Patrick DeVitt

“So, Jenny, you mentioned the distribution expense pressure, and there's news this month that Merrill Lynch is planning to make some fairly dramatic increases in revenue-sharing platform fees, and it seems to be across a lot of product wrappers, and that came after the Schwab news earlier this year on ETFs.”

“The market's still obviously hyper-focused on your exposure to retail direct lending, but you have a great track record, clearly have institutional relationships where it looks like demand might actually be leaning in.”

“There's been a lot of press focus on secondaries, PE strategies, and the policy of marking up deals immediately upon close. Much of that has been focused on other companies, but could you give us more color on how much of Lexington's fund performance is driven by that initial markup versus natural appreciation?”

“Obviously been a perfect storm for secondaries here for a while now, but your point's early. It feels like the realization window is opening up a bit, though, in fits and starts.”