This quarter's results beat expectations, with record fundraising of $77 billion, a significant year-over-year increase. FRE grew 20% YoY to $808 million, DE rose 15% to $707 million, and FBC reached $672 billion, up 19%. Core drivers include strong flagship strategies, the $40 billion Just Group mandate closing, and the completion of the Oaktree acquisition, which have significantly enhanced the credit platform's scale and capabilities. AI infrastructure has become the largest growth engine: the Bloom partnership has expanded to $25 billion, and the firm was selected to develop the Paducah AI campus, expected to catalyze $100 billion in investment. Management expects record results for full-year 2026, strong growth in 2027, and carry to be realized earlier than anticipated.