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Performance was driven by a durable capital base and strong fundraising of $57 billion over the last twelve months, despite geopolitical uncertainty and interest rate volatility.

Management attributes the shift in market momentum toward private players to heightened volatility, which favors firms with patient capital and longer-duration structures.

The platform has evolved such that direct lending now represents only 37% of AUM, with real assets and GP strategic capital growing to 27% and 22% respectively.

Digital infrastructure is identified as a high-growth vertical, evidenced by a $12 billion data center project with Amazon and a total pipeline exceeding $100 billion.

Management addressed private credit concerns by noting that 90% of the OCIC investor base elected not to tender, characterizing redemptions as headline-driven rather than fundamental-driven.

Credit outperformance is credited to rigorous underwriting and a senior secured position with an average 12 basis point loss rate and significant equity cushions.

The company maintains a target of 58.5% FRE margins for 2026, supported by disciplined expense management and levers in compensation and G&A.

Management expects to hit a $7.5 billion hard cap for its latest net lease flagship fund by the end of 2026, driven by strong demand for income-oriented returns.

Deployment is expected to accelerate in real assets and GP stakes, while direct lending will follow overall M&A market activity levels as 'the air clears' globally.

Embedded growth is supported by $30 billion in AUM not yet paying fees, which is expected to generate approximately $350 million in annual management fees once deployed.

The dividend policy remains committed to a $0.92 payout for 2026, with the expectation that the payout ratio will naturally migrate toward an 85% target over the next few years.

LTVs in the software lending portfolio increased from the low thirties to low forties due to public market compression, though management maintains this still provides a significant 60% equity cushion.

The 'software maturity wall' in 2028-2029 is viewed as an equity risk rather than a debt risk, with management prepared to work with sponsors on equity injections or restructurings.

A $7 million one-time catch-up fee from the BOSE product launch impacted credit segment management fees in the first quarter.

The corporate revolver saw a seasonal sequential increase to fund TRA payments and bonuses, a trend management expects to reverse by the fourth quarter.

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Institutional flows were broad-based across direct lending, alternative credit, and the final close of the BOSE secondary fund.

Management noted that institutions are returning to credit as spreads widen, viewing the current volatility as an appealing entry point for private markets.

Redemptions in nontraded BDCs were concentrated in 1% of the investor base and were largely investor-led rather than advisor-led.

Management highlighted that regular-way paydowns in the portfolio (nearly $3 billion) significantly exceeded gross redemptions ($1 billion), providing structural liquidity.

Management is proactively working down software exposure given AI uncertainty but emphasized that current borrowers have high average EBITDA of $320 million.

Historical recoveries on problem credits have averaged $0.80 on the dollar in principal, or 1.1x to 1.2x including coupons, providing a framework for potential future defaults.

Management reaffirmed the 58.5% margin goal, stating they can beat consensus numbers even if the retail environment remains soft for the remainder of the year.

Levers include disciplined management of cash versus equity compensation and general G&A expenses.

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