Oct 16, 2026 earnings call — Broad-based organic growth and real assets recovery
Generated 1.6 billion of net inflows, fifth consecutive quarter of organic growth.
Revenue $0.2B (est $0.2B) · EPS $0.89 (est $0.89)
Key quotes
"We generated 1.6 billion of net inflows, representing our fifth consecutive quarter of organic growth and our strongest flow period since the fourth quarter of 21."
"Beginning with our performance scorecard, 74% of our AUM outperformed in the third quarter."
Analyst Q&A 3
demand for real estate as rates rise
Q (John Dunn · Evercore): He asked why management is confident demand for real estate can hold up if rates move higher, and asked for a flavor of conversations with financial advisers, the wealth channel, institutional investors and any differences between those groups.
A: Management said they have not seen a notable change in investor tone and that improving rental growth is giving investors more confidence, which is growing the pipeline. They said institutional allocations take months to decide, their won and unfunded pipeline has been very strong for about 5 quarters, and wealth flows showed average daily inflows increasing in July, August, and September.
"We have not really seen any kind of notable change in tone in how the investors were talking to are looking at the real estate opportunity." — Jon Cheigh (PRESIDENT)
listed vs private infrastructure demand
Q (BofA): He asked whether allocators are shifting from private to listed infrastructure because of liquidity or slow distribution, and whether the firm is considering a semi-liquid infra product for the wealth channel. He then asked how much recent REIT and infra performance and pipeline depend on AI and data center demand and how exposed flows would be if AI CapEx slowed.
A: They said interest in listed infrastructure is not coming at the expense of private infrastructure and that combining listed and private can give better results. They noted infrastructure remains in a bull market tied to capital investment cycles like AI and power, said a private-vehicle for wealth is in the lab but not ready to discuss, and said data centers are about 10% of the US real estate portfolio while roughly 1/3 of infrastructure is in utilities with earnings rising from about 4% or so to more in the 7% to 8% range.
"So, you know, I would say that the growing interest in listed infrastructure is not coming at the expense of private infrastructure." — Joseph Harvey (CEO)
private real estate growth and platform scale
Q (John Dunn · Evercore): He asked when organic growth in private real estate might accelerate and whether being a newer platform helps when competing with legacy brands. He also asked about timing to convert the pipeline and the pipeline's composition.
A: They said CNSREIT is the top performing non-traded REIT since inception and the portfolio has about 900 million in total assets with equity value of about 400 million; they will hit a 3-year track record in January which should help win larger distributor placement. They said most capital has come from endowment-style RIAs, wirehouses are slower to onboard real estate, the typical cycle from pipeline to fund is roughly 4 months, and the pipeline is diverse across US and global real estate, infrastructure and multi-strategy real assets.
"Since our inception, it is the number 1 performing non traded REIT, and that is based on our investment team nailing it as it relates to an investment thesis around OpenAir shopping centers, both grocery-anchored shopping centers and power centers." — Joseph Harvey (CEO)