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KKR

Financial Services

2mo

KKR's Record High Fee-Related Earnings and Margin Improvement

KKR reported fee-related earnings of $0.98 per share and total operating earnings of $1.33 per share, the highest in its history as a public company.
Management fees increased 18% year-over-year to $996 million, driven by Americas XIV and broader fundraising initiatives.
Fee-related performance revenues grew 45% year-over-year to $54 million, mainly due to offshore Infrastructure K-Series performance allocation.
FRE margin improved by 360 basis points to 69%, reflecting operational leverage and strong fee growth.
Over the last 12 months, FRE per share increased 33%, demonstrating durability and long-term growth in fee streams.

Apollo Global Management, Inc.

APO

Financial Services

2mo

Fee-Related Earnings Record

+22%

$627 million

Apollo reported record fee-related earnings (FRE) of $627 million, a 22% year-over-year increase.

Blackstone Inc.

BX

Financial Services

2d

Financial Performance Summary

Assets under management (AUM) reached a record $1.24 trillion, up 12% year-over-year.
Declared a dividend of $1.29 per share payable November 3.
Distributable earnings increased 48% year-over-year to $1.9 billion or $1.52 per share.
Fee-related earnings (FRE) grew 26% year-over-year to $1.5 billion, one of the top three quarters historically.
Management fees increased 14% year-over-year to a record $2 billion.
Net realizations more than doubled year-over-year to $505 million, up 55% sequentially from Q2.
Reported GAAP net income of $1.2 billion for Q3 2025.
Transaction and advisory fees nearly doubled year-over-year to $156 million.

Ares Management Corporation

ARES

Financial Services

2mo

Financial Performance Summary

Ares reported strong second quarter results with significant growth in AUM and fee-paying AUM driven by fundraising, investing efforts, and market appreciation.
Corporate private equity composite rose 3.3% gross, private equity secondaries generated 3.1% net and gross returns.
Credit strategies delivered strong quarterly gross returns ranging from 2.2% to 5.5%, with double-digit returns over the last 12 months.
Fee-paying AUM (FPAUM) increased to $350 billion, a 17% quarter-over-quarter organic growth on an annualized basis.
GCP acquisition contributed $103 million in revenues and $34 million in FRE with a 33% FRE margin, temporarily compressing overall FRE margin by 90 basis points.
Management fees grew 24% year-over-year, total fee-related revenue grew 29%, and fee-related earnings (FRE) grew 26%.
Management fees reached a record $900 million in the quarter.
Net accrued performance income increased 8.5% to $1.1 billion, with strong investment results across the business.
Other fees more than tripled year-over-year due to GCP's vertically integrated real estate capabilities.
Quarterly AUM increased to $572 billion, representing quarter-over-quarter organic growth of 19% on an annualized basis.
Real estate equity composite increased 3.4% gross, diversified nontraded REIT generated 4.5% net return for first half of the year.
Realized income totaled $398 million, a 10% year-over-year increase, with an effective tax rate of 9.5%.
Second quarter fee-related performance revenues totaled $17 million, mostly from APMF, with expected seasonality in future quarters.

The Carlyle Group Inc.

CG

Financial Services

2mo

Financial Performance Summary

Assets under management (AUM) reached a record $465 billion at quarter-end, with $51 billion of organic inflows over the past 12 months.
Carlyle delivered record fee-related earnings (FRE) of $323 million in Q2 2025, up 18% year-over-year, with year-to-date FRE at $634 million and a 48% margin.
Corporate private equity returned nearly $15 billion to investors over the last 12 months, triple the industry average, with strong portfolio realizations and performance.
Global Credit and Carlyle AlpInvest accounted for 55% of firm-wide FRE, up from less than 30% two years ago, reflecting diversification and growth.
Management fees increased 7% to $590 million in Q2 and $1.1 billion year-to-date, while capital markets fees more than doubled to $48 million in Q2 and $126 million year-to-date.

KEY

Financial Services

1w

Financial Performance Summary

Common Equity Tier 1 (CET1) ratio approached 12%, maintaining peer-leading capital ratios.
Deposit balances increased while deposit costs declined, with total deposit cost down two basis points to 1.97%.
Net charge-offs were stable at 42 basis points annualized, within the full-year target range of 40 to 45 basis points.
Net interest income benefited from strong deposit and loan dynamics, achieving a 2.75% net interest margin (NIM), reaching year-end target one quarter early.
Nonperforming assets declined 6% sequentially, and criticized loans decreased by 3%.
Pre-provision net revenue increased by $33 million quarter-over-quarter, a 5% rise marking six consecutive quarters of improvement.
Reported earnings per share of $0.41, with return on assets surpassing 1%.
Revenues grew 17% year-over-year, adjusting for last year's securities portfolio repositioning.

Pinnacle Financial Partners, Inc.

PNFP

Financial Services

3mo

Pinnacle's Focus on Revenue, EPS, and Tangible Book Value Growth as Key Shareholder Metrics

Management emphasizes their relentless focus on revenue growth, EPS, and tangible book value per share, which they believe are most correlated with share price performance.
In Q2 2025, revenue increased 15.1%, adjusted EPS up 22.7%, and tangible book value per share rose 10.9% year-over-year.
The company has achieved double-digit CAGR over the last decade on these metrics, outperforming peers.

EPR

Financial Services

2mo

Significant Improvement in Cost of Capital and Its Impact on Investment Strategy

Company highlights a substantial improvement in cost of capital, supported by strong equity valuation appreciation.
This improvement enables a shift from a measured to a more aggressive growth posture, with increased pipeline and larger deal potential.
Over $100 million committed to experiential development and redevelopment projects, with plans to accelerate future investment spending.

Newmark Group, Inc.

NMRK

Financial Services

2mo

Financial Performance Summary

Adjusted EBITDA rose 32.1% to $114 million, with an improved margin of 15%, up 139 basis points.
Adjusted EPS increased by 40.9% to $0.31 from $0.22, demonstrating strong operating leverage.
Capital Markets revenues surged 37.9%, reflecting a 135% increase in total debt volumes compared to 38% industry growth, and investment sales volumes rose 26% versus 11% industry growth.
Cash and cash equivalents ended at $195.8 million with net leverage of 1.4x; cash generated by the business was $133.9 million.
Introduced adjusted free cash flow metric showing $228 million for the 12 months ended June 2025, a 121.4% year-over-year improvement.
Leasing revenues increased 13.8%, led by double-digit growth in retail volumes and improving office activity in key gateway markets.
Management services, servicing and other revenues grew 13.6%, driven by 30% growth in Valuation and Advisory and improvements in servicing and asset management.
Newmark delivered strong revenue growth of 19.9% in Q2 2025, with total revenues reaching $759.1 million compared to $633.4 million a year earlier.
The company repurchased approximately 10.8 million shares for $125.5 million at $11.58 per share, reducing fully diluted weighted average share count by 1.2% to 252.6 million.