Ares Management (ARES) 2025 Conference June 10, 2025 12:15 PM ET Speaker0 For important disclosures, please see the Morgan Stanley Research Disclosure website at morganstanley.com/researchdisclosures. Note the taking of photographs and use of recording devices is also not allowed. If you have any questions, please reach out to your Morgan Stanley sales representative. All right. Good afternoon. With that out of the way, thanks for staying with us here on day one of the Morgan Stanley Financials Conference. ...