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anybody follow it?

mostly credit based management with majority of stuff in long-term closed funds

The one you thing you don't question is their fee gathering ability - +24b inflows in last 12m (not all organic but most is) and you get the feeling they could get more if they wanted. But most of the recent inflows have not translated into fee generating assets which is management's choice. But when they do, these are the highest fee areas.

But the valuation? The market value seems to be around 8300
(154 x current stock price). The BS has a bit more in cash than debt but they have a huge investment balance in their own funds so the EV seems a lot less.

none of it makes sense (to me)
the last 12 months of 'distributions' are $2.32 (roughly 4) but that doesn't seem to mean much

You could do some sort of AUM/EV estimate which makes it seem expensive but not really given that fee rates are equity like, assets are stickier, and assets are long-term.

but it is hard. i'm just not sure here.

Anybody with a better analysis? I've looked at some sell-side research and it isn't helpful.
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