Craig Siegenthaler

Thomas reiterated his conviction that account growth will continue at the current rate, citing the platform's broad attractiveness, consistent with his prior quarters' pattern of underpromising and overdelivering.

Milan candidly acknowledged IBKR is not yet a major crypto brand, with introducing brokers not requesting crypto access. European launch expected this quarter and crypto asset transfers remain the key catalyst for migration from competitors.

Thomas flatly stated there has been no deceleration in account growth, that the opposite has occurred, and that he expects continued strong growth, consistent with his prior quarter admission of deliberately underpromising.

Thomas provided a specific timeline: stablecoin funding October, crypto asset transfers by year-end, staking early 2026, with the caveat that timelines depend on Zero Hash completing their work first for IBKR to integrate.

Thomas admitted to deliberately underpromising on account growth to ensure overdelivery, confirming the conservative guidance approach is intentional.

Milan outlined concrete crypto roadmap: stablecoin account funding, crypto asset transfers, staking later in the year, and European geographic expansion through the Zero Hash partnership.

Milan confirmed 12% margin loan drop, unexpectedly strong cash inflows, and significant new account approvals, with trading activity returning to normal average volume levels.

Milan emphasized the platform offers local and US markets side by side, so any shift away from US markets would redirect to other accessible asset classes on the same platform.

Milan stated no buyback plans; strong capital base signals strength to institutional clients and funds international margin lending outside the US.

Paul explained that execution costs track with volume but are paired with exchange rebates passed to customers, so expense side alone doesn't tell the full picture.

Martin said BlackRock is adding financing counterparties and custody access points but did not quantify any flow impact from the custodian limits.

Martin quantified $5 billion of Aperio inflows in the quarter and said 2026 tax-aware flows of $25 billion are 70% above the 2025 record.

Martin gave a substantive answer: quantified Aperio flows, YTD $20 billion surpassing 2025 record, and framed tax-aware long-short as a key 2030 growth engine.

Martin praised DOL engagement, highlighted six-factor ERISA review framework, and noted BlackRock is launching LifePath with privates to build track record ahead of rule taking effect in 2027.

Martin outlined momentum from systematic strategies, private markets, models, SMAs and digital assets. 2026 shaping up as year of steeper yield curve with generational fixed income opportunity. $80B fixed income flows in Q4. Larry added tokenization could sustain cash holdings growth.

Martin detailed highly diversified growth: digital assets (IBIT, ETHA), active ETFs ($40B YTD flows), outsourcing mandates, Aperio, and liquid alts. Fee yields on new flows 6-7x higher than 2023. Expects consistently 6-7%+ organic base fee growth.

Martin confirmed Great Gray win for public-private target date glidepath. Expects proprietary LifePath with privates launch in 2026. Litigation or advice reform still needed for broader scale. Positive momentum building with policymakers.

Martin confirmed glide path technology developed and plans to launch target date offering with private markets on a large trust company platform mid-year. Larry emphasized Preqin's role in enabling better data analytics for regulatory acceptance.

Martin outlined LifePath Paycheck, managed model solutions with Partners Group, and LTIF 2.0 structures. Noted reforms needed (safe harbors, litigation) to bring alts to DC plans. Larry added that Preqin analytics will help enable regulatory acceptance.

Conceded competition and lower capital allocation, and confirmed ROEs are structurally low, but declined a forward organic growth outlook as market-dependent.

Rob acknowledged competitive pressure on both liability and asset sides, explained disciplined pullback in Q1 originations. Highlighted $6B dry powder equity translating to $60B+ buying power for when volatility creates opportunities.

Craig Larson detailed broad-based Q4 deployment: ~$16B PE+real assets, $15B credit. Highlighted 30 global take-privates since 2022. Scott confirmed expect to deploy more in 2026, noting record year despite tariff dislocation in spring.

Rob confirmed 2025 YTD through year-end as reasonable baseline for growth. Won't reach 2024's ~$1B but another attractive year. Third-party and mid-market PE recovery plus GA integration all additive for 2026.

Craig detailed K-Series at $25B from $11B, #2 market share YTD across all strategies. KCOP converting to K-ABF (ABF-focused vehicle). Scott noted Capital Group products add another ABF channel with 20% allocation.

Scott framed it as cycle performance advantage: public market pullbacks accelerate alternative adoption. Craig provided K-Series stats: $4B raised in Q1, ~$1B in April, roughly 50/50 U.S./international.

Scott emphasized no strategy change, citing lessons from Trump 1.0 and COVID. Intra-Asia trade theme expected to grow. Craig added Asia AUM grew from $21B to $70B since 2019 with significant diversification.

Scott confirmed unchanged positive outlook, expecting M&A pickup despite potential volatility. Emphasized global opportunity set and that volatility creates opportunities for KKR.

Did not have the exact statutory-earnings figure but affirmed buyback sustainability given excess capital and an 85-90% payout range.

Walter confirmed comfort with cash mix management across on- and off-balance sheet. Q1 will see tax-related utilization. Strategy to invest longer to absorb rate impacts. Positive underlying generation.

Jim acknowledged industry dynamics but declined to comment on specific competitors. Emphasized strong Q4 recruiting, strong Q1 pipeline, and focus on organic growth as core business driver.

Jim declined to comment on specific reports but emphasized full value proposition. Advisers rate Ameriprise technology and support 9 out of 10 as better than prior firm.

Jim confirmed good pipeline but declined specifics. Focused on building and executing opportunities.

Jim indicated Q2 trends are consistent with Q1, providing a brief but direct answer.

Jim cited 80 advisers recruited in Q1, emphasized productivity growth is main driver of organic growth rather than headcount. Production up 13%+ with strong underlying margins.

Mike cited Pathfinder III raised $8.5B at its hard cap and rising institutional appetite; the wealth channel grew YoY with July equity flows about $1.5 billion.

Arougheti gave a comprehensive answer explaining the evolution from traded BDC to institutional to wealth channels, how assets flow between vehicles with no impact on profitability, and that insurance is a separate high-grade market.

Mike emphasized 30-year history of following GDP growth across sectors. Software and healthcare grew into meaningful GDP contributors and Ares followed. Now infrastructure and energy super cycle offers comparable opportunity. Pipeline at record levels, no material impact expected from software disruption.

Mike cited private credit spreads still 225bps in excess of traded alternatives, in line with historical levels. Real-time October and November wealth flows show no negative reaction to rate shifts. Historical experience shows declining rates lead to wider credit spreads, more deployment activity, and higher fees, a net tailwind.

Mike provided extensive defense: 96% senior loans, 42% LTV (vs 60-70% in GFC), $3T+ invested PE equity below their loans, no irregular revolver draws. Argued current setup makes widespread losses unlikely.

Jarrod provided comprehensive breakdown of G&A drivers: distribution fees ($51.2M), occupancy expansion (NY and LA), and GCP integration costs ($10M one-time). Addressed margin trajectory clearly.

Mike identified GCP integration, digital infrastructure and real assets expansion, insurance capability growth via Aspida, and next-generation leadership development as top priorities.

Gray pointed to sharply lower new supply driving a logistics-led recovery, with strong Link Logistics leasing and improving hotel and office fundamentals.

Gray gave a detailed breakdown of IPO pipeline by category (AI beneficiaries, AI-unaffected, software weakness) and noted timing of monetization depends on market stability post-war.

Gray said IPOs will be mostly corporate-focused with energy/electricity picks-and-shovels prominence, US-heavy but with India real estate exposure. Capital return to LPs creates a virtuous fundraising flywheel.

Gray confirmed BX launched a dedicated DC team, expects to work with multiple partners including existing alliances, and awaits formal rulemaking.

Chae attributed Q2 returns to a very large secondary deal plus underlying fund appreciation. Gray said the secondaries segment has doubled in 5 years and expects further significant growth.

Gray acknowledged potential short-term slowdown but said institutional LPs are committed long-term, with secondaries, infrastructure, and credit in particular favor.

Gray explained PE realizations will lead, with real estate more back-half weighted, citing improving M&A conditions and better regulatory climate.