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Everything Stocknote has published on Asset Management: 3 research articles covering 3 companies across 2 categories. The latest piece was published on November 2, 2026.
Morgan Stanley earned a 22.6% ROTCE in Q3 2026 against Citigroup's 11.5%; Citi's net income rose 40% but excluding a $726M year-ago impairment EPS rose 27%.
Realty Income is deploying capital at a 235bps spread over its 4.75% borrowing cost — the widest in five years — while 671 consecutive monthly dividends, AFFO growing 6.6% YoY, and a private capital platform with Apollo and GIC are being completely ignored by the ‘rate-sensitive REIT’ label.
Apollo posted record $728M Fee Related Earnings and crossed $1 trillion in AUM in Q1 2026. A 40-60% valuation discount to peers versus 30% FRE growth makes no fundamental sense.
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