Thanks as always.
EPS of 63c beat estimates of 58c; revenue was $18.91B. Total assets were $514B, vs estimates $389.9B. Cash flow per share was 63c. Net income did fall 81% to $284, on lower monetization of assets. Deployable capital rose to a record $178B, and distributable cash rose 18%. We think the results are fine, though there was a bit of weakness in direct investments this quarter. The stock decline likely reflects the overall market tone and profit-taking rather than real specific worries on the quarter. We remain quite comfortable with a BUY recommendation.