“We continue to expect fundraising to be in line with recent years.”

In context

“t of historical principal investments, and its $3.8 billion of average attributed equity, our pre-tax margin and ROE would have each been approximately three percentage points higher. Now moving to page six, total assets under supervision ended the quarter at a record $3.3 trillion, up sequentially on $115 billion of market appreciation, as well as $17 billion of long-term net inflows in alternatives and equity, representing our 30th consecutive quarter of long-term fee-based net inflows. Turning to page seven on alternatives. Alternative assets under supervision totaled $355 billion at the end of the second quarter, driving $589 million in management and other fees. Gross third-party alternative fundraising was $18 billion in the quarter, bringing year-to-date fundraising to $37 billion. We continue to expect fundraising to be in line with recent years. On page nine, firm-wide net interest income was $3.1 billion in the second quarter, up sequentially on an increase in interest-earning assets. Our total loan portfolio at quarter-end was $217 billion, up versus the first quarter, primarily reflecting higher other collateralized lending. Our provision for credit losses of $384 million primarily reflects charge-offs in our credit card portfolio, as well as modest levels of growth across both the card and wholesale portfolios. Turning to expenses on page ten. Total quarterly operating expenses were $9.2 billion. Our year-to-date compensation ratio net of provisions remained at 33% and is inclusive of roughly $140 million in severance costs. Quarterly non-compensation expenses of $4.6 billion included approximately $100 million of CIE impairm”