Glenn Schorr

what does that mean for the illiquidity premium, your ability to produce alpha and ultimately charge fees

what was the interaction with LPs over the last week or two? Like and where I'm coming from is are there any bigger implications from what happened?

how do you get a traditional manager to give up some of the assets and therefore, some of the fees in order to make this investment

can ABC scale in right trail behind and tailwind of ADS? Meaning, can you talk about the platform approval pipeline, the scalability, uniqueness of the product?

I apologize in advance. I want to try to simplify the conversation even though you gave us a lot on SRE.

for asset backs specifically and private investment grade, I think the vision is there, the proof is there with some of your partnerships, but some of the banks push back

why do you think loan and deposit growth in the consumer side is slow, sluggish

where are you in the AI journey in terms of how that might bring a little bit larger headcount reduction

why do you think we see this sluggishness in deposits

do you feel like you've made enough investments to capture more than your fair share, pick up share

why aren't you and others talking about AI as a huge efficiency driver of better margins in the years to come

are those gaps that you're choosing to pursue? You you mentioned you have the SLR room

I'm more talking about the the why now and and what's driving the increased attention

if that plays out, does that completely change how we're thinking about the pickup in consumer spending, overall loan growth, things like that?

Is that a comment about gaps in the business mix that you'd like to invest more and fill in? Is that a comment about risk tolerance?

Could you talk about what you see for further growth in terms of penetrating the current base of clients

How much you were leaning towards the institutional versus the wealth side and more importantly, how you're organizing around that?

how do you integrate -- have you grow organically? And then how do you integrate something like a pair into the broader private credit platform?

How much of that do you think you touch through Lexington, Clarion, and BSP?

Why does the world need everything tokenized? What would that mean for your businesses if we do go down that path

how much of lending into the funds is an integral part of the servicing relationship

I'm curious if you've looked underneath the covers to see your book of business and how high up in the table

Can you expand a little bit more about derisking the balance sheet and how you've changed your approach towards interest rate risk management

we saw a drop in credit fee paying AUM during the quarter and the resulting impact on management fees

I am looking for you to talk to when about you see the ramp and the why, meaning how much and when do you is it about the deployment of all the dry powder?

if the deal calendar comes to fruition over the next handful of quarters the way just about everybody is saying it's going to be, how does the maturation of your assets fit?

maybe you can give us the mark-to-market of the expected recovery in terms of what's going to drive it, meaning pricing, financing, deal flow, client flows to the asset class

I'm very curious on how you define that and how you assess it. And then big picture, we don't see big high-yield maturity wells

There was some conversation about linking you to some interest in being a bigger retail bank in the United States

I want to talk about Services if we could. One is if you could give any color on the $4 trillion win

I thought the last look was efficiency ratio below 60%, and now it's we're targeting around 60

what is the pace of stablecoin adoption? How important is it to your traditional banking and payments pipelines

is there a potential for the tokenization of all securities? Does that change how financial markets operate in general

what opportunities you know, there's risk, but also opportunities in helping clients manage through this re-tariffing

let's just call it, balance sheet strategy because I see you deploying capital, it's reducing the denominator

is all the net of that deployment at -- in lending, will that come at ROEs that are in line with your long-term goals

How do you plan to scale wealth from here? And I want to include that if you could. Your aspirations

how much you think all that progress you've built, how much have you raised the floor?

Is technology enabling this heightened awareness on efficiency in some of your AI investments?

I wonder if we could talk about how you're executing that. Especially vigilant on managing risk and what loans are moving off

what do you do with all this excess capital now that you have it? Do you have places that you can allocate

What's different about the historical principal investments that we wanna monetize amidst a good banking backdrop?

I'm curious on the amount of deleveraging that we've seen in April, I'm assuming that's pretty good for intermediation

is that a major contributor to the growth in financing in the quarter?

maybe we could drill down on assessing the durability of it by getting you to talk about what changes additions you've made on the product lineup and distribution investments

I think I saw an article this week on a potential QQQ on the international side

is the big picture game plan to piece together a full across asset classes offering and maybe through capitalized JVs for now?

I am curious what you saw in October and things like bank loans. More importantly, in general, given the global nature of your flows, what you expect on a go-forward basis just across the fixed inc...

So I just want to push buttons a little bit and ask how much can this incremental revenue go towards growth?

how do you defend fundamental equities besides just everybody put up great performance

How are you thinking about the margin in ‘25?

I'm curious on how much you think of that plays into a long-duration private markets balance sheet or can big public banks finance that?

You noted the 1.7 million net new checking accounts opened for the year, and deposit growth is small, but I also noted the 17% growth in client investment assets

I saw the ABA letter this week talking about the immediacy of the issue and whether or not they can close the loophole on interest on Stablecoin

are you seeing differentiated credit fundamentals across public and private markets? Because there has been a lot of discussion about that lately

is there any valuation limitation towards that arresting of CET1

has something changed? Are you -- are the systems better? Are they better able to handle it as your risk management, your people, the diversity of your platform better

how have you re-underwritten your private portfolios, your balance sheet, even your monetization pipeline for tariffs and AI?

how much can this add to the overall growth rate of KKR and differentiate your growth versus others?

do you have those type of relationships pre-leased and pre-spoken for, are we -- if we build it, they will come

will we see lower allocations to private equity or just a dispersion and consolidation to the better performance?

has anything changed on the heels of DeepSeek? Has it changed the way you think about prices, paid on recent assets and/or demand in the future

it seems like some of these big IPOs are very partial towards having a big retail allocation

do you have any numbers that you could throw at the pipeline or some soft details

I was very intrigued by your comment on the parametric inflows. And the large partnership with third party investment adviser

are there areas that you could deploy more kappa at a higher pace into to drive growth

can you talk about the NII in a forward curve setting or however else we should think about the balancing of lower rates?

why Asset Management is not included in that potential deployment of capital being that you're already great and hopefully getting greater

what did you take the reserve on? I know it's small. Is that as of three thirty-one is that as of kinda now?

I'm curious when you look at the composition of those tests, and then you look at the reality of how you perform

how you think about great trading environment versus what your words are, just more durable the higher client balances

does that mean this quarter is as good as we got as a jumping-off point?

Could we just break down what's what's you driven versus client driven and just so we can get our expectations going forward?

after going down for four quarters straight because rates have been coming down it was actually up six basis points, and we had a cut in the quarter

You dangled a little bit with your comment on the fifty South Feeder Fund. I would love to know a little bit more about what that is

I'm curious on these -- there's multiple initiatives across alternatives and the 11 new fixed income ETFs that you have scheduled for the second half

anything on the -- what's driving the 11 fixed income ETFs. You talked about efficient scalable exposures

that technology backbone that you're having success with in the UK is literally the same thing or can be tweaked

talk maybe asset and wealth management first. In terms of delivering a more complete set of solutions

alternatives were a big part of your objectives across each of the wealth asset management and asset servicing objectives

I'm just curious on the durability of some of the underlying trends, meaning, the 7% growth in non-interest-bearing deposits in the quarter

I find it interesting that average interest-earning assets were only up 1%, so I am interested if you could talk to the tug-of-war dynamic of better NIM but not a ton of earning asset growth

you'd love it to be bigger operating leverage and bring more to the bottom line. On the other hand, we want you to invest for growth and future gain

outside of your core ETF, and passive business, maybe longer term aspirations

should we expect similar enough performance going forward in '26 and beyond or is there something about the client mix that that just deposits are different?

I'm curious if you share any thought process with us on what you thought when you saw the news, when we saw the news that maybe [ BK and Northern ] were doing the dance?

Given this uncertainty, should we assume your reinvestment stays super short?

Does the $350 to $400 billion, does that leave you in a position to take share?

I wonder if you can talk about what's driving the rejuvenation at SSGA and how sustainable this better level of organic growth is

In Prime Services, you talked about $2 billion increase in RWA to support clients. I'm curious the size and scope

what is the institutional pipeline shaping up to be? Are we -- should we expect to see really big reallocations in client portfolios

is there a story to tell in terms of -- is there any concentration of that in the other accounts versus all the retirement accounts

what you're seeing for in terms of client demand or the potential for hybrid products across public and private. Particularly in fixed income