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[@rosyprosperity](/creator/twitter/rosyprosperity)
"$PX P10 Inc. Any fellow investors in $PX out there I am long and keen to discuss the company's future outlook with others. Let's exchange thoughts. CC: $BX $APO $ARES $CG $TPG $BN $BAM $BNT $PJT"  
[X Link](https://x.com/rosyprosperity/status/1976005234431492172) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-08T19:22Z XXX followers, XXX engagements


"Bullish $APO"  
[X Link](https://x.com/rosyprosperity/status/1976519182188675187) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-10T05:24Z XXX followers, XXX engagements


""So you are really telling me you went heavy leveraged long on the privatecreditheavy alt managers $ARES and $APO during a regional banking crisis driven by rising delinquencies and a generous dose of fraud Only for them to hit ATHs just X months later""  
[X Link](https://x.com/rosyprosperity/status/1979176036370698393) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-17T13:21Z XXX followers, XXX engagements


"@capital_mindset 100%. I am grateful for the chance to buy the alt managers at depressed valuations. Missed the April Liberation Day flush (was off markets & news for personal reasons) so this selloff feels like a pure gift. Adding at those levels for the long run"  
[X Link](https://x.com/rosyprosperity/status/1979596986258211077) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-18T17:14Z XXX followers, XX engagements


"🧵 Thread on Alternative Asset Managers Why do $KKR and $BN / $BNT print low modified ROEs and why is $APO only midpack even though all three run powerful platforms The answer is capital intensity and what does or does not flow into DE. Two engines set to fire for the most overlooked alt manager $PX multiple expansion and earnings growth. Tickers: $PX $BX $BAM $BAM.TO $TPG $CG $ARES $OWL $APO $KKR $BN $BNT $BN.TO $BNT.TO"  
[X Link](https://x.com/rosyprosperity/status/1979966911061672005) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-19T17:44Z XXX followers, XXX engagements


"@SteveWps Thank you for the appreciation"  
[X Link](https://x.com/rosyprosperity/status/1980123591938371768) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-20T04:07Z XXX followers, XX engagements


"$BN $BNT $BAM 🔥 Very good news Brookfield will acquire the XX% of Oaktree it does not currently own for $3B moving to XXX% ownership. Close targeted for Q1-2026. Why it matters: consolidates a top credit platform. Including XXX% of Oaktree $BAM generated $2.8B in LTM feerelated earnings. The deal is expected to be accretive to both $BAM and $BN. Terms & leadership: consideration in cash or $BAM / $BN shares (2yr / 5yr lockups) with planned share repurchases to offset issuance. Howard Marks stays on BNs board; Bruce Karsh to join BAMs board. Robert OLeary & Armen Panossian to colead"  
[X Link](https://x.com/rosyprosperity/status/1977722739759698351) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-13T13:07Z XXX followers, XXX engagements


"8/ Insurance is the exception and it helps. Insurance reinsurance and annuity platforms are consolidated or reported segmentally so their earnings do flow through the managers results. At $KKR Global Atlantic contributes materially to adjusted results. At $APO the Retirement Services segment reports SpreadRelated Earnings (SRE) from Athene and partnerships such as Athora support the broader retirement ecosystem. At $BN / $BNT Brookfield Wealth Solutions operates an insurance and reinsurance platform with recent annuity and reinsurance transactions underscoring that flowthrough"  
[X Link](https://x.com/rosyprosperity/status/1979966930514526539) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-19T17:44Z XXX followers, XX engagements


"1) How much is Oaktree contributing to feerelated earnings (FRE) Latest explicit disclosure ( $BAM Q2-2024 supplemental): Oaktree contributed $102M of FRE in Q2-2024 and $394M over the LTM ended June 30th 2024. Oaktrees standalone FRE margin was 31%32%. Most recent data point ( $BAM Q2-2025 supplemental implies Oaktrees share via NCI): In Q2-2025 amounts not attributable directly to $BAM (which the footnote specifies are the 2627% of Oaktree $BAM did not own) were $19M for the quarter and $94M for the LTM. That implies Oaktrees XXX% FRE of roughly: - Q225 (quarter): $19M / XX% $73M - LTM to"  
[X Link](https://x.com/rosyprosperity/status/1977722424679346585) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-13T13:05Z XXX followers, XX engagements


"6/ The numbers that set up the debate: Equity/AUM a proxy for capital intensity is XXXX% at $BN / $BNT XXXX% at $KKR and XXX% at $APO versus XXX% at $PX and low single digits for most feefirst peers. DE/AUM a yield on AUM is XXXX% for $BN / $BNT XXXX% for $KKR and XXXX% for $APO"  
[X Link](https://x.com/rosyprosperity/status/1979966926073065643) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-19T17:44Z XXX followers, XX engagements


"7/ Why $KKR and $BN / $BNT show low modified ROEs They carry large equity bases and hold substantial principal investments including operating businesses. Under U.S. GAAP investmentcompany rules fundheld portfolio companies are not consolidated so their operating profits typically do not flow directly into the managers DE. They surface mainly as fees carry distributions or realized gains. That dynamic leaves DE/Equity looking muted when the denominator is heavy (high equity)"  
[X Link](https://x.com/rosyprosperity/status/1979966928270610756) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-19T17:44Z XXX followers, XX engagements


"10/ The rest of the set for context. Equity/AUM sits in the low single digits for $BX XXX% $BAM XXX% $TPG XXX% $CG XXX% $ARES XXX% $OWL XXX% that assetlightness helps their modified ROEs with $BX combining good DE/AUM XXXX% with a lean equity base"  
[X Link](https://x.com/rosyprosperity/status/1979966934868484313) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-19T17:44Z XXX followers, XX engagements


"9/ Putting that together. $KKR strong DE/AUM XXXX% thanks in part to insurance earnings but Equity/AUM XXXX% leaves DE/Equity 6.5%. The equityheavy balance sheet is the drag. $BN / $BNT DE/AUM XXXX% and the heaviest Equity/AUM XXXX% produce DE/Equity 3.6%. Significant principal capital and insurance growth sit on a large equity base. $APO DE/AUM XXXX% Equity/AUM XXX% DE/Equity 13.9%. It is less affected because its equity is used primarily to run Athene/Athora in retirement services rather than to hold as many operating businesses on balance sheet so the denominator is smaller than at $KKR or"  
[X Link](https://x.com/rosyprosperity/status/1979966932624318644) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-19T17:44Z XXX followers, XX engagements


"11/ Takeaway. Lower modified ROE at $KKR and $BN / $BNT is primarily a denominator story substantial equity tied to investments whose operating profits are not fully captured in DE until distributed or realized with insurance earnings the notable exception that does flow through. $APO is less affected because more of its equity supports Athene/Athora i.e. businesses whose earnings are reported at the segment level and less is committed to operating companies"  
[X Link](https://x.com/rosyprosperity/status/1979966936927666535) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-19T17:44Z XXX followers, XX engagements


"@BrookfieldBets Also choose $BNT (the inter-exhcangeable share with $BN) as a non-Canadian to circumvent the withholding tax of 25%"  
[X Link](https://x.com/rosyprosperity/status/1980134833532580018) [@rosyprosperity](/creator/x/rosyprosperity) 2025-10-20T04:51Z XXX followers, X engagements