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Articles by Kate Mabry
Alternative Asset Managers Face a Reset in Public Market Valuations
Key Takeaways Publicly traded alternative asset managers gained 1.4% in the third quarter of 2026 but declined 17.9% over the trailing twelve months, significantly underperforming both the S&P 500 and traditional asset managers. Valuation multiples for alternative asset managers have compressed substantially, with median EV/EBITDA declining from 16.4x to 10.7x year over year, despite double-digit growth in AUM and revenue and more modest EBITDA growth.
RIA M&A Update: Q3 2026
Key Takeaways RIA M&A activity remained robust through August 2026, with 158 announced transactions, 11% below the same period in 2025 but 13% above 2024 levels. While transaction volume has moderated, continued acquisition activity reflects sustained buyer interest in the sector. Large transactions disproportionately influenced acquired AUM totals, with two August acquisitions accounting for approximately 80% of the month's reported assets.
RIA Market Update: Q3 2026
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Independent Trust Companies Benefit from Durable Industry Tailwinds
Key Takeaways Independent trust companies benefit from durable long-term tailwinds, including expanding global wealth, significant intergenerational wealth transfers, and growing demand for sophisticated fiduciary services. Firms that invest in technology, talent development, succession planning, risk management, and scalable operations may be better positioned to serve increasingly complex client needs and sustain long-term growth.
RIA Market Update: Q2 2026
Publicly traded investment management firms rebounded in Q2 2026, with traditional managers outperforming amid a broad market recovery while alternative asset managers lagged. Valuations improved for both larger and smaller traditional managers as EBITDA multiples expanded, whereas alternatives experienced further multiple compression despite continued topline growth.
Capital Budgeting and the Meaning of Your Family Business
April 15, 2025 Capital Budgeting Planning & Strategy As family businesses look into capital projects, they often utilize quantitative corporate finance tools, including net present value analysis, internal rate of return, and other traditional analyses. While these tools are informative when evaluating the feasibility of various capital projects, they are not quite as helpful in determining “what” to decide for your family business.
March 2025 SAAR
April 4, 2025 SAAR The March 2025 SAAR came in at 17.8 million units, up a staggering 11.0% from last month and 13.3% from March 2024. March 2025 saw the highest SAAR since April 2021, reflecting not only the recent trend of strong consumer demand but also the additional demand generated by consumers motivated to purchase a vehicle to avoid potential tariff-related price increases.
Why the Value of Your Family Business Matters
March 12, 2025 Planning & Strategy Valuation In last week’s edition of the Family Business Director, we reviewed six valuation principles for family business directors to keep in mind when developing valuation estimates.
February 2025 SAAR
March 7, 2025 SAAR The February 2025 SAAR came in at 16.0 million units, up 3.2% from last month and 2.1% from February 2024. While February typically records one of the lowest sales volumes each year, this month’s SAAR exceeded the average of the last five Februarys (approximately 15.3 million units). February 2025 performance reflected strength in consumer demand, primarily driven by improved inventory and incentive spending.
January 2025 SAAR
February 7, 2025 SAAR The January 2025 SAAR came in at 15.6 million units, down 7.5% from last month and up 3.8% from January 2024. January is typically one of the lowest months of sales volume each year, but as seasonal adjustments usually account for this, it is notable that this month’s SAAR dipped to the lowest point since January 2024. It is also worth mentioning that this month’s SAAR exceeded the average of the last five Januarys (approximately 15.4 million units).
Tariff Talk and Adaptive Forecasting
February 4, 2025 Planning & Strategy Special Topics Over the weekend, President Donald Trump signed an executive order that imposed an additional 25% tariff on Canadian and Mexican imports and an additional 10% tariff on imports from China. As we write this, the tariffs on both Mexico and Canada have been placed on 30-day holds following President Donald Trump’s negotiations with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau.
December 2024 SAAR
January 10, 2025 SAAR The December 2024 SAAR came in at 16.8 million units, just slightly higher than last month and up 4.2% from December 2023. Notably, this month’s SAAR outpaced the last three Decembers and was the highest monthly SAAR since May 2021 (17.0 million units). Unadjusted Sales Data On an unadjusted basis, the industry sold 1.48 million units during December 2024, an 8.4% increase from last month and a 2.0% increase from this time last year.
Nvidia’s Jensen Huang Has an Estate Plan - Do You?
December 10, 2024 Planning & Strategy Taxes Jensen Huang, the chief executive officer of Nvidia, and his family are on track to save north of $8 billion in estate and capital gains taxes. So, how has the tenth-wealthiest person in America managed to protect his wealth from the 40% estate tax? He has a plan. Beginning in 2012, the Huangs set off on their estate tax planning journey by setting up an irrevocable trust.
November 2024 SAAR
December 6, 2024 SAAR The November 2024 SAAR came in at 16.5 million units, which is 1.5% higher than last month and 6.2% higher than November 2023. Of note, November 2024 had one more selling day than November 2023.
October 2024 SAAR
November 8, 2024 SAAR The October 2024 SAAR came in at 16.0 million units, 1.7% higher than last month and 3.7% higher than October 2023. A strong October 2024 SAAR was accompanied by increased inventories and incentive spending levels industry wide, which put pressure on transaction prices and dealership profits. Unadjusted Sales Data On an unadjusted basis, the industry sold 1.33 million units during October 2024, a 13.3% increase from last month and a 10.6% increase from this time last year.
The Boar’s Head Family: Why Worry About Succession Planning?
October 16, 2024 Planning & Strategy Shareholder Engagement Since 1905, Boar’s Head has built a multigenerational family enterprise selling deli meats, cheeses, and other delicious sundries. In the last several decades, the company has publicly handled various product contamination and recall situations while simultaneously dealing with internal ownership conflicts and legal battles behind closed doors.
September 2024 SAAR
October 10, 2024 SAAR The September 2024 SAAR came in at 15.8 million units, 3.3% higher than last month and in line with September 2023. At their September meeting, the Federal Reserve cut benchmark interest rates by 50 basis points and highlighted a slight rise in unemployment. This won’t directly or dramatically impact the industry, but we do expect to see the effects of this rate cut (and likely forthcoming cuts) within the industry over the next couple of months and into 2025.
Mind the Margin
September 3, 2024 Capital Structure Performance Measurement Planning & Strategy The current economic state is driving operating costs higher for many businesses and eating into profits. Employers are combating this by reevaluating their hiring strategies, which include resetting labor costs, offering lower starting salaries, and, in some cases, seeking employees in lower-cost areas of the country.
July 2024 SAAR
August 9, 2024 SAAR The July 2024 SAAR came in at 15.8 million units, a 4.2% increase from last month and roughly flat with July 2023 (-0.8%). While the month-over-month increase was expected based on the CDK cyber-attack that hit the auto dealer industry in late June, we find it notable that results were still below last year.
June 2024 SAAR
July 12, 2024 SAAR The June 2024 SAAR came in at 15.3 million, a 4.0% drop from last month and a 4.8% drop from June 2023. According to Wards Intelligence, the CDK cyberattack caused a 50,000-unit deficit during June 2024; however, second-quarter sales were still relatively flat (-0.4%) from the second quarter of 2023 as only 11 of 91 days were impacted in the quarter.
May 2024 SAAR
June 14, 2024 SAAR The May 2024 SAAR was just shy of the 16 million mark, coming in at 15.9 million units, generally flat from last month (+0.8%) and reflecting year-over-year growth of 2.5%. Throughout the pandemic years, the auto industry was defined by volatility and uncertainty as inventory levels plummeted and transaction prices skyrocketed. In the first half of 2024, however, we have seen more stability in the SAAR as inventory levels rise and transaction prices moderate.
April 2024 SAAR
May 16, 2024 SAAR The April 2024 SAAR was 15.7 million units, reflecting generally flat month-over-month (+1.1%) and year-over-year (+0.4%) growth. Over the last several months, we have seen more stability in the SAAR than we have seen since the pandemic. This stability will likely give confidence to dealers and consumers alike after years of volatility and uncertainty in transaction prices and vehicle availability.
March 2024 SAAR
April 12, 2024 SAAR The March 2024 SAAR was 15.5 million units, a 1.3% decrease from last month and a 3.7% increase compared to this time last year. The year-over-year sales improvement, along with declining transaction prices and generally flat inventory levels, may indicate that the industry is reverting to pre-pandemic trends. Unadjusted Sales Data On an unadjusted basis, the industry sold 1.44 million total units in March 2024, a 16.1% increase from February 2024 volumes.
The Green Jacket Guide to Family Business Surveys
April 9, 2024 Performance Measurement Planning & Strategy Shareholder Engagement It is that time of year. The azaleas are blooming at Augusta National Golf Club and nearly one hundred golfers are gearing up for their shot at a green jacket in the 88th Masters Tournament. What the Masters has developed in terms of interest and legacy lies in the unique traditions as well as the initiatives taken on by the Masters Tournament Foundation.
February 2024 SAAR
March 8, 2024 SAAR The February 2024 SAAR was 15.8 million units, a 6.0% increase from last month and a 6.3% increase compared to this time last year. February 2024’s year-over-year sales improvement and consistently improving inventory levels may indicate that the industry is reverting to its pre-pandemic ways. As nationwide inventory balances continue to expand, incentive spending from auto manufacturers has followed in tandem as OEMs and retailers compete to draw in buyers.
January 2024 SAAR
February 9, 2024 SAAR The January 2024 SAAR was 15.0 million units, down 6.9% from last month and roughly flat (down 0.7%) compared to this time last year. Following 17 consecutive months of year-over-year improvements, the January 2024 SAAR ended the streak with a slight decline. Since January is generally a low-sales month, a decline in the SAAR itself does not necessarily dampen expectations for the remainder of 2024.
December 2023 SAAR
January 12, 2024 SAAR The December 2023 SAAR was 15.8 million units, up 3.2% from last month and up 16.8% compared to this time last year. After only two months of single-digit year-over-year improvements, the December SAAR returned to double-digit year-over-year growth. The December SAAR marks a strong finish to 2023, with growth in line with the double-digit percent increases seen from March to September.
November 2023 SAAR
December 7, 2023 SAAR The November 2023 SAAR was 15.3 million units, down 0.7% from last month but up 7.4% compared to this time last year. As demonstrated by a second consecutive single-digit year-over-year improvement, the industry continues to grow slower than the double-digit percent increases seen from March to September. Despite slowing growth, year-over-year improvement in the November SAAR extended the streak of consecutive year-over-year improvements to 16 months.
Decisions, Decisions: 3 Questions to Start Thinking About Capital Structure
October 24, 2023 Capital Structure Elevated interest rates and inflationary pressures have squeezed margins and hindered the liquidity of companies paying down debt. Since the pandemic, lenders have observed a shift from cash flow-based loans towards asset-based loans as companies look to recover flexibility in the face of an uncertain economic outlook. As noted in The Wall Street Journal, this phenomenon is nothing new.
Trumpeter, painter, seasoning creator and former detective
CHAUVIN, La. (AP) - Born and raised in Chauvin, Elrin “Peanut” Fanguy Jr. is a man of many trades. For many years, Fanguy, 60, has been a detective for the Terrebonne Parish Sheriff’s Office. He’s also a musician, painter and seasoning creator. “Someone asked me ‘What don’t you do?’ Well, I don’t bungee jump or jump out of planes,” he said. Fanguy began playing the trumpet at Chauvin’s St. Joseph Benedictine High School, which closed in 1972.
Vietnam War veteran recounts efforts to get off booze, drugs
GIBSON, La. — Charles Bellizana doesn't like to dig up memories about his time in Vietnam but hopes his story will inspire other veterans to seek support when it's needed. Bellizana, 69, of Gibson, was 19 when he went to Vietnam in April 1966. He was there for a year. Aside from his time in the Army, Bellizana has lived in Gibson. Shortly after graduating from Southdown High School in 1964, he found work with the Job Corps in Kentucky. He was homesick. After a two-month stint he returned to Gibson.
Vietnam War veteran recounts efforts to get off booze, drugs
GIBSON, La. (AP) — Charles Bellizana doesn't like to dig up memories about his time in Vietnam but hopes his story will inspire other veterans to seek support when it's needed. Bellizana, 69, of Gibson, was 19 when he went to Vietnam in April 1966. He was there for a year. Aside from his time in the Army, Bellizana has lived in Gibson. Shortly after graduating from Southdown High School in 1964, he found work with the Job Corps in Kentucky. He was homesick.
Vietnam War veteran recounts efforts to get off booze, drugs
Charles Bellizana doesn't like to dig up memories about his time in Vietnam but hopes his story will inspire other veterans to seek support when it's needed. Bellizana, 69, of Gibson, was 19 when he went to Vietnam in April 1966. He was there for a year. Aside from his time in the Army, Bellizana has lived in Gibson. Shortly after graduating from Southdown High School in 1964, he found work with the Job Corps in Kentucky. He was homesick. After a two-month stint he returned to Gibson.
Vietnam War veteran recounts efforts to get off booze, drugs
GIBSON, La. (AP) - Charles Bellizana doesn’t like to dig up memories about his time in Vietnam but hopes his story will inspire other veterans to seek support when it’s needed. Bellizana, 69, of Gibson, was 19 when he went to Vietnam in April 1966. He was there for a year. Aside from his time in the Army, Bellizana has lived in Gibson. Shortly after graduating from Southdown High School in 1964, he found work with the Job Corps in Kentucky. He was homesick.
Vietnam War veteran recounts efforts to get off booze, drugs
Charles Bellizana doesn't like to dig up memories about his time in Vietnam but hopes his story will inspire other veterans to seek support when it's needed. Bellizana, 69, of Gibson, was 19 when he went to Vietnam in April 1966. He was there for a year. Aside from his time in the Army, Bellizana has lived in Gibson. Shortly after graduating from Southdown High School in 1964, he found work with the Job Corps in Kentucky. He was homesick. After a two-month stint he returned to Gibson.
Vietnam War veteran recounts efforts to get off booze, drugs
Charles Bellizana doesn't like to dig up memories about his time in Vietnam but hopes his story will inspire other veterans to seek support when it's needed. Bellizana, 69, of Gibson, was 19 when he went to Vietnam in April 1966. He was there for a year. Aside from his time in the Army, Bellizana has lived in Gibson. Shortly after graduating from Southdown High School in 1964, he found work with the Job Corps in Kentucky. He was homesick. After a two-month stint he returned to Gibson.
Vietnam War veteran recounts efforts to get off booze, drugs
Charles Bellizana doesn't like to dig up memories about his time in Vietnam but hopes his story will inspire other veterans to seek support when it's needed. Bellizana, 69, of Gibson, was 19 when he went to Vietnam in April 1966. He was there for a year. Aside from his time in the Army, Bellizana has lived in Gibson. Shortly after graduating from Southdown High School in 1964, he found work with the Job Corps in Kentucky. He was homesick. After a two-month stint he returned to Gibson.
Turning The Picture of Dorian Gray into a comedy
HOUMA, La. (AP) - After decades of hearing himself compared to the protagonist in “The Picture of Dorian Gray,” actor and producer Dorian Dardar is turning the story on its head for his third indie film. Dardar, 32, is the star of “The Picture of Dorian Dardar,” which he began filming in late October. Oscar Wilde’s novel, first published in 1891, is about a hedonist and narcissist who sells his soul to keep himself handsome forever. That sale is only one among a number of grave sins Gray commits.
Turning The Picture of Dorian Gray into a comedy
After decades of hearing himself compared to the protagonist in "The Picture of Dorian Gray," actor and producer Dorian Dardar is turning the story on its head for his third indie film. Dardar, 32, is the star of "The Picture of Dorian Dardar," which he began filming in late October. Oscar Wilde's novel, first published in 1891, is about a hedonist and narcissist who sells his soul to keep himself handsome forever. That sale is only one among a number of grave sins Gray commits.
Turning The Picture of Dorian Gray into a comedy
After decades of hearing himself compared to the protagonist in "The Picture of Dorian Gray," actor and producer Dorian Dardar is turning the story on its head for his third indie film. Dardar, 32, is the star of "The Picture of Dorian Dardar," which he began filming in late October. Oscar Wilde's novel, first published in 1891, is about a hedonist and narcissist who sells his soul to keep himself handsome forever. That sale is only one among a number of grave sins Gray commits.
Turning The Picture of Dorian Gray into a comedy
After decades of hearing himself compared to the protagonist in "The Picture of Dorian Gray," actor and producer Dorian Dardar is turning the story on its head for his third indie film. Dardar, 32, is the star of "The Picture of Dorian Dardar," which he began filming in late October. Oscar Wilde's novel, first published in 1891, is about a hedonist and narcissist who sells his soul to keep himself handsome forever. That sale is only one among a number of grave sins Gray commits.
Turning The Picture of Dorian Gray into a comedy
After decades of hearing himself compared to the protagonist in "The Picture of Dorian Gray," actor and producer Dorian Dardar is turning the story on its head for his third indie film. Dardar, 32, is the star of "The Picture of Dorian Dardar," which he began filming in late October. Oscar Wilde's novel, first published in 1891, is about a hedonist and narcissist who sells his soul to keep himself handsome forever. That sale is only one among a number of grave sins Gray commits.
Family hopeful as baby battles rare condition
A link has been posted to your Facebook feed. Tyler James Hebert, 24, and Teresa Gatica, 21, of Gray, arrived at Thibodaux Regional Medical Center on Tuesday for the birth of their second child, Adalynn Elena Hebert. However, the joyful and much-anticipated day quickly was overtaken by chaos and confusion. Tyler said the couple, who expected a normal delivery, were caught off guard when hospital staff rushed their newborn baby away.
Area's swamps and bayous home to eerie lore
South Louisiana is no stranger to superstition, and the region's unique landscape and culture play a major role in its reputation for hauntings. While numerous locations have been deemed haunted, some locals profess to have experienced strange events along Bayou Sale Road in south Terrebonne, the community of Grand Bois and the sugar cane fields along Edna Plantation Road in Lafourche.
A lifelong love of music for Raceland's Uncle Pott
RACELAND, La. (AP) - Pott Folse of Raceland says there’s no secret to why he still plays and performs Cajun music at age 89. “I love music, and I always did,” Folse said. “I’ve loved it since I was born, I guess.
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