Ares Administration Company (NYSE:ARES) This fall 2023 Earnings Convention Name February 8, 2024 11:00 AM ET
Firm Individuals
Greg Mason – Co-Head-Public Markets Investor Relations
Michael Arougheti – Chief Government Officer
Jarrod Phillips – Chief Monetary Officer
Convention Name Individuals
Steven Chubak – Wolfe Analysis
Craig Siegenthaler – Financial institution of America
Patrick Davitt – Autonomous Analysis
Nick Benoit – Barclays
Luke Bianculli – Goldman Sachs
Michael Cyprys – Morgan Stanley
Brennan Hawken – UBS
Mike Brown – KBW
Operator
Welcome to the Ares Administration Company Fourth Quarter and Yr Ended Earnings Convention Name. At the moment, all members are in a listen-only mode. As a reminder, this name is being recorded on Thursday, February 8, 2024.
I will now flip the decision over to Greg Mason, Co-Head of Public Markets Investor Relations for Ares Administration. Please go forward, sir.
Greg Mason
Good morning. And thanks for becoming a member of us at the moment for our fourth quarter and year-end 2023 convention name. I am joined at the moment by Michael Arougheti, our Chief Government Officer; Jarrod Phillips, our Chief Monetary Officer; and Carl Drake, who has moved to a brand new advisory position inside our Public Markets Investor Relations staff. We even have a lot of executives with us at the moment who will likely be obtainable throughout Q&A.
Earlier than we start, I wish to remind you that feedback made throughout this name include forward-looking statements and are topic to dangers and uncertainties, together with these recognized in our danger components in our SEC filings. Our precise outcomes might differ materially, and we undertake no obligation to replace any such forward-looking statements. Please additionally word that previous efficiency shouldn’t be a assure of future outcomes, and nothing on this name constitutes a proposal to promote or a solicitation of a proposal to buy an curiosity in any Ares fund.
Throughout this name, we’ll check with sure non-GAAP monetary measures, which shouldn’t be thought-about in isolation from or as an alternative to measures ready in accordance with typically accepted accounting ideas. Please check with our fourth quarter and full yr earnings presentation obtainable on the Investor Assets part of our web site for reconciliations of the measures to essentially the most immediately comparable GAAP measures. Notice that we plan to file our Type 10-Ok later this month.
This morning, we introduced that we declared a brand new increased degree of quarterly dividends, beginning with our first quarter frequent dividend of $0.93 per share on the corporate’s Class A and nonvoting frequent inventory, representing a rise of 21% over our dividend for a similar quarter a yr in the past. The dividend will likely be paid on March 29, 2024, to holders of file on March 15. Jarrod will present extra shade on the drivers of this improve later within the name.
Now I will flip the decision over to Mike, who will begin with some fourth quarter and year-end enterprise highlights.
Michael Arougheti
Nice. Thanks, Greg, and good morning, everybody. I hope everyone is doing nicely. We’re happy to report that we ended an incredible yr of execution on many fronts with a really sturdy fourth quarter. Regardless of a troublesome yr for fundraising throughout our business, we skilled sturdy demand for our funds, elevating greater than $74 billion in 2023, together with greater than $21 billion within the fourth quarter. This was our second largest fundraising yr, and it was a file quantity of capital raised immediately from institutional traders. We entered 2024 within the enviable place of getting greater than $110 billion in dry powder to spend money on what we imagine is a pretty classic, offering the chance to drive sturdy earnings development within the years forward.
Within the fourth quarter, transaction exercise picked up as market members gained better certainty with respect to rates of interest and the financial system. In opposition to this backdrop, we had been capable of leverage our rising funding platform to file our strongest quarter of deployment for the yr, which matched our second highest quarter on file. Our This fall deployment jumped greater than 40% in comparison with our third quarter, and we’re inspired that higher-than-typical ranges of exercise for this time of yr have spilled over into the primary quarter.
We additionally continued to ship sturdy relative funding efficiency for the yr. And in reality, our U.S., Europe and Asia direct lending methods generated double-digit returns in 2023. We imagine that our constant efficiency by means of cycles is resonating with traders, and our LPs are committing extra {dollars} throughout our broad set of methods.
For the yr, we drove double-digit development throughout a lot of our key monetary metrics, together with 19% development in AUM and administration charges and 17% development in our fee-related earnings. I would add that our fee-related earnings, excluding FRPR, elevated by greater than 20% year-over-year.
We imagine that our capacity to generate this degree of fee-related earnings development in a market the place M&A exercise was down over 35% speaks to the resiliency of our administration fee-centric enterprise. Going ahead, we imagine that we’re headed for one more sturdy yr as Jarrod will stroll you thru slightly later within the name, however I do wish to spotlight a couple of key factors.
First, we imagine that the expectation for decrease rates of interest and better-than-expected financial development is seen as a big reduction for the deal markets. And we anticipate it would assist drive increased transaction exercise to start out the yr. We additionally imagine that different components just like the growing old of personal fairness dry powder and the calls for by LPs to return capital are additionally supportive of upper exercise. Luckily for us, we imagine that we’re nicely positioned for a pickup in deployment exercise as a result of vital investments that we have made, including 230 web funding professionals for the reason that peak in market exercise in 2021.
We have constructed an origination engine that is able to doing way more and a rise in market exercise ought to allow us to drive efficiencies throughout our better headcount of funding professionals.
Secondly, we imagine that we’re approaching a step perform within the development of our web realized efficiency revenue. We’re nearing an inflection level and a recognition of web realized efficiency revenue from our European waterfall funds which were performing and rising since 2017. And due to this fact, we anticipate to ramp up this yr and an acceleration in 2025 and past. As an additional benefit, if market transaction exercise does in truth enhance, we might see extra of this revenue pulled ahead from realizations, but it surely’s nonetheless too early to make that decision. Total, we imagine our enterprise is nicely positioned to function in quite a lot of market environments. We’re resilient in harder, slower markets however can see deployment and realizations speed up throughout extra energetic market environments.
Third, now we have a number of momentum with our traders as we expertise sturdy demand for not solely our non-public credit score methods but in addition our opportunistic actual property, actual property debt and our secondary technique choices. In 2024, we imagine that we’re arrange for yet one more sturdy yr of fundraising as a few of our largest fundraises spilled over into the brand new yr, and we’re launching a number of new giant funds with anticipated closings this yr.
Let me stroll you thru some current actions to offer insights on the place we stand heading into the brand new yr. For the fourth quarter, the $21.1 billion we raised was our third highest quarter on file and simply barely behind what we raised in Q3. In our credit score methods, we proceed to make nice progress, elevating our third U.S. senior direct lending fund with one other $1.8 billion in new fairness commitments in This fall, bringing the full fairness commitments to $8.3 billion at year-end with complete funding capability of $15.2 billion, together with anticipated leverage. We have already surpassed the $8 billion in LP commitments from our earlier classic, and we anticipate a remaining shut within the second quarter with the flexibility so as to add additional leverage capability thereafter.
Our sixth European direct lending fund raised one other €1.3 billion in fairness commitments and a €2.5 billion leverage facility throughout the fourth quarter. With over €550 million closed up to now within the first quarter, our fairness commitments for this new fund now complete €11 billion. And with anticipated leverage, the fund has over €16 billion of investable capital. We have primarily matched the scale of the earlier classic, and we anticipate additional upside right into a remaining shut later in 2024.
Pathfinder II held a remaining shut in October, solely seven months after its first shut. The fund obtained $6.6 billion in complete commitments, surpassing our $5 billion goal. The fund hit its arduous cap and was virtually 80% bigger than its predecessor fund. And as with its predecessor fund, Pathfinder II is structured with a novel charitable tie-in whereby not less than 10% of the carried curiosity will likely be donated by Ares and the staff to assist international well being and schooling initiatives. So far, the Ares Pathfinder household funds have generated returns that may end in roughly $19 million of charitable contributions.
We raised one other $900 million in fairness commitments for our fourth U.S. opportunistic actual property fairness fund bringing complete commitments to over $2 billion, exceeding the earlier classic. Inside actual property, we additionally raised one other $500 million in debt and fairness commitments in our European actual property debt technique, bringing complete property to roughly $2.4 billion. Inside non-public fairness, we raised $1.4 billion of commitments throughout This fall, and we’ll proceed our fundraising all through most of 2024.
In secondaries, we held a remaining shut for our Actual Property Fund IX, elevating $3.3 billion in commitments, inclusive of affiliated co-invest automobiles. This newest fundraise matched the scale of the predecessor fund, which was the biggest actual property secondaries fund closed available in the market thus far. We now have accomplished the highest two largest actual property secondaries fundraisers, which places us in an incredible market place.
Fundraising within the wealth administration sector continues to be an space of focus, and we see vital development potential right here over the subsequent decade. We’re beginning to see an acceleration inside the wealth administration channel as our broadening set of merchandise is attracting a rising variety of distribution companions.
For the fourth quarter, we raised $1.3 billion in fairness commitments. For the complete yr, we raised $3.6 billion in fairness commitments and practically $5 billion, together with debt commitments. In line with third-party business knowledge, we had been ranked within the high three among the many public different managers and total wealth administration fundraising in 2023 as we had been capable of acquire market share in a troublesome atmosphere.
Our sturdy momentum within the fourth quarter has carried over into January as we had our largest month ever for wealth inflows, totaling over $600 million throughout our six merchandise. Now after putting in the infrastructure over the previous 18 months, we’re additionally set to see our worldwide fundraising efforts materially improve within the first half of this yr.
Let me stroll by means of an replace on a couple of of those wealth merchandise. Our non-traded BDC ASIF raised practically $500 million in fairness commitments throughout the fourth quarter. And our European equal ASIF raised over $150 million closing on January 2. Throughout January, these two funds raised an extra $350 million within the mixture, which underpins our expectation for continued sturdy fundraising within the wealth channel throughout 2024.
Inside non-public fairness, we’re now seeing a big ramp in our Ares Non-public Markets Fund or APMF, which launched on its first wire home in September and raised roughly $240 million within the fourth quarter. And with over $800 million in property at the moment, the fund is constant to achieve scale and momentum.
Our two non-traded REITs raised $273 million mixed within the fourth quarter and greater than $1.3 billion for the complete yr. Each funds continued to generate optimistic web flows for each This fall and the complete yr as we meaningfully outperformed the general non-traded REIT market on a web circulate foundation.
One other space of excessive strategic focus is our affiliated insurance coverage enterprise. Aspida completed the yr with practically $12.5 billion in property, greater than doubling its $6 billion in AUM at first of final yr. And we stay on observe with our goal of $25 billion in AUM by the tip of 2025. Aspida has now achieved operational scale and is producing enticing returns for each annuity holders and Aspida fairness traders.
We had very sturdy deployment within the fourth quarter totaling $24 billion, matching our second highest quarter on file. Fourth quarter deployment throughout the credit score group elevated practically 60% over the third quarter pushed by sturdy outcomes from our U.S. and European direct lending and different credit score teams.
Jarrod will talk about our fund efficiency in additional element, however our funding portfolios proceed to be in glorious form. We proceed to see sturdy EBITDA development throughout our credit score and personal fairness portfolios. And in reality, we noticed an acceleration of EBITDA development to roughly 8% year-over-year inside our U.S. direct lending phase.
Our company credit score portfolios, which had been greater than 95% invested in senior debt on the finish of the yr, proceed to have low defaults and lower-than-historical ranges of loan-to-value. Our international actual property portfolio continues to expertise resilient fundamentals because of our allocation to one of the best performing sectors with 50% of the gross portfolio in industrial property, 24% in multifamily and one other 13% in related adjoining sectors like pupil housing and self-storage.
We’re meaningfully underweight in U.S. workplace at about 4% of our complete actual property portfolio and fewer than 1% of our AUM. Our opportunistic actual property and particular alternatives groups just lately fashioned a three way partnership with a number one proprietor and investor in industrial actual property in New York. The JV has commitments of $500 million, and we’ll search to spend money on high-quality distressed workplace buildings in New York as capital for the asset class has change into more and more scarce.
And now I’d like to show the decision over to Jarrod for added commentary on our monetary outcomes and our outlook for the yr. Jarrod?
Jarrod Phillips
Thanks, Mike, and hiya, everybody. Regardless of a troublesome market backdrop for deployment and monetizations, we skilled double-digit year-over-year development in practically each key monetary metric, together with administration charges, fee-related earnings, realized revenue, AUM and FPAUM.
Our administration charges elevated 19% for each the fourth quarter and for the complete yr pushed primarily by sturdy deployment of our invested capital, particularly inside our international direct lending and different credit score methods.
Within the fourth quarter, FRE totaled $369 million, a rise of 10% from the fourth quarter of 2022 regardless of a steep decline in FRPR from actual property funds that contributed $65 million in FRE in 2022. For the complete yr, FRE exceeded $1 billion for the primary time in our firm’s historical past and elevated 17% from the prior yr.
In fact, our year-over-year FRE development was partly impacted by the truth that we didn’t generate any FRPR from our non-traded REITs as we anticipated. Our FRE, excluding the FRPR particularly from our actual property non-traded REITs, elevated 25% over 2022, slightly forward of our 20%-plus steerage that we offered a yr in the past.
Our FRE-rich earnings stay a key differentiator for Ares as FRE once more accounted for greater than 90% of our realized revenue in 2023. Our FRE margin totaled 41% for the quarter and 40.9% for the complete yr. Excluding FRPR, which has a decrease margin as a result of contractual compensation ratio we’ve mentioned previously, our core FRE margin was 41.8% for the fourth quarter, which was up 120 foundation factors versus the comparable margin a yr in the past.
With over $74 billion raised in 2023 and an obtainable capital steadiness of over $110 billion, we anticipate to see continued margin enlargement as we deploy our capital. We proceed to imagine that we’re on observe to succeed in our purpose of roughly 45% core FRE run fee margin by the tip of 2025.
Let me flip to our fee-related efficiency revenues or FRPR. FRPR totaled $180 million in 2023 in comparison with $239 million in 2022. Within the fourth quarter, FRPR from our credit score group totaled $166 million, which was about $46 million above the excessive finish of the steerage we offered on final quarter’s convention name. A big a part of this outperformance was pushed by higher-than-expected mortgage pricing because of tighter credit score spreads in addition to optimistic forex actions into year-end. The rest of our FRPR was generated in our secondaries group from APMF, a retail-focused product. We’re excited in regards to the momentum for APMF and will see rising contributions to FRPR because the fund scales.
As I discussed, we didn’t generate FRPR from our two non-traded REITs throughout 2023. And each AREIT and AIREIT might want to make up for unfavorable returns in 2023 earlier than incomes any FRPR. Fundamentals throughout these actual property funds stay resilient, nonetheless. We are going to doubtless have to see rates of interest average and cap charges stabilize earlier than these funds can generate extra FRPR. For that reason alone, it’s extra doubtless that we might see FRPR from the 2 non-traded REITs resume in 2025 versus 2024.
Our realization exercise elevated considerably within the fourth quarter in comparison with Q3 with realized web efficiency revenue totaling $77 million within the quarter, together with $57 million from European-style waterfall funds. For full yr, practically 70% of our realized web efficiency revenue got here from European waterfall fashion funds. As well as, we additionally generated web realized efficiency revenue from incentive charges, which happen regularly that aren’t derived from perpetual funds. In 2023, we generated $27.5 million in web realized efficiency revenue from non-European fashion incentive charges, up from $20 million in 2022.
As I talked about earlier than, the European-style waterfalls are comparatively predictable inside a given time horizon, however can range as to the precise quarter during which they’ll be obtained with the fourth and second quarters sometimes the most typical for bigger quantities. We’re reviewing final quarter’s estimate for 2024, European waterfall fashion web realized efficiency revenue, we acknowledged about $13 million that was pulled ahead into this fourth quarter.
That mentioned, our expectations for the subsequent two years are modestly increased with roughly $420 million of web efficiency revenue from European-style waterfall funds. Of this quantity, we anticipate roughly $145 million in 2024 and $275 million or extra in 2025. Over the long run, we’re concentrating on greater than $3.5 billion of web realized efficiency revenue over the life of those European-style funds already raised. As now we have mentioned, the timing of the early charge recognition relies on – partially on March – market transaction exercise ranges.
In 2023, our steadiness of web accrued efficiency charges elevated 10% to $919 million and practically $700 million of this quantity with an EU-style waterfall funds. The rise was largely pushed by the deployment of incentive-eligible AUM that yields in extra of the hurdle charges resulting in development of our incentive-generating AUM and the compounding of upper floating charges, significantly in our non-public credit score funds.
Realized revenue for the fourth quarter totaled a file $434 million and for the complete yr, realized revenue exceeded $1.2 billion, a 12% improve from 2022. For the complete yr 2023, our efficient tax fee on our realized revenue was 9.1%. Final yr, we benefited from tax deductions associated to the train of choices by workers. These choices had been granted as a part of the IPO and are set to run out on the tenth anniversary of our IPO this yr.
Because of this, solely a trivial quantity of those choices stay unexercised. And accordingly, vital associated tax deductions related to the choices won’t recur. Due to this fact, we anticipate an efficient tax fee on our realized revenue to be in a extra normalized vary of 12% to fifteen% in 2024.
As of year-end, our AUM totaled practically $419 billion, up 19% over the earlier yr and was pushed virtually fully by natural development. Our fee-paying AUM totaled practically $262 billion at year-end, a rise of 13% from year-end 2022.
Our obtainable capital totaled $111.4 billion. So now we have practically $63 billion of AUM not but paying charges obtainable for future deployment, representing over $621 million in incremental potential future administration charges.
As Mike highlighted, our portfolios proceed to carry out very nicely. For the complete yr, we skilled double-digit returns in our U.S., Europe and Asia direct lending methods in addition to in our particular alternative technique. Inside actual property, our infrastructure methods carried out consistent with expectations, delivering a excessive single-digit return in unstable [ph] markets. In actual property, our returns had been impacted by increased cap charges and rate of interest volatility, which pressured valuation.
Nevertheless, the underlying property fundamentals remained resilient, and we imagine we’re nicely positioned to generate sturdy efficiency as soon as cap charges stabilize. For instance, in 2023, our industrial portfolio noticed a 50% hire development on the same-store new and renewal lease charges, and our multifamily portfolio proceed to see optimistic hire development.
Now let me present some feedback on our go-forward outlook and our new dividend degree. We anticipate that our fundraising momentum will proceed with extra closes on our giant fundraises and course of, as Mike said earlier, coupled with current or anticipate to launch this yr of 4 extra vital fund collection throughout our methods. We anticipate these bigger fundraises will likely be supported by our ongoing and rising inflows from smaller co-mingled funds, wealth administration funds, insurance coverage, SMAs and different open- and closed-end automobiles. Actually, we anticipate to have roughly 35 completely different funds available in the market throughout 17 of our methods in 2024.
Though it is going to be unlikely that we match the quantity we raised in 2023, we anticipate it to be one other sturdy yr. And we’re already nicely forward of our tempo to succeed in our goal of $500 billion in AUM by the tip of 2025. Remember the fact that our fee-related earnings trajectory is extra depending on the tempo of our deployment quite than fundraising exercise.
With a file quantity of dry powder, we’re nicely positioned for increased deployment if market exercise ranges stay sturdy. This leads me to our dividend. Firstly of every yr, we set our quarterly dividend at a set degree for the approaching yr. Primarily based on the numerous outperformance of our fee-related earnings relative to our dividends and our sturdy development prospects for FRE this yr, we’ve elected to extend our quarterly dividend to $0.93 per share on the corporate’s Class A and non-voting frequent inventory, a 21% improve in comparison with 2023.
Lastly, we proceed to be on observe with our 2021 Investor Day steerage of FRE and dividend per frequent share development of 20% or extra by means of 2025. And I’m happy to announce that on Could 21, we’ll maintain one other Investor Day to coincide with the 10-year anniversary of our public itemizing on the New York Inventory Change. At the moment, we’ll present an replace on our enterprise objectives and aims.
I’ll now flip the decision again over to Mike.
Michael Arougheti
Nice. Thanks, Jarrod. In closing, we imagine that we’re very nicely positioned for the yr forward with a file quantity of dry powder, a extra promising market outlook, an expanded and extra diversified funding platform and a strongly performing portfolio.
The investments that we’ve made in new personnel, new methods, new automobiles and new distribution throughout the platform over the previous few years starting to contribute extra meaningfully to our enterprise. For instance, we’re seeing momentum in our insurance coverage, wealth administration, infrastructure, secondaries and Ares Asia platforms.
Our fund efficiency additionally continues to be a supply of differentiation, and our model is strengthening with our traders and potential portfolio firms. Collectively, our enterprise is positioned to ship sturdy relative returns for our fund traders, drive additional development in property underneath administration and create higher operational efficiencies within the years to return.
And as Jarrod talked about, if you mix our sturdy FRE development prospects with the inflection level that we’re now reaching with our European waterfall realizations, we’re poised to generate significant realized revenue within the years forward.
I proceed to imagine that one in all our biggest differentiators is our folks and our tradition. And as at all times, I’m so proud and grateful for the arduous work and dedication of our workers throughout the globe. I’m additionally deeply appreciative of our traders’ persevering with assist for our firm.
And with that, operator, I feel we might now open the road for questions.
Query-and-Reply Session
Operator
Sure sir. [Operator Instructions] Our first query comes from Steven Chubak with Wolfe Analysis.
Steven Chubak
Hey, good morning, and thanks for taking my questions. So, I needed to start out off with one simply on the Alt Credit score outlook. Simply given some expectation that Basel III finish recreation proposal might get watered down, I hoped to get your perspective on the deployment alternative in Alt Credit score. Do you continue to see a considerable alternative in areas like ABF and purple cap trades regardless of a few of that potential softening? And what are you listening to out of your financial institution companions particularly?
Michael Arougheti
Sure, it’s query. We’ve talked about this earlier than. Clearly, we had been early, I feel, in figuring out the rising alternative in different credit score. I feel it’s essential that individuals recognize like so many issues taking place in non-public credit score proper now with each secular and cyclical.
So a number of the secular traits which were driving extra capital formation in Alt Credit score really began submit the GSE with the dismantling of the bigger securitization equipment on the road and the proliferation of smaller finance firms within the wake of the GSE. And that development, name it, the primary wave has been very a lot intact for the final 10 years and has given us a pleasant backdrop to develop what we predict is a market-leading enterprise there.
Clearly, now with Basel III and among the challenges that I feel all of us noticed emerge within the banking sector typically early final yr, there’s an accelerated cyclical alternative, clearly, to companion with banks largely in our Alt Credit score enterprise to assist them navigate a few of their steadiness sheet challenges. And that’s been a eager space of focus, however not an unique space of focus.
We talked on our final name a couple of sizable partnership transaction that we did with PacWest. We had been public a couple of current commerce that we did on the danger switch facet. And people dialogues are ongoing and persevering with. And I really assume that they may proceed whatever the decision of Basel III finish recreation. I feel what we realized popping out of the struggles within the sector had been largely structural. And as soon as we get previous this primary part of steadiness sheet restructuring and repositioning, I feel you’re going to have a number of banks, regional, tremendous regional and GSIBs simply rethinking core companies and steadiness sheet positioning. And we put ourselves on the market as a confirmed companion for them as they undergo that.
So, I feel it’s – it bodes nicely for continued deployment. And we had a really sturdy fourth quarter in Alt Credit score. We’re seeing that exercise degree spill over into the New Yr, and I’d anticipate that to proceed.
Steven Chubak
That’s nice. Respect all the colour. And for my follow-up, Jarrod, I hoped to dig into among the drivers of the dividend improve and particularly in gentle of among the constructive feedback you made on FRE and deployment. Simply given the magnitude of the rise, assuming a traditional 75% payout, some modest share creep, it does indicate near 30% FRE development within the coming yr. Simply needed to get a way that, that’s an affordable expectation for FRE enlargement. Possibly simply assist unpack among the drivers of that FRE uplift.
Jarrod Phillips
Certain. And I feel after we set our dividend coverage out again in 2021, one of many issues we articulated was that we pegged it with FRE, however didn’t essentially match it completely to FRE. In order FRE grows, so will we anticipate the dividend to develop. And for the final couple of years, as I feel everybody is aware of, we’ve had outpaced FRE development towards the dividend development. And so definitely, that offers us a little bit of a tailwind as we’re figuring out what the dividend is.
And as we glance ahead, and we anticipate a optimistic yr of deployment, particularly with what we noticed within the fourth quarter and what we’ve seen when it comes to among the traits to this point this yr, that offers us a number of assurance in setting our FRE expectations in addition to the dividend expectations for the yr.
And then you definately mix that with among the EU waterfall steerage that we offered, and we all know that we’ll have sufficient protection when it comes to what we generate for the yr to determine that. So it’s not essentially a one for one, and we haven’t traditionally focused a 75% or a 90% ratio of what we might pay out for our dividend. So, we really feel good at that 20% or extra degree. And we really feel like that it’s indicative of the positivity now we have round FRE development as nicely.
Operator
Our subsequent query comes from Craig Siegenthaler with Financial institution of America.
Craig Siegenthaler
Morning, Mike, Jarrod. Hope everybody’s doing nicely.
Michael Arougheti
Morning.
Craig Siegenthaler
So our first one is on ASIF. It raised round $2 billion final yr. And it feels like that momentum carries on in January with one other $350 million. So, I needed to see if you happen to might give us an replace on what number of platform cabinets the U.S. and European automobile sit on at the moment? And what number of platforms do you anticipate them to be on by year-end? And in addition, total, how essential is your long-term observe file with ARCC when it comes to rushing up the ramp with gatekeepers and advisers?
Michael Arougheti
Certain. Good query. Simply to make clear, Craig, the $350 million was each ASIF and its European counterpart, however clearly, sturdy numbers relative to the momentum that we noticed constructing into the tip of the yr. I do assume that each ASIF and AESIF are benefiting from our lengthy profitable observe file at scale within the public markets.
Clearly, because the market chief in direct lending and having run BDCs by means of cycles, I feel that, that’s undoubtedly a tailwind. And I feel if you happen to take a look at the early fundraising momentum that we’re having fun with each of these funds that compares nicely to competitor product. One of many causes that we’re so excited proper now, each of these merchandise are literally solely on one platform. We had our first wealth closing in ASIF in August, and we really now expect so as to add a big variety of new companions all year long, each within the U.S. and abroad, Europe and Asia.
So I feel you’ll see that promoting group improve dramatically as we get by means of the remainder of the yr. And evidently that, that ought to end in some fairly good fundraising momentum. Equally, on AESIF, now we have one companion, and our expectation is that we’ll in all probability add two or three there as nicely in Q2 or Q3 of this yr.
Craig Siegenthaler
Mike, that’s nice. And let me simply follow the semi liquids right here with AIREIT and AREIT. How do you anticipate redemption requests to development because it appears like traders ship them in actual property might have reached an inflection? And in addition, we did obtain some optimistic steerage on redemptions out of your main competitor two weeks in the past. After which following a possible decline in redemptions, how rapidly do you anticipate gross sales to snap again simply on condition that they’re at the moment depressed?
Michael Arougheti
Sure, it’s attention-grabbing. I feel – and we mentioned this within the ready remarks, we’re fairly happy with our efficiency relative to the remainder of the non-traded REIT product in 2023, which was a troublesome yr simply given efficiency headwinds and among the redemption dialog round a few of our bigger friends. However if you happen to take a look at the efficiency of each of the REITs, we really had optimistic flows within the quarter and all year long, which I feel is an outlier. I feel that’s a mix of the positioning of these funds.
There are some distinctive attributes when it comes to our 1031 Change product that I feel is slightly stickier. These funds are much less leveraged. So, we’re going into 2024, clearly, having seen lowered gross sales however having optimistic web flows in each of these merchandise. And my expectation could be that as among the peer efficiency improves and other people start to really feel like we’re hitting backside on cap charges and rates of interest that you simply’ll start to see gross sales choose up there.
So once more, it’s nonetheless early. Our expertise in January would inform us that the gross sales are nonetheless there. However I feel as soon as we get to a spot the place rates of interest are moderating and the redemption narrative inside the peer set has moderated that we’ll see ourselves speed up as nicely.
Operator
Our subsequent query comes from Patrick Davitt, Autonomous Analysis.
Patrick Davitt
Hey, good morning, everybody. How are you? My first query is on type of first quarter traits. The ARCC name highlighted present refinancing increase might be a headwind for web deployment within the quarter as M&A deal volumes are nonetheless choosing again up. What are you guys seeing when it comes to that give and take between new deal quantity and refinancing outflows because the broadly syndicated and the way yield market opens again up. And in that vein, are you seeing borrower curiosity and direct lending the ship in any respect but? Thanks.
Michael Arougheti
Certain. I wish to make clear among the feedback that had been made on the ARCC name, as a result of that isn’t how I might interpret the commentary. There’s a give and take available in the market typically that when the markets are accelerating in exercise, the banks will get extra energetic, syndicated mortgage and high-yield market will open up and the CLO machine will activate. That’s not essentially a nasty factor as a result of that implies that transaction exercise is choosing up, and there’s a possibility to drive increased volumes and better charges.
I feel it’s essential that individuals recognize not less than from the Ares [ph] and ARCC understand is that we proceed to have a really, very sturdy deal with the normal center market. It’s a really massive a part of what we do throughout the globe. And I feel there’s slightly little bit of a misunderstanding that a number of the expansion has come from share positive factors from the syndicated mortgage and high-yield market. And so long as we’ve been doing this, sure, there are moments in time when the mortgage market is closed. And on the increased finish of the center market, non-public credit score suppliers can take share after which clearly, when the markets heal, exercise ranges choose up.
However not like a few of our bigger friends, we aren’t depending on a switch of market share from the liquid markets to be able to proceed to drive the expansion and efficiency that we’ve seen. So to make clear, I feel, the commentary, I might say the improved ranges of exercise and turning again on of the deal market writ giant, I feel, proper now could be considerably extra of a optimistic than a unfavorable. There are vital, what I might name mitigants to refinancing within the non-public markets not like the liquid markets that have a tendency to simply be price-driven.
Numerous that’s simply relationships. So if you happen to take a look at our deployment, for instance, in 2023, 57% of our deployment in 2023 was to incumbent debtors. That relationship is critically essential and is definitely protecting of the portfolio. After which if you take a look at the quantity of upfront charges, name safety, et cetera, that exist in these non-public credit score devices, whilst spreads are tightening and capital is flowing into the liquid market, the economics of refinancing take some time to search out their method into the market.
So, I feel as we’re sitting right here at the moment, I might say it’s really a web optimistic. We’re seeing elevated transaction exercise, extra liquidity available in the market. And I feel that’s typically factor. So, I heard among the commentary on the decision yesterday. I don’t assume that we’re a return to regular within the liquid markets is dangerous for the Ares Credit score enterprise. I’d additionally spotlight that we’re one of many largest liquid credit score managers and CLO managers as nicely. So from the Ares administration perspective, as that market opens up, we’re an enormous beneficiary as nicely.
Patrick Davitt
Nice. Thanks. After which a fast follow-up. Clearly, we get a ton of detailed knowledge on U.S. direct lending portfolios. However might you give us slightly bit extra element on how the European portfolios are monitoring versus the U.S.? Are you seeing any indicators that these portfolios might diverge versus the sturdy outcomes we’ve been seeing within the U.S. portfolios? Thanks.
Michael Arougheti
Sure. It’s remarkably related. If you happen to take a look at the EBITDA numbers that had been quoted for the ARCC portfolio is about an 8% year-over-year EBITDA development that had accelerated from 6% within the prior quarter. If you happen to take a look at the European direct funding, which is definitely fairly superb, year-over-year EBITDA development was 18%.
LTVs are slightly bit increased. They’re type of within the 48% vary in Europe versus 42%, 43% in Europe. Curiosity protection is slightly bit increased in Europe, 1.8% versus 1.6%. However if you happen to simply take the entire other ways to articulate credit score publicity, they’re largely related. However we’re seeing a stunning quantity of momentum and resilience inside the basic income and EBITDA portfolio in Europe proper now.
Operator
Our subsequent query comes from Ben Budish from Barclays.
Nick Benoit
Hey, good morning. That is Nick Benoit on the road for Ben this morning. So within the ready remarks, the nonaccruals proceed to stay low. I imagine Kipp famous on the ARCC earnings name yesterday, the nonaccrual fee – historic nonaccrual fee is about 3%. So how will we type of take into consideration the macro backdrop for nonaccruals to return again to historic common about 3%? And do you type of assume there’s been virtually a reset within the direct line portfolio the place normalized nonaccruals will keep decrease for longer?
Michael Arougheti
It is a good query. I feel Kipp articulated it nicely, which is simply by definition, given the speed backdrop and the idea that charges will keep increased for longer, I feel you will note an uptick in defaults, however that is not essentially a nasty factor. And what we preserve attempting to focus folks on is the structural enchancment within the leverage lending market, significantly the non-public credit score market when it comes to the quantity of fairness subordination in a number of these capital buildings. And so if you happen to take a look at loans to worth of 42% or 48%, if you take a look at the construction of the non-public fairness market, there’s about $3.5 trillion of personal fairness sitting on the backside of a number of these capital buildings with $1 trillion of dry powder to guard worth.
And so I feel a part of what you’re seeing is that even when there is a nonaccrual, many of those are not like prior cycles the place you’ve gotten basic underperformance on the firm degree. They’re being pushed by increased charges for among the higher performing firms that had been capable of entry extra leverage. And people are loads simpler to resolve, each when it comes to modification and modification. However they’re additionally the primary locations that capital coming in from the non-public fairness sponsors to guard the worth beneath you.
I might say the business is clearly working increased than we’re. I feel that we proceed to outperform from a credit score standpoint. However we’re at peak charges. The financial system continues to be sturdy. So if charges keep at this degree, I might anticipate that to tick up slightly bit, however I do not assume that we will return to historic ranges.
Nick Benoit
Nice, thanks.
Operator
Our subsequent query comes from Alex Blostein with Goldman Sachs.
Luke Bianculli
Hello all, thanks for taking the query. That is Luke on for Alex. I needed to get a way for the way you are fascinated about the expansion trajectory of the enterprise exterior of credit score. And if we will dig into secondaries particularly, you alluded to the state of LP liquidity throughout the business. How does that consider? And outdoors of that, what do you view as key drivers of development for the enterprise? Thanks.
Michael Arougheti
Certain. Clearly, now we have been diversifying the enterprise for a really very long time now, each when it comes to asset class, fund construction, distribution channel, geography. And a number of these investments, as I highlighted in my concluding remarks are actually bearing fruit and have vital momentum.
Credit score as nicely shouldn’t be one factor right here, proper. So if you take a look at our credit score enterprise. It is a host of methods, liquid and illiquid across the globe at numerous components of the capital construction. And whereas many individuals really feel like these companies are maturing, if you happen to take a look at the best way that these funds are structured and the best way that the efficiency is stacking, we nonetheless assume that now we have vital development throughout the credit score spectrum.
It is an attention-grabbing touch upon secondaries as a result of proper now, if you happen to take a look at the steadiness sheet of all of those property, whether or not it is a buyout or a bit of actual property or an infrastructure asset, everyone seems to be coping with the identical problem, which is basically sturdy efficiency, over-levered steadiness sheet and a liquidity problem. And so for the primary time in a really very long time after we’re going by means of the market transition, the issue or the use case is identical in each market that we’re in. It is how do you convey capital into these firms and property in a method that minimizes dilution, expands period and runway for the asset proprietor and a number of these companies to not simply type of get to the opposite facet of the speed mountain climbing cycle however to speed up out of it.
And that is taking any variety of varieties. It might be by means of direct lending, the place we’re making a primary or second lien mortgage. It might come by means of our opportunistic credit score enterprise, the place we’re doing debt restructured fairness investing. It might be P/E, the place we’re coming in with some type of minority fairness, after which it might be secondaries. So I feel the funding thesis for development in secondaries, once more, secular and cyclical.
Secular development is being simply pushed by the expansion within the major markets on a world foundation. And the cyclical alternative is that this want for inventive options to resolve the put in base. And we’re seeing volumes choose up fairly dramatically throughout the secondaries panorama. And I feel we’re uniquely positioned given the truth that now we have funds in actual property, infrastructure, non-public fairness and credit score that would come into these conditions at numerous value of capital and be a extremely good answer supplier. And perhaps stating the apparent, simply given the depth of our GP relationships in every of those markets, company and actual property, I feel now we have a extremely sturdy origination benefit.
So we’re working arduous to proceed to lift capital in that enterprise. As we talked about, we had a really profitable fundraise for our main actual property follow. Our PMF, which is our non-traded fund, continues to scale into the chance. We’re having very significant early success in development of our credit score secondaries enterprise. So we’re enthusiastic in regards to the development alternative within the secondaries market and our capacity to capitalize on it. And it is really a extremely attention-grabbing instance of an acquisition that we have made and reworked and repositioned into a brand new market. However I do not assume it is simply secondaries. Once more, I feel it may be the complete product set that is going to be coming into this market to attempt to resolve a few of these conditions.
Luke Bianculli
Certain. Understood. And recognize all of the element. That was nice. I suppose, if we flip for my follow-up to credit score actual fast. With the outlook of maybe a decrease fee atmosphere, not less than relative to the place it’s at the moment, how do you concentrate on a possible shift in LP demand inside credit score? And is there a degree at which decrease rates of interest change into extra of a headwind for fundraising? Or does the unfold above base charges at all times make it a pretty asset class from an LP perspective? Thanks.
Michael Arougheti
Sure. I feel you answered your individual query. I imply, our expertise could be that the investor base is shopping for the surplus return obtainable in these markets relative to the general public market equivalents. They’re shopping for decrease volatility. They’re shopping for non-benchmark exposures. They’re shopping for energetic administration. However finally, now we have not seen modifications in investor demand by means of the completely different phases of this fee cycle or prior. We have been doing this a really very long time, and charges go up, they go down. The balls go up, they go down, and we have not actually seen influence on investor demand.
I feel we’re now at a degree within the improvement of those markets whereas they’re nonetheless rising, they’re turning into core exposures in most investor portfolios, each institutional and retail. And I would not anticipate that as charges transfer that we will see capital flowing out. One might argue perhaps if charges come down that it might spur elevated demand simply due to our capacity to proceed to drive differentiated deployment, entry and unfold, however that is TBD.
Operator
Our subsequent query comes from Michael Cyprys with Morgan Stanley.
Michael Cyprys
Hello, good morning. Simply needed to circle again to a few of your commentary on deployment. Tempo of exercise continues to select up for you guys. It is good development within the quarter. It sounds just like the energy is constant into the primary quarter. So I hoped you would elaborate on among the areas of energy the place you are seeing the most important enchancment in deployment? The way you anticipate the deployment backdrop to take form right here in 2024 relative to 2023?
Michael Arougheti
Sure, Mike, it is a good query. And once more, I will simply reiterate what I simply mentioned. Each a part of the enterprise is turned on proper now. We’ve got $110 billion of uninvested capital, which can sound like loads. However if you happen to take a look at our 2023 deployment, we deployed near $70 billion of capital in what most individuals would argue was a troublesome deployment yr, and that was down from slightly over $80 billion in 2022.
So I feel we now type of know what the guardrails are given the depth of the platform and functionality set that now we have. If you happen to take a look at This fall particularly, $24 billion towards This fall 2022, which was about $22 billion. So we had a powerful This fall as nicely yr prior, and I feel that is a typical seasonal sample that we see. However Q1, not less than within the early goings, seems like it will be increased than it usually could be given seasonality. And that is inflicting, I feel, us and others to really feel optimistic in regards to the exercise going into not less than the primary half of the yr.
But it surely’s actually throughout the board as a result of a number of what we’re doing in every of our companies throughout credit score, actual property, P/E, secondaries, like I mentioned, is absolutely coming right into a market that’s starved for capital with an enormous put in base of institutional fairness that wants an answer. And so I would not actually spotlight anybody as leaping off the web page, Mike. It is actually – once more, it is throughout the board, which is kind of distinctive from a deployment setup standpoint as a result of usually, after we’re speaking about cycles and even completely different outlooks for charges or the financial system, one or two companies will come out, however that is not what we’re seeing. They’ve all been fairly constant year-on-year and quarter-on-quarter.
Michael Cyprys
Nice. Only a follow-up query on asset-based finance. I hoped you would discuss in regards to the alternative that you simply see in asset-backed finance, massive house. Possibly simply discuss extra particularly the place you’d wish to increase, steps you take so as to add extra capabilities, significantly right here in 2024? And which components of the ABF market do you see the most important alternative set for Ares?
Michael Arougheti
Sure. I imply I feel now we have in all probability one of many largest capabilities throughout the assorted asset lessons in asset-based finance. And it is at all times arduous to say, the place the chance set goes to be. It is a perform of what is taking place within the broader market. However I feel we’re one of many few platforms that has devoted in-house origination and portfolio administration functionality throughout the broad waterfront. And I feel it is essential that after we discuss asset-based finance and structured merchandise that we’re differentiating between the investment-grade facet of the market and the non-investment-grade facet of the market, which means the underside half of the steadiness sheet. And I feel that now we have by far the biggest capital base and staff towards the – what I might name the non-high grade a part of the market. So a few of our friends have appropriately articulated, there’ll proceed to be development within the high-grade a part of the house. We’re taking part in that as nicely. And I feel there’ll proceed to be development within the non-investment grade a part of the market. And I feel now we have an actual management benefit there.
Again to the sooner query nearly banks and liquidity and danger transfers, we’re very energetic on portfolio acquisitions, partnerships, danger transfers, fund finance. All the issues which are popping out of the transition within the banking market, I’d say, are outstanding proper now, and I might anticipate that to proceed.
So perhaps with out stepping into an excessive amount of element, I might say that, that’s in all probability the place we’re seeing the most important quantity of circulate versus saying, which nook of the asset-based market we discover most engaging as a result of, once more, that’s at all times a perform of construction, worth and type of the place we’re with our counterparties.
Operator
Our subsequent query comes from Brennan Hawken with UBS.
Brennan Hawken
Good morning. Thanks for taking my questions. Hoping to drill in on FRPR. So it feels like momentum, you guys be ok with the momentum in secondaries and APMF and actual property, clearly obtained the message that’s on maintain. So how ought to we be fascinated about FRPR in credit score? It appeared as if spreads tightening within the year-end. In order that’s in all probability not one thing we should always depend on. So is it doable to quantify how a lot of an influence that had? After which how ought to we be fascinated about FRPR and the sensitivity to fee cuts if the ahead curve performs out and we see decrease coverage charges?
Jarrod Phillips
Certain. Thanks for the query and morning. Total, I feel you caught on with the spreads and that, that could be a part, and that definitely benefited us on the finish of the yr right here. But it surely’s not the primary part. The primary part is the rate of interest facet of it, which does – which has been a fairly large tailwind for this yr. Now the benefit that now we have there when it comes to wanting into this yr is that we really profit on a lag as a result of the common reset on these rates of interest occurs about each six months. So, we nonetheless haven’t even essentially felt the complete influence of rate of interest will increase throughout the portfolio.
So the identical method that you concentrate on that lag on the nice, it really occurs as rates of interest are declining, there’s a lag until that influence happens as nicely. So an rate of interest reset really doesn’t have a huge effect on the general steadiness. We might anticipate that we might be at or close to related ranges if rates of interest primarily weren’t minimize considerably and quickly and if spreads stayed primarily the identical and FX charges stayed primarily the identical. That may be with the identical fundamental base steadiness, however we do proceed to lift funds as nicely. And in order we increase funds inside these SMAs and these perpetual capital automobiles, that does give us the chance to extend the quantity that we will earn as nicely.
Michael Arougheti
Jarrod, I might additionally add, as we talked about earlier, that as charges come down with that lagged impact that normally means a transaction exercise is choosing up and structuring and underwriting charge contribution flowing by means of a few of these automobiles that generate FRPR could be an offset to the lagged impact of charges declining.
Brennan Hawken
Glorious. Thanks for that shade. I wish to comply with up on the purpose round competitors. So Mike, you had been fairly clear in addressing why you don’t assume the leveraged [ph] mortgage market is a considerable danger. However now we have seen a number of corporations elevating cash and transferring aggressively to develop the non-public credit score providing.
So why is it that different non-public – how do you view the elevated capital coming into the house from rivals? And what’s your expectation for spreads and the potential influence on spreads from all that competitors piling in?
Michael Arougheti
I’ve been fairly vocal on this, and I feel that you simply type of should distill the sign by means of the noise when it comes to the quantity of capital and new entrants into non-public credit score. So first, it’s essential, if you happen to take a look at the expansion in non-public credit score markets during the last 10 years, it’s principally grown on the identical compound annual development fee as each different market that folk take part in.
It grows linearly, so it grows another way. However if you happen to simply take a look at the precise development, it hasn’t really outpaced, it’s not frothier. If you happen to take a look at the construction of the non-public credit score markets and also you say that the most important customers of personal credit score throughout the non-public credit score spectrum are institutional fairness house owners, there’s nonetheless a big shortfall of provide of personal credit score relative to the demand.
So simply if you happen to use the non-public fairness market for example, there’s about $1 trillion as I discussed of dry powder within the non-public fairness market at the moment towards perhaps $200 billion of personal credit score dry powder. So that you’ve obtained 20% non-public credit score raised towards the non-public fairness put in base. And if you happen to mentioned that roughly 50-50 debt to fairness, you could see a $1 trillion of personal credit score capital formation simply to fulfill the non-public fairness capital that’s been raised. And also you see related traits rising in infrastructure and actual property. So there’s loads of room for development.
Third, I might simply spotlight, and if you happen to take a look at the precise numbers, the preponderance of {dollars} that get raised and deployed are within the palms of some giant long-tenured incumbent lenders. That has been the case. That consolidation development is accelerating. And there are significant advantages to scale in non-public credit score, the flexibility to originate and spend money on broader origination groups across the globe, the flexibility to have versatile capital at scale to drive higher deployment in several market environments and so forth and so forth.
So if you happen to take a look at the variety of folks elevating their hand which are saying we’re within the non-public credit score enterprise, sure, that has elevated. However if you happen to take a look at the place the {dollars} are flowing and the {dollars} already getting deployed, the aggressive dynamic shouldn’t be that completely different. And as I’ve talked about earlier with regard to the syndicated mortgage and high-yield market, I do assume that there was some new entrants that haven’t been constructing entrenched origination networks for the final 30 years. That’s the simplest place to deploy within the bigger a part of the market, profiting from challenges within the liquid market.
And I do assume that deployment will likely be harder there than within the core center market. However if you happen to take a look at the core center market, the aggressive panorama is fairly unchanged. And also you simply take a look at the deployment numbers that we articulate for our enterprise, if you happen to take a look at our direct lending enterprise final yr, within the fourth quarter alone, we did $14 billion of deployment, which is bigger than most non-public credit score managers complete AUM. So we’re – I don’t wish to sound conceited, however we proceed to execute nicely given all of the aggressive benefits now we have. And I feel we’ll proceed to take action.
Operator
Our subsequent query comes from Mike Brown, KBW.
Mike Brown
Hello good afternoon. Possibly I’ll begin with a fast follow-up on that FRPR query. Is the reply actually the identical relative to your Half 1 charges in your credit score enterprise? So once more, as the bottom charges come down, might that simply be offset by better capital markets and structuring charges? And if that’s the case, is that handoff one for one when it comes to timing and magnitude?
Jarrod Phillips
Sure to the primary a part of that query. However when it comes to one for one, once more, there’s a little bit of a lag. So you possibly can find yourself with a present rate of interest that’s ticking slightly bit increased as a result of it hasn’t reset but towards a macro backdrop that enables for extra transaction exercise that would really be a tailwind in your favor. However typically, they’re fairly shut to 1 to 1. They’re going to work together collectively.
Mike Brown
Okay. Nice. Thanks, Jarrod. After which on Pathfinder II, so that you meaningfully surpassed your $5 billion goal. You hit the arduous cap there. What’s the potential for this technique long run? You’re fast, again available in the market to lift Pathfinder II. As you progress by means of the vintages, are there sufficient alternatives such that this might be one in all your largest fund methods extra time?
Michael Arougheti
I might say sure, however we should always simply make clear that I might say fund households, proper? So one of many issues, once more, that I feel is essential as you’re scaling any of those non-public credit score companies to just be sure you have completely different funds for various components of the market, whether or not it’s completely different value of capital or borrower wants or geographic nuances. So the Pathfinder household has been scaling with good efficiency, and I might anticipate will proceed. However sitting subsequent to Pathfinder II, for instance, is an open-ended core fund that has a decrease value of capital and the flexibility to spend money on a special a part of the market. That’s equally scaling nicely with good efficiency.
We clearly have our affiliation with Aspida that’s scaling AUM inside the different credit score enterprise. We’ve got a lot of third-party insurance coverage SMAs and partnerships which are rising. So, I might simply make clear that the choice credit score household of funds, sure, is rising properly, continues to scale, and I feel is among the greatest development alternatives that now we have right here. However you received’t simply see it inside the core Pathfinder flagships. It’s going to be the entire household of funds that encompass it.
Operator
That does conclude the Q&A portion of the decision. I’ll now flip the decision again over to Mr. Arougheti for any closing remarks.
Michael Arougheti
No, I don’t assume now we have any. Once more, we recognize everyone’s continued assist and curiosity. And we sit up for talking once more subsequent quarter. Thanks.
Operator
Women and gents, this concludes our convention name for at the moment. If you happen to missed any a part of at the moment’s name, an archived replay of this convention name will likely be obtainable by means of March 8, 2024, to home callers by dialing (800) 753-5212 and to worldwide callers by dialing 1 402 220-2673. An archived replay may also be obtainable on the webcast hyperlink situated on the homepage of the Investor Assets part of our web site. Thanks, and have an incredible day.
