We were buying it at 8 and selling at 5.4%.
Alex Bernstein: Very helpful. Thank you so much.
Marc Lipschultz: Thank you.
Alan Kirshenbaum: Thanks.
Operator: Thank you. Our next question comes to the line from Mike Brown from KBW. Please go ahead with your question.
Mike Brown: Okay. Great. Thanks for taking my question. On the fundraising front, it looks like all three business segments could see a better year in 2024 versus the challenge 2023. Can you just maybe help me summarize the building blocks for next year? So in GP Solutions, you’ll have the Outlook Fund VI. In direct lending, you’ll have both from BDCs, SMAs, and perhaps, CLOs. And then in the real estate side, Fund VI should be done, so I guess most of the contributions would actually be from ORENT. Is that correct? Am I summarizing those pieces correctly? And I guess if you just summed it all up, what would be kind of the most important fundraising campaigns?
Alan Kirshenbaum: Yes. You summed it up correctly, Mike. BDCs, SMAs on the credit side, CLOs, GP Stakes Fund VI and ORENT. And you’re right, Fund VI will be largely wrapped up by then. There are new product launches that we talked about earlier that Doug and Marc hit on, whether it’s healthcare. We have an interesting new real estate product or products coming out to the market in 2024 that we think we could raise some good dollars on. And some other strategies we haven’t talked about to-date that we think could be interesting in 2024.
Mike Brown: Okay. Great. So I guess more to come on those. And then maybe just a quick follow-up on the dollar dividend commentary. You’ve really delivered exceptional growth on the dividend thus far and your payout has consistently been in that kind of mid to high 80% range relative to GE. Is that payout still the right way to think about that dollar dividend as well in 2025 or is there kind of like an evolution in the business or a change in the balance sheet that would allow you to maybe increase that payout closer to 100% or even if you were to do so somewhat temporarily? Thanks.
Alan Kirshenbaum: Yeah. I don’t think — it’s a great question, Mike. I don’t think there’s an evolution in the business. I have commented on previous calls that that number can move up and down. We’ve seen it as low as mid-80%s. I think this quarter is about 88%. You can see that certainly rise in some quarters in some years. I think I framed it as it could be as low as an 80%-ish, maybe a little lower. It could be as high as 90% or 95%. So we’re going to continue to focus on dividend growth. We’ve got a 28% CAGR on our dividend growth since becoming a public company. It’s the highest out there and we’re all very aligned. We own 25% of the outstanding shares, so we sit right there with our shareholders and we’ll continue to focus on strong FRE management fee growth, FRE growth and without a doubt, of course, dividend growth.
Mike Brown: Okay. Great. Thank you, Alan.
Alan Kirshenbaum: Thank you, Mike.
Operator: Thank you. Our final question of the day comes from Patrick Davitt from Autonomous Research. Please proceed with your question.
Patrick Davitt: Hey. Thanks for the follow-up. I’m going to take a flyer on this one. Would you be willing to give any early read on the November first flows for the three flagship retail products?
Alan Kirshenbaum: I think, Patrick, we may have to decline commenting. Those are SEC registrants and they have not filed yet. I think you heard earlier in the call we feel like we have very good momentum in the wealth channels quarter-over-quarter increasing and we think we have very good prospects, if not very strong prospects, for what we’re going to see in the wealth channels in 2024.
Patrick Davitt: Thank you.
Alan Kirshenbaum: Thank you, Patrick.
Marc Lipschultz: Well, thank you all very much. We really appreciate the time and we’re going to continue to focus on strong, predictable, high growth and delivering those dividends to all of you. Thank you.
Alan Kirshenbaum: Thank you, everyone. Have a good day.
Operator: Thank you, ladies and gentlemen. That does conclude today’s conference call. Thank you for participating. You may now disconnect.
