Morgan Stanley | RESEARCH
Exhibit 26: Alts Net Cash Carry Volatility vs. GS earnings volatility ona TTM basis Y/Y TTM Historical Earnings Volatility (St. Dev)
3.0
2: 2
5 24 om *it 16 45 —_—- = 1.2 ne 62. 6B 0.9 0.0 BX OAK APO
0.4 0.5 0.6 Alts ARES KKR CG GS GSEx- Average IM
Source: Company Data, Morgan Stanley Research
NORTH AMERICA INSIGHT ~~
HOUSE_OVERSIGHT_025567