Earnings

Firm-wide AUM increases 12.9% YoY, while its credit segment AUM rose 7%.

The $1.3trn manager said that it has recorded record fundraising YTD as of 30 September.

But revenue plunged 52% and earnings swung to a loss as higher interest rates weighed on its retirement services business.

Higher fees from diversification to Europe and alternative credit help boost platform and drive rise in fee-paying assets in Q3.

Industry observers think that number is in line with recent market growth, but some say scaling up could come at the expense of performance.

Share of BDC loans deferring cash payments surged to 9.8% in Q1 from 5.4% in 2022 quarter; many loans are still marked at par.

The firm’s bet on financing AI and its focus on investment-grade and ABF helped pick up the slack, however.

Amid general decline in originations, tech lender’s CEO credits firm’s relationships, discipline and support for its growth borrowers.

The firm’s US buyout strategy distributed capital at more than double the industry rate, chief executive Harvey Schwartz noted on the firm’s latest results call.

New York-based manager’s origination machine has grown AUM by 25% in one year to $1.05trn.