Steve Chubak

trying to understand like the interplay with core NNA expectations over the remainder of the year, recognizing that TA rate should be sticky

I was hoping you could provide some KPIs just in terms of the level of penetration across the platform

I was hoping you could help us reconcile the acceleration in net new flows that we saw in the quarter with the lower distribution expense ratio

I was hoping you could provide preliminary guidance on for '26 growth in firm-wide OpEx as well as G&A growth within AWM

I was hoping you could speak to some of the drivers of the software flows in 2Q

since you alluded, Jim, to some of the irrational behavior in this space

I wanted to start off with a question on AWM flows, which were quite resilient in a tough tape

I was hoping you could speak to what you are seeing so far in terms of cash build, as well as M&A and recruitment

how the launch of Delhi pricing later this year might change the perceived riskiness of private credit

Annual origination volume of $275 billion, you just reported origination activity at an annualized clip of more than $300 billion.

I was hoping to get some perspective on the wealth outlook. It sounds like you guys are continuing to see really good momentum.

unpacking your thoughts on the ACS fee outlook. You spoke of very strong momentum in the business. If we look at the multi-year trend, ACS fees grew 24% this year

how are you thinking about the outlook, especially versus a tough 2025 fundraising comp

whether you still believe the zero to 150 bps of margin expansion is achievable in the coming year?

what contribution you're contemplating from flagship this year that's supporting that more resilient fundraising outcome?

Just curious how you think this partnership could evolve over time

what gives you confidence you can deliver both the acceleration in organic while still driving better operating leverage

I wanted to just understand if that 20% tax rate is expected to hold going forward beyond 2026

the outlook for commercial loan growth as tariffs and policy uncertainty certainly raised concerns regarding weakening loan demand

what level of CET1 you're currently comfortable running with in terms of the ratio

How much of the build that you're guiding to is attributable to loan growth versus some rate or repricing tailwinds

What gives you confidence in that ability to deliver that level of top line growth on a sustainable basis?

implications for the ADR business if tokenized securities become more widespread

Some believe this may compel more scale firms to transition to self-clearing models over time

I wanted to start with a question on your newly launched tokenized deposit capabilities

You've delivered 4 consecutive years of double-digit fee growth in that area, exited this year growing 15%

what drove the moderation in flows, whether you expect that to continue amid the recent volatility

There was some press coverage noting recent changes to the sharing of cash economics with some of your RIA and IBD clients

I was hoping you could just speak to your process for how you're reunderwriting AI risk across your portfolio

if you could just speak to the DOL and the provisional guidance that was offered on Alt inclusion in 401(k)s

I was hoping you could speak to what the reception has been for the product. How you are approaching marketing the offering given just a more complex regulatory apparatus in Europe

I was hoping you could speak to the performance outlook, both for opportunistic and core+ in 4Q and looking ahead to next year

I was hoping you could speak to your confidence level as to whether this could scale at a similar pace to some of your other retail vehicles

Just wanted to better understand the catalyst for retail allocations into BREIT to increase from here, what the feedback has been from retail partners?

whether it's the adjustments to the RWA calculation first. Second, the G-SIB surcharge and the proposed changes there

How should we think about the trajectory of non-comms. That $5 billion baseline is a little bit higher than what we've seen in recent quarters

how you're evaluating some of these emerging opportunities within the market structure or tokenization landscape

I was hoping to get your thoughts on how large you think that financing piece can grow over time

I wanted to gauge whether you would ever consider pivoting from your strategy to shrinking the investment portfolio

I was hoping you can provide some perspective on whether you believe that the gains are durable

how you're framing or potentially handicapping the risk of some of these deals coming out of the backlog?

I was hoping you could speak to bigger picture, just the outlook for sponsor activity across the complex

sec lending in particular, and that has remained under considerable pressure, not just for you, but for industry peers

Anything we should infer about the level of revenue growth that you are budgeting for when building the plan

hoping to get some perspective, Vlad, in terms of how that growth is tracking relative to plan? Is there more that you can do in terms of product deployment and innovation to maybe help accelerate ...

I wanted to get a better sense as to how the strategy is evolving around net deposits and promotional activity more specifically

where you expect NII to lend in 2Q based on spot or current balances?

how would you frame the incremental revenue opportunity from launching additional Altcoins

how you see deposit competition unfolding as similar smart tools become more widespread?

Does the guidance that you've laid out contemplate any mitigating actions you might pursue?

was hoping you could just speak to the Markets businesses, which have been performing extraordinarily well of late

Wanted to start off with one on the proposed SLR changes and just the impact of rate volatility

how you've underwritten AI risk in the strategic holdings portfolio and even across the border universe of KKR portfolio companies

I was hoping we could maybe anchor to what would be a reasonable all-in ROE once some of those benefits are reflected in the run rate?

I was hoping to whether you could speak to opportunities to consummate similar transactions with other retail participants

I was hoping you could just provide some early color on distribution strategy, and specifically areas of differentiation versus other competing products

I was hoping you could frame the upside potential versus that $100 billion fundraising target and the sustainability of some of the drivers of strength in 2024

what are some opportunities that might be more compelling just given the strength of your capital position

speak to the Fed's new Basel III capital proposal. And given you should benefit from long overdue changes

speak to the factors that might support continued durability of the recent strength and some of the variables you're monitoring

speak to the durability of the NNA strength just given some of the negative marks we've seen in both fixed income and equities

recently announced partnership with Carta. And I was hoping to double-click into some of the tangible financial benefits

the 30% wealth management margin target. Just taking a step back, you're already running at 29% on a core basis

are you nearing a sustainable inflection in retail deposits as we look out to the coming year?

Do you believe the tailwinds from 2025 could persist into '26?

at what expense to trust ratio are you underwriting new business today?

how much of that is a function of continued benefit from rate tailwinds versus volume?

I wanted to better understand how much flex you have if those fee pressures intensify

Was hoping you could speak to what deposit beta assumption is underpinning that guidance

whether that could still settle in the low 300 range

what you're seeing in terms of pipelines how they compare to year ago levels?

was hoping you could speak to where the recruiting pipelines are across the different affiliation options

is that something that you're amenable to? And are there barriers to introducing things like platform fees

Noncomps have grown double digit the last 3 years, 8% guide is encouraging, reflects the moderation in growth

don't underwrite $250 million or the floor, underwrite something closer to $400 million to $500 million a quarter, which will ensure that your capital ratios are at least stable, but not necessaril...

The one trend that we did notice which surprised positively was the deposit beta, which came in I believe, around 90%

whether the 63% is a reasonable run rate, assuming this more constructive backdrop continues

Just wanted to drill down to some of the inputs that are underpinning that lower spread revenue guide

just trying to gauge what drove the slowdown in industry growth, whether we should interpret the comments on the pipeline as supportive of an acceleration

how does that inform both the NIM outlook exiting this year as well as expectations for IEA growth

just wanted to better understand how much further you can deepen penetration rates across the RIA channel given such strong demand

what you're seeing in terms of retail sentiment and how that's manifesting across different brokerage metrics

do you feel we've reached a sustained inflection in noninterest-bearing deposits?

what are some of the milestones you're looking for

speak to the expense flexibility in the model if the fee outlook or backdrop continues to deteriorate

what impact should the security for repositioning have on your margin as we think about a go-forward basis