💰 Financial Record

This document is a page from a Morgan Stanley research report titled 'Deconstructing Our Implied Carry Valuation: What Is the Market Paying?' It analyzes the valuation of alternative asset managers (APO, ARES, BX, CG, KKR, OAK) using Sum of the Parts (SOTP) methodology, specifically focusing on Fee-Related Earnings (FRE) and future performance fees. The document includes a detailed financial table (Exhibit 27) comparing share prices and implied multiples for these companies, likely dating to late 2017 based on the '3Q17' and '2018E' references. It bears a 'HOUSE_OVERSIGHT' stamp, indicating it was obtained during a congressional investigation.