US Brokers and Asset Managers "Brownie Points: A Sigh of Relief for Alts;..."

Research evidence excerpt

US Brokers and Asset Managers "Brownie Points: A Sigh of Relief for Alts;..."

Global Research

2 July 2026ab

US Brokers and Asset Managers Equities

AmericasBrownie Points: A Sigh of Relief for Alts; A

Healthy Pick-Up in Healthcare ECM Financial

Michael Brown

Analyst

mike.brown@ubs.com

Weekly "Brownie Points" publication highlights key points and emerging trends across +1-212-713 1387

asset mgr & brokers. Note, IB metrics tracked on the following pages.

Daniel Lehmann

Programming note: Due to the July 4th holiday, this week's edition is being released Associate Analyst

earlier than the typical Friday AM publication. daniel-j.lehmann@ubs.com

+1-212-713 2391

Point 1: Alts: Redemption Fears Ease, Realizations Next Vijeth Mudalegundi

Recent non-traded BDC redemption data may provide a near-term tailwind for Analyst

alternative asset manager stocks. For much of the year, investors have focused on two vijeth.mudalegundi@ubs.com

key overhangs: redemptions and realizations. The latest data (OCIC/OTIC) suggests +1-212-649 8172

redemption pressure may be beginning to crest, helping reduce one source of Mary Mahrer

uncertainty and fear. That should allow the group to regain some support. However, for Analyst

a rally with real staying power, investors will likely need greater evidence that realizations mary.mahrer@ubs.com

and monetization activity are accelerating. Given the price action in OWL, we are +1-212-713 9014

flagging our recent bull/bear report to help investors think through the path forward for Cory Johnson

the stock. Associate Analyst

cory.johnson@ubs.com

+1-212-882 0078

Select non-traded BDC redemptions:

ADS 2Q26 redemption requests of 16.8% of NAV, vs. 12.2% in 1Q, increase of

4.6%

ASIF 2Q26 redemption requests of 14.4% of NAV, vs. 11.6% in 1Q, increase of

2.8%