💰 Financial Record

This document is page 20 of a Morgan Stanley Research report titled 'North America Insight,' specifically detailing a 'Downside Scenario' for alternative asset management firms (Alts) regarding potential conversion to C-corps and tax implications. It includes a financial table ('Exhibit 29') providing Sum-Of-The-Parts (SOTP) valuations for major private equity firms including Apollo (APO), Ares, Blackstone (BX), Carlyle (CG), KKR, and Oaktree. The document bears the Bates stamp 'HOUSE_OVERSIGHT_025570,' indicating it was produced as evidence for a House Oversight Committee investigation, likely related to financial records.