# Asset Management — company-by-company sector analysis > Asset Management: Brookfield Corporation owns the largest revenue base; StepStone Group Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Asset Management has underperformed S&P 500 by 7.2% over 52 weeks and 6% over 13 weeks. 14 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 28 beat the sector itself. Brookfield Corporation leads with income of $70,520 million, based on 23 of 29 comparable companies through Mar 2026. ### Is the Asset Management sector outperforming S&P 500? Asset Management has underperformed S&P 500 by 7.2% over 52 weeks and 6% over 13 weeks. 14 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 28 beat the sector itself. ### Which Asset Management company is largest by income? Brookfield Corporation leads with income of $70,520 million, based on 23 of 29 comparable companies through Mar 2026. ### Which Asset Management company is growing fastest? StepStone Group Inc. has the fastest current income growth at 69.7%, across 23 of 29 comparable companies. ### Which Asset Management company has the strongest 4-Factor Sector Score? Victory Capital Holdings, Inc. ranks first at 68.9/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Asset Management company has the largest deposit base? Northern Trust Corporation has the largest reported deposit base at $145,580 million. Bank borrowings are operating funding, not industrial leverage. ### Which Asset Management company has the lowest comparable P/BV-to-ROE? Franklin Resources, Inc. has the lowest comparable P/BV ÷ ROE at 0.15, among 23 of 29 companies that pass the metric’s comparability rules. ### How much history does this Asset Management comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Asset Management has underperformed S&P 500 by 7.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 6%. 14 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Victory Capital Holdings, Inc. is the strongest against the sector itself at +24.7%. 13-week sector return versus NIFTY 500: 6.0% 52-week sector return versus NIFTY 500: -7.2% Stocks leading NIFTY: 14/28 Stocks leading sector: 12/28 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 29 Combined market value: ₹11.3 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Victory Capital Holdings, Inc. (VCTR): 69/100 — Favorable setup; evidence 76% - Growth & earnings 25.5/35 | Capital efficiency 16.4/25 | Valuation 7.3/20 | Relative strength 19.7/20 - Exact sum: 25.5 + 16.4 + 7.3 + 19.7 = 68.9 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 2. Raymond James Financial, Inc. (RJF): 61/100 — Mixed-positive evidence; evidence 60% - Growth & earnings 21.2/35 | Capital efficiency 15.9/25 | Valuation 10.7/20 | Relative strength 13.4/20 - Exact sum: 21.2 + 15.9 + 10.7 + 13.4 = 61.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. SEI Investments Company (SEIC): 59/100 — Mixed-positive evidence; evidence 60% - Growth & earnings 18.3/35 | Capital efficiency 17.6/25 | Valuation 6.1/20 | Relative strength 17.1/20 - Exact sum: 18.3 + 17.6 + 6.1 + 17.1 = 59.1 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 4. Franklin Resources, Inc. (BEN): 58/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 19.7/35 | Capital efficiency 15.9/25 | Valuation 8.6/20 | Relative strength 14.1/20 - Exact sum: 19.7 + 15.9 + 8.6 + 14.1 = 58.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. T. Rowe Price Group, Inc. (TROW): 55/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 15.3/35 | Capital efficiency 16.0/25 | Valuation 6.9/20 | Relative strength 16.9/20 - Exact sum: 15.3 + 16 + 6.9 + 16.9 = 55.1 - Decision use: Price leads the evidence: RS versus the benchmark is 9.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 6. BlackRock, Inc. (BLK): 54/100 — Mixed-positive evidence; evidence 80% - Growth & earnings 23.6/35 | Capital efficiency 16.5/25 | Valuation 7.7/20 | Relative strength 6.1/20 - Exact sum: 23.6 + 16.5 + 7.7 + 6.1 = 53.9 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.1% and the one-year return is 0.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 7. Affiliated Managers Group, Inc. (AMG): 54/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 19.0/35 | Capital efficiency 10.8/25 | Valuation 6.0/20 | Relative strength 17.9/20 - Exact sum: 19 + 10.8 + 6 + 17.9 = 53.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Principal Financial Group, Inc. (PFG): 52/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 19.3/35 | Capital efficiency 8.8/25 | Valuation 8.6/20 | Relative strength 14.8/20 - Exact sum: 19.3 + 8.8 + 8.6 + 14.8 = 51.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 9. Janus Henderson Group plc (JHG): 52/100 — Mixed-positive evidence; evidence 70% - Growth & earnings 20.6/35 | Capital efficiency 12.0/25 | Valuation 5.8/20 | Relative strength 13.1/20 - Exact sum: 20.6 + 12 + 5.8 + 13.1 = 51.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. Blackstone Inc. (BX): 51/100 — Mixed-positive evidence; evidence 60% - Growth & earnings 20.8/35 | Capital efficiency 17.9/25 | Valuation 4.8/20 | Relative strength 7.6/20 - Exact sum: 20.8 + 17.9 + 4.8 + 7.6 = 51.1 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 11. State Street Corporation (STT): 51/100 — Mixed-positive evidence; evidence 60% - Growth & earnings 17.6/35 | Capital efficiency 9.7/25 | Valuation 6.6/20 | Relative strength 16.6/20 - Exact sum: 17.6 + 9.7 + 6.6 + 16.6 = 50.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Corebridge Financial, Inc. (CRBG): 48/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 19.4/35 | Capital efficiency 5.2/25 | Valuation 9.8/20 | Relative strength 13.3/20 - Exact sum: 19.4 + 5.2 + 9.8 + 13.3 = 47.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. StepStone Group Inc. (STEP): 47/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 23.4/35 | Capital efficiency 13.6/25 | Valuation 9.8/20 | Relative strength 0.3/20 - Exact sum: 23.4 + 13.6 + 9.8 + 0.3 = 47.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. Ares Management Corporation (ARES): 44/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 23.4/35 | Capital efficiency 10.1/25 | Valuation 4.0/20 | Relative strength 6.7/20 - Exact sum: 23.4 + 10.1 + 4 + 6.7 = 44.2 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18% and the one-year return is -30%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 15. Brookfield Asset Management Ltd. (BAM): 42/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 16.8/35 | Capital efficiency 15.7/25 | Valuation 4.0/20 | Relative strength 5.4/20 - Exact sum: 16.8 + 15.7 + 4 + 5.4 = 41.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. Equitable Holdings, Inc. (EQH): 41/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 12.1/35 | Capital efficiency 12.7/25 | Valuation 4.1/20 | Relative strength 12.4/20 - Exact sum: 12.1 + 12.7 + 4.1 + 12.4 = 41.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. Invesco Ltd. (IVZ): 40/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 12.0/35 | Capital efficiency 10.4/25 | Valuation 6.2/20 | Relative strength 11.8/20 - Exact sum: 12 + 10.4 + 6.2 + 11.8 = 40.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 18. KKR & Co. Inc. (KKR): 39/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 22.8/35 | Capital efficiency 6.7/25 | Valuation 3.8/20 | Relative strength 5.4/20 - Exact sum: 22.8 + 6.7 + 3.8 + 5.4 = 38.7 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17.5% and the one-year return is -28%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 19. Brookfield Corporation (BN): 37/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 20.8/35 | Capital efficiency 8.9/25 | Valuation 3.9/20 | Relative strength 3.2/20 - Exact sum: 20.8 + 8.9 + 3.9 + 3.2 = 36.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 20. TPG Inc. (TPG): 34/100 — Adverse evidence; evidence 64% - Growth & earnings 17.5/35 | Capital efficiency 4.4/25 | Valuation 9.4/20 | Relative strength 3.0/20 - Exact sum: 17.5 + 4.4 + 9.4 + 3 = 34.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. Blackstone Secured Lending Fund (BXSL): 34/100 — Adverse evidence; evidence 62% - Growth & earnings 10.2/35 | Capital efficiency 12.2/25 | Valuation 8.6/20 | Relative strength 3.2/20 - Exact sum: 10.2 + 12.2 + 8.6 + 3.2 = 34.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. Ares Capital Corporation (ARCC): 34/100 — Adverse evidence; evidence 62% - Growth & earnings 12.0/35 | Capital efficiency 10.8/25 | Valuation 5.3/20 | Relative strength 5.6/20 - Exact sum: 12 + 10.8 + 5.3 + 5.6 = 33.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 23. Blue Owl Capital Inc. (OWL): 34/100 — Adverse evidence; evidence 76% - Growth & earnings 15.6/35 | Capital efficiency 8.7/25 | Valuation 4.2/20 | Relative strength 5.0/20 - Exact sum: 15.6 + 8.7 + 4.2 + 5 = 33.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 24. Apollo Global Management, Inc. (APO): 31/100 — Adverse evidence; evidence 64% - Growth & earnings 11.9/35 | Capital efficiency 5.2/25 | Valuation 9.6/20 | Relative strength 4.6/20 - Exact sum: 11.9 + 5.2 + 9.6 + 4.6 = 31.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. Blue Owl Capital Corporation (OBDC): 28/100 — Adverse evidence; evidence 62% - Growth & earnings 9.3/35 | Capital efficiency 10.2/25 | Valuation 5.1/20 | Relative strength 2.9/20 - Exact sum: 9.3 + 10.2 + 5.1 + 2.9 = 27.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. The Carlyle Group Inc. (CG): 24/100 — Adverse evidence; evidence 64% - Growth & earnings 6.5/35 | Capital efficiency 6.5/25 | Valuation 9.5/20 | Relative strength 1.3/20 - Exact sum: 6.5 + 6.5 + 9.5 + 1.3 = 23.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. Pershing Square Inc. (PS): 58/100 — Thin evidence · provisional; evidence 42% - Growth & earnings 29.1/35 | Capital efficiency 8.5/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 29.1 + 8.5 + 10 + 10 = 57.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 28. Ameriprise Financial, Inc. (AMP): 55/100 — Thin evidence · provisional; evidence 46% - Growth & earnings 16.6/35 | Capital efficiency 16.4/25 | Valuation 6.5/20 | Relative strength 15.7/20 - Exact sum: 16.6 + 16.4 + 6.5 + 15.7 = 55.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. Northern Trust Corporation (NTRS): 52/100 — Thin evidence · provisional; evidence 46% - Growth & earnings 18.5/35 | Capital efficiency 13.0/25 | Valuation 8.0/20 | Relative strength 12.8/20 - Exact sum: 18.5 + 13 + 8 + 12.8 = 52.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Income Scale & Growth Durability What the numbers say: Brookfield Corporation is the scale leader at $70,520 million, 123.4% ahead of Apollo Global Management, Inc.. StepStone Group Inc.'s growth is 69.7% from a $1,994 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Brookfield Corporation is the scale benchmark; StepStone Group Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Brookfield Corporation's growth falls below StepStone Group Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Brookfield Corporation · $70,520 million | 123.4% versus #2 · Apollo Global Management, Inc. | 2/8 recent comparable periods | 23/29 companies · 540 observations Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year. ### Income — largest 1. Brookfield Corporation (BN): ₹70.5K Cr 2. Apollo Global Management, Inc. (APO): ₹31.6K Cr 3. BlackRock, Inc. (BLK): ₹27.3K Cr 4. KKR & Co. Inc. (KKR): ₹20.7K Cr 5. Corebridge Financial, Inc. (CRBG): ₹18.9K Cr ### Income growth — fastest growers 1. StepStone Group Inc. (STEP): 70% 2. Pershing Square Inc. (PS): 69% 3. Victory Capital Holdings, Inc. (VCTR): 64% 4. Ares Management Corporation (ARES): 39% 5. KKR & Co. Inc. (KKR): 35% ### 20-quarter Income history - BLK: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹7.0K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 ₹7.1K Cr - BX: Sep 2021 ₹6.2K Cr | Dec 2021 ₹5.8K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹629 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 — - BN: Sep 2021 ₹19.2K Cr | Dec 2021 ₹21.8K Cr | Mar 2022 ₹21.9K Cr | Jun 2022 ₹23.3K Cr | Sep 2022 ₹23.4K Cr | Dec 2022 ₹24.2K Cr | Mar 2023 ₹23.3K Cr | Jun 2023 ₹23.7K Cr | Sep 2023 ₹24.4K Cr | Dec 2023 ₹24.5K Cr | Mar 2024 ₹22.9K Cr | Jun 2024 ₹23.1K Cr | Sep 2024 ₹20.6K Cr | Dec 2024 ₹19.4K Cr | Mar 2025 ₹12.5K Cr | Jun 2025 ₹18.1K Cr | Sep 2025 ₹18.9K Cr | Dec 2025 ₹20.2K Cr | Mar 2026 ₹13.4K Cr | Jun 2026 — - KKR: Sep 2021 ₹4.5K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹999 Cr | Jun 2022 ₹323 Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹9.7K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 — - BAM: Sep 2021 ₹857 Cr | Dec 2021 ₹857 Cr | Mar 2022 ₹755 Cr | Jun 2022 ₹924 Cr | Sep 2022 ₹831 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹985 Cr | Sep 2023 ₹893 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹884 Cr | Jun 2024 ₹916 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - APO: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹480 Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹13.7K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹11.0K Cr | Mar 2024 ₹7.0K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹7.8K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹9.8K Cr | Dec 2025 ₹9.9K Cr | Mar 2026 ₹5.1K Cr | Jun 2026 — - STT: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 — - AMP: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 — - ARES: Sep 2021 ₹949 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹715 Cr | Jun 2022 ₹601 Cr | Sep 2022 ₹801 Cr | Dec 2022 ₹938 Cr | Mar 2023 ₹813 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹671 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹707 Cr | Jun 2024 ₹789 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - RJF: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 — - NTRS: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - TROW: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - PFG: Sep 2021 ₹3.4K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - BEN: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - TPG: Sep 2021 ₹511 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹-108 Cr | Sep 2022 ₹561 Cr | Dec 2022 ₹439 Cr | Mar 2023 ₹643 Cr | Jun 2023 ₹603 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹983 Cr | Mar 2024 ₹824 Cr | Jun 2024 ₹744 Cr | Sep 2024 ₹855 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹921 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹500 Cr | Jun 2026 — - CG: Sep 2021 ₹1.6K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹719 Cr | Mar 2023 ₹859 Cr | Jun 2023 ₹462 Cr | Sep 2023 ₹717 Cr | Dec 2023 ₹926 Cr | Mar 2024 ₹688 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹973 Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹333 Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹254 Cr | Jun 2026 — - OWL: Sep 2021 ₹248 Cr | Dec 2021 ₹289 Cr | Mar 2022 ₹276 Cr | Jun 2022 ₹327 Cr | Sep 2022 ₹371 Cr | Dec 2022 ₹396 Cr | Mar 2023 ₹391 Cr | Jun 2023 ₹417 Cr | Sep 2023 ₹430 Cr | Dec 2023 ₹494 Cr | Mar 2024 ₹513 Cr | Jun 2024 ₹550 Cr | Sep 2024 ₹601 Cr | Dec 2024 ₹631 Cr | Mar 2025 ₹683 Cr | Jun 2025 ₹703 Cr | Sep 2025 ₹728 Cr | Dec 2025 ₹756 Cr | Mar 2026 ₹754 Cr | Jun 2026 — - CRBG: Sep 2021 ₹5.5K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 ₹7.2K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹5.8K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹6.6K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 — - EQH: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 — - ARCC: Sep 2021 ₹442 Cr | Dec 2021 — | Mar 2022 ₹440 Cr | Jun 2022 ₹479 Cr | Sep 2022 ₹537 Cr | Dec 2022 ₹640 Cr | Mar 2023 ₹618 Cr | Jun 2023 ₹634 Cr | Sep 2023 ₹655 Cr | Dec 2023 ₹707 Cr | Mar 2024 ₹701 Cr | Jun 2024 ₹755 Cr | Sep 2024 ₹775 Cr | Dec 2024 ₹759 Cr | Mar 2025 ₹732 Cr | Jun 2025 ₹745 Cr | Sep 2025 ₹782 Cr | Dec 2025 ₹793 Cr | Mar 2026 ₹763 Cr | Jun 2026 — - PS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹52 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹591 Cr | Mar 2026 ₹58 Cr | Jun 2026 — - IVZ: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - SEIC: Sep 2021 ₹485 Cr | Dec 2021 — | Mar 2022 ₹581 Cr | Jun 2022 ₹482 Cr | Sep 2022 ₹471 Cr | Dec 2022 ₹457 Cr | Mar 2023 ₹469 Cr | Jun 2023 ₹489 Cr | Sep 2023 ₹477 Cr | Dec 2023 ₹485 Cr | Mar 2024 ₹512 Cr | Jun 2024 ₹519 Cr | Sep 2024 ₹537 Cr | Dec 2024 ₹557 Cr | Mar 2025 ₹551 Cr | Jun 2025 ₹560 Cr | Sep 2025 ₹579 Cr | Dec 2025 ₹608 Cr | Mar 2026 ₹622 Cr | Jun 2026 — - AMG: Sep 2021 ₹575 Cr | Dec 2021 ₹692 Cr | Mar 2022 ₹607 Cr | Jun 2022 ₹604 Cr | Sep 2022 ₹579 Cr | Dec 2022 ₹540 Cr | Mar 2023 ₹517 Cr | Jun 2023 ₹513 Cr | Sep 2023 ₹525 Cr | Dec 2023 ₹503 Cr | Mar 2024 ₹500 Cr | Jun 2024 ₹500 Cr | Sep 2024 ₹516 Cr | Dec 2024 ₹524 Cr | Mar 2025 ₹497 Cr | Jun 2025 ₹493 Cr | Sep 2025 ₹528 Cr | Dec 2025 ₹557 Cr | Mar 2026 ₹545 Cr | Jun 2026 — - JHG: Sep 2021 ₹687 Cr | Dec 2021 ₹697 Cr | Mar 2022 ₹620 Cr | Jun 2022 ₹556 Cr | Sep 2022 ₹513 Cr | Dec 2022 ₹515 Cr | Mar 2023 ₹496 Cr | Jun 2023 ₹517 Cr | Sep 2023 ₹521 Cr | Dec 2023 ₹569 Cr | Mar 2024 ₹552 Cr | Jun 2024 ₹588 Cr | Sep 2024 ₹625 Cr | Dec 2024 ₹708 Cr | Mar 2025 ₹621 Cr | Jun 2025 ₹633 Cr | Sep 2025 ₹700 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹690 Cr | Jun 2026 — - VCTR: Sep 2021 ₹226 Cr | Dec 2021 ₹229 Cr | Mar 2022 ₹230 Cr | Jun 2022 ₹216 Cr | Sep 2022 ₹207 Cr | Dec 2022 ₹202 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹210 Cr | Dec 2023 ₹206 Cr | Mar 2024 ₹216 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹226 Cr | Dec 2024 ₹232 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹351 Cr | Sep 2025 ₹361 Cr | Dec 2025 ₹374 Cr | Mar 2026 ₹388 Cr | Jun 2026 — - OBDC: Sep 2021 ₹279 Cr | Dec 2021 ₹294 Cr | Mar 2022 ₹186 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹433 Cr | Dec 2022 ₹380 Cr | Mar 2023 ₹402 Cr | Jun 2023 ₹403 Cr | Sep 2023 ₹416 Cr | Dec 2023 ₹401 Cr | Mar 2024 ₹399 Cr | Jun 2024 ₹330 Cr | Sep 2024 ₹356 Cr | Dec 2024 ₹365 Cr | Mar 2025 ₹506 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹391 Cr | Dec 2025 ₹375 Cr | Mar 2026 ₹213 Cr | Jun 2026 — - STEP: Sep 2021 ₹282 Cr | Dec 2021 ₹410 Cr | Mar 2022 ₹365 Cr | Jun 2022 ₹-77 Cr | Sep 2022 ₹-158 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹172 Cr | Jun 2023 ₹178 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹357 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹272 Cr | Dec 2024 ₹339 Cr | Mar 2025 ₹378 Cr | Jun 2025 ₹364 Cr | Sep 2025 ₹454 Cr | Dec 2025 ₹587 Cr | Mar 2026 ₹589 Cr | Jun 2026 — - BXSL: Sep 2021 ₹150 Cr | Dec 2021 ₹164 Cr | Mar 2022 ₹150 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹166 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹198 Cr | Sep 2023 ₹229 Cr | Dec 2023 ₹221 Cr | Mar 2024 ₹255 Cr | Jun 2024 ₹271 Cr | Sep 2024 ₹221 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹419 Cr | Jun 2025 ₹232 Cr | Sep 2025 ₹207 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹255 Cr | Jun 2026 — ### 20-quarter Income growth history - BLK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.1% | Sep 2022 -15% | Dec 2022 -15% | Mar 2023 -9.7% | Jun 2023 -1.4% | Sep 2023 4.9% | Dec 2023 6.8% | Mar 2024 11% | Jun 2024 7.7% | Sep 2024 15% | Dec 2024 23% | Mar 2025 12% | Jun 2025 13% | Sep 2025 25% | Dec 2025 23% | Mar 2026 27% | Jun 2026 31% - BX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -88% | Sep 2022 -83% | Dec 2022 -70% | Mar 2023 -73% | Jun 2023 348% | Sep 2023 140% | Dec 2023 -25% | Mar 2024 167% | Jun 2024 -0.7% | Sep 2024 44% | Dec 2024 140% | Mar 2025 -11% | Jun 2025 33% | Sep 2025 -16% | Dec 2025 41% | Mar 2026 10% | Jun 2026 — - BN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 22% | Dec 2022 11% | Mar 2023 6.5% | Jun 2023 1.8% | Sep 2023 4.4% | Dec 2023 1.3% | Mar 2024 -1.7% | Jun 2024 -2.6% | Sep 2024 -16% | Dec 2024 -21% | Mar 2025 -46% | Jun 2025 -22% | Sep 2025 -8.3% | Dec 2025 3.8% | Mar 2026 7.2% | Jun 2026 — - KKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -90% | Sep 2022 -59% | Dec 2022 -38% | Mar 2023 213% | Jun 2023 1,023% | Sep 2023 79% | Dec 2023 75% | Mar 2024 209% | Jun 2024 15% | Sep 2024 45% | Dec 2024 -26% | Mar 2025 -68% | Jun 2025 22% | Sep 2025 15% | Dec 2025 76% | Mar 2026 39% | Jun 2026 — - BAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 -3.0% | Dec 2022 30% | Mar 2023 40% | Jun 2023 6.6% | Sep 2023 7.5% | Dec 2023 1.2% | Mar 2024 -16% | Jun 2024 -7.0% | Sep 2024 25% | Dec 2024 -5.9% | Mar 2025 22% | Jun 2025 19% | Sep 2025 12% | Dec 2025 31% | Mar 2026 24% | Jun 2026 — - APO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -65% | Sep 2022 176% | Dec 2022 305% | Mar 2023 309% | Jun 2023 2,755% | Sep 2023 -13% | Dec 2023 128% | Mar 2024 33% | Jun 2024 -56% | Sep 2024 200% | Dec 2024 -52% | Mar 2025 -21% | Jun 2025 13% | Sep 2025 26% | Dec 2025 87% | Mar 2026 -8.8% | Jun 2026 — - STT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.7% | Sep 2022 -1.0% | Dec 2022 3.3% | Mar 2023 0.7% | Jun 2023 5.3% | Sep 2023 -9.1% | Dec 2023 -3.6% | Mar 2024 1.2% | Jun 2024 2.6% | Sep 2024 21% | Dec 2024 12% | Mar 2025 4.7% | Jun 2025 8.1% | Sep 2025 8.8% | Dec 2025 7.5% | Mar 2026 16% | Jun 2026 — - AMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.0% | Sep 2022 20% | Dec 2022 -1.2% | Mar 2023 3.2% | Jun 2023 11% | Sep 2023 13% | Dec 2023 9.0% | Mar 2024 11% | Jun 2024 8.9% | Sep 2024 12% | Dec 2024 13% | Mar 2025 5.0% | Jun 2025 3.7% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 11% | Jun 2026 — - ARES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -54% | Sep 2022 -16% | Dec 2022 -28% | Mar 2023 14% | Jun 2023 82% | Sep 2023 -16% | Dec 2023 12% | Mar 2024 -13% | Jun 2024 -28% | Sep 2024 68% | Dec 2024 19% | Mar 2025 54% | Jun 2025 71% | Sep 2025 47% | Dec 2025 20% | Mar 2026 28% | Jun 2026 — - RJF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 5.1% | Dec 2022 0.2% | Mar 2023 7.5% | Jun 2023 7.0% | Sep 2023 7.8% | Dec 2023 8.2% | Mar 2024 8.5% | Jun 2024 11% | Sep 2024 13% | Dec 2024 17% | Mar 2025 9.1% | Jun 2025 5.3% | Sep 2025 7.7% | Dec 2025 5.6% | Mar 2026 13% | Jun 2026 — - NTRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.8% | Sep 2022 6.5% | Dec 2022 -9.8% | Mar 2023 0.8% | Jun 2023 0.5% | Sep 2023 -2.3% | Dec 2023 1.3% | Mar 2024 -4.3% | Jun 2024 53% | Sep 2024 14% | Dec 2024 28% | Mar 2025 17% | Jun 2025 -27% | Sep 2025 4.1% | Dec 2025 8.2% | Mar 2026 14% | Jun 2026 — - TROW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 -19% | Dec 2022 -22% | Mar 2023 -17% | Jun 2023 6.4% | Sep 2023 5.2% | Dec 2023 7.7% | Mar 2024 14% | Jun 2024 7.6% | Sep 2024 6.9% | Dec 2024 11% | Mar 2025 0.8% | Jun 2025 -0.6% | Sep 2025 6.1% | Dec 2025 6.0% | Mar 2026 5.3% | Jun 2026 — - PFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 88% | Sep 2022 35% | Dec 2022 -23% | Mar 2023 -9.0% | Jun 2023 -47% | Sep 2023 -0.6% | Dec 2023 -15% | Mar 2024 44% | Jun 2024 21% | Sep 2024 -35% | Dec 2024 77% | Mar 2025 -8.8% | Jun 2025 -15% | Sep 2025 22% | Dec 2025 -3.7% | Mar 2026 -4.5% | Jun 2026 — - BEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.5% | Sep 2022 -11% | Dec 2022 -11% | Mar 2023 -7.2% | Jun 2023 -2.7% | Sep 2023 3.0% | Dec 2023 1.3% | Mar 2024 11% | Jun 2024 6.8% | Sep 2024 10% | Dec 2024 12% | Mar 2025 -1.7% | Jun 2025 -2.8% | Sep 2025 5.6% | Dec 2025 6.4% | Mar 2026 8.6% | Jun 2026 — - TPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -105% | Sep 2022 9.8% | Dec 2022 -59% | Mar 2023 -42% | Jun 2023 — | Sep 2023 -71% | Dec 2023 124% | Mar 2024 28% | Jun 2024 23% | Sep 2024 434% | Dec 2024 9.5% | Mar 2025 26% | Jun 2025 24% | Sep 2025 43% | Dec 2025 39% | Mar 2026 -52% | Jun 2026 — - CG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -61% | Sep 2022 -34% | Dec 2022 -64% | Mar 2023 -46% | Jun 2023 -56% | Sep 2023 -34% | Dec 2023 29% | Mar 2024 -20% | Jun 2024 132% | Sep 2024 268% | Dec 2024 12% | Mar 2025 41% | Jun 2025 47% | Sep 2025 -87% | Dec 2025 84% | Mar 2026 -74% | Jun 2026 — - OWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 50% | Dec 2022 37% | Mar 2023 42% | Jun 2023 28% | Sep 2023 16% | Dec 2023 25% | Mar 2024 31% | Jun 2024 32% | Sep 2024 40% | Dec 2024 28% | Mar 2025 33% | Jun 2025 28% | Sep 2025 21% | Dec 2025 20% | Mar 2026 10% | Jun 2026 — - CRBG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 84% | Sep 2022 18% | Dec 2022 -38% | Mar 2023 -41% | Jun 2023 -15% | Sep 2023 -16% | Dec 2023 -21% | Mar 2024 37% | Jun 2024 -36% | Sep 2024 -53% | Dec 2024 101% | Mar 2025 -39% | Jun 2025 -26% | Sep 2025 108% | Dec 2025 2.5% | Mar 2026 11% | Jun 2026 — - EQH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 -17% | Dec 2022 -45% | Mar 2023 -25% | Jun 2023 -49% | Sep 2023 21% | Dec 2023 16% | Mar 2024 -5.4% | Jun 2024 48% | Sep 2024 -15% | Dec 2024 72% | Mar 2025 105% | Jun 2025 -33% | Sep 2025 -53% | Dec 2025 -9.4% | Mar 2026 -7.6% | Jun 2026 — - ARCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.4% | Sep 2022 21% | Dec 2022 — | Mar 2023 40% | Jun 2023 32% | Sep 2023 22% | Dec 2023 10% | Mar 2024 13% | Jun 2024 19% | Sep 2024 18% | Dec 2024 7.4% | Mar 2025 4.4% | Jun 2025 -1.3% | Sep 2025 0.9% | Dec 2025 4.5% | Mar 2026 4.2% | Jun 2026 — - PS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 1.9% | Sep 2025 25% | Dec 2025 98% | Mar 2026 12% | Jun 2026 — - IVZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -17% | Dec 2022 -18% | Mar 2023 -13% | Jun 2023 -5.7% | Sep 2023 -0.3% | Dec 2023 -2.1% | Mar 2024 4.0% | Jun 2024 2.8% | Sep 2024 5.1% | Dec 2024 -18% | Mar 2025 3.7% | Jun 2025 2.2% | Sep 2025 8.3% | Dec 2025 8.4% | Mar 2026 14% | Jun 2026 — - SEIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.3% | Sep 2022 -2.9% | Dec 2022 — | Mar 2023 -19% | Jun 2023 1.5% | Sep 2023 1.3% | Dec 2023 6.1% | Mar 2024 9.2% | Jun 2024 6.1% | Sep 2024 13% | Dec 2024 15% | Mar 2025 7.6% | Jun 2025 7.9% | Sep 2025 7.8% | Dec 2025 9.2% | Mar 2026 13% | Jun 2026 — - AMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.1% | Sep 2022 0.7% | Dec 2022 -22% | Mar 2023 -15% | Jun 2023 -15% | Sep 2023 -9.3% | Dec 2023 -6.9% | Mar 2024 -3.3% | Jun 2024 -2.5% | Sep 2024 -1.7% | Dec 2024 4.2% | Mar 2025 -0.6% | Jun 2025 -1.4% | Sep 2025 2.3% | Dec 2025 6.3% | Mar 2026 9.7% | Jun 2026 — - JHG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 -25% | Dec 2022 -26% | Mar 2023 -20% | Jun 2023 -7.0% | Sep 2023 1.6% | Dec 2023 10% | Mar 2024 11% | Jun 2024 14% | Sep 2024 20% | Dec 2024 24% | Mar 2025 13% | Jun 2025 7.7% | Sep 2025 12% | Dec 2025 61% | Mar 2026 11% | Jun 2026 — - VCTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.7% | Sep 2022 -8.4% | Dec 2022 -12% | Mar 2023 -13% | Jun 2023 -5.6% | Sep 2023 1.5% | Dec 2023 2.0% | Mar 2024 7.5% | Jun 2024 7.8% | Sep 2024 7.6% | Dec 2024 13% | Mar 2025 1.9% | Jun 2025 60% | Sep 2025 60% | Dec 2025 61% | Mar 2026 76% | Jun 2026 — - OBDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -60% | Sep 2022 55% | Dec 2022 29% | Mar 2023 116% | Jun 2023 257% | Sep 2023 -3.9% | Dec 2023 5.5% | Mar 2024 -0.8% | Jun 2024 -18% | Sep 2024 -14% | Dec 2024 -9.0% | Mar 2025 27% | Jun 2025 23% | Sep 2025 9.8% | Dec 2025 2.7% | Mar 2026 -58% | Jun 2026 — - STEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -125% | Sep 2022 -156% | Dec 2022 -101% | Mar 2023 -53% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 108% | Jun 2024 4.5% | Sep 2024 42% | Dec 2024 — | Mar 2025 5.9% | Jun 2025 96% | Sep 2025 67% | Dec 2025 73% | Mar 2026 56% | Jun 2026 — - BXSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 -10% | Dec 2022 1.2% | Mar 2023 25% | Jun 2023 71% | Sep 2023 70% | Dec 2023 33% | Mar 2024 36% | Jun 2024 37% | Sep 2024 -3.5% | Dec 2024 8.6% | Mar 2025 64% | Jun 2025 -14% | Sep 2025 -6.3% | Dec 2025 -18% | Mar 2026 -39% | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: BlackRock, Inc. leads with $7,130 million of TTM profit, 24.2% above KKR & Co. Inc.. Brookfield Corporation shows ≥100% on the scoring scale (154.2% uncapped) growth from a $3,769 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: BlackRock, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: BlackRock, Inc. · $7,130 million | 24.2% versus #2 · KKR & Co. Inc. | 5/8 recent comparable periods | 23/29 companies · 542 observations Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table. ### Net profit — largest 1. BlackRock, Inc. (BLK): ₹7.1K Cr 2. KKR & Co. Inc. (KKR): ₹5.7K Cr 3. Brookfield Corporation (BN): ₹3.8K Cr 4. Franklin Resources, Inc. (BEN): ₹3.1K Cr 5. Apollo Global Management, Inc. (APO): ₹3.1K Cr ### Profit growth — fastest growers 1. Brookfield Corporation (BN): 100% 2. Janus Henderson Group plc (JHG): 100% 3. Pershing Square Inc. (PS): 100% 4. TPG Inc. (TPG): 100% 5. Affiliated Managers Group, Inc. (AMG): 48% ### 20-quarter Net profit history - BLK: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹963 Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.0K Cr - BX: Sep 2021 ₹3.2K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹-256 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹743 Cr | Mar 2023 ₹211 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹921 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹948 Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - BN: Sep 2021 ₹2.7K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹716 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹424 Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹519 Cr | Jun 2024 ₹-285 Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹284 Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹749 Cr | Jun 2026 — - KKR: Sep 2021 ₹3.3K Cr | Dec 2021 ₹992 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹-1.8K Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹993 Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹684 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹278 Cr | Jun 2026 — - BAM: Sep 2021 ₹875 Cr | Dec 2021 ₹875 Cr | Mar 2022 ₹723 Cr | Jun 2022 ₹834 Cr | Sep 2022 ₹695 Cr | Dec 2022 ₹613 Cr | Mar 2023 ₹516 Cr | Jun 2023 ₹580 Cr | Sep 2023 ₹510 Cr | Dec 2023 ₹531 Cr | Mar 2024 ₹373 Cr | Jun 2024 ₹518 Cr | Sep 2024 ₹537 Cr | Dec 2024 ₹680 Cr | Mar 2025 ₹507 Cr | Jun 2025 ₹584 Cr | Sep 2025 ₹692 Cr | Dec 2025 ₹615 Cr | Mar 2026 ₹586 Cr | Jun 2026 — - APO: Sep 2021 ₹631 Cr | Dec 2021 ₹612 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹182 Cr | Sep 2022 ₹-849 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹750 Cr | Sep 2023 ₹640 Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹938 Cr | Jun 2025 ₹842 Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹-1.4K Cr | Jun 2026 — - STT: Sep 2021 ₹714 Cr | Dec 2021 ₹697 Cr | Mar 2022 ₹604 Cr | Jun 2022 ₹747 Cr | Sep 2022 ₹690 Cr | Dec 2022 ₹733 Cr | Mar 2023 ₹549 Cr | Jun 2023 ₹763 Cr | Sep 2023 ₹422 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹463 Cr | Jun 2024 ₹711 Cr | Sep 2024 ₹730 Cr | Dec 2024 ₹783 Cr | Mar 2025 ₹644 Cr | Jun 2025 ₹693 Cr | Sep 2025 ₹861 Cr | Dec 2025 ₹747 Cr | Mar 2026 ₹764 Cr | Jun 2026 — - AMP: Sep 2021 ₹1.0K Cr | Dec 2021 ₹701 Cr | Mar 2022 ₹825 Cr | Jun 2022 ₹614 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹649 Cr | Mar 2023 ₹417 Cr | Jun 2023 ₹890 Cr | Sep 2023 ₹872 Cr | Dec 2023 ₹377 Cr | Mar 2024 ₹990 Cr | Jun 2024 ₹829 Cr | Sep 2024 ₹511 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹583 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹912 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹915 Cr | Jun 2026 — - ARES: Sep 2021 ₹217 Cr | Dec 2021 ₹266 Cr | Mar 2022 ₹141 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹-49 Cr | Dec 2022 ₹293 Cr | Mar 2023 ₹207 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹197 Cr | Dec 2023 ₹424 Cr | Mar 2024 ₹204 Cr | Jun 2024 ₹276 Cr | Sep 2024 ₹281 Cr | Dec 2024 ₹350 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹226 Cr | Sep 2025 ₹540 Cr | Dec 2025 ₹198 Cr | Mar 2026 ₹253 Cr | Jun 2026 — - RJF: Sep 2021 ₹429 Cr | Dec 2021 ₹446 Cr | Mar 2022 ₹323 Cr | Jun 2022 ₹301 Cr | Sep 2022 ₹439 Cr | Dec 2022 ₹509 Cr | Mar 2023 ₹427 Cr | Jun 2023 ₹369 Cr | Sep 2023 ₹434 Cr | Dec 2023 ₹498 Cr | Mar 2024 ₹476 Cr | Jun 2024 ₹492 Cr | Sep 2024 ₹602 Cr | Dec 2024 ₹600 Cr | Mar 2025 ₹495 Cr | Jun 2025 ₹436 Cr | Sep 2025 ₹604 Cr | Dec 2025 ₹563 Cr | Mar 2026 ₹544 Cr | Jun 2026 — - NTRS: Sep 2021 ₹396 Cr | Dec 2021 ₹406 Cr | Mar 2022 ₹389 Cr | Jun 2022 ₹396 Cr | Sep 2022 ₹395 Cr | Dec 2022 ₹156 Cr | Mar 2023 ₹335 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹328 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹215 Cr | Jun 2024 ₹896 Cr | Sep 2024 ₹465 Cr | Dec 2024 ₹455 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹421 Cr | Sep 2025 ₹458 Cr | Dec 2025 ₹466 Cr | Mar 2026 ₹526 Cr | Jun 2026 — - TROW: Sep 2021 ₹757 Cr | Dec 2021 ₹734 Cr | Mar 2022 ₹514 Cr | Jun 2022 ₹288 Cr | Sep 2022 ₹358 Cr | Dec 2022 ₹290 Cr | Mar 2023 ₹442 Cr | Jun 2023 ₹481 Cr | Sep 2023 ₹439 Cr | Dec 2023 ₹474 Cr | Mar 2024 ₹593 Cr | Jun 2024 ₹485 Cr | Sep 2024 ₹640 Cr | Dec 2024 ₹417 Cr | Mar 2025 ₹505 Cr | Jun 2025 ₹556 Cr | Sep 2025 ₹687 Cr | Dec 2025 ₹461 Cr | Mar 2026 ₹484 Cr | Jun 2026 — - PFG: Sep 2021 ₹364 Cr | Dec 2021 ₹505 Cr | Mar 2022 ₹343 Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹-135 Cr | Jun 2023 ₹394 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹-839 Cr | Mar 2024 ₹532 Cr | Jun 2024 ₹357 Cr | Sep 2024 ₹-193 Cr | Dec 2024 ₹903 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹434 Cr | Sep 2025 ₹234 Cr | Dec 2025 ₹525 Cr | Mar 2026 ₹413 Cr | Jun 2026 — - BEN: Sep 2021 ₹743 Cr | Dec 2021 ₹545 Cr | Mar 2022 ₹359 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹206 Cr | Dec 2022 ₹169 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹247 Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹256 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹232 Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹232 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹347 Cr | Mar 2026 ₹347 Cr | Jun 2026 — - TPG: Sep 2021 ₹520 Cr | Dec 2021 ₹834 Cr | Mar 2022 ₹163 Cr | Jun 2022 ₹-262 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹-10 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹-95 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹-58 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹199 Cr | Dec 2025 ₹282 Cr | Mar 2026 ₹-123 Cr | Jun 2026 — - CG: Sep 2021 ₹547 Cr | Dec 2021 ₹660 Cr | Mar 2022 ₹595 Cr | Jun 2022 ₹249 Cr | Sep 2022 ₹282 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹-63 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹-670 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹616 Cr | Dec 2024 ₹227 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹328 Cr | Sep 2025 ₹113 Cr | Dec 2025 ₹346 Cr | Mar 2026 ₹-142 Cr | Jun 2026 — - OWL: Sep 2021 ₹-241 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹80 Cr | Jun 2026 — - CRBG: Sep 2021 ₹1.6K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹-168 Cr | Mar 2023 ₹-453 Cr | Jun 2023 ₹751 Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹827 Cr | Jun 2024 ₹341 Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹-657 Cr | Jun 2025 ₹-668 Cr | Sep 2025 ₹137 Cr | Dec 2025 ₹798 Cr | Mar 2026 ₹-61 Cr | Jun 2026 — - EQH: Sep 2021 ₹765 Cr | Dec 2021 ₹388 Cr | Mar 2022 ₹597 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹648 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹266 Cr | Jun 2023 ₹831 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹-608 Cr | Mar 2024 ₹195 Cr | Jun 2024 ₹565 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹150 Cr | Jun 2025 ₹-283 Cr | Sep 2025 ₹-1.2K Cr | Dec 2025 ₹311 Cr | Mar 2026 ₹731 Cr | Jun 2026 — - ARCC: Sep 2021 ₹334 Cr | Dec 2021 ₹-279 Cr | Mar 2022 ₹211 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹174 Cr | Mar 2023 ₹253 Cr | Jun 2023 ₹331 Cr | Sep 2023 ₹500 Cr | Dec 2023 ₹413 Cr | Mar 2024 ₹449 Cr | Jun 2024 ₹322 Cr | Sep 2024 ₹394 Cr | Dec 2024 ₹357 Cr | Mar 2025 ₹241 Cr | Jun 2025 ₹361 Cr | Sep 2025 ₹404 Cr | Dec 2025 ₹293 Cr | Mar 2026 ₹92 Cr | Jun 2026 — - PS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹19 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹161 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹-159 Cr | Jun 2026 — - IVZ: Sep 2021 ₹546 Cr | Dec 2021 ₹557 Cr | Mar 2022 ₹238 Cr | Jun 2022 ₹219 Cr | Sep 2022 ₹168 Cr | Dec 2022 ₹301 Cr | Mar 2023 ₹166 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹-667 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹196 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹317 Cr | Mar 2025 ₹267 Cr | Jun 2025 ₹197 Cr | Sep 2025 ₹356 Cr | Dec 2025 ₹-1.3K Cr | Mar 2026 ₹219 Cr | Jun 2026 — - SEIC: Sep 2021 ₹138 Cr | Dec 2021 ₹145 Cr | Mar 2022 ₹190 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹121 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹227 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹177 Cr | Jun 2026 — - AMG: Sep 2021 ₹208 Cr | Dec 2021 ₹283 Cr | Mar 2022 ₹219 Cr | Jun 2022 ₹174 Cr | Sep 2022 ₹164 Cr | Dec 2022 ₹831 Cr | Mar 2023 ₹189 Cr | Jun 2023 ₹187 Cr | Sep 2023 ₹286 Cr | Dec 2023 ₹244 Cr | Mar 2024 ₹199 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹291 Cr | Dec 2025 ₹378 Cr | Mar 2026 ₹146 Cr | Jun 2026 — - JHG: Sep 2021 ₹200 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹144 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹181 Cr | Dec 2025 ₹426 Cr | Mar 2026 ₹107 Cr | Jun 2026 — - VCTR: Sep 2021 ₹74 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹71 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹112 Cr | Jun 2026 — - OBDC: Sep 2021 ₹141 Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹-35 Cr | Sep 2022 ₹265 Cr | Dec 2022 ₹192 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹207 Cr | Dec 2023 ₹237 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹170 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹305 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹36 Cr | Jun 2026 — - STEP: Sep 2021 ₹128 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹-21 Cr | Sep 2022 ₹-67 Cr | Dec 2022 ₹-14 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹-23 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹-287 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹-12 Cr | Sep 2025 ₹-575 Cr | Dec 2025 ₹-162 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - BXSL: Sep 2021 ₹94 Cr | Dec 2021 ₹111 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹161 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹166 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹162 Cr | Mar 2025 ₹343 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹208 Cr | Jun 2026 — ### 20-quarter Profit growth history - BLK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -38% | Sep 2022 -22% | Dec 2022 -20% | Mar 2023 -14% | Jun 2023 48% | Sep 2023 17% | Dec 2023 14% | Mar 2024 39% | Jun 2024 8.0% | Sep 2024 6.0% | Dec 2024 12% | Mar 2025 -6.7% | Jun 2025 8.3% | Sep 2025 -9.7% | Dec 2025 -26% | Mar 2026 54% | Jun 2026 23% - BX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -109% | Sep 2022 -100% | Dec 2022 -75% | Mar 2023 -92% | Jun 2023 — | Sep 2023 — | Dec 2023 -85% | Mar 2024 656% | Jun 2024 -21% | Sep 2024 70% | Dec 2024 1,119% | Mar 2025 -24% | Jun 2025 72% | Sep 2025 -21% | Dec 2025 49% | Mar 2026 4.1% | Jun 2026 — - BN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -39% | Sep 2022 -74% | Dec 2022 -99% | Mar 2023 -86% | Jun 2023 2.5% | Sep 2023 -95% | Dec 2023 7,023% | Mar 2024 22% | Jun 2024 -119% | Sep 2024 4,237% | Dec 2024 -97% | Mar 2025 -71% | Jun 2025 — | Sep 2025 -81% | Dec 2025 1,564% | Mar 2026 403% | Jun 2026 — - KKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -143% | Sep 2022 -96% | Dec 2022 -98% | Mar 2023 -79% | Jun 2023 — | Sep 2023 1,806% | Dec 2023 7,845% | Mar 2024 321% | Jun 2024 -12% | Sep 2024 -40% | Dec 2024 -13% | Mar 2025 -37% | Jun 2025 36% | Sep 2025 28% | Dec 2025 64% | Mar 2026 -59% | Jun 2026 — - BAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 -21% | Dec 2022 -30% | Mar 2023 -29% | Jun 2023 -30% | Sep 2023 -27% | Dec 2023 -13% | Mar 2024 -28% | Jun 2024 -11% | Sep 2024 5.3% | Dec 2024 28% | Mar 2025 36% | Jun 2025 13% | Sep 2025 29% | Dec 2025 -9.6% | Mar 2026 16% | Jun 2026 — - APO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -88% | Sep 2022 -235% | Dec 2022 65% | Mar 2023 20% | Jun 2023 312% | Sep 2023 — | Dec 2023 256% | Mar 2024 15% | Jun 2024 57% | Sep 2024 176% | Dec 2024 -54% | Mar 2025 -47% | Jun 2025 -28% | Sep 2025 39% | Dec 2025 -30% | Mar 2026 -250% | Jun 2026 — - STT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.1% | Sep 2022 -3.4% | Dec 2022 5.2% | Mar 2023 -9.1% | Jun 2023 2.1% | Sep 2023 -39% | Dec 2023 -71% | Mar 2024 -16% | Jun 2024 -6.8% | Sep 2024 73% | Dec 2024 273% | Mar 2025 39% | Jun 2025 -2.5% | Sep 2025 18% | Dec 2025 -4.6% | Mar 2026 19% | Jun 2026 — - AMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.9% | Sep 2022 2.9% | Dec 2022 -7.4% | Mar 2023 -49% | Jun 2023 45% | Sep 2023 -18% | Dec 2023 -42% | Mar 2024 137% | Jun 2024 -6.9% | Sep 2024 -41% | Dec 2024 184% | Mar 2025 -41% | Jun 2025 28% | Sep 2025 78% | Dec 2025 -5.9% | Mar 2026 57% | Jun 2026 — - ARES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -80% | Sep 2022 -123% | Dec 2022 10% | Mar 2023 47% | Jun 2023 515% | Sep 2023 — | Dec 2023 45% | Mar 2024 -1.5% | Jun 2024 -17% | Sep 2024 43% | Dec 2024 -17% | Mar 2025 -39% | Jun 2025 -18% | Sep 2025 92% | Dec 2025 -43% | Mar 2026 104% | Jun 2026 — - RJF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.0% | Sep 2022 2.3% | Dec 2022 14% | Mar 2023 32% | Jun 2023 23% | Sep 2023 -1.1% | Dec 2023 -2.2% | Mar 2024 11% | Jun 2024 33% | Sep 2024 39% | Dec 2024 20% | Mar 2025 4.0% | Jun 2025 -11% | Sep 2025 0.3% | Dec 2025 -6.2% | Mar 2026 9.9% | Jun 2026 — - NTRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.6% | Sep 2022 -0.3% | Dec 2022 -62% | Mar 2023 -14% | Jun 2023 -16% | Sep 2023 -17% | Dec 2023 -28% | Mar 2024 -36% | Jun 2024 170% | Sep 2024 42% | Dec 2024 303% | Mar 2025 82% | Jun 2025 -53% | Sep 2025 -1.5% | Dec 2025 2.4% | Mar 2026 34% | Jun 2026 — - TROW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -66% | Sep 2022 -53% | Dec 2022 -60% | Mar 2023 -14% | Jun 2023 67% | Sep 2023 23% | Dec 2023 63% | Mar 2024 34% | Jun 2024 0.8% | Sep 2024 46% | Dec 2024 -12% | Mar 2025 -15% | Jun 2025 15% | Sep 2025 7.3% | Dec 2025 11% | Mar 2026 -4.2% | Jun 2026 — - PFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 742% | Sep 2022 260% | Dec 2022 -98% | Mar 2023 -139% | Jun 2023 -87% | Sep 2023 -4.7% | Dec 2023 -9,422% | Mar 2024 — | Jun 2024 -9.4% | Sep 2024 -115% | Dec 2024 — | Mar 2025 -88% | Jun 2025 22% | Sep 2025 — | Dec 2025 -42% | Mar 2026 556% | Jun 2026 — - BEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -53% | Sep 2022 -72% | Dec 2022 -69% | Mar 2023 -24% | Jun 2023 10% | Sep 2023 846% | Dec 2023 51% | Mar 2024 -36% | Jun 2024 -6.1% | Sep 2024 10% | Dec 2024 -9.4% | Mar 2025 -93% | Jun 2025 -50% | Sep 2025 5.6% | Dec 2025 50% | Mar 2026 2,792% | Jun 2026 — - TPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -112% | Sep 2022 -90% | Dec 2022 -101% | Mar 2023 -78% | Jun 2023 — | Sep 2023 -279% | Dec 2023 — | Mar 2024 -125% | Jun 2024 -245% | Sep 2024 — | Dec 2024 -74% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2,464% | Mar 2026 -240% | Jun 2026 — - CG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -74% | Sep 2022 -48% | Dec 2022 -79% | Mar 2023 -79% | Jun 2023 -125% | Sep 2023 -61% | Dec 2023 -593% | Mar 2024 -21% | Jun 2024 — | Sep 2024 455% | Dec 2024 — | Mar 2025 61% | Jun 2025 120% | Sep 2025 -82% | Dec 2025 52% | Mar 2026 -189% | Jun 2026 — - OWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3,950% | Mar 2024 167% | Jun 2024 306% | Sep 2024 55% | Dec 2024 -12% | Mar 2025 -67% | Jun 2025 -49% | Sep 2025 -53% | Dec 2025 113% | Mar 2026 116% | Jun 2026 — - CRBG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 61% | Dec 2022 -104% | Mar 2023 -113% | Jun 2023 -72% | Sep 2023 -18% | Dec 2023 — | Mar 2024 — | Jun 2024 -55% | Sep 2024 -157% | Dec 2024 — | Mar 2025 -179% | Jun 2025 -296% | Sep 2025 — | Dec 2025 -64% | Mar 2026 — | Jun 2026 — - EQH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 353% | Sep 2022 -15% | Dec 2022 -64% | Mar 2023 -55% | Jun 2023 -18% | Sep 2023 75% | Dec 2023 -541% | Mar 2024 -27% | Jun 2024 -32% | Sep 2024 -98% | Dec 2024 — | Mar 2025 -23% | Jun 2025 -150% | Sep 2025 -4,439% | Dec 2025 -69% | Mar 2026 387% | Jun 2026 — - ARCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -77% | Sep 2022 -69% | Dec 2022 — | Mar 2023 20% | Jun 2023 198% | Sep 2023 381% | Dec 2023 137% | Mar 2024 77% | Jun 2024 -2.7% | Sep 2024 -21% | Dec 2024 -14% | Mar 2025 -46% | Jun 2025 12% | Sep 2025 2.5% | Dec 2025 -18% | Mar 2026 -62% | Jun 2026 — - PS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 5.3% | Jun 2025 74% | Sep 2025 — | Dec 2025 — | Mar 2026 -895% | Jun 2026 — - IVZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -56% | Sep 2022 -69% | Dec 2022 -46% | Mar 2023 -30% | Jun 2023 -25% | Sep 2023 0.6% | Dec 2023 -322% | Mar 2024 29% | Jun 2024 20% | Sep 2024 -38% | Dec 2024 — | Mar 2025 25% | Jun 2025 0.5% | Sep 2025 242% | Dec 2025 -524% | Mar 2026 -18% | Jun 2026 — - SEIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 -55% | Dec 2022 -23% | Mar 2023 -44% | Jun 2023 7.2% | Sep 2023 87% | Dec 2023 8.0% | Mar 2024 22% | Jun 2024 17% | Sep 2024 34% | Dec 2024 29% | Mar 2025 16% | Jun 2025 63% | Sep 2025 6.5% | Dec 2025 12% | Mar 2026 16% | Jun 2026 — - AMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.4% | Sep 2022 -21% | Dec 2022 194% | Mar 2023 -14% | Jun 2023 7.5% | Sep 2023 74% | Dec 2023 -71% | Mar 2024 5.3% | Jun 2024 -28% | Sep 2024 -35% | Dec 2024 -9.4% | Mar 2025 -50% | Jun 2025 0.7% | Sep 2025 56% | Dec 2025 71% | Mar 2026 47% | Jun 2026 — - JHG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -104% | Sep 2022 -43% | Dec 2022 -36% | Mar 2023 14% | Jun 2023 — | Sep 2023 -25% | Dec 2023 78% | Mar 2024 47% | Jun 2024 34% | Sep 2024 -42% | Dec 2024 -15% | Mar 2025 -18% | Jun 2025 37% | Sep 2025 262% | Dec 2025 249% | Mar 2026 -7.8% | Jun 2026 — - VCTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 -1.4% | Dec 2022 -26% | Mar 2023 -31% | Jun 2023 -28% | Sep 2023 -29% | Dec 2023 5.8% | Mar 2024 14% | Jun 2024 30% | Sep 2024 58% | Dec 2024 40% | Mar 2025 11% | Jun 2025 -20% | Sep 2025 18% | Dec 2025 47% | Mar 2026 81% | Jun 2026 — - OBDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -123% | Sep 2022 88% | Dec 2022 27% | Mar 2023 359% | Jun 2023 — | Sep 2023 -22% | Dec 2023 23% | Mar 2024 14% | Jun 2024 -13% | Sep 2024 -11% | Dec 2024 -14% | Mar 2025 33% | Jun 2025 19% | Sep 2025 2.7% | Dec 2025 -100% | Mar 2026 -88% | Jun 2026 — - STEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -117% | Sep 2022 -152% | Dec 2022 -111% | Mar 2023 -45% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 46% | Jun 2024 -2.0% | Sep 2024 -10% | Dec 2024 — | Mar 2025 -84% | Jun 2025 -125% | Sep 2025 -1,185% | Dec 2025 — | Mar 2026 -46% | Jun 2026 — - BXSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 40% | Dec 2022 30% | Mar 2023 45% | Jun 2023 63% | Sep 2023 22% | Dec 2023 9.0% | Mar 2024 11% | Jun 2024 1.2% | Sep 2024 16% | Dec 2024 3.2% | Mar 2025 107% | Jun 2025 1.7% | Sep 2025 1.6% | Dec 2025 -22% | Mar 2026 -39% | Jun 2026 — ## Funding Base & Its Composition What the numbers say: Northern Trust Corporation leads deposits at $145,580 million; Brookfield Corporation leads borrowings at $189,695 million. Investor read: Northern Trust Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current borrowings signal. Evidence: Northern Trust Corporation · $145,580 million | 331.6% versus #2 · Ameriprise Financial, Inc. | 8/8 recent comparable periods | 2/29 companies · 40 observations Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive. ### Deposits — largest deposit bases 1. Northern Trust Corporation (NTRS): ₹1.5 L Cr 2. Ameriprise Financial, Inc. (AMP): ₹33.7K Cr ### Borrowings — largest borrowings 1. Brookfield Corporation (BN): ₹1.9 L Cr 2. Raymond James Financial, Inc. (RJF): ₹66.6K Cr 3. KKR & Co. Inc. (KKR): ₹53.0K Cr 4. State Street Corporation (STT): ₹30.5K Cr 5. Ares Capital Corporation (ARCC): ₹15.8K Cr ### 20-quarter Deposits history - AMP: Sep 2021 ₹18.7K Cr | Dec 2021 ₹20.2K Cr | Mar 2022 ₹22.0K Cr | Jun 2022 ₹24.3K Cr | Sep 2022 ₹28.1K Cr | Dec 2022 ₹30.8K Cr | Mar 2023 ₹33.9K Cr | Jun 2023 ₹35.6K Cr | Sep 2023 ₹36.1K Cr | Dec 2023 ₹37.3K Cr | Mar 2024 ₹37.0K Cr | Jun 2024 ₹36.2K Cr | Sep 2024 ₹36.3K Cr | Dec 2024 ₹35.8K Cr | Mar 2025 ₹35.6K Cr | Jun 2025 ₹34.6K Cr | Sep 2025 ₹33.6K Cr | Dec 2025 ₹33.8K Cr | Mar 2026 ₹33.3K Cr | Jun 2026 ₹33.7K Cr - NTRS: Sep 2021 ₹1.4 L Cr | Dec 2021 ₹1.6 L Cr | Mar 2022 ₹1.5 L Cr | Jun 2022 ₹1.3 L Cr | Sep 2022 ₹1.3 L Cr | Dec 2022 ₹1.2 L Cr | Mar 2023 ₹1.1 L Cr | Jun 2023 ₹1.1 L Cr | Sep 2023 ₹1.1 L Cr | Dec 2023 ₹1.2 L Cr | Mar 2024 ₹1.2 L Cr | Jun 2024 ₹1.2 L Cr | Sep 2024 ₹1.2 L Cr | Dec 2024 ₹1.2 L Cr | Mar 2025 ₹1.3 L Cr | Jun 2025 ₹1.4 L Cr | Sep 2025 ₹1.4 L Cr | Dec 2025 ₹1.4 L Cr | Mar 2026 ₹1.4 L Cr | Jun 2026 ₹1.5 L Cr ### 20-quarter Borrowings history - BLK: Sep 2021 ₹8.4K Cr | Dec 2021 ₹9.3K Cr | Mar 2022 ₹9.3K Cr | Jun 2022 ₹8.5K Cr | Sep 2022 ₹8.4K Cr | Dec 2022 ₹8.5K Cr | Mar 2023 ₹8.5K Cr | Jun 2023 ₹9.7K Cr | Sep 2023 ₹9.7K Cr | Dec 2023 ₹9.7K Cr | Mar 2024 ₹11.6K Cr | Jun 2024 ₹11.7K Cr | Sep 2024 ₹14.2K Cr | Dec 2024 ₹14.2K Cr | Mar 2025 ₹14.3K Cr | Jun 2025 ₹14.7K Cr | Sep 2025 ₹15.0K Cr | Dec 2025 ₹15.0K Cr | Mar 2026 ₹15.0K Cr | Jun 2026 — - BX: Sep 2021 ₹8.4K Cr | Dec 2021 ₹8.7K Cr | Mar 2022 ₹10.0K Cr | Jun 2022 ₹10.5K Cr | Sep 2022 ₹10.6K Cr | Dec 2022 ₹13.4K Cr | Mar 2023 ₹13.3K Cr | Jun 2023 ₹13.3K Cr | Sep 2023 ₹13.1K Cr | Dec 2023 ₹12.3K Cr | Mar 2024 ₹11.7K Cr | Jun 2024 ₹11.8K Cr | Sep 2024 ₹11.9K Cr | Dec 2024 ₹12.3K Cr | Mar 2025 ₹13.4K Cr | Jun 2025 ₹12.9K Cr | Sep 2025 ₹12.9K Cr | Dec 2025 ₹13.3K Cr | Mar 2026 ₹14.2K Cr | Jun 2026 ₹14.0K Cr - BN: Sep 2021 ₹1.7 L Cr | Dec 2021 ₹1.8 L Cr | Mar 2022 ₹1.9 L Cr | Jun 2022 ₹2.0 L Cr | Sep 2022 ₹2.0 L Cr | Dec 2022 ₹2.1 L Cr | Mar 2023 ₹2.2 L Cr | Jun 2023 ₹2.2 L Cr | Sep 2023 ₹2.3 L Cr | Dec 2023 ₹2.3 L Cr | Mar 2024 ₹2.4 L Cr | Jun 2024 ₹2.4 L Cr | Sep 2024 ₹2.5 L Cr | Dec 2024 ₹2.3 L Cr | Mar 2025 ₹2.5 L Cr | Jun 2025 ₹2.5 L Cr | Sep 2025 ₹1.9 L Cr | Dec 2025 ₹2.6 L Cr | Mar 2026 ₹1.9 L Cr | Jun 2026 — - KKR: Sep 2021 ₹41.2K Cr | Dec 2021 ₹38.6K Cr | Mar 2022 ₹38.1K Cr | Jun 2022 ₹39.2K Cr | Sep 2022 ₹40.2K Cr | Dec 2022 ₹42.7K Cr | Mar 2023 ₹44.7K Cr | Jun 2023 ₹46.1K Cr | Sep 2023 ₹46.0K Cr | Dec 2023 ₹47.5K Cr | Mar 2024 ₹48.1K Cr | Jun 2024 ₹49.1K Cr | Sep 2024 ₹49.5K Cr | Dec 2024 ₹49.6K Cr | Mar 2025 ₹49.6K Cr | Jun 2025 ₹51.2K Cr | Sep 2025 ₹53.1K Cr | Dec 2025 ₹52.9K Cr | Mar 2026 ₹53.0K Cr | Jun 2026 — - BAM: Sep 2021 ₹461 Cr | Dec 2021 ₹461 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹251 Cr | Mar 2025 ₹639 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 — - APO: Sep 2021 ₹14.1K Cr | Dec 2021 ₹14.2K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹8.1K Cr | Mar 2024 ₹9.6K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹10.6K Cr | Mar 2025 ₹10.6K Cr | Jun 2025 ₹12.1K Cr | Sep 2025 ₹12.6K Cr | Dec 2025 ₹13.4K Cr | Mar 2026 ₹14.2K Cr | Jun 2026 — - STT: Sep 2021 ₹14.2K Cr | Dec 2021 ₹15.2K Cr | Mar 2022 ₹18.2K Cr | Jun 2022 ₹14.6K Cr | Sep 2022 ₹18.4K Cr | Dec 2022 ₹18.3K Cr | Mar 2023 ₹20.0K Cr | Jun 2023 ₹21.5K Cr | Sep 2023 ₹21.7K Cr | Dec 2023 ₹24.4K Cr | Mar 2024 ₹34.9K Cr | Jun 2024 ₹36.0K Cr | Sep 2024 ₹33.0K Cr | Dec 2024 ₹36.8K Cr | Mar 2025 ₹40.2K Cr | Jun 2025 ₹38.1K Cr | Sep 2025 ₹34.7K Cr | Dec 2025 ₹29.8K Cr | Mar 2026 ₹30.2K Cr | Jun 2026 ₹30.5K Cr - AMP: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.8K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹5.5K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 ₹6.3K Cr - ARES: Sep 2021 ₹11.7K Cr | Dec 2021 ₹12.5K Cr | Mar 2022 ₹12.7K Cr | Jun 2022 ₹12.6K Cr | Sep 2022 ₹12.7K Cr | Dec 2022 ₹13.3K Cr | Mar 2023 ₹13.6K Cr | Jun 2023 ₹14.0K Cr | Sep 2023 ₹14.2K Cr | Dec 2023 ₹15.8K Cr | Mar 2024 ₹15.3K Cr | Jun 2024 ₹14.5K Cr | Sep 2024 ₹14.4K Cr | Dec 2024 ₹13.1K Cr | Mar 2025 ₹13.4K Cr | Jun 2025 ₹13.5K Cr | Sep 2025 ₹12.7K Cr | Dec 2025 ₹14.2K Cr | Mar 2026 ₹14.1K Cr | Jun 2026 — - RJF: Sep 2021 ₹35.4K Cr | Dec 2021 ₹37.0K Cr | Mar 2022 ₹37.6K Cr | Jun 2022 ₹53.3K Cr | Sep 2022 ₹54.7K Cr | Dec 2022 ₹54.0K Cr | Mar 2023 ₹55.9K Cr | Jun 2023 ₹56.9K Cr | Sep 2023 ₹57.3K Cr | Dec 2023 ₹58.5K Cr | Mar 2024 ₹58.2K Cr | Jun 2024 ₹57.5K Cr | Sep 2024 ₹59.1K Cr | Dec 2024 ₹58.9K Cr | Mar 2025 ₹59.3K Cr | Jun 2025 ₹60.1K Cr | Sep 2025 ₹63.4K Cr | Dec 2025 ₹64.4K Cr | Mar 2026 ₹66.6K Cr | Jun 2026 — - NTRS: Sep 2021 ₹4.0K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹6.8K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹6.8K Cr | Jun 2024 ₹6.8K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹6.9K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹6.9K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 ₹5.4K Cr - TROW: Sep 2021 ₹142 Cr | Dec 2021 ₹249 Cr | Mar 2022 ₹212 Cr | Jun 2022 ₹205 Cr | Sep 2022 ₹320 Cr | Dec 2022 ₹330 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹323 Cr | Sep 2023 ₹309 Cr | Dec 2023 ₹309 Cr | Mar 2024 ₹302 Cr | Jun 2024 ₹299 Cr | Sep 2024 ₹288 Cr | Dec 2024 ₹279 Cr | Mar 2025 ₹472 Cr | Jun 2025 ₹475 Cr | Sep 2025 ₹455 Cr | Dec 2025 ₹447 Cr | Mar 2026 ₹438 Cr | Jun 2026 — - BEN: Sep 2021 ₹7.6K Cr | Dec 2021 ₹8.1K Cr | Mar 2022 ₹9.0K Cr | Jun 2022 ₹9.4K Cr | Sep 2022 ₹9.4K Cr | Dec 2022 ₹10.1K Cr | Mar 2023 ₹11.0K Cr | Jun 2023 ₹11.8K Cr | Sep 2023 ₹11.8K Cr | Dec 2023 ₹11.8K Cr | Mar 2024 ₹13.2K Cr | Jun 2024 ₹13.6K Cr | Sep 2024 ₹13.1K Cr | Dec 2024 ₹12.8K Cr | Mar 2025 ₹13.2K Cr | Jun 2025 ₹13.2K Cr | Sep 2025 ₹13.3K Cr | Dec 2025 ₹14.2K Cr | Mar 2026 ₹15.4K Cr | Jun 2026 — - TPG: Sep 2021 ₹425 Cr | Dec 2021 ₹444 Cr | Mar 2022 ₹444 Cr | Jun 2022 ₹444 Cr | Sep 2022 ₹444 Cr | Dec 2022 ₹445 Cr | Mar 2023 ₹445 Cr | Jun 2023 ₹445 Cr | Sep 2023 ₹444 Cr | Dec 2023 ₹945 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 — - CG: Sep 2021 ₹8.9K Cr | Dec 2021 ₹8.5K Cr | Mar 2022 ₹8.5K Cr | Jun 2022 ₹8.5K Cr | Sep 2022 ₹8.3K Cr | Dec 2022 ₹8.7K Cr | Mar 2023 ₹8.9K Cr | Jun 2023 ₹9.3K Cr | Sep 2023 ₹9.2K Cr | Dec 2023 ₹9.3K Cr | Mar 2024 ₹9.3K Cr | Jun 2024 ₹10.5K Cr | Sep 2024 ₹9.2K Cr | Dec 2024 ₹9.5K Cr | Mar 2025 ₹10.5K Cr | Jun 2025 ₹10.7K Cr | Sep 2025 ₹12.7K Cr | Dec 2025 ₹13.9K Cr | Mar 2026 ₹14.6K Cr | Jun 2026 — - OWL: Sep 2021 ₹751 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 — - ARCC: Sep 2021 ₹9.9K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹10.5K Cr | Jun 2022 ₹11.7K Cr | Sep 2022 ₹11.8K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹11.2K Cr | Jun 2023 ₹11.4K Cr | Sep 2023 ₹11.5K Cr | Dec 2023 ₹11.9K Cr | Mar 2024 ₹11.7K Cr | Jun 2024 ₹13.0K Cr | Sep 2024 ₹13.5K Cr | Dec 2024 ₹13.7K Cr | Mar 2025 ₹13.9K Cr | Jun 2025 ₹14.1K Cr | Sep 2025 ₹15.6K Cr | Dec 2025 ₹16.0K Cr | Mar 2026 ₹15.8K Cr | Jun 2026 — - PS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1.6 L Cr | Dec 2023 ₹1.6 L Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹81 Cr | Dec 2024 ₹81 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹78 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹56 Cr | Jun 2026 — - IVZ: Sep 2021 ₹9.3K Cr | Dec 2021 ₹9.4K Cr | Mar 2022 ₹9.2K Cr | Jun 2022 ₹8.4K Cr | Sep 2022 ₹8.0K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹8.3K Cr | Jun 2023 ₹8.4K Cr | Sep 2023 ₹8.5K Cr | Dec 2023 ₹9.1K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹7.5K Cr | Dec 2024 ₹7.7K Cr | Mar 2025 ₹9.1K Cr | Jun 2025 ₹10.1K Cr | Sep 2025 ₹9.9K Cr | Dec 2025 ₹10.8K Cr | Mar 2026 ₹10.5K Cr | Jun 2026 — - SEIC: Sep 2021 ₹40 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹69 Cr | Jun 2026 ₹43 Cr - AMG: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 — - JHG: Sep 2021 ₹311 Cr | Dec 2021 ₹310 Cr | Mar 2022 ₹310 Cr | Jun 2022 ₹309 Cr | Sep 2022 ₹308 Cr | Dec 2022 ₹308 Cr | Mar 2023 ₹307 Cr | Jun 2023 ₹306 Cr | Sep 2023 ₹305 Cr | Dec 2023 ₹305 Cr | Mar 2024 ₹304 Cr | Jun 2024 ₹303 Cr | Sep 2024 ₹699 Cr | Dec 2024 ₹395 Cr | Mar 2025 ₹395 Cr | Jun 2025 ₹395 Cr | Sep 2025 ₹395 Cr | Dec 2025 ₹396 Cr | Mar 2026 ₹396 Cr | Jun 2026 — - VCTR: Sep 2021 ₹634 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹986 Cr | Mar 2023 ₹986 Cr | Jun 2023 ₹987 Cr | Sep 2023 ₹988 Cr | Dec 2023 ₹989 Cr | Mar 2024 ₹990 Cr | Jun 2024 ₹982 Cr | Sep 2024 ₹983 Cr | Dec 2024 ₹964 Cr | Mar 2025 ₹965 Cr | Jun 2025 ₹966 Cr | Sep 2025 ₹972 Cr | Dec 2025 ₹970 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - OBDC: Sep 2021 ₹6.9K Cr | Dec 2021 ₹7.1K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹7.1K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 ₹7.4K Cr | Jun 2023 — | Sep 2023 ₹7.1K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹7.5K Cr | Mar 2025 ₹10.2K Cr | Jun 2025 ₹9.2K Cr | Sep 2025 ₹9.5K Cr | Dec 2025 ₹9.3K Cr | Mar 2026 ₹8.5K Cr | Jun 2026 — - STEP: Sep 2021 ₹188 Cr | Dec 2021 ₹136 Cr | Mar 2022 ₹134 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹208 Cr | Mar 2023 ₹220 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹243 Cr | Dec 2023 ₹242 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹290 Cr | Sep 2024 ₹289 Cr | Dec 2024 ₹281 Cr | Mar 2025 ₹402 Cr | Jun 2025 ₹382 Cr | Sep 2025 ₹379 Cr | Dec 2025 ₹377 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - BXSL: Sep 2021 ₹4.5K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.6K Cr | Jun 2022 ₹5.8K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹6.1K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹7.1K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹7.1K Cr | Sep 2025 ₹7.7K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹8.0K Cr | Jun 2026 — ## Return On Assets What the numbers say: StepStone Group Inc. leads both roa at 6.9% and roa change at +7.1 percentage points. Investor read: StepStone Group Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roa change signal. Evidence: StepStone Group Inc. · 6.9% | 3% versus #2 · Franklin Resources, Inc. | 2/8 recent comparable periods | 24/29 companies · 449 observations Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset. ### ROA — highest 1. StepStone Group Inc. (STEP): 6.9% 2. Franklin Resources, Inc. (BEN): 6.7% 3. SEI Investments Company (SEIC): 5.2% 4. Blackstone Inc. (BX): 5.0% 5. T. Rowe Price Group, Inc. (TROW): 3.7% ### ROA change — fastest improvers 1. StepStone Group Inc. (STEP): +7.1 pp 2. Pershing Square Inc. (PS): +5.6 pp 3. BlackRock, Inc. (BLK): +1.6 pp 4. Blackstone Inc. (BX): +1.2 pp 5. Raymond James Financial, Inc. (RJF): +0.9 pp ### 20-quarter ROA history - BLK: Sep 2021 0.9% | Dec 2021 1.0% | Mar 2022 0.9% | Jun 2022 0.8% | Sep 2022 0.9% | Dec 2022 0.8% | Mar 2023 0.8% | Jun 2023 1.0% | Sep 2023 1.2% | Dec 2023 1.0% | Mar 2024 1.2% | Jun 2024 1.1% | Sep 2024 1.2% | Dec 2024 1.3% | Mar 2025 1.1% | Jun 2025 0.9% | Sep 2025 1.0% | Dec 2025 0.8% | Mar 2026 1.5% | Jun 2026 2.5% - BX: Sep 2021 9.9% | Dec 2021 8.6% | Mar 2022 6.9% | Jun 2022 -0.1% | Sep 2022 0.0% | Dec 2022 2.2% | Mar 2023 0.6% | Jun 2023 2.9% | Sep 2023 2.6% | Dec 2023 0.8% | Mar 2024 4.2% | Jun 2024 2.4% | Sep 2024 3.9% | Dec 2024 3.5% | Mar 2025 3.0% | Jun 2025 3.8% | Sep 2025 2.8% | Dec 2025 4.3% | Mar 2026 2.8% | Jun 2026 5.0% - BN: Sep 2021 1.2% | Dec 2021 1.4% | Mar 2022 1.3% | Jun 2022 1.0% | Sep 2022 0.6% | Dec 2022 0.3% | Mar 2023 0.6% | Jun 2023 1.0% | Sep 2023 0.1% | Dec 2023 1.5% | Mar 2024 0.7% | Jun 2024 -13% | Sep 2024 1.1% | Dec 2024 0.2% | Mar 2025 0.2% | Jun 2025 1.0% | Sep 2025 0.4% | Dec 2025 1.1% | Mar 2026 0.7% | Jun 2026 — - KKR: Sep 2021 0.7% | Dec 2021 0.4% | Mar 2022 -0.1% | Jun 2022 -0.1% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.1% | Jun 2023 0.2% | Sep 2023 0.3% | Dec 2023 0.1% | Mar 2024 0.1% | Jun 2024 0.1% | Sep 2024 0.0% | Dec 2024 0.1% | Mar 2025 -0.2% | Jun 2025 0.1% | Sep 2025 0.1% | Dec 2025 0.1% | Mar 2026 0.1% | Jun 2026 — - BAM: Sep 2021 1.9% | Dec 2021 1.9% | Mar 2022 2.3% | Jun 2022 4.2% | Sep 2022 2.1% | Dec 2022 3.3% | Mar 2023 2.4% | Jun 2023 2.4% | Sep 2023 3.8% | Dec 2023 4.1% | Mar 2024 2.6% | Jun 2024 3.3% | Sep 2024 3.9% | Dec 2024 3.9% | Mar 2025 3.6% | Jun 2025 3.3% | Sep 2025 4.6% | Dec 2025 4.1% | Mar 2026 3.3% | Jun 2026 — - APO: Sep 2021 1.7% | Dec 2021 -1.7% | Mar 2022 1.9% | Jun 2022 0.1% | Sep 2022 -4.5% | Dec 2022 0.7% | Mar 2023 12% | Jun 2023 5.5% | Sep 2023 0.4% | Dec 2023 0.7% | Mar 2024 1.0% | Jun 2024 0.7% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.6% | Dec 2025 0.4% | Mar 2026 -0.5% | Jun 2026 — - STT: Sep 2021 0.2% | Dec 2021 0.2% | Mar 2022 0.2% | Jun 2022 0.2% | Sep 2022 0.2% | Dec 2022 0.2% | Mar 2023 0.2% | Jun 2023 0.3% | Sep 2023 0.1% | Dec 2023 0.1% | Mar 2024 0.1% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 0.3% | Mar 2025 0.2% | Jun 2025 0.2% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 0.2% | Jun 2026 0.3% - ARES: Sep 2021 0.7% | Dec 2021 1.2% | Mar 2022 0.5% | Jun 2022 0.2% | Sep 2022 -0.4% | Dec 2022 1.0% | Mar 2023 0.7% | Jun 2023 1.0% | Sep 2023 0.4% | Dec 2023 1.1% | Mar 2024 0.6% | Jun 2024 0.8% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 0.3% | Jun 2025 0.7% | Sep 2025 1.1% | Dec 2025 0.9% | Mar 2026 0.7% | Jun 2026 — - RJF: Sep 2021 0.8% | Dec 2021 0.7% | Mar 2022 0.5% | Jun 2022 0.4% | Sep 2022 0.6% | Dec 2022 0.7% | Mar 2023 0.6% | Jun 2023 0.5% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.8% | Dec 2024 0.7% | Mar 2025 0.6% | Jun 2025 0.5% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.6% | Jun 2026 1.4% - TROW: Sep 2021 7.1% | Dec 2021 6.0% | Mar 2022 5.8% | Jun 2022 4.3% | Sep 2022 3.6% | Dec 2022 1.6% | Mar 2023 2.8% | Jun 2023 3.3% | Sep 2023 3.6% | Dec 2023 2.4% | Mar 2024 3.6% | Jun 2024 3.3% | Sep 2024 3.6% | Dec 2024 3.2% | Mar 2025 3.4% | Jun 2025 2.7% | Sep 2025 3.5% | Dec 2025 2.5% | Mar 2026 3.7% | Jun 2026 — - PFG: Sep 2021 0.1% | Dec 2021 0.2% | Mar 2022 0.1% | Jun 2022 1.1% | Sep 2022 0.5% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.1% | Sep 2023 0.4% | Dec 2023 -0.3% | Mar 2024 0.2% | Jun 2024 0.1% | Sep 2024 -0.1% | Dec 2024 0.3% | Mar 2025 0.0% | Jun 2025 0.1% | Sep 2025 0.1% | Dec 2025 0.2% | Mar 2026 0.1% | Jun 2026 — - BEN: Sep 2021 9.3% | Dec 2021 9.4% | Mar 2022 8.5% | Jun 2022 7.8% | Sep 2022 7.2% | Dec 2022 7.1% | Mar 2023 6.9% | Jun 2023 6.7% | Sep 2023 6.7% | Dec 2023 6.6% | Mar 2024 6.7% | Jun 2024 6.5% | Sep 2024 6.9% | Dec 2024 7.0% | Mar 2025 6.3% | Jun 2025 6.1% | Sep 2025 7.0% | Dec 2025 6.9% | Mar 2026 6.7% | Jun 2026 — - TPG: Sep 2021 3.3% | Dec 2021 9.8% | Mar 2022 3.3% | Jun 2022 -3.8% | Sep 2022 0.5% | Dec 2022 2.5% | Mar 2023 0.3% | Jun 2023 0.4% | Sep 2023 -1.2% | Dec 2023 0.5% | Mar 2024 0.2% | Jun 2024 -0.2% | Sep 2024 0.3% | Dec 2024 0.0% | Mar 2025 1.0% | Jun 2025 0.4% | Sep 2025 1.7% | Dec 2025 2.3% | Mar 2026 -0.8% | Jun 2026 — - CG: Sep 2021 3.5% | Dec 2021 3.9% | Mar 2022 3.4% | Jun 2022 1.6% | Sep 2022 1.8% | Dec 2022 1.1% | Mar 2023 1.0% | Jun 2023 0.2% | Sep 2023 1.0% | Dec 2023 -2.6% | Mar 2024 1.1% | Jun 2024 1.3% | Sep 2024 3.5% | Dec 2024 1.5% | Mar 2025 1.3% | Jun 2025 1.9% | Sep 2025 0.9% | Dec 2025 2.1% | Mar 2026 0.3% | Jun 2026 — - OWL: Sep 2021 1.9% | Dec 2021 0.6% | Mar 2022 -0.4% | Jun 2022 -0.4% | Sep 2022 0.0% | Dec 2022 -0.1% | Mar 2023 0.7% | Jun 2023 0.4% | Sep 2023 0.9% | Dec 2023 1.3% | Mar 2024 1.5% | Jun 2024 1.7% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 0.7% | Jun 2025 0.8% | Sep 2025 0.8% | Dec 2025 1.3% | Mar 2026 0.7% | Jun 2026 — - CRBG: Sep 2021 0.8% | Dec 2021 0.3% | Mar 2022 1.8% | Jun 2022 1.5% | Sep 2022 0.7% | Dec 2022 0.0% | Mar 2023 -0.1% | Jun 2023 0.2% | Sep 2023 0.6% | Dec 2023 -0.6% | Mar 2024 0.2% | Jun 2024 0.1% | Sep 2024 -0.3% | Dec 2024 0.8% | Mar 2025 -0.1% | Jun 2025 -0.1% | Sep 2025 -0.1% | Dec 2025 0.3% | Mar 2026 0.0% | Jun 2026 — - EQH: Sep 2021 0.3% | Dec 2021 0.2% | Mar 2022 0.2% | Jun 2022 0.4% | Sep 2022 0.3% | Dec 2022 0.1% | Mar 2023 0.1% | Jun 2023 0.6% | Sep 2023 0.7% | Dec 2023 -0.6% | Mar 2024 0.1% | Jun 2024 0.4% | Sep 2024 -0.7% | Dec 2024 -0.8% | Mar 2025 0.1% | Jun 2025 0.1% | Sep 2025 -0.1% | Dec 2025 -0.8% | Mar 2026 0.3% | Jun 2026 — - PS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 1.9% | Dec 2025 5.6% | Mar 2026 1.0% | Jun 2026 — - IVZ: Sep 2021 1.1% | Dec 2021 1.2% | Mar 2022 0.8% | Jun 2022 0.8% | Sep 2022 0.7% | Dec 2022 0.6% | Mar 2023 0.5% | Jun 2023 0.5% | Sep 2023 0.6% | Dec 2023 -2.6% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.3% | Dec 2024 4.1% | Mar 2025 0.8% | Jun 2025 0.6% | Sep 2025 1.0% | Dec 2025 -2.0% | Mar 2026 0.9% | Jun 2026 — - SEIC: Sep 2021 5.2% | Dec 2021 -10% | Mar 2022 7.3% | Jun 2022 4.1% | Sep 2022 1.8% | Dec 2022 6.1% | Mar 2023 3.3% | Jun 2023 3.8% | Sep 2023 3.6% | Dec 2023 6.1% | Mar 2024 4.0% | Jun 2024 4.3% | Sep 2024 4.3% | Dec 2024 4.6% | Mar 2025 4.7% | Jun 2025 4.5% | Sep 2025 4.5% | Dec 2025 4.4% | Mar 2026 4.9% | Jun 2026 5.2% - AMG: Sep 2021 2.2% | Dec 2021 2.3% | Mar 2022 2.4% | Jun 2022 2.3% | Sep 2022 1.8% | Dec 2022 1.0% | Mar 2023 1.5% | Jun 2023 1.6% | Sep 2023 1.8% | Dec 2023 1.5% | Mar 2024 1.3% | Jun 2024 1.5% | Sep 2024 1.7% | Dec 2024 1.5% | Mar 2025 0.7% | Jun 2025 1.0% | Sep 2025 1.4% | Dec 2025 0.5% | Mar 2026 0.7% | Jun 2026 — - JHG: Sep 2021 3.0% | Dec 2021 1.9% | Mar 2022 1.8% | Jun 2022 -0.3% | Sep 2022 1.5% | Dec 2022 1.0% | Mar 2023 1.2% | Jun 2023 1.4% | Sep 2023 1.7% | Dec 2023 1.8% | Mar 2024 1.5% | Jun 2024 2.0% | Sep 2024 1.3% | Dec 2024 2.1% | Mar 2025 1.8% | Jun 2025 1.9% | Sep 2025 1.9% | Dec 2025 5.0% | Mar 2026 1.2% | Jun 2026 — - VCTR: Sep 2021 4.5% | Dec 2021 3.4% | Mar 2022 3.7% | Jun 2022 4.2% | Sep 2022 3.8% | Dec 2022 2.4% | Mar 2023 2.3% | Jun 2023 2.6% | Sep 2023 2.4% | Dec 2023 2.5% | Mar 2024 2.6% | Jun 2024 3.4% | Sep 2024 3.5% | Dec 2024 3.4% | Mar 2025 2.8% | Jun 2025 1.9% | Sep 2025 3.0% | Dec 2025 3.6% | Mar 2026 3.6% | Jun 2026 — - STEP: Sep 2021 5.2% | Dec 2021 4.2% | Mar 2022 3.0% | Jun 2022 -0.3% | Sep 2022 -1.3% | Dec 2022 -0.2% | Mar 2023 1.6% | Jun 2023 1.3% | Sep 2023 1.5% | Dec 2023 -0.9% | Mar 2024 2.1% | Jun 2024 1.1% | Sep 2024 1.2% | Dec 2024 -7.7% | Mar 2025 -0.2% | Jun 2025 -0.8% | Sep 2025 -13% | Dec 2025 -3.9% | Mar 2026 6.9% | Jun 2026 — ### 20-quarter ROA change history - BLK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.2 pp | Mar 2023 −0.1 pp | Jun 2023 +0.2 pp | Sep 2023 +0.3 pp | Dec 2023 +0.2 pp | Mar 2024 +0.4 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.3 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −0.5 pp | Mar 2026 +0.4 pp | Jun 2026 +1.6 pp - BX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.9 pp | Dec 2022 −6.4 pp | Mar 2023 −6.3 pp | Jun 2023 +3.0 pp | Sep 2023 +2.6 pp | Dec 2023 −1.4 pp | Mar 2024 +3.6 pp | Jun 2024 −0.5 pp | Sep 2024 +1.3 pp | Dec 2024 +2.7 pp | Mar 2025 −1.2 pp | Jun 2025 +1.4 pp | Sep 2025 −1.1 pp | Dec 2025 +0.8 pp | Mar 2026 −0.2 pp | Jun 2026 +1.2 pp - BN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −1.1 pp | Mar 2023 −0.7 pp | Jun 2023 0.0 pp | Sep 2023 −0.5 pp | Dec 2023 +1.2 pp | Mar 2024 +0.1 pp | Jun 2024 −14.1 pp | Sep 2024 +1.0 pp | Dec 2024 −1.3 pp | Mar 2025 −0.5 pp | Jun 2025 +14.1 pp | Sep 2025 −0.7 pp | Dec 2025 +0.9 pp | Mar 2026 +0.5 pp | Jun 2026 — - KKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −0.4 pp | Mar 2023 +0.2 pp | Jun 2023 +0.3 pp | Sep 2023 +0.3 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 −0.3 pp | Dec 2024 0.0 pp | Mar 2025 −0.3 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.3 pp | Jun 2026 — - BAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +1.4 pp | Mar 2023 +0.1 pp | Jun 2023 −1.8 pp | Sep 2023 +1.7 pp | Dec 2023 +0.8 pp | Mar 2024 +0.2 pp | Jun 2024 +0.9 pp | Sep 2024 +0.1 pp | Dec 2024 −0.2 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.7 pp | Dec 2025 +0.2 pp | Mar 2026 −0.3 pp | Jun 2026 — - APO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.2 pp | Dec 2022 +2.4 pp | Mar 2023 +9.9 pp | Jun 2023 +5.4 pp | Sep 2023 +4.9 pp | Dec 2023 0.0 pp | Mar 2024 −10.8 pp | Jun 2024 −4.8 pp | Sep 2024 +0.1 pp | Dec 2024 −0.2 pp | Mar 2025 −0.7 pp | Jun 2025 −0.4 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.8 pp | Jun 2026 — - STT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 +0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.1 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −0.1 pp | Mar 2026 0.0 pp | Jun 2026 +0.1 pp - ARES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −0.2 pp | Mar 2023 +0.2 pp | Jun 2023 +0.8 pp | Sep 2023 +0.8 pp | Dec 2023 +0.1 pp | Mar 2024 −0.1 pp | Jun 2024 −0.2 pp | Sep 2024 +0.6 pp | Dec 2024 −0.1 pp | Mar 2025 −0.3 pp | Jun 2025 −0.1 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.4 pp | Jun 2026 — - RJF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 +0.9 pp - TROW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 −4.4 pp | Mar 2023 −3.0 pp | Jun 2023 −1.0 pp | Sep 2023 0.0 pp | Dec 2023 +0.8 pp | Mar 2024 +0.8 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +0.8 pp | Mar 2025 −0.2 pp | Jun 2025 −0.6 pp | Sep 2025 −0.1 pp | Dec 2025 −0.7 pp | Mar 2026 +0.3 pp | Jun 2026 — - PFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −0.2 pp | Mar 2023 −0.1 pp | Jun 2023 −1.0 pp | Sep 2023 −0.1 pp | Dec 2023 −0.3 pp | Mar 2024 +0.2 pp | Jun 2024 0.0 pp | Sep 2024 −0.5 pp | Dec 2024 +0.6 pp | Mar 2025 −0.2 pp | Jun 2025 0.0 pp | Sep 2025 +0.2 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 — - BEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 −2.3 pp | Mar 2023 −1.6 pp | Jun 2023 −1.1 pp | Sep 2023 −0.5 pp | Dec 2023 −0.5 pp | Mar 2024 −0.2 pp | Jun 2024 −0.2 pp | Sep 2024 +0.2 pp | Dec 2024 +0.4 pp | Mar 2025 −0.4 pp | Jun 2025 −0.4 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.4 pp | Jun 2026 — - TPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 −7.3 pp | Mar 2023 −3.0 pp | Jun 2023 +4.2 pp | Sep 2023 −1.7 pp | Dec 2023 −2.0 pp | Mar 2024 −0.1 pp | Jun 2024 −0.6 pp | Sep 2024 +1.5 pp | Dec 2024 −0.5 pp | Mar 2025 +0.8 pp | Jun 2025 +0.6 pp | Sep 2025 +1.4 pp | Dec 2025 +2.3 pp | Mar 2026 −1.8 pp | Jun 2026 — - CG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 −2.8 pp | Mar 2023 −2.4 pp | Jun 2023 −1.4 pp | Sep 2023 −0.8 pp | Dec 2023 −3.7 pp | Mar 2024 +0.1 pp | Jun 2024 +1.1 pp | Sep 2024 +2.5 pp | Dec 2024 +4.1 pp | Mar 2025 +0.2 pp | Jun 2025 +0.6 pp | Sep 2025 −2.6 pp | Dec 2025 +0.6 pp | Mar 2026 −1.0 pp | Jun 2026 — - OWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −0.7 pp | Mar 2023 +1.1 pp | Jun 2023 +0.8 pp | Sep 2023 +0.9 pp | Dec 2023 +1.4 pp | Mar 2024 +0.8 pp | Jun 2024 +1.3 pp | Sep 2024 +0.4 pp | Dec 2024 0.0 pp | Mar 2025 −0.8 pp | Jun 2025 −0.9 pp | Sep 2025 −0.5 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 — - CRBG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.3 pp | Mar 2023 −1.9 pp | Jun 2023 −1.3 pp | Sep 2023 −0.1 pp | Dec 2023 −0.6 pp | Mar 2024 +0.3 pp | Jun 2024 −0.1 pp | Sep 2024 −0.9 pp | Dec 2024 +1.4 pp | Mar 2025 −0.3 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 −0.5 pp | Mar 2026 +0.1 pp | Jun 2026 — - EQH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.1 pp | Mar 2023 −0.1 pp | Jun 2023 +0.2 pp | Sep 2023 +0.4 pp | Dec 2023 −0.7 pp | Mar 2024 0.0 pp | Jun 2024 −0.2 pp | Sep 2024 −1.4 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 −0.3 pp | Sep 2025 +0.6 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp | Jun 2026 — - PS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +1.9 pp | Dec 2025 +5.6 pp | Mar 2026 — | Jun 2026 — - IVZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.6 pp | Mar 2023 −0.3 pp | Jun 2023 −0.3 pp | Sep 2023 −0.1 pp | Dec 2023 −3.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 −0.3 pp | Dec 2024 +6.7 pp | Mar 2025 +0.2 pp | Jun 2025 0.0 pp | Sep 2025 +0.7 pp | Dec 2025 −6.1 pp | Mar 2026 +0.1 pp | Jun 2026 — - SEIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.4 pp | Dec 2022 +16.5 pp | Mar 2023 −4.0 pp | Jun 2023 −0.3 pp | Sep 2023 +1.8 pp | Dec 2023 0.0 pp | Mar 2024 +0.7 pp | Jun 2024 +0.5 pp | Sep 2024 +0.7 pp | Dec 2024 −1.5 pp | Mar 2025 +0.7 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 −0.2 pp | Mar 2026 +0.2 pp | Jun 2026 +0.7 pp - AMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −1.3 pp | Mar 2023 −0.9 pp | Jun 2023 −0.7 pp | Sep 2023 0.0 pp | Dec 2023 +0.5 pp | Mar 2024 −0.2 pp | Jun 2024 −0.1 pp | Sep 2024 −0.1 pp | Dec 2024 0.0 pp | Mar 2025 −0.6 pp | Jun 2025 −0.5 pp | Sep 2025 −0.3 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 — - JHG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 −0.9 pp | Mar 2023 −0.6 pp | Jun 2023 +1.7 pp | Sep 2023 +0.2 pp | Dec 2023 +0.8 pp | Mar 2024 +0.3 pp | Jun 2024 +0.6 pp | Sep 2024 −0.4 pp | Dec 2024 +0.3 pp | Mar 2025 +0.3 pp | Jun 2025 −0.1 pp | Sep 2025 +0.6 pp | Dec 2025 +2.9 pp | Mar 2026 −0.6 pp | Jun 2026 — - VCTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −1.0 pp | Mar 2023 −1.4 pp | Jun 2023 −1.6 pp | Sep 2023 −1.4 pp | Dec 2023 +0.1 pp | Mar 2024 +0.3 pp | Jun 2024 +0.8 pp | Sep 2024 +1.1 pp | Dec 2024 +0.9 pp | Mar 2025 +0.2 pp | Jun 2025 −1.5 pp | Sep 2025 −0.5 pp | Dec 2025 +0.2 pp | Mar 2026 +0.8 pp | Jun 2026 — - STEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.5 pp | Dec 2022 −4.4 pp | Mar 2023 −1.4 pp | Jun 2023 +1.6 pp | Sep 2023 +2.8 pp | Dec 2023 −0.7 pp | Mar 2024 +0.5 pp | Jun 2024 −0.2 pp | Sep 2024 −0.3 pp | Dec 2024 −6.8 pp | Mar 2025 −2.3 pp | Jun 2025 −1.9 pp | Sep 2025 −14.3 pp | Dec 2025 +3.8 pp | Mar 2026 +7.1 pp | Jun 2026 — ## ROE — Leaders & Improvers What the numbers say: Equitable Holdings, Inc. leads both roe at 24.1% and roe change at +20.3 percentage points. Investor read: Equitable Holdings, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roe change signal. Evidence: Equitable Holdings, Inc. · 24.1% | 34.6% versus #2 · Ameriprise Financial, Inc. | 2/8 recent comparable periods | 29/29 companies · 546 observations Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage. ### ROE — highest 1. Equitable Holdings, Inc. (EQH): 24% 2. Ameriprise Financial, Inc. (AMP): 18% 3. Blackstone Inc. (BX): 11% 4. Raymond James Financial, Inc. (RJF): 9.7% 5. BlackRock, Inc. (BLK): 7.9% ### ROE change — fastest improvers 1. Equitable Holdings, Inc. (EQH): +20.3 pp 2. Pershing Square Inc. (PS): +6.6 pp 3. Raymond James Financial, Inc. (RJF): +6.0 pp 4. Principal Financial Group, Inc. (PFG): +5.3 pp 5. Corebridge Financial, Inc. (CRBG): +4.7 pp ### 20-quarter ROE history - BLK: Sep 2021 4.7% | Dec 2021 4.3% | Mar 2022 3.6% | Jun 2022 2.5% | Sep 2022 3.6% | Dec 2022 3.4% | Mar 2023 3.0% | Jun 2023 3.6% | Sep 2023 4.1% | Dec 2023 3.7% | Mar 2024 4.0% | Jun 2024 3.7% | Sep 2024 4.0% | Dec 2024 3.7% | Mar 2025 3.3% | Jun 2025 3.5% | Sep 2025 2.9% | Dec 2025 2.2% | Mar 2026 4.1% | Jun 2026 7.9% - BX: Sep 2021 19% | Dec 2021 16% | Mar 2022 13% | Jun 2022 -1.3% | Sep 2022 0.0% | Dec 2022 3.6% | Mar 2023 1.0% | Jun 2023 6.0% | Sep 2023 4.8% | Dec 2023 0.6% | Mar 2024 8.6% | Jun 2024 5.0% | Sep 2024 8.2% | Dec 2024 7.1% | Mar 2025 6.3% | Jun 2025 8.2% | Sep 2025 6.1% | Dec 2025 9.5% | Mar 2026 6.1% | Jun 2026 11% - BN: Sep 2021 2.3% | Dec 2021 2.7% | Mar 2022 2.3% | Jun 2022 1.1% | Sep 2022 0.6% | Dec 2022 0.0% | Mar 2023 0.3% | Jun 2023 1.0% | Sep 2023 0.0% | Dec 2023 2.0% | Mar 2024 0.3% | Jun 2024 -0.2% | Sep 2024 0.9% | Dec 2024 0.1% | Mar 2025 0.1% | Jun 2025 0.6% | Sep 2025 0.2% | Dec 2025 1.0% | Mar 2026 0.5% | Jun 2026 — - KKR: Sep 2021 7.2% | Dec 2021 2.0% | Mar 2022 2.4% | Jun 2022 -3.4% | Sep 2022 0.2% | Dec 2022 0.0% | Mar 2023 0.5% | Jun 2023 2.0% | Sep 2023 4.2% | Dec 2023 2.8% | Mar 2024 1.9% | Jun 2024 1.7% | Sep 2024 2.3% | Dec 2024 2.3% | Mar 2025 1.1% | Jun 2025 2.1% | Sep 2025 2.7% | Dec 2025 3.2% | Mar 2026 0.4% | Jun 2026 — - BAM: Sep 2021 6.6% | Dec 2021 6.6% | Mar 2022 11% | Jun 2022 13% | Sep 2022 5.4% | Dec 2022 4.7% | Mar 2023 4.2% | Jun 2023 4.8% | Sep 2023 4.5% | Dec 2023 4.6% | Mar 2024 3.3% | Jun 2024 4.6% | Sep 2024 4.8% | Dec 2024 6.0% | Mar 2025 4.6% | Jun 2025 5.3% | Sep 2025 6.3% | Dec 2025 5.7% | Mar 2026 5.3% | Jun 2026 — - APO: Sep 2021 8.8% | Dec 2021 6.7% | Mar 2022 19% | Jun 2022 2.6% | Sep 2022 -12% | Dec 2022 7.4% | Mar 2023 34% | Jun 2023 18% | Sep 2023 5.8% | Dec 2023 18% | Mar 2024 11% | Jun 2024 7.2% | Sep 2024 7.1% | Dec 2024 5.9% | Mar 2025 3.2% | Jun 2025 2.7% | Sep 2025 6.9% | Dec 2025 3.2% | Mar 2026 -3.9% | Jun 2026 — - STT: Sep 2021 2.7% | Dec 2021 2.6% | Mar 2022 2.4% | Jun 2022 2.9% | Sep 2022 2.6% | Dec 2022 2.8% | Mar 2023 2.2% | Jun 2023 3.1% | Sep 2023 1.7% | Dec 2023 0.9% | Mar 2024 1.9% | Jun 2024 2.9% | Sep 2024 3.0% | Dec 2024 3.2% | Mar 2025 2.5% | Jun 2025 2.7% | Sep 2025 3.2% | Dec 2025 2.9% | Mar 2026 2.8% | Jun 2026 3.9% - AMP: Sep 2021 18% | Dec 2021 12% | Mar 2022 16% | Jun 2022 12% | Sep 2022 24% | Dec 2022 13% | Mar 2023 9.1% | Jun 2023 21% | Sep 2023 25% | Dec 2023 8.8% | Mar 2024 22% | Jun 2024 18% | Sep 2024 11% | Dec 2024 22% | Mar 2025 11% | Jun 2025 19% | Sep 2025 15% | Dec 2025 17% | Mar 2026 16% | Jun 2026 18% - ARES: Sep 2021 6.1% | Dec 2021 7.1% | Mar 2022 3.4% | Jun 2022 1.2% | Sep 2022 -1.1% | Dec 2022 6.8% | Mar 2023 5.1% | Jun 2023 6.8% | Sep 2023 4.1% | Dec 2023 9.6% | Mar 2024 4.2% | Jun 2024 5.1% | Sep 2024 5.1% | Dec 2024 5.6% | Mar 2025 1.8% | Jun 2025 3.1% | Sep 2025 7.4% | Dec 2025 2.5% | Mar 2026 2.9% | Jun 2026 — - RJF: Sep 2021 5.5% | Dec 2021 5.5% | Mar 2022 4.0% | Jun 2022 3.5% | Sep 2022 5.0% | Dec 2022 5.5% | Mar 2023 4.6% | Jun 2023 3.8% | Sep 2023 4.4% | Dec 2023 4.8% | Mar 2024 4.5% | Jun 2024 4.7% | Sep 2024 5.5% | Dec 2024 5.3% | Mar 2025 4.3% | Jun 2025 3.7% | Sep 2025 5.0% | Dec 2025 4.6% | Mar 2026 4.4% | Jun 2026 9.7% - NTRS: Sep 2021 3.4% | Dec 2021 3.4% | Mar 2022 3.4% | Jun 2022 3.5% | Sep 2022 3.4% | Dec 2022 1.3% | Mar 2023 2.9% | Jun 2023 2.9% | Sep 2023 2.9% | Dec 2023 1.0% | Mar 2024 1.8% | Jun 2024 7.4% | Sep 2024 3.8% | Dec 2024 3.7% | Mar 2025 3.1% | Jun 2025 3.3% | Sep 2025 3.6% | Dec 2025 3.6% | Mar 2026 4.1% | Jun 2026 6.0% - TROW: Sep 2021 9.8% | Dec 2021 8.6% | Mar 2022 5.9% | Jun 2022 3.4% | Sep 2022 4.1% | Dec 2022 3.2% | Mar 2023 4.8% | Jun 2023 5.2% | Sep 2023 4.7% | Dec 2023 5.1% | Mar 2024 6.2% | Jun 2024 5.0% | Sep 2024 6.4% | Dec 2024 4.1% | Mar 2025 4.9% | Jun 2025 5.3% | Sep 2025 6.4% | Dec 2025 4.3% | Mar 2026 4.5% | Jun 2026 — - PFG: Sep 2021 2.3% | Dec 2021 3.1% | Mar 2022 2.5% | Jun 2022 23% | Sep 2022 10% | Dec 2022 0.1% | Mar 2023 -1.2% | Jun 2023 3.7% | Sep 2023 12% | Dec 2023 -8.0% | Mar 2024 5.0% | Jun 2024 3.3% | Sep 2024 -1.8% | Dec 2024 8.2% | Mar 2025 1.0% | Jun 2025 3.8% | Sep 2025 2.0% | Dec 2025 4.6% | Mar 2026 6.3% | Jun 2026 — - BEN: Sep 2021 6.2% | Dec 2021 4.3% | Mar 2022 2.8% | Jun 2022 1.7% | Sep 2022 1.5% | Dec 2022 1.2% | Mar 2023 2.0% | Jun 2023 1.8% | Sep 2023 14% | Dec 2023 1.8% | Mar 2024 1.2% | Jun 2024 1.6% | Sep 2024 15% | Dec 2024 1.6% | Mar 2025 0.1% | Jun 2025 0.8% | Sep 2025 16% | Dec 2025 2.3% | Mar 2026 2.3% | Jun 2026 — - TPG: Sep 2021 8.6% | Dec 2021 15% | Mar 2022 9.5% | Jun 2022 -17% | Sep 2022 1.0% | Dec 2022 -0.2% | Mar 2023 1.1% | Jun 2023 1.3% | Sep 2023 -3.1% | Dec 2023 1.3% | Mar 2024 -0.3% | Jun 2024 -1.8% | Sep 2024 -0.7% | Dec 2024 0.3% | Mar 2025 2.6% | Jun 2025 0.9% | Sep 2025 5.6% | Dec 2025 7.3% | Mar 2026 -3.4% | Jun 2026 — - CG: Sep 2021 15% | Dec 2021 15% | Mar 2022 12% | Jun 2022 4.5% | Sep 2022 4.8% | Dec 2022 2.2% | Mar 2023 1.9% | Jun 2023 -1.0% | Sep 2023 1.7% | Dec 2023 -11% | Mar 2024 1.6% | Jun 2024 2.4% | Sep 2024 9.6% | Dec 2024 3.7% | Mar 2025 2.6% | Jun 2025 5.3% | Sep 2025 1.7% | Dec 2025 5.2% | Mar 2026 -2.1% | Jun 2026 — - OWL: Sep 2021 -10% | Dec 2021 -0.5% | Mar 2022 -0.4% | Jun 2022 -0.2% | Sep 2022 -0.2% | Dec 2022 0.0% | Mar 2023 0.7% | Jun 2023 0.6% | Sep 2023 1.2% | Dec 2023 1.5% | Mar 2024 2.1% | Jun 2024 2.6% | Sep 2024 1.8% | Dec 2024 1.3% | Mar 2025 0.6% | Jun 2025 1.2% | Sep 2025 0.8% | Dec 2025 2.5% | Mar 2026 1.3% | Jun 2026 — - CRBG: Sep 2021 4,557% | Dec 2021 11% | Mar 2022 33% | Jun 2022 41% | Sep 2022 60% | Dec 2022 -0.9% | Mar 2023 -2.7% | Jun 2023 6.1% | Sep 2023 24% | Dec 2023 -12% | Mar 2024 6.7% | Jun 2024 2.9% | Sep 2024 -10% | Dec 2024 18% | Mar 2025 -5.2% | Jun 2025 -5.3% | Sep 2025 1.0% | Dec 2025 6.1% | Mar 2026 -0.5% | Jun 2026 — - EQH: Sep 2021 4.8% | Dec 2021 2.6% | Mar 2022 5.5% | Jun 2022 10% | Sep 2022 7.2% | Dec 2022 1.7% | Mar 2023 3.6% | Jun 2023 14% | Sep 2023 28% | Dec 2023 -16% | Mar 2024 4.2% | Jun 2024 13% | Sep 2024 0.7% | Dec 2024 26% | Mar 2025 3.8% | Jun 2025 -9.4% | Sep 2025 -37% | Dec 2025 13% | Mar 2026 24% | Jun 2026 — - ARCC: Sep 2021 4.3% | Dec 2021 -6.9% | Mar 2022 2.5% | Jun 2022 1.3% | Sep 2022 1.2% | Dec 2022 15% | Mar 2023 2.6% | Jun 2023 3.4% | Sep 2023 4.9% | Dec 2023 6.5% | Mar 2024 4.1% | Jun 2024 2.8% | Sep 2024 3.3% | Dec 2024 2.9% | Mar 2025 1.9% | Jun 2025 2.7% | Sep 2025 3.0% | Dec 2025 2.1% | Mar 2026 0.7% | Jun 2026 — - PS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 16% | Dec 2025 6.6% | Mar 2026 -36% | Jun 2026 — - IVZ: Sep 2021 3.5% | Dec 2021 3.5% | Mar 2022 1.5% | Jun 2022 1.3% | Sep 2022 1.0% | Dec 2022 1.8% | Mar 2023 1.0% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 -4.1% | Mar 2024 1.3% | Jun 2024 1.2% | Sep 2024 0.6% | Dec 2024 2.0% | Mar 2025 1.7% | Jun 2025 1.3% | Sep 2025 2.3% | Dec 2025 -9.4% | Mar 2026 1.5% | Jun 2026 — - SEIC: Sep 2021 7.7% | Dec 2021 8.1% | Mar 2022 10% | Jun 2022 6.0% | Sep 2022 3.3% | Dec 2022 12% | Mar 2023 5.4% | Jun 2023 6.0% | Sep 2023 5.8% | Dec 2023 11% | Mar 2024 6.1% | Jun 2024 6.5% | Sep 2024 7.0% | Dec 2024 7.1% | Mar 2025 6.6% | Jun 2025 9.9% | Sep 2025 14% | Dec 2025 7.0% | Mar 2026 6.9% | Jun 2026 7.7% - AMG: Sep 2021 5.3% | Dec 2021 6.8% | Mar 2022 5.4% | Jun 2022 4.3% | Sep 2022 4.1% | Dec 2022 18% | Mar 2023 4.2% | Jun 2023 4.1% | Sep 2023 6.3% | Dec 2023 5.1% | Mar 2024 4.1% | Jun 2024 2.8% | Sep 2024 3.9% | Dec 2024 4.6% | Mar 2025 2.1% | Jun 2025 3.0% | Sep 2025 6.3% | Dec 2025 8.3% | Mar 2026 3.7% | Jun 2026 — - JHG: Sep 2021 4.2% | Dec 2021 2.6% | Mar 2022 1.8% | Jun 2022 -0.1% | Sep 2022 2.5% | Dec 2022 1.7% | Mar 2023 2.0% | Jun 2023 2.0% | Sep 2023 1.9% | Dec 2023 3.1% | Mar 2024 3.0% | Jun 2024 2.8% | Sep 2024 1.0% | Dec 2024 2.4% | Mar 2025 2.3% | Jun 2025 3.5% | Sep 2025 3.3% | Dec 2025 7.6% | Mar 2026 1.9% | Jun 2026 — - VCTR: Sep 2021 9.7% | Dec 2021 8.5% | Mar 2022 8.1% | Jun 2022 8.5% | Sep 2022 7.5% | Dec 2022 5.2% | Mar 2023 4.8% | Jun 2023 5.4% | Sep 2023 4.9% | Dec 2023 5.2% | Mar 2024 5.2% | Jun 2024 6.8% | Sep 2024 7.3% | Dec 2024 7.1% | Mar 2025 5.6% | Jun 2025 3.3% | Sep 2025 5.4% | Dec 2025 6.4% | Mar 2026 6.4% | Jun 2026 — - OBDC: Sep 2021 2.4% | Dec 2021 2.6% | Mar 2022 0.8% | Jun 2022 -0.6% | Sep 2022 4.5% | Dec 2022 3.2% | Mar 2023 3.4% | Jun 2023 6.9% | Sep 2023 3.5% | Dec 2023 4.0% | Mar 2024 3.8% | Jun 2024 5.7% | Sep 2024 3.1% | Dec 2024 3.4% | Mar 2025 4.4% | Jun 2025 3.0% | Sep 2025 2.8% | Dec 2025 2.7% | Mar 2026 0.5% | Jun 2026 — - STEP: Sep 2021 12% | Dec 2021 11% | Mar 2022 8.3% | Jun 2022 -1.7% | Sep 2022 -4.0% | Dec 2022 -0.8% | Mar 2023 4.3% | Jun 2023 2.9% | Sep 2023 3.5% | Dec 2023 -1.4% | Mar 2024 6.2% | Jun 2024 2.7% | Sep 2024 2.9% | Dec 2024 -17% | Mar 2025 0.7% | Jun 2025 -0.7% | Sep 2025 -36% | Dec 2025 -14% | Mar 2026 0.5% | Jun 2026 — - BXSL: Sep 2021 2.8% | Dec 2021 2.9% | Mar 2022 2.6% | Jun 2022 2.6% | Sep 2022 3.2% | Dec 2022 3.3% | Mar 2023 3.5% | Jun 2023 3.9% | Sep 2023 3.7% | Dec 2023 3.5% | Mar 2024 3.5% | Jun 2024 3.6% | Sep 2024 3.6% | Dec 2024 2.9% | Mar 2025 6.0% | Jun 2025 3.0% | Sep 2025 3.2% | Dec 2025 2.0% | Mar 2026 3.4% | Jun 2026 — ### 20-quarter ROE change history - BLK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −0.9 pp | Mar 2023 −0.6 pp | Jun 2023 +1.1 pp | Sep 2023 +0.5 pp | Dec 2023 +0.3 pp | Mar 2024 +1.0 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 0.0 pp | Mar 2025 −0.7 pp | Jun 2025 −0.2 pp | Sep 2025 −1.1 pp | Dec 2025 −1.5 pp | Mar 2026 +0.8 pp | Jun 2026 +4.4 pp - BX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −18.7 pp | Dec 2022 −12.6 pp | Mar 2023 −11.8 pp | Jun 2023 +7.3 pp | Sep 2023 +4.8 pp | Dec 2023 −3.0 pp | Mar 2024 +7.6 pp | Jun 2024 −1.0 pp | Sep 2024 +3.4 pp | Dec 2024 +6.5 pp | Mar 2025 −2.3 pp | Jun 2025 +3.2 pp | Sep 2025 −2.1 pp | Dec 2025 +2.4 pp | Mar 2026 −0.2 pp | Jun 2026 +2.6 pp - BN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 −2.7 pp | Mar 2023 −2.0 pp | Jun 2023 −0.1 pp | Sep 2023 −0.6 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.2 pp | Sep 2024 +0.9 pp | Dec 2024 −1.9 pp | Mar 2025 −0.2 pp | Jun 2025 +0.8 pp | Sep 2025 −0.7 pp | Dec 2025 +0.9 pp | Mar 2026 +0.4 pp | Jun 2026 — - KKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.0 pp | Dec 2022 −2.0 pp | Mar 2023 −1.9 pp | Jun 2023 +5.4 pp | Sep 2023 +4.0 pp | Dec 2023 +2.8 pp | Mar 2024 +1.4 pp | Jun 2024 −0.3 pp | Sep 2024 −1.9 pp | Dec 2024 −0.5 pp | Mar 2025 −0.8 pp | Jun 2025 +0.4 pp | Sep 2025 +0.4 pp | Dec 2025 +0.9 pp | Mar 2026 −0.7 pp | Jun 2026 — - BAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 −1.9 pp | Mar 2023 −7.0 pp | Jun 2023 −8.2 pp | Sep 2023 −0.9 pp | Dec 2023 −0.1 pp | Mar 2024 −0.9 pp | Jun 2024 −0.2 pp | Sep 2024 +0.3 pp | Dec 2024 +1.4 pp | Mar 2025 +1.3 pp | Jun 2025 +0.7 pp | Sep 2025 +1.5 pp | Dec 2025 −0.3 pp | Mar 2026 +0.7 pp | Jun 2026 — - APO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −20.6 pp | Dec 2022 +0.7 pp | Mar 2023 +14.5 pp | Jun 2023 +15.2 pp | Sep 2023 +17.6 pp | Dec 2023 +10.2 pp | Mar 2024 −22.3 pp | Jun 2024 −10.6 pp | Sep 2024 +1.3 pp | Dec 2024 −11.7 pp | Mar 2025 −8.0 pp | Jun 2025 −4.5 pp | Sep 2025 −0.2 pp | Dec 2025 −2.7 pp | Mar 2026 −7.1 pp | Jun 2026 — - STT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.2 pp | Mar 2023 −0.2 pp | Jun 2023 +0.2 pp | Sep 2023 −0.9 pp | Dec 2023 −1.9 pp | Mar 2024 −0.3 pp | Jun 2024 −0.2 pp | Sep 2024 +1.3 pp | Dec 2024 +2.3 pp | Mar 2025 +0.6 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 −0.3 pp | Mar 2026 +0.3 pp | Jun 2026 +1.2 pp - AMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.2 pp | Dec 2022 +1.4 pp | Mar 2023 −6.6 pp | Jun 2023 +8.9 pp | Sep 2023 +0.9 pp | Dec 2023 −4.5 pp | Mar 2024 +12.8 pp | Jun 2024 −2.9 pp | Sep 2024 −13.9 pp | Dec 2024 +12.7 pp | Mar 2025 −10.6 pp | Jun 2025 +0.8 pp | Sep 2025 +4.3 pp | Dec 2025 −4.4 pp | Mar 2026 +4.4 pp | Jun 2026 −1.2 pp - ARES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.2 pp | Dec 2022 −0.3 pp | Mar 2023 +1.7 pp | Jun 2023 +5.6 pp | Sep 2023 +5.2 pp | Dec 2023 +2.8 pp | Mar 2024 −0.9 pp | Jun 2024 −1.7 pp | Sep 2024 +1.0 pp | Dec 2024 −4.0 pp | Mar 2025 −2.4 pp | Jun 2025 −2.0 pp | Sep 2025 +2.3 pp | Dec 2025 −3.1 pp | Mar 2026 +1.1 pp | Jun 2026 — - RJF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 0.0 pp | Mar 2023 +0.6 pp | Jun 2023 +0.3 pp | Sep 2023 −0.6 pp | Dec 2023 −0.7 pp | Mar 2024 −0.1 pp | Jun 2024 +0.9 pp | Sep 2024 +1.1 pp | Dec 2024 +0.5 pp | Mar 2025 −0.2 pp | Jun 2025 −1.0 pp | Sep 2025 −0.5 pp | Dec 2025 −0.7 pp | Mar 2026 +0.1 pp | Jun 2026 +6.0 pp - NTRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −2.1 pp | Mar 2023 −0.5 pp | Jun 2023 −0.6 pp | Sep 2023 −0.5 pp | Dec 2023 −0.3 pp | Mar 2024 −1.1 pp | Jun 2024 +4.5 pp | Sep 2024 +0.9 pp | Dec 2024 +2.7 pp | Mar 2025 +1.3 pp | Jun 2025 −4.1 pp | Sep 2025 −0.2 pp | Dec 2025 −0.1 pp | Mar 2026 +1.0 pp | Jun 2026 +2.7 pp - TROW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.7 pp | Dec 2022 −5.4 pp | Mar 2023 −1.1 pp | Jun 2023 +1.8 pp | Sep 2023 +0.6 pp | Dec 2023 +1.9 pp | Mar 2024 +1.4 pp | Jun 2024 −0.2 pp | Sep 2024 +1.7 pp | Dec 2024 −1.0 pp | Mar 2025 −1.3 pp | Jun 2025 +0.3 pp | Sep 2025 0.0 pp | Dec 2025 +0.2 pp | Mar 2026 −0.4 pp | Jun 2026 — - PFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.9 pp | Dec 2022 −3.0 pp | Mar 2023 −3.7 pp | Jun 2023 −19.2 pp | Sep 2023 +2.2 pp | Dec 2023 −8.1 pp | Mar 2024 +6.2 pp | Jun 2024 −0.4 pp | Sep 2024 −14.2 pp | Dec 2024 +16.2 pp | Mar 2025 −4.0 pp | Jun 2025 +0.5 pp | Sep 2025 +3.8 pp | Dec 2025 −3.6 pp | Mar 2026 +5.3 pp | Jun 2026 — - BEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.7 pp | Dec 2022 −3.1 pp | Mar 2023 −0.8 pp | Jun 2023 +0.1 pp | Sep 2023 +12.7 pp | Dec 2023 +0.6 pp | Mar 2024 −0.8 pp | Jun 2024 −0.2 pp | Sep 2024 +1.0 pp | Dec 2024 −0.2 pp | Mar 2025 −1.1 pp | Jun 2025 −0.8 pp | Sep 2025 +0.6 pp | Dec 2025 +0.7 pp | Mar 2026 +2.2 pp | Jun 2026 — - TPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.6 pp | Dec 2022 −15.4 pp | Mar 2023 −8.4 pp | Jun 2023 +18.4 pp | Sep 2023 −4.1 pp | Dec 2023 +1.5 pp | Mar 2024 −1.4 pp | Jun 2024 −3.1 pp | Sep 2024 +2.4 pp | Dec 2024 −1.0 pp | Mar 2025 +2.9 pp | Jun 2025 +2.7 pp | Sep 2025 +6.3 pp | Dec 2025 +7.0 pp | Mar 2026 −6.0 pp | Jun 2026 — - CG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.9 pp | Dec 2022 −13.1 pp | Mar 2023 −9.9 pp | Jun 2023 −5.5 pp | Sep 2023 −3.1 pp | Dec 2023 −12.8 pp | Mar 2024 −0.3 pp | Jun 2024 +3.4 pp | Sep 2024 +7.9 pp | Dec 2024 +14.3 pp | Mar 2025 +1.0 pp | Jun 2025 +2.9 pp | Sep 2025 −7.9 pp | Dec 2025 +1.5 pp | Mar 2026 −4.7 pp | Jun 2026 — - OWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.1 pp | Dec 2022 +0.5 pp | Mar 2023 +1.1 pp | Jun 2023 +0.8 pp | Sep 2023 +1.4 pp | Dec 2023 +1.5 pp | Mar 2024 +1.4 pp | Jun 2024 +2.0 pp | Sep 2024 +0.6 pp | Dec 2024 −0.2 pp | Mar 2025 −1.5 pp | Jun 2025 −1.4 pp | Sep 2025 −1.0 pp | Dec 2025 +1.2 pp | Mar 2026 +0.7 pp | Jun 2026 — - CRBG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4,496.5 pp | Dec 2022 −11.8 pp | Mar 2023 −35.3 pp | Jun 2023 −34.6 pp | Sep 2023 −36.5 pp | Dec 2023 −10.7 pp | Mar 2024 +9.4 pp | Jun 2024 −3.2 pp | Sep 2024 −33.5 pp | Dec 2024 +29.4 pp | Mar 2025 −11.9 pp | Jun 2025 −8.2 pp | Sep 2025 +11.0 pp | Dec 2025 −11.7 pp | Mar 2026 +4.7 pp | Jun 2026 — - EQH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 −0.9 pp | Mar 2023 −1.9 pp | Jun 2023 +3.6 pp | Sep 2023 +20.8 pp | Dec 2023 −17.9 pp | Mar 2024 +0.6 pp | Jun 2024 −0.5 pp | Sep 2024 −27.3 pp | Dec 2024 +42.0 pp | Mar 2025 −0.4 pp | Jun 2025 −22.5 pp | Sep 2025 −37.6 pp | Dec 2025 −13.1 pp | Mar 2026 +20.3 pp | Jun 2026 — - ARCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 +22.1 pp | Mar 2023 +0.1 pp | Jun 2023 +2.1 pp | Sep 2023 +3.7 pp | Dec 2023 −8.7 pp | Mar 2024 +1.5 pp | Jun 2024 −0.6 pp | Sep 2024 −1.6 pp | Dec 2024 −3.6 pp | Mar 2025 −2.2 pp | Jun 2025 −0.1 pp | Sep 2025 −0.3 pp | Dec 2025 −0.8 pp | Mar 2026 −1.2 pp | Jun 2026 — - PS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +15.6 pp | Dec 2025 +6.6 pp | Mar 2026 — | Jun 2026 — - IVZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 −1.7 pp | Mar 2023 −0.5 pp | Jun 2023 −0.3 pp | Sep 2023 0.0 pp | Dec 2023 −5.9 pp | Mar 2024 +0.3 pp | Jun 2024 +0.2 pp | Sep 2024 −0.4 pp | Dec 2024 +6.1 pp | Mar 2025 +0.4 pp | Jun 2025 +0.1 pp | Sep 2025 +1.7 pp | Dec 2025 −11.4 pp | Mar 2026 −0.2 pp | Jun 2026 — - SEIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.4 pp | Dec 2022 +3.4 pp | Mar 2023 −4.6 pp | Jun 2023 0.0 pp | Sep 2023 +2.5 pp | Dec 2023 −0.6 pp | Mar 2024 +0.7 pp | Jun 2024 +0.5 pp | Sep 2024 +1.2 pp | Dec 2024 −3.8 pp | Mar 2025 +0.5 pp | Jun 2025 +3.4 pp | Sep 2025 +6.9 pp | Dec 2025 −0.1 pp | Mar 2026 +0.3 pp | Jun 2026 −2.2 pp - AMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 +11.6 pp | Mar 2023 −1.2 pp | Jun 2023 −0.2 pp | Sep 2023 +2.2 pp | Dec 2023 −13.3 pp | Mar 2024 −0.1 pp | Jun 2024 −1.3 pp | Sep 2024 −2.4 pp | Dec 2024 −0.5 pp | Mar 2025 −2.0 pp | Jun 2025 +0.2 pp | Sep 2025 +2.4 pp | Dec 2025 +3.7 pp | Mar 2026 +1.6 pp | Jun 2026 — - JHG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 −0.9 pp | Mar 2023 +0.2 pp | Jun 2023 +2.1 pp | Sep 2023 −0.6 pp | Dec 2023 +1.4 pp | Mar 2024 +1.0 pp | Jun 2024 +0.8 pp | Sep 2024 −0.9 pp | Dec 2024 −0.7 pp | Mar 2025 −0.7 pp | Jun 2025 +0.7 pp | Sep 2025 +2.3 pp | Dec 2025 +5.2 pp | Mar 2026 −0.4 pp | Jun 2026 — - VCTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −3.3 pp | Mar 2023 −3.3 pp | Jun 2023 −3.1 pp | Sep 2023 −2.6 pp | Dec 2023 0.0 pp | Mar 2024 +0.4 pp | Jun 2024 +1.4 pp | Sep 2024 +2.4 pp | Dec 2024 +1.9 pp | Mar 2025 +0.4 pp | Jun 2025 −3.5 pp | Sep 2025 −1.9 pp | Dec 2025 −0.7 pp | Mar 2026 +0.8 pp | Jun 2026 — - OBDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +0.6 pp | Mar 2023 +2.6 pp | Jun 2023 +7.5 pp | Sep 2023 −1.0 pp | Dec 2023 +0.8 pp | Mar 2024 +0.4 pp | Jun 2024 −1.2 pp | Sep 2024 −0.4 pp | Dec 2024 −0.6 pp | Mar 2025 +0.6 pp | Jun 2025 −2.7 pp | Sep 2025 −0.3 pp | Dec 2025 −0.7 pp | Mar 2026 −3.9 pp | Jun 2026 — - STEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −15.9 pp | Dec 2022 −11.5 pp | Mar 2023 −4.0 pp | Jun 2023 +4.6 pp | Sep 2023 +7.5 pp | Dec 2023 −0.6 pp | Mar 2024 +1.9 pp | Jun 2024 −0.2 pp | Sep 2024 −0.6 pp | Dec 2024 −15.4 pp | Mar 2025 −5.5 pp | Jun 2025 −3.4 pp | Sep 2025 −38.6 pp | Dec 2025 +2.4 pp | Mar 2026 −0.2 pp | Jun 2026 — - BXSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.4 pp | Mar 2023 +0.9 pp | Jun 2023 +1.3 pp | Sep 2023 +0.5 pp | Dec 2023 +0.2 pp | Mar 2024 0.0 pp | Jun 2024 −0.3 pp | Sep 2024 −0.1 pp | Dec 2024 −0.6 pp | Mar 2025 +2.5 pp | Jun 2025 −0.6 pp | Sep 2025 −0.4 pp | Dec 2025 −0.9 pp | Mar 2026 −2.6 pp | Jun 2026 — ## Gross NPA — Leaders & Improvers What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader. Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/29 companies · 0 observations Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted. ### Gross NPA — lowest ### GNPA change — fastest improvers ### 20-quarter Gross NPA history ### 20-quarter GNPA change history ## Valuation Against Growth & Quality What the numbers say: Franklin Resources, Inc. has the lowest comparable P/BV ÷ ROE at 0.15×, 34.8% below Raymond James Financial, Inc.. Only 23 of 29 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Franklin Resources, Inc. · 0.15× | 34.8% versus #2 · Raymond James Financial, Inc. | 0/8 recent comparable periods | 23/29 companies · 469 observations Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive. ### P/BV ÷ ROE — lowest return-adjusted price 1. Franklin Resources, Inc. (BEN): 0.2 2. Raymond James Financial, Inc. (RJF): 0.2 3. Principal Financial Group, Inc. (PFG): 0.3 4. Blackstone Secured Lending Fund (BXSL): 0.3 5. BlackRock, Inc. (BLK): 0.3 ### P/BV — lowest P/BV 1. StepStone Group Inc. (STEP): -9.3 2. Franklin Resources, Inc. (BEN): 0.3 3. Blue Owl Capital Corporation (OBDC): 0.8 4. Invesco Ltd. (IVZ): 0.9 5. Blackstone Secured Lending Fund (BXSL): 0.9 ### 20-quarter P/BV ÷ ROE history - BLK: Sep 2021 0.7 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 1.1 | Dec 2025 1.4 | Mar 2026 0.6 | Jun 2026 — - BX: Sep 2021 0.5 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 — | Sep 2022 — | Dec 2022 1.9 | Mar 2023 8.8 | Jun 2023 1.5 | Sep 2023 2.3 | Dec 2023 23.0 | Mar 2024 1.6 | Jun 2024 2.6 | Sep 2024 2.0 | Dec 2024 2.2 | Mar 2025 2.1 | Jun 2025 1.6 | Sep 2025 2.5 | Dec 2025 1.4 | Mar 2026 1.7 | Jun 2026 0.9 - BN: Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 1.2 | Sep 2022 2.2 | Dec 2022 — | Mar 2023 4.2 | Jun 2023 1.3 | Sep 2023 — | Dec 2023 0.7 | Mar 2024 5.2 | Jun 2024 — | Sep 2024 2.1 | Dec 2024 20.7 | Mar 2025 19.1 | Jun 2025 3.6 | Sep 2025 16.8 | Dec 2025 2.4 | Mar 2026 5.9 | Jun 2026 — - KKR: Sep 2021 0.3 | Dec 2021 1.3 | Mar 2022 0.9 | Jun 2022 — | Sep 2022 10.6 | Dec 2022 — | Mar 2023 4.6 | Jun 2023 1.2 | Sep 2023 0.6 | Dec 2023 1.2 | Mar 2024 2.2 | Jun 2024 2.5 | Sep 2024 2.1 | Dec 2024 2.4 | Mar 2025 3.4 | Jun 2025 2.0 | Sep 2025 1.4 | Dec 2025 1.2 | Mar 2026 6.8 | Jun 2026 — - BAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.0 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 2.4 | Jun 2024 1.5 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 1.7 | Dec 2025 1.8 | Mar 2026 1.8 | Jun 2026 — - APO: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 1.2 | Jun 2022 5.5 | Sep 2022 — | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 0.2 | Mar 2024 0.4 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.9 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 0.5 | Dec 2025 1.1 | Mar 2026 — | Jun 2026 — - STT: Sep 2021 0.4 | Dec 2021 0.5 | Mar 2022 0.5 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.4 | Mar 2023 0.5 | Jun 2023 0.3 | Sep 2023 0.5 | Dec 2023 1.1 | Mar 2024 0.5 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 0.4 - AMP: Sep 2021 0.3 | Dec 2021 0.5 | Mar 2022 0.4 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.7 | Mar 2023 0.9 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.9 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.8 | Dec 2024 0.5 | Mar 2025 0.8 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.4 | Mar 2026 0.4 | Jun 2026 0.4 - ARES: Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 2.5 | Jun 2022 5.1 | Sep 2022 — | Dec 2022 1.1 | Mar 2023 1.8 | Jun 2023 1.5 | Sep 2023 2.7 | Dec 2023 1.3 | Mar 2024 3.5 | Jun 2024 2.6 | Sep 2024 3.0 | Dec 2024 1.8 | Mar 2025 4.0 | Jun 2025 2.8 | Sep 2025 1.1 | Dec 2025 3.4 | Mar 2026 2.1 | Jun 2026 — - RJF: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.6 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 — - NTRS: Sep 2021 0.6 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 1.3 | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 1.5 | Mar 2024 0.8 | Jun 2024 0.2 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 — - TROW: Sep 2021 0.6 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 0.9 | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.6 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 — - PFG: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.6 | Jun 2022 0.1 | Sep 2022 0.2 | Dec 2022 20.5 | Mar 2023 — | Jun 2023 0.5 | Sep 2023 0.1 | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 — | Dec 2024 0.2 | Mar 2025 15.6 | Jun 2025 0.4 | Sep 2025 0.8 | Dec 2025 0.4 | Mar 2026 0.3 | Jun 2026 — - BEN: Sep 2021 0.2 | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.9 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.1 | Dec 2023 0.7 | Mar 2024 1.0 | Jun 2024 0.6 | Sep 2024 0.1 | Dec 2024 0.5 | Mar 2025 8.2 | Jun 2025 1.3 | Sep 2025 0.1 | Dec 2025 0.4 | Mar 2026 0.2 | Jun 2026 — - TPG: Sep 2021 — | Dec 2021 — | Mar 2022 0.1 | Jun 2022 — | Sep 2022 4.4 | Dec 2022 — | Mar 2023 4.2 | Jun 2023 3.4 | Sep 2023 — | Dec 2023 4.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 29.2 | Mar 2025 2.7 | Jun 2025 7.3 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 — | Jun 2026 — - CG: Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.3 | Jun 2022 0.4 | Sep 2022 0.3 | Dec 2022 0.8 | Mar 2023 1.0 | Jun 2023 — | Sep 2023 1.1 | Dec 2023 — | Mar 2024 2.1 | Jun 2024 1.2 | Sep 2024 0.3 | Dec 2024 0.9 | Mar 2025 1.1 | Jun 2025 0.6 | Sep 2025 2.4 | Dec 2025 0.7 | Mar 2026 — | Jun 2026 — - OWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.4 | Jun 2023 5.6 | Sep 2023 3.2 | Dec 2023 3.0 | Mar 2024 2.7 | Jun 2024 2.1 | Sep 2024 3.1 | Dec 2024 5.1 | Mar 2025 9.0 | Jun 2025 4.4 | Sep 2025 6.1 | Dec 2025 1.8 | Mar 2026 2.3 | Jun 2026 — - CRBG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 0.1 | Dec 2023 — | Mar 2024 0.2 | Jun 2024 0.6 | Sep 2024 — | Dec 2024 0.1 | Mar 2025 — | Jun 2025 — | Sep 2025 1.3 | Dec 2025 0.2 | Mar 2026 — | Jun 2026 — - EQH: Sep 2021 0.2 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.4 | Dec 2022 4.4 | Mar 2023 0.7 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 — | Mar 2024 1.5 | Jun 2024 0.6 | Sep 2024 5.9 | Dec 2024 0.4 | Mar 2025 1.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.6 | Jun 2026 — - ARCC: Sep 2021 0.3 | Dec 2021 — | Mar 2022 0.4 | Jun 2022 0.7 | Sep 2022 0.8 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.3 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 0.3 | Dec 2024 0.4 | Mar 2025 0.6 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.5 | Mar 2026 1.3 | Jun 2026 — - IVZ: Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.3 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.9 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 — | Mar 2026 0.6 | Jun 2026 — - SEIC: Sep 2021 0.6 | Dec 2021 0.6 | Mar 2022 0.4 | Jun 2022 0.6 | Sep 2022 1.0 | Dec 2022 8.1 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.4 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.5 | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 0.5 | Sep 2025 0.3 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 0.6 - AMG: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.1 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.2 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.6 | Jun 2026 — - JHG: Sep 2021 0.4 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 — | Sep 2022 0.3 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 1.3 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.2 | Mar 2026 0.8 | Jun 2026 — - VCTR: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.3 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.5 | Mar 2025 0.6 | Jun 2025 0.5 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.4 | Jun 2026 — - OBDC: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 1.2 | Jun 2022 — | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.2 | Mar 2024 0.3 | Jun 2024 0.2 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 1.5 | Jun 2026 — - STEP: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 — | Mar 2024 1.2 | Jun 2024 3.2 | Sep 2024 3.6 | Dec 2024 — | Mar 2025 31.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BXSL: Sep 2021 — | Dec 2021 0.5 | Mar 2022 0.4 | Jun 2022 0.4 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.4 | Mar 2025 0.2 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.5 | Mar 2026 0.3 | Jun 2026 — ### 20-quarter P/BV history - BLK: Sep 2021 3.5 | Dec 2021 3.7 | Mar 2022 3.1 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 2.8 | Mar 2023 2.7 | Jun 2023 2.7 | Sep 2023 2.5 | Dec 2023 3.1 | Mar 2024 3.1 | Jun 2024 2.9 | Sep 2024 3.4 | Dec 2024 3.3 | Mar 2025 3.1 | Jun 2025 3.3 | Sep 2025 3.3 | Dec 2025 3.0 | Mar 2026 2.6 | Jun 2026 — - BX: Sep 2021 8.9 | Dec 2021 9.7 | Mar 2022 9.3 | Jun 2022 7.5 | Sep 2022 7.8 | Dec 2022 6.9 | Mar 2023 8.8 | Jun 2023 9.2 | Sep 2023 10.8 | Dec 2023 13.8 | Mar 2024 13.6 | Jun 2024 13.1 | Sep 2024 16.0 | Dec 2024 15.4 | Mar 2025 12.9 | Jun 2025 13.1 | Sep 2025 15.0 | Dec 2025 13.3 | Mar 2026 10.3 | Jun 2026 9.7 - BN: Sep 2021 1.8 | Dec 2021 1.8 | Mar 2022 1.7 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.5 | Sep 2024 1.9 | Dec 2024 2.1 | Mar 2025 1.9 | Jun 2025 2.2 | Sep 2025 3.4 | Dec 2025 2.4 | Mar 2026 3.0 | Jun 2026 — - KKR: Sep 2021 2.1 | Dec 2021 2.5 | Mar 2022 2.2 | Jun 2022 2.1 | Sep 2022 2.1 | Dec 2022 2.1 | Mar 2023 2.3 | Jun 2023 2.4 | Sep 2023 2.7 | Dec 2023 3.2 | Mar 2024 4.2 | Jun 2024 4.3 | Sep 2024 4.8 | Dec 2024 5.6 | Mar 2025 3.7 | Jun 2025 4.2 | Sep 2025 3.9 | Dec 2025 3.7 | Mar 2026 2.7 | Jun 2026 — - BAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.9 | Mar 2023 5.6 | Jun 2023 5.8 | Sep 2023 5.9 | Dec 2023 7.0 | Mar 2024 7.8 | Jun 2024 7.1 | Sep 2024 8.8 | Dec 2024 10.0 | Mar 2025 9.2 | Jun 2025 10.6 | Sep 2025 10.8 | Dec 2025 10.4 | Mar 2026 9.4 | Jun 2026 — - APO: Sep 2021 5.7 | Dec 2021 4.8 | Mar 2022 23.2 | Jun 2022 14.4 | Sep 2022 14.9 | Dec 2022 5.5 | Mar 2023 20.1 | Jun 2023 22.1 | Sep 2023 6.0 | Dec 2023 3.8 | Mar 2024 4.3 | Jun 2024 4.4 | Sep 2024 4.0 | Dec 2024 5.4 | Mar 2025 4.4 | Jun 2025 4.2 | Sep 2025 3.3 | Dec 2025 3.6 | Mar 2026 3.2 | Jun 2026 — - STT: Sep 2021 1.1 | Dec 2021 1.2 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.3 | Jun 2026 1.7 - AMP: Sep 2021 5.2 | Dec 2021 5.6 | Mar 2022 6.6 | Jun 2022 6.0 | Sep 2022 8.3 | Dec 2022 8.6 | Mar 2023 7.7 | Jun 2023 8.4 | Sep 2023 8.7 | Dec 2023 8.1 | Mar 2024 9.0 | Jun 2024 8.4 | Sep 2024 8.0 | Dec 2024 9.8 | Mar 2025 8.5 | Jun 2025 8.3 | Sep 2025 7.1 | Dec 2025 6.8 | Mar 2026 6.4 | Jun 2026 6.5 - ARES: Sep 2021 7.2 | Dec 2021 7.7 | Mar 2022 8.4 | Jun 2022 6.1 | Sep 2022 7.2 | Dec 2022 7.6 | Mar 2023 9.1 | Jun 2023 10.2 | Sep 2023 11.2 | Dec 2023 12.0 | Mar 2024 14.6 | Jun 2024 13.3 | Sep 2024 15.2 | Dec 2024 10.2 | Mar 2025 7.2 | Jun 2025 8.7 | Sep 2025 7.9 | Dec 2025 8.4 | Mar 2026 6.1 | Jun 2026 — - RJF: Sep 2021 2.3 | Dec 2021 2.4 | Mar 2022 2.7 | Jun 2022 2.0 | Sep 2022 2.3 | Dec 2022 2.3 | Mar 2023 2.0 | Jun 2023 2.2 | Sep 2023 2.1 | Dec 2023 2.2 | Mar 2024 2.4 | Jun 2024 2.3 | Sep 2024 2.1 | Dec 2024 2.7 | Mar 2025 2.3 | Jun 2025 2.5 | Sep 2025 2.7 | Dec 2025 2.5 | Mar 2026 2.2 | Jun 2026 — - NTRS: Sep 2021 1.9 | Dec 2021 2.1 | Mar 2022 2.1 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.3 | Sep 2024 1.4 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 2.0 | Jun 2026 — - TROW: Sep 2021 5.4 | Dec 2021 5.0 | Mar 2022 3.8 | Jun 2022 2.9 | Sep 2022 2.6 | Dec 2022 2.8 | Mar 2023 2.8 | Jun 2023 2.7 | Sep 2023 2.5 | Dec 2023 2.5 | Mar 2024 2.8 | Jun 2024 2.6 | Sep 2024 2.4 | Dec 2024 2.4 | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 2.1 | Dec 2025 2.1 | Mar 2026 1.8 | Jun 2026 — - PFG: Sep 2021 1.1 | Dec 2021 1.2 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.9 | Dec 2022 2.1 | Mar 2023 1.8 | Jun 2023 1.8 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.8 | Jun 2024 1.7 | Sep 2024 1.8 | Dec 2024 1.6 | Mar 2025 15.6 | Jun 2025 1.6 | Sep 2025 1.6 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 — - BEN: Sep 2021 1.3 | Dec 2021 1.5 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 0.9 | Sep 2024 0.8 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 0.3 | Jun 2026 — - TPG: Sep 2021 — | Dec 2021 — | Mar 2022 0.7 | Jun 2022 3.9 | Sep 2022 4.4 | Dec 2022 4.3 | Mar 2023 4.6 | Jun 2023 4.5 | Sep 2023 4.5 | Dec 2023 6.0 | Mar 2024 6.3 | Jun 2024 6.0 | Sep 2024 8.3 | Dec 2024 8.8 | Mar 2025 7.1 | Jun 2025 6.5 | Sep 2025 7.4 | Dec 2025 8.3 | Mar 2026 5.7 | Jun 2026 — - CG: Sep 2021 3.5 | Dec 2021 3.7 | Mar 2022 3.0 | Jun 2022 1.9 | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 1.8 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 2.8 | Mar 2024 3.3 | Jun 2024 2.8 | Sep 2024 2.8 | Dec 2024 3.2 | Mar 2025 2.8 | Jun 2025 3.2 | Sep 2025 4.0 | Dec 2025 3.7 | Mar 2026 3.2 | Jun 2026 — - OWL: Sep 2021 4.1 | Dec 2021 3.6 | Mar 2022 3.2 | Jun 2022 2.6 | Sep 2022 2.5 | Dec 2022 2.9 | Mar 2023 3.1 | Jun 2023 3.4 | Sep 2023 3.8 | Dec 2023 4.5 | Mar 2024 5.7 | Jun 2024 5.5 | Sep 2024 5.5 | Dec 2024 6.7 | Mar 2025 5.4 | Jun 2025 5.3 | Sep 2025 4.9 | Dec 2025 4.5 | Mar 2026 2.9 | Jun 2026 — - CRBG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.7 | Dec 2022 1.4 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 1.5 | Dec 2023 1.1 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.2 | Dec 2024 1.5 | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 — - EQH: Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 1.5 | Jun 2022 1.8 | Sep 2022 2.9 | Dec 2022 7.5 | Mar 2023 2.4 | Jun 2023 2.7 | Sep 2023 5.9 | Dec 2023 4.2 | Mar 2024 6.1 | Jun 2024 8.0 | Sep 2024 4.1 | Dec 2024 9.3 | Mar 2025 6.7 | Jun 2025 14.8 | Sep 2025 102.8 | Dec 2025 -182.5 | Mar 2026 38.3 | Jun 2026 — - ARCC: Sep 2021 1.1 | Dec 2021 11.8 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 6.1 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 — - IVZ: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.6 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.7 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 — - SEIC: Sep 2021 4.5 | Dec 2021 4.5 | Mar 2022 4.2 | Jun 2022 3.8 | Sep 2022 3.4 | Dec 2022 93.1 | Mar 2023 3.8 | Jun 2023 3.9 | Sep 2023 3.8 | Dec 2023 3.9 | Mar 2024 4.2 | Jun 2024 3.7 | Sep 2024 3.8 | Dec 2024 4.7 | Mar 2025 4.1 | Jun 2025 4.8 | Sep 2025 4.3 | Dec 2025 4.1 | Mar 2026 3.9 | Jun 2026 4.2 - AMG: Sep 2021 2.3 | Dec 2021 2.4 | Mar 2022 2.1 | Jun 2022 1.6 | Sep 2022 1.5 | Dec 2022 1.8 | Mar 2023 1.6 | Jun 2023 1.6 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.7 | Sep 2025 2.0 | Dec 2025 2.4 | Mar 2026 2.4 | Jun 2026 — - JHG: Sep 2021 1.5 | Dec 2021 1.5 | Mar 2022 1.3 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.3 | Dec 2024 1.5 | Mar 2025 1.2 | Jun 2025 1.3 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 — - VCTR: Sep 2021 2.8 | Dec 2021 2.7 | Mar 2022 2.0 | Jun 2022 1.6 | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 2.0 | Dec 2023 2.1 | Mar 2024 2.6 | Jun 2024 2.8 | Sep 2024 3.1 | Dec 2024 3.7 | Mar 2025 3.2 | Jun 2025 1.7 | Sep 2025 1.8 | Dec 2025 2.2 | Mar 2026 2.3 | Jun 2026 — - OBDC: Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 — | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 — - STEP: Sep 2021 3.5 | Dec 2021 3.3 | Mar 2022 2.5 | Jun 2022 2.0 | Sep 2022 2.0 | Dec 2022 2.1 | Mar 2023 2.0 | Jun 2023 2.0 | Sep 2023 2.6 | Dec 2023 2.7 | Mar 2024 7.2 | Jun 2024 8.5 | Sep 2024 10.4 | Dec 2024 20.9 | Mar 2025 22.4 | Jun 2025 28.3 | Sep 2025 -22.1 | Dec 2025 -13.6 | Mar 2026 -9.3 | Jun 2026 — - BXSL: Sep 2021 — | Dec 2021 1.3 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 — ## Market action Affiliated Managers Group, Inc. has the strongest one-year price move in Asset Management at +78.8%. Victory Capital Holdings, Inc. leads on Mansfield relative strength against the S&P 500 at +28.5%. 14 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Affiliated Managers Group, Inc. (AMG): 79% 2. State Street Corporation (STT): 68% 3. Principal Financial Group, Inc. (PFG): 51% 4. Victory Capital Holdings, Inc. (VCTR): 50% 5. Invesco Ltd. (IVZ): 43% ### Strongest relative strength versus NIFTY 500 1. Victory Capital Holdings, Inc. (VCTR): 29% 2. State Street Corporation (STT): 27% 3. Affiliated Managers Group, Inc. (AMG): 21% 4. Franklin Resources, Inc. (BEN): 17% 5. Principal Financial Group, Inc. (PFG): 15% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROE can be manufactured with leverage. Read it beside ROA and asset quality. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing. - Thin comparisons: Funding base, Asset quality have fewer than three usable current readings. ## Every company - BlackRock, Inc. (BLK) — market value ₹1.8 L Cr; latest fundamentals Jun 2026 - Blackstone Inc. (BX) — market value ₹1.7 L Cr; latest fundamentals Jun 2026 - Brookfield Corporation (BN) — market value ₹97.0K Cr; latest fundamentals Mar 2026 - KKR & Co. Inc. (KKR) — market value ₹92.2K Cr; latest fundamentals Mar 2026 - Brookfield Asset Management Ltd. (BAM) — market value ₹76.9K Cr; latest fundamentals Mar 2026 - Apollo Global Management, Inc. (APO) — market value ₹71.9K Cr; latest fundamentals Mar 2026 - State Street Corporation (STT) — market value ₹50.2K Cr; latest fundamentals Jun 2026 - Ameriprise Financial, Inc. (AMP) — market value ₹48.3K Cr; latest fundamentals Jun 2026 - Ares Management Corporation (ARES) — market value ₹42.2K Cr; latest fundamentals Mar 2026 - Raymond James Financial, Inc. (RJF) — market value ₹34.0K Cr; latest fundamentals Jun 2026 - Northern Trust Corporation (NTRS) — market value ₹33.1K Cr; latest fundamentals Jun 2026 - T. Rowe Price Group, Inc. (TROW) — market value ₹26.1K Cr; latest fundamentals Mar 2026 - Principal Financial Group, Inc. (PFG) — market value ₹24.5K Cr; latest fundamentals Mar 2026 - Franklin Resources, Inc. (BEN) — market value ₹17.3K Cr; latest fundamentals Mar 2026 - TPG Inc. (TPG) — market value ₹16.8K Cr; latest fundamentals Mar 2026 - The Carlyle Group Inc. (CG) — market value ₹16.7K Cr; latest fundamentals Mar 2026 - Blue Owl Capital Inc. (OWL) — market value ₹15.3K Cr; latest fundamentals Mar 2026 - Corebridge Financial, Inc. (CRBG) — market value ₹14.4K Cr; latest fundamentals Mar 2026 - Equitable Holdings, Inc. (EQH) — market value ₹13.9K Cr; latest fundamentals Mar 2026 - Ares Capital Corporation (ARCC) — market value ₹13.7K Cr; latest fundamentals Mar 2026 - Pershing Square Inc. (PS) — market value ₹13.5K Cr; latest fundamentals Mar 2026 - Invesco Ltd. (IVZ) — market value ₹13.0K Cr; latest fundamentals Mar 2026 - SEI Investments Company (SEIC) — market value ₹12.4K Cr; latest fundamentals Jun 2026 - Affiliated Managers Group, Inc. (AMG) — market value ₹9.8K Cr; latest fundamentals Mar 2026 - Janus Henderson Group plc (JHG) — market value ₹8.0K Cr; latest fundamentals Mar 2026 - Victory Capital Holdings, Inc. (VCTR) — market value ₹6.3K Cr; latest fundamentals Mar 2026 - Blue Owl Capital Corporation (OBDC) — market value ₹5.5K Cr; latest fundamentals Mar 2026 - StepStone Group Inc. (STEP) — market value ₹5.4K Cr; latest fundamentals Mar 2026 - Blackstone Secured Lending Fund (BXSL) — market value ₹5.4K Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Asset Management company is the biggest? Brookfield Corporation is the largest, with trailing-twelve-month income of $70,520 million, ahead of Apollo Global Management, Inc. at $31,560 million. That covers 23 of 29 companies with comparable reporting through Mar 2026. ### Which Asset Management company is growing fastest? StepStone Group Inc. has the fastest income growth at 69.7% year on year, across 23 of 29 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Asset Management company makes the most profit? BlackRock, Inc. earns the most, at $7,130 million of trailing-twelve-month net profit, from 23 of 29 comparable companies. Brookfield Corporation has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Asset Management company earns the highest return on capital? StepStone Group Inc. leads on return on assets at 6.9%, across 24 of 29 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Asset Management stock is the cheapest? On price-to-book divided by return on equity — where a LOWER number is cheaper — Franklin Resources, Inc. screens cheapest at 0.15×. Only 23 of 29 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Asset Management lender has the largest funding base? Northern Trust Corporation has the largest reported deposit base at $145,580 million. For lenders, deposits and borrowings are operating inputs rather than leverage, so they are read against asset quality and returns instead of as debt. ### Is the Asset Management sector beating the market? Asset Management has underperformed S&P 500 by 7.2% over the last 52 weeks and 6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 14 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Asset Management stock has the strongest price momentum? Victory Capital Holdings, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Asset Management company scores highest for research priority? Victory Capital Holdings, Inc. scores 68.9 out of 100 with 76% evidence confidence, from 25.5 points on growth and earnings, 16.4 on capital efficiency, 7.3 on valuation and 19.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Asset Management companies does this comparison cover, and over what period? It compares 29 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Asset Management sector? The 29 Asset Management companies on this page carry $1,128,749 million of combined market value. BlackRock, Inc. is the largest at $178,464 million, about 16% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Asset Management sector's P/B ratio? The median price-to-book ratio across the 29 Asset Management companies on this page is 2.4×, measured on the 27 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Asset Management sector performing? 14 of the 28 covered Asset Management companies are beating S&P 500 on Mansfield relative strength. The sector itself is 7.2% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Asset Management stocks are listed in the US? This comparison covers 29 listed Asset Management companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/asset-management