Management remarks
Call period: 2026 Q2 · 2026-07-30
Guidance: Robert Lewin: So it's hard to give a forward outlook as organic growth because honestly, it's going to be a function of where the markets are.Demand and orders: Craig Larson: As Rob mentioned a moment ago, we raised $34 billion of new capital in the quarter with demand really widespread across asset classes and geographies and that brings capital raise over the LTM $133 billion.Margins: Robert Lewin: In Q2, our FRE margin was 70% and has been over 65% for the last 10 consecutive quarters, and we do not view that as a ceiling.Analyst Q&A
Analyst Michael Brown asked: Scott, Craig. I wanted to maybe dig in a little more on credit. It's a great color on ABS. Just this quarter, we observed that the management fees declined sequentially. If you're paying AUM growth is also relatively muted. Can you just help us unpack the primary drivers there? Management Robert Lewin answered: I think if you look over a 12-month period of time, management fees across credit and liquid strategy is up almost 10% or just shy of 10%. And the other stat I would point you to, which is the best forward indicator around where we're going, is that the capital we have committed to our credit business, but that is not yet earning fees. We'll earn fees as it enters its investment period and orders deployed. That number year-over-year is up 33%. So a very healthy increase in what I think is probably the best forward indicator for that business.管理层陈述
电话会期间：2026 Q2 · 2026-07-30
指引：罗伯特·卢因：老实说，由于有机增长实际上取决于市场状况，因此很难给出有机增长的前瞻性展望。需求与订单：克雷格·拉尔森：正如罗伯刚才提到的，我们本季度新增融资340亿美元，需求在各资产类别和地区都十分普遍，这使过去12个月的融资总额达到1330亿美元。利润率：罗伯特·卢因：第二季度，我们的FRE利润率为70%，过去10个季度连续维持在65%以上，且我们认为这并非上限。分析师问答
分析师迈克尔·布朗向斯科特、克雷格提问：想深入探讨信贷业务，刚才关于ABS的信息很有价值。本季度管理费用环比下降，且AUM增长相对平缓，能否请您解释主要驱动因素？管理层罗伯特·卢因回应称，12个月来看信贷和流动性策略的管理费用增长近10%、略低于10%，尚未产生费用的承诺资本同比增长33%，该指标是该业务的最佳前瞻信号。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
