Will Katz

How are you prioritizing capital return from here? Should we assume you have enough organic growth to get there?

How that may influence the opportunity set in, 27% to 20% FRE margin profile?

what has changed in the last couple of quarters here? Is it just the breadth of clients that you're working for? Is it the capacity at the origination platform?

you have KKR now with Capital Group, Blackstone working with Wellington and others. Where do you stand in terms of maybe a broader linkage to potentially participate in that?

you think you can make progress within the retirement accounts even if there's no improved legislation. I was wondering if you could maybe expand on A, how you do that?

On the realization side, Q1 came out a little lighter than many of us anticipated. It sounds like there is momentum not only for you but the industry at large

real assets, specifically real estate. And then the secondary platform is just another form of liquidity

wondering if you could talk a little bit about the growth opportunity, whether it be on the infrastructure side or the real estate side

how your conversations are going with some potential partners and how you sort of see the opportunity set for Ares

how did the platform hold-up through the turbulence of April post Liberation Day?

Does this give you an opportunity to rethink the mass affluent marketplace without compromising fee rates?

is there an opportunity to sort of reroute some of the compensation against that?

there has been discussion around a potential adverse tax rule for Exchange 351

To the extent that the market were to be a bit under pressure as the year goes by, how much flex do you have to sort of bring that number down?

can you just remind us what the variable expenses against net asset value were happening by the incremental margin on market action

how you sort of see maybe the opportunity in particular for tokenization, how that might impact the ability to drive performance

How do you see this shifting the potential economic value proposition with the distribution partners?

How do we think about where you might be sitting in terms of those conversations with the regulators

Was the $10 billion was that the net of the $5 billion or is that the net outflows

what I think I heard was you'd be flat to '25 if you strip out market action, performance fees, and pre-synergies

I'm intrigued by your commentary of potentially revamping some of the economic relationships with the franchise

I'm wondering whether or not the WAMCO overhang is affecting gross sales in any of the segments

how your conversations with maybe the consultant community, the regulators, the legislators are going around sort of this change?

How do you think about capital returns? It seems like you're going to be generating a ton of free cash flow

how are you thinking about maybe the payout relative to the earnings power?

I was wondering if you could maybe step back and talk a little bit about what you're seeing in terms of institutional allocations

Any thoughts on how we should think about the comp within the FRE versus the comp on gross realizations?

can you unpack a little bit how you sort of see the interplay for the FRE margin? A very strong quarter this quarter

I was wondering if you could maybe flesh out how that may come together in terms of products or opportunities

How do you see the evolution of the commentary coming out of your conversations with the regulators as that takes shape into 2025 on the Trump administration

I think you affirmed your guidance for $1.695 billion for the year. Can you sort of unpack what the growth was in Q1

if you can update us on your thinking on capital allocation at this point in time

How do we think about maybe the prospective approach to capital?

given the interplay of sort of a rising non-U.S. rising retail opportunity set relative to the base business and sort of the volume growth, how are you thinking about maybe the projection for RPC

if you could unpack some of the drivers for that growth, how much that might be sort of onboarding new users versus maybe penetration of that user base

your pricing in futures and options was up 1.5% to 2%, and I think I heard today a little bit lesser rate, about 1% to 1.5%

what is the most recent update as it relates to the competitive backdrop on the interest rate contract and the US Treasury contract

how do you sort of see Invesco position as we move from pretax after tax

Can you give us an update on how you're thinking about maybe the intermediate to longer-term opportunity for margins at this point in time?

can you talk a little bit about just the off-ramp on the implementation costs? I presume that should trend towards 0

can you talk a little bit about the priorities to bring down the remaining preferred and how you're sort of thinking about capital deployment more broadly?

I'm sort of curious if you could maybe put any kind of meat on the bone a little bit around where you are relative to the quorum or the approval rate

Maybe picking up on the QQQs. Just a couple of questions that were embedded in my first question. Maybe why now?

There's an increasing focus for that market to potentially have greater allocation to alternatives

are allocation dynamics shifting, and if so, to where might they be shifting?

speak to your strategy to grow private markets. You gave a little bit of a detailing retail democratization and maybe what you can grow three beyond INCREF

what percentage of your assets would you anticipate being migrated over in 2025?

What do you think is a normalized level of ROE and maybe the time line to get to that?

how do you sort of see the evolution of the flows in wealth management, which had been driven heavily by private credit over the last couple of years?

as you think about the ROE trajectory for the insurance business, what do you think is a normalized level, and when do you get there?

I'd be curious, maybe get a little bit of a refresh of just number of origination platforms you have and why you think that could translate into the ability to generate further alpha?

Just sort of wondering where you sort of see the greatest opportunity. I know it's a fairly in-depth question just from a multi vector perspective

can you maybe step back and help us frame out the Agentic AI capabilities for the Nasdaq platform itself?

where you see the greatest opportunities, both from a volume perspective and perhaps even from an efficiency perspective for the platform

Can you talk a little bit about the path to support the interest-earning asset growth from here

if you could unpack maybe the Clark transaction a little bit, how to think about the accretion to that

Can you help us maybe ring-fence this a little bit of any kind of guidepost for nonoperating expense

Would you look to maybe bring some of the third-party sweep deposits back on to balance sheet, run off some of the investment securities portfolio

Wondering if you could update us on your thoughts about how the strategic backdrop is looking from an M&A perspective

does that have any structural impact on your comp ratio

I was wondering if you could give us maybe the nature of the kind of transactions you were looking at

how do you see the intermediate term view for earning asset growth? Is it flattish here or a remix within the loan category

How much flex is that if the revenue backdrop were to, potentially, decay a little bit just from a macro perspective

Wondering when you can sort of prioritize where you're most interested in growing the platform

how do we think about the marginal margin in those segments? And then coming back Paul to your comments

are you seeing a structural shift in the client cash? Or is this more of a timing element on asset allocation

you're doing a better job of managing the interplay between balance sheet growth and capital return

how should we think about the interplay between interest earning asset growth and capital return

Wondering how you think about maybe redeploying that to balance sheet growth versus other initiatives

how are you thinking about balance sheet growth into the second half of this year or maybe 2026

Can you talk to us through a little bit in terms of the ins and outs, and how you sort of see it

Can you maybe frame out some of the savings you could see on the real estate side

you announced a venture with Ares and Aspida. And I was just sort of wondering if you could tie together a couple of points associated with that