through volatility spikes, historically returns after spikes abate. Constructive outlook.
Calendar 2024 Q4
what is the uptake among SPX and the smaller XSP contract look like, and kind of what the mix looks like of the product adoption for this customer?
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Dave provided detailed breakdown: most flow through SPX, all three products growing, volumes largely additive, 25M funded accounts with 4% options penetration as runway.
BENFranklin Resources7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
maybe give us a little bit of a sense for — what you expect to have in the market
Show response
Johnson deferred detailed FY27 alts fundraising guidance to next quarter but reaffirmed about $40 billion for the year; Nicholls guided the effective fee rate stable in the mid-37s. Partial.
Calendar 2026 Q1
Can you unpack what pockets of credit you are seeing the most demand for?
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Matt: $23-25M fundraising expense is not one-time per se but associated with flagship-level raises and would recur in similar fundraising quarters. Jenny: credit contributions from BSP and BSP Europe across CLOs, opportunity fund, real estate debt, special situations, at least 15 funds contributed. Clarion real estate picking up with $20B industry redemptions creating opportunity. 40% of alt fundraising from outside US. Daniel: EMEA 16%, APAC 23%, new vehicles in Korea, Thailand, Taiwan.
Calendar 2025 Q4
this quarter looked particularly strong. Anything unusual or one time you'd call out
Show response
Jenny noted strong reinvested dividends seasonal factor plus Putnam's excellent performance driving sustained flows. January tracking positive inclusive of Western for first time in extended period. Daniel added: large-cap value, EM institutional, active ETFs (75% of quarter from active). ClearBridge ETFs also contributed. Momentum continuing in January.
Calendar 2025 Q3
Curious if you can unpack that a little bit more. You mentioned some wealth products coming to market, a number of partnerships
Show response
Jenny explained partnerships: DigitalBridge (data centers/fiber/cell towers), Copenhagen Infrastructure Partners (greenfield energy), Actis (sustainable infrastructure). Building fund around participating in their deals for wealth channel distribution. Infrastructure desired for income (long-term PPA products). Open to M&A if appropriate opportunity arises.
Calendar 2025 Q1
Just curious how you are thinking about that now just given some of the market movements and the sort of natural pressure on AUM
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Matt reiterated FY2025 expenses flat ex-performance fees and normalized for Putnam. FY2026 savings of $200-250M confirmed. Gave detailed Q3 guidance across all line items. April AUM ~$1.535T, near start of month.
Calendar 2024 Q4
how do you see that unfolding? What's the sort of cadence?
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Jenny noted both drawdown and perpetual vehicles play roles. Lexington Fund 10 raised 20% from wealth channel. Three perpetual vehicles near $1B each. 90-person dedicated alternatives team. Reiterating $13-20B alternatives fundraising for FY2025.
Calendar 2024 Q3
Could you unpack that a little bit? Just how much do you expect to come from, say, cross-selling across the investment managers
Show response
Jenny detailed FY2025 target of $13-20B in gross sales across real estate, secondaries, private credit, and ventures. Range depends on Lexington flagship first close timing and real estate recovery.
Show 11 more companies
HOODRobinhood Markets, Inc.7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
I was wondering if you could unpack the July commentary a little bit more. You said adv was trending similar to Q2.
Show response
Shiv answered each part: equities, options and event ADVs in line, crypto slower, and July take rates in a similar area to the Q2 average.
Calendar 2026 Q1
I'm wondering if you could talk a little bit more about your margin funding
Show response
Shiv explained the $6B sweep-to-balance-sheet move as back-end accounting with no customer impact, providing modeling guidance for steady-state going forward.
Calendar 2025 Q4
can you maybe talk about the mix between sports and non-sports? I appreciate you are quite optimistic on the outlook for non-sports over time
Show response
Vlad emphasized growing non-sports diversification with thousands of contracts now available. Government shutdown contract drove significant post-NFL volume. Shiv described referrals and learn-and-earn programs for activation. Both emphasized ROI discipline on promotional spending.
Calendar 2025 Q3
You've called out a number of cost items impacting this year, some of which it sounds like won't recur. How should we think about the run rate into 2026?
Show response
Question read by Chris Koegel. Jason outlined same approach as prior years: existing businesses target low-single-digit or lower cost growth, savings reinvested into marketing and new businesses. Committed to revenue growing faster than expenses, delivering margin expansion.
Calendar 2025 Q2
how are you thinking about ensuring that sort of level of execution and keeping it consistent
Show response
Vlad stated only fee is 10 basis point foreign transaction fee with no other Robinhood spreads. Early European customer feedback overwhelmingly positive on pricing competitiveness.
Calendar 2025 Q1
could you talk a little bit more about what you're seeing on the credit side? I'm particularly curious about your expectations for credit loss provisioning
Show response
Jason addressed credit step-up as brokerage fraud-related, not card delinquencies. Gold Card revolve rates ramping in line with expectations. Plans to continue adding cardholders throughout year.
Calendar 2024 Q4
could unpack a little bit more detail around your new Gold members. How many of them are net new to Robinhood?
Show response
Vlad detailed the Gold flywheel: subscribers grow AUC, deposits, and product adoption faster. Over 30% Q4 new accounts adopted Gold. Jason noted healthy portion of card waitlist are not yet Gold members.
KKRKKR7 questions · 6 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
I know you kind of talked down the sort of $7 target previously. But is it possible that on the table?
Show response
Gave concrete Q3 monetization visibility of roughly $700 million but explicitly declined to re-anchor on the $7 figure, calling the formal guidance a distraction.
Calendar 2025 Q4
Is it still sort of plus or minus $250 million? Or should we see more upside?
Show response
Rob confirmed $250M+ per quarter guide. Noted Q4 alone had mid-$90M of accrued income not in P&L; 2026 accrued income expected $300-350M. Cash accounting chosen over mark-to-market. Accrued income should convert to cash earnings in 2027-2028. Pointed to Page 20 total economics showing strong growth even without marks.
Calendar 2025 Q3
anything to call out maybe outside of catch-up fees that might be impacting the fee rate in this quarter?
Show response
Rob explained PE fee rate dip from Americas XII formulaic step-down by age; Americas XIV fee rates on par with XIII. Craig detailed credit: $27B Q3 record, $15B from GA including $6B FABN/JPI, $5B third-party ABF mandates.
Calendar 2025 Q2
what specifically changed that led to the outperformance versus your prior guide of kind of around $250 million
Show response
Rob attributed $278M to variable investment income, maintained $250M guide. Elongation comes from multiple channels (individual, block, FABN). Alternatives allocation still only 1% vs 5% industry average.
Calendar 2025 Q1
Rob, last quarter, you suggested that we should see some acceleration from the 14% growth in 2024. Just curious if that's still the case?
Show response
Rob confirmed Americas 14 will activate in Q2 2025 for partial quarter benefit. $64B committed but not yet fee-earning AUM at ~100bps weighted average provides strong visibility.
I know sometimes you'll kind of give a look into how Q2 is shaking up, so I was wondering if you could do that
Show response
Rob confirmed two-thirds debt focus is consistent historically. Q2 pipeline solid but may be slightly below Q1's $230M. Referenced 2022-23 floor of ~$600M/year as protected downside.
Calendar 2024 Q4
could you give a little bit of an update on the Americas fundraise, but in terms of 2025, just maybe tying that into how should we think about sort of the trajectory of management fee growth
Show response
Craig confirmed Americas PE first close expected in Q1, ahead of expectations. Rob guided to management fee growth acceleration above the 14% YoY in 2024, with $4.50+ FRE/share 2026 target.
NDAQNasdaq, Inc.7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
if you could talk a little bit more about the strength you're seeing in the data sales side
Show response
Adena cited three demand drivers for data: AI use cases (MCP protocol), digital assets/tokenization, and 23/5 international demand.
Calendar 2026 Q1
I know there's a dynamic with the CME fee sort of resetting at the beginning of the year, but it looks like the volumes are quite strong
Show response
Youngwood explained mix shift from mini to micro futures contracts at lower capture driven by retail volumes. CME fee sharing agreement reset at start of year with higher tier reached by end of Q1, benefiting Q2.
Calendar 2025 Q4
how do you think about the benefits to Nasdaq? Do you think there could be, you know, a material uplift in trading activity because of the capital efficiencies or around-the-clock trading?
Show response
Friedman highlighted collateral mobility as key near-term benefit with trapped clearing house collateral as opportunity. 23.5 trading a long-term bet to expand addressable market globally. FinTech services (surveillance, regulatory reporting) grow as institutional engagement expands.
Calendar 2025 Q3
given the revenue momentum, any early thoughts you can share on what the pace of spend looks like going into next year?
Show response
Youngwood confirmed expense trajectory consistent with medium-term outlook maintaining ~3pp gap below solutions growth. Friedman added 24/5 trading and tokenization investments are embedded in current guidance and efficiency program funds Horizon 1/2 investments.
Calendar 2025 Q2
How big is that business today? And what are your ambitions there
Show response
Friedman described early-stage institutional expansion with 7 annuity products launched in Q2, noting Nasdaq 100 has very little institutional exposure despite being a top global index.
Calendar 2025 Q1
how much of the growth is coming from SMB sales moving up market? And can you comment on the year European opportunity
Show response
Friedman noted SMB remains strongest, Tier 1/2 upsells take longer to show in ARR, and Europe engaging constructively with POCs but contribution expected in 2026-2027.
Calendar 2024 Q4
can you talk a little bit about the kind of conversion rate or what the timing looks like in terms of getting new sort of listed companies, using some of those software solutions
Show response
Friedman described Corporate Solutions as lagging indicator of IPO activity, with ESG demand shifting towards Europe and global companies with disclosure obligations.
SCHWCharles Schwab Corporation7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
I was wondering if you could give us an update on some of the revenue diversification initiatives
Show response
Pointed to lending and managed investing as near-term drivers; ETF monetization, Forge, and crypto contribute over time, not yet material.
Calendar 2026 Q1
Rick, I think you mentioned that traders are taking smaller positions, holding them for less duration
Show response
Verdeschi confirmed the spike was weighted towards equities over derivatives with smaller trade sizes. Noted that if volatility moderates, lower volume could lead to higher revenue per trade, but the dynamic depends on how the macro environment evolves.
Calendar 2025 Q4
Could you give an update on the legacy Ameritrade customer base?
Show response
Rick confirmed Ameritrade clients moved from slightly negative NNA during transition to meaningfully positive, now in line with legacy Schwab clients. Ameritrade representing 33-40% of wealth and lending solution flows.
Calendar 2025 Q3
It seems like from some of your other publicly traded peers, they're calling out a bit of a slowdown environment across the industry
Show response
Rick cited execution strength from post-integration capabilities, improving transfer-of-asset ratios, and acceleration across existing advisors, new business, and advisor conversions.
Calendar 2025 Q2
Curious what the absolute number looks like relative to legacy Schwab blue, and also curious if you could maybe unpack some of the cross-sell comments
Show response
Rick noted legacy Schwab still dominant for retail NNA but Ameritrade growing. Cross-sell strongest in wealth (SWA, managed investing) and lending (PAL originations up 100%+ YoY).
Calendar 2025 Q1
if you could give a little bit more color on the cadence of OpEx growth over the course of the year
Show response
Mike confirmed Q1 expense uptick reflects typical seasonality and higher volume-related costs, all contemplated within the full-year 4.5-5.5% growth range.
Calendar 2024 Q4
just curious if there's anything else going on. Any other sort of like one-time items to think about
Show response
Mike explained 4.5% to 5.5% expense growth reflects deliberate investment in growth, solutions, efficiency, and client-facing capacity alongside volume-driven costs.
TROWT. Rowe Price7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
talk maybe a little bit about the distribution strategy for the T. Rowe Goldman Sachs Fund
Show response
Sharps detailed the Goldman collaboration: five model accounts near $500 million, a multi-alternatives interval fund just effective, a public-private equity fund in registration, and a target-date CIT. Direct.
Calendar 2026 Q1
It looks like in the first quarter, at least you came in pretty below what the Street was expecting
Show response
Jen explained Q1 seasonality benefit and tailwinds from expense management. Expects investment in strategic initiatives to pick up through year within 3-6% guide range.
Calendar 2025 Q4
how would you expect that sort of impact to translate to near-term equity flows? How do advisors and retail customers tend to respond
Show response
Rob noted net effect of market disruption on flows not substantial over weeks; Eric emphasized deep AI research and preparation for disruption across portfolios.
Calendar 2025 Q3
any details you could share on the economic arrangements, so T. Rowe will be acting as an adviser
Show response
Rob declined specific economics but confirmed balanced arrangement. Clarified adviser roles: T. Rowe on sister series and multi-asset, Goldman on models.
Calendar 2025 Q2
Where do you see the most interesting potential opportunities over the next couple of years as we continue to get more regulatory clarity
Show response
Eric noted only Bitcoin and Ethereum currently approved for retail; want broader universe to generate value. Building research capabilities proactively.
Calendar 2025 Q1
how much of your AUM is sort of related to direct lending? And then for OCREDIT, I was wondering if you could give us an update
Show response
Rob disclosed $54M OCREDIT flows in Q1, acknowledged slower than desired pace but cited growing platform placements (8 platforms).
Calendar 2024 Q4
what did the sort of exit fee rate look like 2025 coming out of the quarter? What are you seeing in January
Show response
Jen provided detailed breakdown of fee rate drivers, structural vs cyclical, and Rob added strategic context on fee-flow tradeoff.
BXBlackstone Inc.6 questions · 6 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
what you are seeing specifically in terms of sponsor and strategic-backed M&A.
Show response
Gray framed a three-tier market: strong bids for AI-linked and AI-unaffected businesses, but slower activity in white-collar services and software amid uncertainty.
Calendar 2025 Q4
I am just curious if you could comment a little bit on what you are seeing regarding financial and strategic sponsor-backed M&A. What does that mean for the near-term pipeline?
Show response
Gray cited strategic strength from strong stock prices and friendlier regulatory environment for antitrust. Real estate M&A activity up 21%. Expects mix of IPOs, strategic sales, and financial buyer exits.
Calendar 2025 Q3
One of the questions we get a lot on your investing strategy around data centers is how do we know we're not in the bubble
Show response
Gray emphasized the build-and-lease model with investment-grade counterparties on 15-20 year terms, and noted Q3 leasing pipeline doubled versus Q2 globally.
Calendar 2025 Q2
any color you could share in terms of what FRPR can or might look like over the -- at least the next couple of quarters would be helpful just for modeling purposes
Show response
Chae provided specific BIP FRPR guidance: ~$100M in Q2, ~$50M in Q3, nothing in Q4 from institutional, with modest BXINFRA first crystallization in Q4.
Calendar 2025 Q1
I was wondering if you could give us an update. I realize there's a lot of moving parts wealth flows, realizations, what it means for earning AUM
Show response
Chae confirmed 10% Q1 management fee growth matched expectations, reiterated margin stability as guidepost, and highlighted multiple growth engines.
Calendar 2024 Q4
I was wondering if you could talk a little bit more about the trajectory -- the potential trajectory for BIP, FRPR
Show response
Chae provided specific Q-by-Q guidance on BIP crystallizations for 2025 (none in Q1/Q4, modest amounts in Q2/Q3) and noted effective FRPR margin is lower given development-mode investment.
ICEIntercontinental Exchange6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
where is the current overlap between ICE bonds and MarketAxess
Show response
Edmonds cited the muni joint venture as confidence in the roadmap but offered no specific learnings, and did not address portfolio trading or competitive mix shift directly.
Calendar 2025 Q4
on the data and analytics businesses, you know, where is their potential risk? So curious if you could address that concern, where do you see or how would you describe sort of the moats
Show response
Chris cited three moats: proprietary mission-critical exchange data, data center proximity advantage, and alpha-generation datasets like Reddit. Pricing and reference data has 30+ year history that is not formulaic.
Calendar 2025 Q3
if you could give us any more details about the data licensing or redistribution arrangements? What sort of P&L impact might that look like?
Show response
Chris said sentiment data from Reddit, Dow Jones, Polymarket creates a complete ecosystem. Jeff focused on blockchain settlement learning for 24/7 clearing and minimizing collateral requirements across 6 clearing houses.
Calendar 2025 Q2
I'm wondering if you can comment on some of the recent media headlines around a potential M&A transaction
Show response
Warren declined to comment on M&A rumors. Expects buybacks to tick up in H2 while continuing to chip away at CP balance. Hit leverage target ahead of schedule.
Calendar 2025 Q1
I was wondering if you could unpack the IMT guide a little bit. I know that the guidance is unchanged versus prior, but definitely some changes in the environment
Show response
Warren said one-time servicing revenue was a few million dollars to remove from run rate. IMT guidance unchanged with high-end assuming mid-teens origination growth, low-end flattish.
Calendar 2024 Q4
Curious if you could kind of quantify what is the sort of year -- thinking about the pacing of the expense synergies you're realizing this year
Show response
Warren explained most synergies already in run rate from 2023 actions. Extra $30M comes in later years from systems, infrastructure, real estate. No change to 2028 timeframe.
APOApollo Global Management5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
you've maintained the SRE guide for the year. What's the sort of implied expectation for your normalized net spread?
Show response
Kelly guided normalized net spread to stay 'in the ZIP code of the range' and expected it maintained into next year, informed by new-business economics.
Calendar 2025 Q4
in the pension risk transfer segment, looks like there's been some positive momentum with a number of the cases out there.
Show response
Rowan said $85B 2026 inflow target doesn't rely on PRT recovery. Competition continues in lower-quality broker channels but warned competitors without origination, low-cost liabilities, and low OpEx will not achieve escape velocity.
Calendar 2025 Q3
Just wondering if you could unpack a few more of the details around the 2026 SRE guide.
Show response
Rowan noted rates immunized, prepay headwinds peaking through Q1 2026, COVID-era runoff dissipating. Deferred detailed model unpacking to November 24 fixed income call.
Calendar 2025 Q2
maybe you could help us understand a little bit better the shape of what we might see as the sort of during-COVID business runs off
Show response
Kelly provided clear guidance that COVID-era runoff continues through 2026, net spreads will decline slightly through year-end then stabilize, while new business originates at historical 130bp spreads.
Calendar 2025 Q1
if you could talk a little bit about your activities terms of providing liquidity for private credit, how much capital this sort of requires and what your ambitions are there?
Show response
Rowan gave a visionary response comparing private credit market-making to the development of loan trading 20 years ago. Emphasized the State Street PRIV ETF and argued transparency increases market acceptance.
COINCoinbase Global5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2025 Q4
Given a variety -- given a wide variety of potential top line outcomes in 2026, how do you think about need to spend versus want to spend?
Show response
Alesia confirmed Q1 2026 expense guidance flat to Q4. 2025 was an investment year with USDC rewards and M&A driving most growth. Will be nimble through the year based on market conditions.
Calendar 2025 Q3
In your shareholder letter, I believe you talked about a new sort of white glove service for the advanced retail trader. Just curious if you could talk about that a little bit more.
Show response
Alesia explained it's for high-value advanced traders only, concierge support, personal account managers. Noted retail trading volume exceeded US spot market growth in Q3. Brian called it a sign of maturing customer relationships.
Calendar 2025 Q2
Can you talk more about the payments monetization model? Is this just about proliferating stablecoins? Or are there other transaction-based fees, like on Base, are there subscription fees
Show response
Brian outlined three monetization paths: USDC on-platform balances, direct payment fees (vastly lower than traditional), and Base sequencer fees. Believes costs should drop by 1-2 orders of magnitude.
Calendar 2025 Q1
just curious about the history, like why is it that there's really only 1 crypto exchange that has such meaningful market share? Is it a lack of competitors?
Show response
Alesia attributed it to product expertise and first-mover advantage in nascent crypto options. Brian added that institutional traders want a trusted counterparty and would consolidate trading on Coinbase.
Calendar 2024 Q4
Can you talk about, you know, what is the level of activity? Are they coming over with large accounts? Are they engaging in a lot of trading, or is a lot of the trading coming from your sort of bac...
Show response
Alesia described new user behavior (new coins or BTC/ETH entry) and resurrected users (re-engage on volatility) but didn't disclose specific cohort metrics. Brian added that returning users see more cross-sell products.
RJFRaymond James Financial5 questions · 3 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
your revenues were up sequentially, but your margin was down. Can you just unpack that a little bit
Show response
Butch attributed asset-management margin softness to two months of Clark Capital and deal-related expenses; direct explanation.
Calendar 2026 Q1
The pretax yield there has been coming down a bit sequentially
Show response
Shoukry attributed PCG margin pressure to lower short-term rates year-over-year and ramped recruiting costs. Broke out recruiting/retention costs for transparency. Independent payouts higher than employee, and recent recruiting skewed toward independent channel. Prefers 1-by-1 recruiting over acquisitions for cultural fit assurance.
can you talk a little bit about the competitive environment there? It sounds like you're quite confident on the recruiting pipeline
Show response
Shoukry cited volume of home office visits and new commits across affiliation options as confidence drivers. Uptick in employee channel commits. PE-backed firms facing valuation scrutiny with at least 1-2 unable to raise capital recently. 7% annualized NNA for first half, leading industry. Focus remains on being best destination across all affiliation options.
Calendar 2025 Q4
the competitive intensity is picking up quite a bit, whether it's manifesting in more incentives, more aggressive retaining of existing advisers
Show response
Shoukry described PE roll-ups facing inflection: many sought liquidity events at unsustainable multiples. Called it short-term noise. RJF attracts advisers seeking long-term stable platform, not 3-5 year exits. Balance sheet strength (tangible equity, low leverage, cash flow) is key differentiator. Technology investment of $1B makes it harder for smaller firms to compete.
if you could unpack a little bit more the near-term outlook on the capital market side
Show response
Shoukry emphasized strong pipeline with majority of M&A driven by financial sponsors. Holdings and funds well beyond original holding periods creating pent-up demand. Signing a lot of engagement letters but timing unpredictable.
BLKBlackRock4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
I'm curious on the credit side, what sort of deployment activity are you seeing on the infrastructure side?
Show response
Martin broke down the $15 billion: $6 billion private credit deployment, $5 billion infrastructure (fundraising and deployment), and $3 billion PE solutions outsourcing mandate.
Calendar 2025 Q4
Just curious if you could provide a little bit more color on your expectations for the wealth channel more generally in 2026
Show response
Martin outlined H Series with direct lending, junior capital, real assets, triple net lease building blocks. European direct lending product and U.S. real asset strategy coming near-term. Targeting $60B private markets to wealth by 2030 from current base.
Calendar 2025 Q3
the $270 million reference came in a bit ahead of what was sort of implied by the guidance last quarter
Show response
Martin noted Q3 is a good starting point for modeling HPS management fees; expects slightly lower performance fees in Q4. Private credit flows more regular-way while infrastructure has more periodicity from episodic large deals and realizations.
Calendar 2025 Q2
should this be indicative of maybe future M&A? Or do you feel pretty good about the assets that you have today as they are?
Show response
Martin said large-scale M&A agenda is rounded out; focus on integration. Will continue selective tuck-ins like ElmTree (triple net lease) and Kreos (growth lending). Larry added global capital market expansion as a primary organic driver.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| IBKR Interactive Brokers Group | 13 | 0%none of 13 questions |
| CME CME Group | 11 | 9%1 of 11 questions |
| IVZ Invesco | 9 | 0%none of 9 questions |
| ARES Ares Management Corporation | 8 | 0%none of 8 questions |
| CBOE Cboe Global Markets | 8 | 0%none of 8 questions |
| BEN Franklin Resources | 7 | 0%none of 7 questions |
| HOOD Robinhood Markets, Inc. | 7 | 0%none of 7 questions |
| KKR KKR | 7 | 0%none of 7 questions |
| NDAQ Nasdaq, Inc. | 7 | 14%1 of 7 questions |
| SCHW Charles Schwab Corporation | 7 | 0%none of 7 questions |
- IBKRInteractive Brokers Group · 13 questions0%none of 13 questions
- CMECME Group · 11 questions9%1 of 11 questions
- IVZInvesco · 9 questions0%none of 9 questions
- ARESAres Management Corporation · 8 questions0%none of 8 questions
- CBOECboe Global Markets · 8 questions0%none of 8 questions
- BENFranklin Resources · 7 questions0%none of 7 questions
- HOODRobinhood Markets, Inc. · 7 questions0%none of 7 questions
- KKRKKR · 7 questions0%none of 7 questions
- NDAQNasdaq, Inc. · 7 questions14%1 of 7 questions
- SCHWCharles Schwab Corporation · 7 questions0%none of 7 questions
Show all 17 companies
| Company | Questions | Challenge rate |
|---|---|---|
| TROW T. Rowe Price | 7 | 0%none of 7 questions |
| BX Blackstone Inc. | 6 | 17%1 of 6 questions |
| ICE Intercontinental Exchange | 6 | 0%none of 6 questions |
| APO Apollo Global Management | 5 | 0%none of 5 questions |
| COIN Coinbase Global | 5 | 0%none of 5 questions |
| RJF Raymond James Financial | 5 | 20%1 of 5 questions |
| BLK BlackRock | 4 | 0%none of 4 questions |
- TROWT. Rowe Price · 7 questions0%none of 7 questions
- BXBlackstone Inc. · 6 questions17%1 of 6 questions
- ICEIntercontinental Exchange · 6 questions0%none of 6 questions
- APOApollo Global Management · 5 questions0%none of 5 questions
- COINCoinbase Global · 5 questions0%none of 5 questions
- RJFRaymond James Financial · 5 questions20%1 of 5 questions
- BLKBlackRock · 4 questions0%none of 4 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 1 | 0%none of 1 question | 1 |
| 2024 Q4 | 18 | 0%none of 18 questions | 14 |
| 2025 Q1 | 18 | 0%none of 18 questions | 15 |
| 2025 Q2 | 17 | 6%1 of 17 questions | 15 |
| 2025 Q3 | 19 | 5%1 of 19 questions | 16 |
| 2025 Q4 | 19 | 5%1 of 19 questions | 17 |
| 2026 Q1 | 14 | 7%1 of 14 questions | 11 |
| 2026 Q2 | 16 | 0%none of 16 questions | 16 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q418 questions · challenge rate 0% (none of 18 questions) · 14 companies
- 2025 Q118 questions · challenge rate 0% (none of 18 questions) · 15 companies
- 2025 Q217 questions · challenge rate 6% (1 of 17 questions) · 15 companies
- 2025 Q319 questions · challenge rate 5% (1 of 19 questions) · 16 companies
- 2025 Q419 questions · challenge rate 5% (1 of 19 questions) · 17 companies
- 2026 Q114 questions · challenge rate 7% (1 of 14 questions) · 11 companies
- 2026 Q216 questions · challenge rate 0% (none of 16 questions) · 16 companies
Topics
Topics tagged on this analyst’s questions.
- Demand42
- Revenue Growth29
- Margin23
- Product Launch21
- Competitive Dynamics19
- M&A15
- Subscriber Growth15
- Cost Pressure14
- Credit12
- Pricing12
Show all 18 topics
- Innovation & R&D10
- Guidance Reliability9
- Capital Allocation9
- Cloud & AI5
- Geographic Expansion3
- Regulation Policy3
- Capex Investment2
- Macroeconomic1