| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 30, 2026 | 7/12 | 2 high, 4 medium, 2 low flags | 2 | 0 | Call sheet → |
| Q1'26 | April 30, 2026 | 10/12 | 3 medium, 5 low flags | 3 | 2 | Call sheet → |
| Q4'25 | February 5, 2026 | 8/12 | 2 medium, 5 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Bottoming of evergreen inflows in May 1st close July showed 50% increase from May, though off a low base |
| Q2'26 | Pending | Wrapping up GP Stakes vintage this year Still on track per commentary |
| Q2'26 | Pending | Initial close of digital infrastructure flagship in back half of this year Maintained timeline |
| Q2'26 | Pending | Net Lease Fund 6 virtually fully called by this summer Changed to 'by the end of the year', pushed back timeline |
| Q2'26 | Delivered | 58.5% FRE margins for 2026 Already at 58.5% in Q2, achieved early |
| Q2'26 | Pending | We think we can beat visible alpha consensus estimates for 2026 (FRE $1.02, DE $0.89) Reaffirmed but with less conviction, now just saying 'we think we can beat' |
| Q1'26 | Exceeded | Low double-digit FRE growth for 2025 Delivered 12% FRE per share growth, meeting the low end of guidance. |
| Q1'26 | Missed | Hit $7.5B hard cap for net lease seven by end of 2025 At $5.8B, now targeting end of 2026. Another timeline miss on major fundraising. |
| Q1'26 | Missed | Digital infrastructure fund four initial close in back half of 2025 Pushed to back half of 2026 - this is a one-year delay in flagship fundraising. |
| Q1'26 | Delivered | Net lease fund six fully deployed within three years of final close Two-thirds called with visibility to be fully called by summer, well ahead of schedule. |
| Q1'26 | Exceeded | 58.5% FRE margins for 2026 Q1 delivered 58.4% vs 58.3% full year 2025, ahead of pace for annual target. |
| Q1'26 | Pending | Modest increase in FRE per share growth rate in 2026 vs 2025 Still early but Q1 showed 14% FRE growth vs 12% full year 2025, so on track. |
| Q4'25 | Delivered | Continue to meet all tender requests as every quarter since inception Met all Q4 redemption requests despite elevated volumes |
| Q4'25 | Exceeded | ODiT first close in early 2026 Moved up timeline to December 2025 first close, ahead of schedule |
| Q4'25 | Pending | Net Lease Fund VI nearly fully deployed within next couple quarters Still deploying, committed 90% but only deployed 50% - timeline tracking |
| Q4'25 | Exceeded | FRE margins of 57-58% for 2025 Delivered 58.3%, slightly above the guided range |
| Q4'25 | Delivered | Meaningful acceleration in Real Assets management fee growth Guided to mid-single digit Q4 growth annualizing to ~20%, as promised |
| Q4'25 | Delivered | Similar Q4 fundraising to Q2/Q3 levels for GP Stakes Hit $2.7B in Q4 fundraising for GP Strategic Capital, consistent with guidance |
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