Low Leverage And Strong Equity BaseExtremely low leverage and a 61% equity ratio provide durable financial resilience. This reduces refinancing and liquidity risk, preserves capacity for dividends or buybacks, and gives management optionality to invest in distribution or technology through market cycles without stressing the balance sheet.
Robust Free Cash Flow GenerationStrong FCF growth and near 1:1 conversion of net income to free cash flow underpin durable cash generation. This supports reinvestment in growth, funds performance-related payouts, and buffers dividends during AUM volatility, improving long-term financial flexibility and capital allocation.
Record AUM Growth And Strategic InitiativesA record rise in AUM combined with a strategic push on technology enhances scalable fee income and distribution capabilities. Lasting AUM growth expands the recurring management-fee base; technology investments can improve margin sustainability and client retention across future market cycles.