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Analyst
Brian McKenna
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q1 (5 quarters).
- Questions
- 13on tracked calls
- Challenge rate
- 0%none of 13 questions
- Companies
- 3questioned at least once
- Reporting periods
- 5with 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 13 of 13 questions from 3 companies
ARESAres Management Corporation5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
did you take advantage of any dislocation across your funds? And can you remind us why having this type of AUM base is so important
Show response
Arougheti emphasized the value of flexible mandates across public/private, senior/junior, and debt/equity, noting the ASOF III pool of nearly 10 billion dollars can invest in both public and private credit at an opportune time.
Calendar 2025 Q4
What is the incremental opportunity in this channel today from a deployment perspective
Show response
Ares credit executive noted nonsponsor origination currently about 10% of total, investing to grow to 15%+ over 3-5 years across 6-7 industries. Mike added nonsponsor deals generally command modestly higher spreads, lower leverage, and better documentation. Family offices and entrepreneurs less aggressive than institutional sponsors.
Calendar 2025 Q3
how critical is your portfolio management and workout capabilities to get outcomes like this
Show response
Mike cited 100bps+ positive return impact historically from equity recapture in workouts. Portfolio management team of ~65 US and ~35-40 Europe is likely larger than most competitors' entire teams. US direct lending recovery rate approximately 93%, European 95%.
Calendar 2025 Q2
why performance and credit quality continues to be so resilient across the industry?
Show response
Mike cited improving borrower quality, record-high equity contributions in new deals, bilateral relationship advantages. Argued private credit dampens broader market volatility. If credit cycle comes, expects share gains and outperformance.
Calendar 2025 Q1
do you think private wealth behavior and their mindset around allocating capital during periods of volatility ultimately changes over time
Show response
Mike acknowledged retail investors historically pro-cyclical vs institutional counter-cyclical. Early signs encouraging with April flows steady, but cautioned against over-indexing to wealth growth. Stressed importance of institutional-retail blend.
BXBlackstone Inc.5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
can you just remind us why you operate a capital-light model
Show response
Gray emphasized no redemption risk or credit risk at firm level, no liquidity crisis exposure. Pays out 100% of earnings. Model enables all-weather performance through 6 years of repeated volatility.
Calendar 2025 Q4
as the company continues to grow from here, how do you make sure you continue to deliver for your investors and then also make sure you are preserving your culture across the firm?
Show response
Gray argued scale advantages in data insights, thematic investing (AI infrastructure, India, Japan), real estate, and credit create a widening moat. Cited $71B Q4 inflows and $239B annual in a still-tough environment.
Calendar 2025 Q3
how much time is being spent with your counterparts on education, just in terms of what you view as the proper allocations within private market portfolios through the cycle?
Show response
Gray advised wealth clients to follow institutional allocator approaches with diversified, long-term allocations rather than tactical rotation between asset classes.
Calendar 2025 Q2
how much of the $200 billion is currently generating performance revenue? And then is there a way to think about how much of this AUM, call it, is 10% away from the hurdle?
Show response
Chae disclosed ~60% of $200B+ RE performance-eligible AUM is above hurdles, with 80%+ of BREP/opportunistic above hurdle and 100% of BREIT.
Calendar 2025 Q1
I think it would be helpful to get your perspective on why private market solutions work so well in any and all environments
Show response
Gray explained the structural advantages: minimal debt, no insurance liabilities, long-duration vehicles preventing forced selling, and $177B dry powder enabling counter-cyclical deployment.
KKRKKR3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q1
what's the typical markup on an investment when it's realized versus the prior unrealized mark
Show response
Craig confirmed consistent markup at realization, pointing to rigor and mild conservatism in valuations. Rob added that accrued carry numbers are appropriate, not understated, based on 20 years of valuation practice.
Calendar 2025 Q3
what's the average multiple on invested capital for this AUM? And then is there a way to think about when the majority of this capital was invested
Show response
Rob didn't have specific average MOIC handy but noted portfolio maturity supports healthy multiples. Craig added almost 30% of PE fair value at 2x+ cost. Promised to follow up with analysts on specific data.
Calendar 2025 Q2
can you just help us bridge the gap here and what some of the bigger drivers will be for this earnings growth
Show response
Rob cited management fee momentum, capital markets franchise, fee-related performance revenue scaling, third-party capital contributions, $17.1B embedded gains, and $350M+ Strategic Holdings 2026 target they feel good about beating.
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 |
|---|---|---|
| ARES Ares Management Corporation | 5 | 0%none of 5 questions |
| BX Blackstone Inc. | 5 | 0%none of 5 questions |
| KKR KKR | 3 | 0%none of 3 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 |
|---|---|---|---|
| 2025 Q1 | 2 | 0%none of 2 questions | 2 |
| 2025 Q2 | 3 | 0%none of 3 questions | 3 |
| 2025 Q3 | 3 | 0%none of 3 questions | 3 |
| 2025 Q4 | 2 | 0%none of 2 questions | 2 |
| 2026 Q1 | 3 | 0%none of 3 questions | 3 |
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 3 companies
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 3 companies
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Capital Allocation8
- Competitive Dynamics7
- Revenue Growth3
- Credit2
- Subscriber Growth2
- Margin1
- Pricing1
- Guidance Reliability1
- Macroeconomic1