Nov 21, 2025 4:15 PM Eastern Standard Time KKR to Present at the Goldman Sachs 2025 Financial Services Conference Share NEW YORK--(BUSINESS WIRE)--KKR & Co. Inc. (NYSE: KKR) announced today that Scott C. Nuttall, Co- Chief Executive Officer, will present at the Goldman Sachs 2025 Financial Services Conference on Tuesday, December 9, 2025 at 8:40AM ET. A live webcast of the presentation will be available on the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. For those un ...

Core Insights - Apollo will host a Retirement Services Business Update on November 24, 2025, focusing on Athene Holding Ltd [1] - The event will feature presentations from Apollo and Athene senior management, followed by a Q&A session [1] - A live webcast of the event will be available on Apollo's Investor Relations website, with a replay accessible afterward [2] Company Overview - Apollo is a high-growth global alternative asset manager with approximately $908 billion in assets under management as of September 30, 2025 [3] - The company aims to provide clients with excess returns across various risk-reward spectrums, including investment grade credit and private equity [3] - Through Athene, Apollo specializes in retirement savings products and solutions for financial security [3]

Core Insights - The fund experienced a return of approximately -9% during Q3, leading to a year-to-date return of approximately -9% [2] - The portfolio lacks direct exposure to AI, focusing instead on companies that are integrating AI into their operations, which has affected short-term performance [3][5] - The investment strategy emphasizes long-term growth potential and durable competitive advantages rather than short-term market trends [5][8] Portfolio Analysis - The top five holdings include PAR Technologies, Cellebrite, KKR, LifeCore, and Burford, all of which have faced declines in share price year-to-date [7][32] - LifeCore's share price dropped over 10% following a shelf offering announcement, despite positive business developments [12][15] - Cellebrite's valuation has been impacted by a general decline in software multiples, with a 26% drop in Enterprise Value to Next 12 Months Revenue for medium growth companies [17][18] Company-Specific Developments - LifeCore is expected to ramp up revenues significantly by 2026, driven by new customer wins and favorable regulatory changes [13][15] - Cellebrite is positioned to benefit from AI advancements, with plans to release investigative AI tools in January 2026 [20][22] - KKR's diversified asset management approach remains robust, with significant growth in Fee Related Earnings and a focus on expanding its investor base [25][31] Market Trends and Challenges - The current market environment has led to a compression of software multiples, affecting companies like Cellebrite and PAR Technologies [18][46] - Concerns regarding traditional private equity and private credit have emerged, but KKR's diversified model mitigates some of these risks [24][30] - The investment landscape is characterized by volatility, with a disconnect between share prices and underlying business progress [10][42] Future Outlook - The fund's strategy focuses on long-term value realization, with expectations that current market conditions will eventually improve for the companies held [9][43] - There is potential for significant growth in companies like Hagerty and Kingsway, driven by strategic partnerships and management quality [33][35] - The outlook for PAR Technologies hinges on winning key contracts, which could substantially increase recurring revenue and growth rates [51][60]

Core Insights - GCM Grosvenor Inc. is a significant player in the global alternative asset management industry, offering investment solutions across various asset classes such as hedge funds, private equity, real estate, and infrastructure [1] - The current consensus price target for GCMG is $14.00, reflecting a slight decrease from the previous quarter's target of $14.50, despite a strong total return of 73% over the past three years [2][6] - The company's recent earnings report showed a profit of $0.16 per share, exceeding the Zacks Consensus Estimate of $0.15 per share, indicating a strengthening financial position [3][6] Price Target and Analyst Outlook - The consensus price target for GCMG has increased from $13.83 to $14.00 over the past year, suggesting a gradual improvement in the company's outlook [3] - Piper Sandler analyst Crispin Love has set a higher price target of $15.00 for GCMG, supported by the company's upgrade to a Zacks Rank 2 (Buy) [4] - The upcoming earnings report is expected to show growth, although it may not meet all factors for an earnings beat [4] Strategic Initiatives and Market Conditions - Investors are advised to monitor GCMG's strategic initiatives and market conditions, as these could influence analyst opinions and price targets [5] - The recent Q2 2025 earnings call featured key executives and analysts, including Crispin Love, who reiterated the $15 price target, indicating continued confidence in GCMG's growth potential [5]

Core Insights - Abacus Global Management successfully sold $50 million of securitized life insurance assets structured as an above investment-grade rated collateralized note, closing the transaction on October 22, 2025 [1] - The note offers a mid-single-digit yield, indicating strong institutional demand for longevity-based assets that provide diversification from traditional market exposures [2] - The transaction allows institutional investors, banks, and insurance companies to gain direct exposure to life insurance assets through an uncorrelated rated structure [1][2] Company Overview - Abacus Global Management is a leader in alternative asset management, specializing in longevity-based assets and personalized financial planning [3] - The company utilizes proprietary data analytics and decades of industry expertise to deliver innovative financial solutions for individuals and institutions worldwide [3]

Core Insights - Apollo has appointed Mr. Eiji Ueda as Partner and Head of Asia Pacific, succeeding Matt Michelini, who will oversee Ueda's transition before taking on broader responsibilities next year [1][2][3] Company Overview - Apollo is a high-growth global alternative asset manager with approximately $840 billion in assets under management as of June 30, 2025 [4] - The firm focuses on providing clients with excess returns across the risk-reward spectrum, from investment grade credit to private equity [4] Leadership Transition - Eiji Ueda brings extensive investment expertise, having previously served as Chief Investment Officer of Japan's Government Pension Investment Fund and held senior positions at Goldman Sachs [2][3] - Matt Michelini has led Apollo's Asia growth since 2022, expanding the team from 80 to over 150 professionals and establishing core capabilities in various financial solutions [3] Strategic Focus - Apollo aims to address the growing demand for integrated financial solutions in the Asia Pacific region, driven by fundamental shifts in local economies [3] - The firm has originated over $11 billion in the past twelve months, significantly increasing its activity compared to 2020 [3] Market Opportunities - Asia's demographics, savings base, and capital gaps present compelling growth opportunities for Apollo, particularly in wealth and retirement solutions [3]

Acquisition Overview - Third Point Investors has completed the acquisition of a 100% equity stake in Malibu Life Reinsurance SPC from Malibu Life Holdings, with financial terms undisclosed [1] - Malibu Life Re operates as a licensed life and annuity reinsurer in the Cayman Islands and was established by Third Point Investors in May 2024 [1] Strategic Intent - The acquisition aims to create a fully capitalized reinsurance company listed in London, as proposed by Third Point Investors in May [2] - Third Point Investors chair Dimitri Goulandris emphasized the significance of this milestone for establishing a reinsurance operating company [2] Market Opportunity - The board expressed optimism about bringing Malibu Life to the London market, highlighting the opportunity to access the growing $1 trillion fixed annuity market in the US through an established reinsurance platform [3] - The management team is described as experienced and capable, which is expected to enhance the company's market position [3] Share Issuance and Trading - As part of the transaction, Third Point Investors announced the admission of 21,426,808 ordinary shares to the ESCC category, available for trading on the London Stock Exchange since September 12 [3] - Third Point Investors issued 1,868,805 ordinary shares to Malibu Life Holdings, representing approximately 95% of the total consideration shares for the acquisition [4] Growth Projections - The company targets approximately $5 billion in annual premium income and aims for annual returns in the mid-teens by the end of 2027 [5] - A redemption offer is planned for 4,376,750 ordinary shares on September 19, 2025, which will adjust the number of ordinary shares available for trading to 17,050,058 [5]

Core Insights - Apollo Global Management is participating in the Bank of America 30th Annual Financials CEO Conference on September 16, 2025, with President Jim Zelter as a speaker [1] - As of June 30, 2025, Apollo manages approximately $840 billion in assets [2] Company Overview - Apollo is a high-growth global alternative asset manager focused on providing clients with excess returns across various risk-reward spectrums, including investment-grade credit and private equity [2] - The company has over three decades of investing expertise and offers innovative capital solutions for business growth [2] - Through its retirement services business, Athene, Apollo specializes in financial security solutions, providing a range of retirement savings products [2] - Apollo's investment approach aims to align the interests of clients, businesses, employees, and communities to create positive outcomes [2]

Financial Data and Key Metrics Changes - The company reported net investment income of $34.8 million, a 30% increase compared to Q2 of the previous year [4] - Total investment income reached $69.5 million, reflecting a 27% increase year-over-year [14] - Net asset value (NAV) grew 11% quarter-over-quarter to a record $924 million, with NAV per share increasing to $13.27 [5][15] - The effective yield on the portfolio for Q2 was 15.7% [14] - The company maintained a strong return on average equity of 15.9%, among the top in the BDC space [15] Business Line Data and Key Metrics Changes - The portfolio composition included approximately 76% secured loans, 17% equipment financings, 4% equity, and 2% warrants [20] - The equipment finance business saw a significant uptick in requests, with over 20% growth year-to-date [67] - The company funded $585 million in the first half of the year, exceeding last year's record by more than 20% [11] Market Data and Key Metrics Changes - The company has a strong investment pipeline with $849 million in unfunded commitments as of the end of Q2 [11] - Approximately 99.1% of the portfolio was performing on a fair value basis, indicating strong credit quality [21] - The average internal credit rating for the portfolio stood at 2.9 on a scale of 1 to 5, consistent with prior quarters [21] Company Strategy and Development Direction - The company aims to be the top-performing BDC, leveraging its differentiated structure and disciplined underwriting [7] - Plans to launch an SBIC fund with potential investable capital of $275 million, which will generate new management and incentive fees [5][39] - The company is focused on late-stage venture-backed companies in the lower middle market, positioning itself well in the private credit market [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future rate cuts benefiting the company, as most deals are at full rates [13] - The company is experiencing strong momentum heading into 2025, with expectations for continued portfolio growth [11] - Management emphasized the importance of credit quality and disciplined portfolio management as top priorities [23] Other Important Information - The company raised $82 million of equity through the ATM program at an average premium to NAV of 11% [10] - The net leverage ratio decreased to 1.12 times, indicating improved financial stability [19] - The company has no debt maturities until August 2026, enhancing its liquidity position [18] Q&A Session Summary Question: Equipment finance interest due to tariffs - Management indicated that the increase in equipment finance is more of a timing issue and expects continued growth in that area [25][26] Question: Increase in watch list at fair value - Management noted that the watch list includes companies needing additional capital and those underperforming, with ongoing negotiations for support [28][30] Question: Expected pacing of raising third-party capital - Management discussed the groundwork laid for managed accounts and the anticipated growth of that capital pool [33][35] Question: Characteristics of SBIC fund assets - The SBIC fund will have a low cost of capital and will co-invest alongside the BDC, enhancing returns for shareholders [42][47] Question: Impact of interest rates on prepayments - Management stated that lower rates could lead to refinancing opportunities, generating additional fee income [49][51] Question: Seasonality in originations or repayments - Management expects strong deployment in Q3, driven by signed term sheets and manufacturing lines needing additional capital [53][54] Question: NexCAR and space perspective - Management confirmed ongoing discussions regarding loan modifications for NexCAR and expects to finalize transactions in Q3 [59][60] Question: Tax changes and equipment financing - Management noted a significant uptick in equipment financing requests, attributed partly to tax changes allowing accelerated depreciation [67][68]

Core Viewpoint - Apollo Global Management reported strong second quarter results, highlighting the effectiveness of its business model and origination capabilities, which led to record organic inflows and Fee Related Earnings [2] Financial Performance - For the second quarter ended June 30, 2025, Apollo declared a cash dividend of $0.51 per share for its Common Stock, payable on August 29, 2025 [3] - Additionally, a cash dividend of $0.8438 per share for its Mandatory Convertible Preferred Stock was declared, to be paid on October 31, 2025 [4] Business Strategy - The company remains focused on long-term growth themes including retirement, wealth, industrial renaissance, and public-private convergence [2] - As of June 30, 2025, Apollo managed $840 billion in assets [8]