Dan Fannon

Michael, maybe just to follow-up on that in the context of all that growth, how you are thinking about FRE margin and the potential for expansion in 2026?

Can you just discuss in more detail any changes in credit quality across your portfolio? And then potentially also just in terms of what you maybe have done differently here

Just want to get a little bit more color on your confidence around this. We've obviously been here before and waiting for activity to pick up

I was hoping you could expand on some of the fundamentals you're seeing in the real estate market that gives you the confidence on the recovery

Can you talk specifically about what strategies in credit got you the $10 billion

curious about the outlook there? And what is a reasonable goal as you think about penetration of lending within your wealth business

how does the growth for noncomp look versus maybe 2025 in the budgeting process?

I was hoping to get an updated outlook as you think about 2026 and a backdrop where rates are coming down

Just curious as to when you think your ability to hit that is sure

Can you talk about the funds that are coming in either bigger, or are more funds coming to market?

can trading stay as robust as it has been, or do you anticipate some kind of moderation or slowdown

How are you positioned to capitalize on this opportunity?

should this mix shift to be higher? Or do you think those will offset each other?

Could you maybe talk to the asset classes or the funds that you think will drive that growth going forward

do you expect to see a divergence in either of those segments or do you think that consistently, they will both grow

the drivers of the margin from here? Is it just scaling and growth of the business, or are the things underneath from a cost or efficiency that we should think about or mix of business that can dri...

I was hoping you could expand upon your comments around just the NNA growth within the wealth channel. You talked about workplace and the IPO market being a contributor

Can talk about the sustainability of these trends, maybe the of the backlog in investment banking, the diversity and you know, how that compares to maybe prior periods

can you expand upon your comments around M&A? You highlighted new adviser strength, but maybe talk about flows more broadly

financial or strategic factors that would take you to over the threshold to get to completing a transaction, that would be helpful

Can you talk about your own proprietary alternative products that you might be able to sell within this channel?

what does that mean for recruitment and retention trends? And also, does that change the appetite for fee-based flows

Can you talk about advisor retention, kind of recruitment, and backlogs here?

what do you see as a reasonable level of penetration of your existing clients in the next couple of years for these offerings?

I was hoping you could put some numbers around that and or think about the journey and where you think -- how long it will take

I was hoping you could just talk about the sustainability of these trends as we think about the rest of this year

I wanted to talk about NNA. Obviously, it accelerated throughout the quarter

how are you thinking about client cash levels? And do you think the cash holding is still a theme here