Patrick Davitt

how should we think about the incremental expense on that 20 basis points

curious to what extent you're hearing other large pensions planning to follow suit? And how quickly do you think we'll start to see meaningful reallocations

is there any color you can give on potential FRE impacts or even the Athora valuation impact on Athene's balance sheet when that closes next year?

You have been quietly launched on, I guess, launched than others on this hybrid illiquid liquid product with Lord Abbott.

There's been some chatter of some potentially large insurance assets coming up for sale. So could you update us on a themes willingness and ability to take on large and or more complicated M&A tran...

Can you put a bit more meat around how that shadow pipeline compares to historical periods and when you think it could start converting

curious if you're seeing any sign that banks are getting more conservative, so potentially less competitive

could you also give us an idea of how the spreads have been tracking for these newer commitments?

Could you give us more color on how much of Lexington's fund performance is driven by that initial markup versus natural appreciation

I don't think you've ever talked about the scale of the third-party performance-related expenses you're excluding

Schwab is planning to add a 15% platform fee on all of its third-party ETFs

could you update us on where the Great Western relationship stands?

Could you give us an idea of how much that added to the quarterly flows?

could you speak to how you see what looks like a fairly significant emerging opportunity for asset managers to manage these reserves?

could there be a quick uptake or do you think it will be a slower build once you get that green light?

could you better frame what options or levers your credit team has, if any, to proactively work with the backing sponsors well ahead of those maturities

curious if you're seeing any signs of the banks are rethinking how aggressive they've been in that channel potentially getting less competitive

do you think that is still the case? Or does private credit now having enough scale and dry powder to fill in that void and make it easier to step in quicker

curious if you have any initial thoughts on how the in-ground portfolio could be impacted either positively or negatively by more significant tariffs or a trade war

Any sense of AUM into those kind of products more coming from existing products or existing wrappers, cannibalizing existing wrappers or do you sense that it's actually new AUM in the system?

I think non-comp, in particular, was still well below expectations in 3Q. So is that a good run rate to think about how things are tracking in 4Q at least?

So do you now think it would be easier to get that quorum for some reason

will you now be able to also generate sec lending revenue on top of that net 4 bps

Could you update us on your willingness to do a larger transaction if something came up?

chatter about, like, large institutions pulling money from US institutions for either ESG or just anti-American sentiment

It seems like what you'd start to have that you've been working with Mass Mutual on options for the preferred. Any updates on that front

do the trends you are seeing suggest that catch-up is in progress? And secondly, given your legacy book of much higher fee access the fund in Europe

have you done a scrub to identify how exposed those positions are to potential AI disintermediation

do you think there's something different about how the exit channel mix will track this cycle versus history?

could you update us on your conversations with strategic buyers where you think that bid ask is now?

Could you give the usual visible realized cash flow stat that you give?

could you update us on your appetite to use your strong balance sheet position to get aggressive with M&A

if you're adding more higher fee alts to the mix, do you think you'll need to barbell that with more passive to keep the all-in costs more palatable

what kind of drove the shift in thinking on bringing that into AUM, given the fee rates are similar

You've mentioned the offsetting wins in December a few times. I would be possibly get a little dig in a little bit more on the color of those wins