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Analyst
Crispin Love
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 5).
- Questions
- 10on tracked calls
- Challenge rate
- 20%2 of 10 questions
- Companies
- 4questioned 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 10 of 10 questions from 4 companies
BXBlackstone Inc.4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q1
is it worth the risk and potential headaches for the alts, for the plan sponsors to get involved with a less sophisticated investor base
Show response
Gray argued near-term redemption irrelevant to retirement savings timeframe. Drew parallel between DB and DC plan workers, calling exclusion of DC participants from alternatives unfair and irrational. Believes product performance will win the argument.
Calendar 2025 Q4
You announced the BREIT bonus shares early in the quarter. It is not huge, but first, how is the uptake on that special so far?
Show response
Gray said institutional sentiment on RE improving significantly vs two years ago. BREIT saw best December net flows in 3+ years, though uptake still modest. Performance (8.1% in 2025 vs public REITs) remains the key driver.
Calendar 2025 Q1
Is the window shut on M&A and IPOs? Is it slightly open. And then what do you expect to drive a better or worse environment in the coming months?
Show response
Gray differentiated: IPO market most impacted, strategic M&A cautious on stock usage, but financial buyers with direct lending access are still active.
Calendar 2024 Q4
Can you just discuss your outlook on interest rates as Steve stated, you are seeing disinflation based on your data
Show response
Gray explained their portfolio data shows shelter inflation much lower than official CPI, supporting continued disinflation, and that the labor market is in balance.
AMPAmeriprise Financial3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
on margins in AWM and Asset Management, I think it was nearly 29% in AWM, 43% or so in Asset Management
Show response
Said both AWM and Asset Management margins are sustainable, supported by bank net interest income, revenue growth and expense discipline, though markets remain a factor.
Calendar 2026 Q1
Was this a competitive takeaway and just a little overview on the process or competition to get this win
Show response
Jim explained Huntington previously ran its own broker-dealer and was very selective. They chose Ameriprise for capabilities, culture, and ability to elevate their wealth offering. Process took over a year.
Are the expense management actions from that segment complete or still ongoing
Show response
Walter noted back-office transformation hasn't flowed through to numbers yet. Ongoing streamlining and transformation continues alongside volume-driven expense increases. Jim added product investments in ETFs and SMAs.
KKRKKR2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q2
Can you just discuss how that might trend in the back half of the year? Does that $250 million target still stay?
Show response
Direct: reaffirmed the $250 million plus or minus run rate, flagged the quarter's realizations as non-recurring, and pointed to materially higher outcomes later.
Calendar 2026 Q1
what you're seeing from institutions given the noise in wealth
Show response
Scott described shift where institutions pivoted from direct lending to ABF 12-24 months ago, but are now coming back as spreads up, fees up, terms better and leverage down. ABF pipeline remains robust alongside renewed direct lending interest.
APOApollo Global Management1 question · 1 reporting period · 1 of 1 challenging
Calendar 2026 Q2
what are the most recent trends you're seeing? And then also how are conversations with financial advisers
Show response
Zelter said Apollo is seeing half the redemptions versus last quarter and expects dissipation, pointing to top-quartile ADS performance.
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 |
|---|---|---|
| BX Blackstone Inc. | 4 | 25%1 of 4 questions |
| AMP Ameriprise Financial | 3 | 0%none of 3 questions |
| KKR KKR | 2 | —Rate withheld: fewer than 3 questions |
| APO Apollo Global Management | 1 | —Rate withheld: fewer than 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 |
|---|---|---|---|
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 4 | 25%1 of 4 questions | 3 |
| 2026 Q2 | 3 | 33%1 of 3 questions | 3 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q2No questions recorded
- 2025 Q3No questions recorded
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q14 questions · challenge rate 25% (1 of 4 questions) · 3 companies
- 2026 Q23 questions · challenge rate 33% (1 of 3 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Margin3
- Demand3
- Competitive Dynamics2
- Credit2
- Subscriber Growth2
- Macroeconomic2
- Guidance Reliability1
- M&A1
- Cost Pressure1
- Regulation Policy1
Show all 12 topics
- Capital Allocation1
- Pricing1