8.5x 24% 2.80 -7.7% 9.2x 0.7x 2.74 8.9x 24% 2.16 -21.3% 11.3x 2.4x 3.55 12.7x 24% 3.01 -15.1% 15.0x 2.3x 3.00 10.9x 2.53 -16% 13.1x 2.1x Source: Thomson Reuters Company Data, Morgan Stanley Research estimates If the Alts converted to C-corps, there would be tax leakage as aresult no pass-through of earnings for carried