Informal learning conversations with colleagues is a powerful yet understudied source of self-directed, professional development. This study investigated the types of learning 79 leaders from 22 organizations reported they learned from 44 peer-led conversations over a two-year period. Survey data suggests empirical evidence of five learning outcomes – informational, conceptual, operational, reflective, and social learning. The study describes these categories, the overall distribution of these types of learning in the community, and how most conversations were “rich” in a particular outcome. It concludes with possible explanations for these patterns as well as potential lines for future research.