Ben Budish

in the pension risk transfer segment, looks like there's been some positive momentum with a number of the cases out there.

Just wondering if you could unpack a few more of the details around the 2026 SRE guide.

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

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?

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

wondering if you could give any color on FRPR for the year

Should this be a number that is repeatable in upcoming quarters

I wonder if you could talk about what are the sort of swing factors

where would you say currently institutional allocations to private credit bar?

anything you can share with us in terms of we might think about managing fee growth in 2025?

as the European waterfall style realizations start to come in, your after-tax net income is getting bigger and bigger

Can you unpack what pockets of credit you are seeing the most demand for?

this quarter looked particularly strong. Anything unusual or one time you'd call out

Curious if you can unpack that a little bit more. You mentioned some wealth products coming to market, a number of partnerships

Just curious how you are thinking about that now just given some of the market movements and the sort of natural pressure on AUM

how do you see that unfolding? What's the sort of cadence?

Could you unpack that a little bit? Just how much do you expect to come from, say, cross-selling across the investment managers

Just curious if you could provide a little bit more color on your expectations for the wealth channel more generally in 2026

the $270 million reference came in a bit ahead of what was sort of implied by the guidance last quarter

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?

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?

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

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

I was wondering if you could talk a little bit more about the trajectory -- the potential trajectory for BIP, FRPR

How should we think about, you know, use of cash, you know, OpEx versus M&A versus CapEx?

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

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?

I was wondering if you could talk a little bit about your expectations for expanding trading hours

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?

On the I think in the last earnings call, you said you called out faster adoption of index options than expected at Robinhood

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?

you've now seen it looks like about 15% of volumes are kind of markets related

this quarter's recurring revenue growth was the fastest I think you've seen in several years

I was wondering if you could address the pricing changes made

Is there anything structurally different about this market that might necessitate like a higher or lower operating margin, higher spend?

curious if you could unpack a little bit how cash versus noncash traded month-over-month

I was wondering if you could talk a little bit more about the launch of BrokerTec in Chicago

any early reads on the sort of shift from cash to non-cash or non-cash to cash collateral?

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

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

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?

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.

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

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?

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...

I'm wondering if you could talk a little bit more about your margin funding

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

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?

how are you thinking about ensuring that sort of level of execution and keeping it consistent

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

could unpack a little bit more detail around your new Gold members. How many of them are net new to Robinhood?

conversations with institutions that may be interested in onboarding to ForecastEx, any progress there

I'm just curious if you can give any more of a detailed update, what are margin balances looking like intra-month

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?

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

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...

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...

overnight trading specifically, it sounds like that is growing much faster than international growth more broadly

sensitivity to a 25 basis point change in rate seems like it is a much lower dollar number

margins declined 12% from the end of the quarter, is that as of sort of the lowest point perhaps a week ago

calibrate our models correctly given the SEC reduction, I think you said $27 million for the current quarter

the employee comp and benefits line, you called out a capitalized expense. Just curious in Q1 and going into the year

what account growth could look like in 2025. I know you tend not to give guidance on a per year basis

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

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?

I'm wondering if you can comment on some of the recent media headlines around a potential M&A transaction

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

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

is there anywhere else that might make sense to trim and continue to focus?

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

How are you thinking about variable expenses going into '26 and '27?

any specific feedback on that one? I know there's a healthy component of direct lending in there

Just curious how you think about the missing pieces in the private market suite and how you think about your capacity?

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?

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?

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

Is it still sort of plus or minus $250 million? Or should we see more upside?

anything to call out maybe outside of catch-up fees that might be impacting the fee rate in this quarter?

what specifically changed that led to the outperformance versus your prior guide of kind of around $250 million

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

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?

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

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?

given the revenue momentum, any early thoughts you can share on what the pace of spend looks like going into next year?

How big is that business today? And what are your ambitions there

how much of the growth is coming from SMB sales moving up market? And can you comment on the year European opportunity

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

can you talk a little bit about the competitive environment there? It sounds like you're quite confident on the recruiting pipeline

The pretax yield there has been coming down a bit sequentially

if you could unpack a little bit more the near-term outlook on the capital market side

Rick, I think you mentioned that traders are taking smaller positions, holding them for less duration

Could you give an update on the legacy Ameritrade customer base?

It seems like from some of your other publicly traded peers, they're calling out a bit of a slowdown environment across the industry

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

if you could give a little bit more color on the cadence of OpEx growth over the course of the year

just curious if there's anything else going on. Any other sort of like one-time items to think about

It looks like in the first quarter, at least you came in pretty below what the Street was expecting

how would you expect that sort of impact to translate to near-term equity flows? How do advisors and retail customers tend to respond

any details you could share on the economic arrangements, so T. Rowe will be acting as an adviser

Where do you see the most interesting potential opportunities over the next couple of years as we continue to get more regulatory clarity

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

what did the sort of exit fee rate look like 2025 coming out of the quarter? What are you seeing in January