Core Insights - Wendel's fully diluted Net Asset Value (NAV) per share as of March 31, 2025, is €176.7, reflecting a decrease of 4.8% since the beginning of the year due to market volatility and changes in valuation multiples [5][9][8] - The company has successfully raised €3.4 billion in Q1 2025, contributing to a total of €34 billion in assets under management (AUM) following the acquisition of Monroe Capital [20][6][19] - A proposed dividend of €4.70 per share represents a 17.5% increase, demonstrating the company's strong financial structure and commitment to maintaining an investment-grade rating [3][4] Financial Performance - Wendel's principal investments showed positive total sales growth in Q1 2025, with the exception of Scalian, which reported a decline of 6.3% [10][38] - Bureau Veritas, a key investment, achieved revenue of €1,558.7 million in Q1 2025, marking an 8.3% increase compared to the same period in 2024 [24][25] - IK Partners reported a 33% increase in revenues for Q1 2025, contributing to the overall positive performance of Wendel's asset management activities [21][22] Strategic Developments - The acquisition of Monroe Capital has positioned Wendel as a significant player in third-party asset management, enhancing its value creation profile [6][19] - A successful forward sale of 6.7% of Bureau Veritas' share capital generated net proceeds of €750 million, improving Wendel's loan-to-value (LTV) ratio to 17.2% [17][7] - Wendel's strategic roadmap aims to reach €150 million in pre-tax fee-related earnings (FRE) by 2027, with current projections indicating €100 million in 2025 [20][19] Market Conditions - The market environment in Q1 2025 was characterized by increased uncertainty due to geopolitical and trade tensions, impacting organic growth across various sectors [33][43] - Currency fluctuations and market multiples have negatively affected the valuation of unlisted assets, contributing to a decline in NAV [11][5] - Despite challenges, Bureau Veritas maintains a robust outlook, expecting mid-to-high single-digit organic revenue growth for the full year 2025 [30][28]

Financial Data and Key Metrics Changes - In Q1 2025, fee revenue increased by 6% year over year, while total revenue rose by 5% [11] - The pre-tax margin reached 30% excluding seasonal expenses, with EPS at $2.04 compared to $1.37 in Q1 last year, marking a 21% growth year over year [12][27] - Year over year, expenses increased by just 3%, contributing to strong fee and total operating leverage [21][42] Business Line Data and Key Metrics Changes - New asset servicing AUCA wins totaled $182 billion in Q1, with new servicing fee revenue wins of $55 million [12][31] - Management fees increased by 10% year over year, despite net outflows driven by an anticipated client transition [15][34] - FX trading revenue grew by 9% year over year, while securities finance revenues increased by 19% [37] Market Data and Key Metrics Changes - Period end AUCA and AUM increased by 6% and 9% year over year, respectively, reflecting higher market levels and positive flows [28] - Daily average global equity market levels were roughly flat, while daily average FX volatility declined slightly [29] Company Strategy and Development Direction - The company is focused on creating better outcomes for investors and enhancing its investment services, markets, software, and asset management capabilities [9][10] - Strategic progress in investment management is emphasized, particularly in low-cost ETFs, with a record AUM of $256 billion in low-cost ETFs [16][18] - The company aims for $350-400 million in new servicing fee revenue wins for the year, while being mindful of market variability [14][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledges notable uncertainty in the operating environment, including trade policy, taxes, and interest rates [8][24] - Despite challenges, the company expresses confidence in its strategy and ability to deliver solid financial returns [25] - The company is prepared for various scenarios and is focused on maintaining expense discipline while investing in client capabilities [22][45] Other Important Information - The company returned $320 million to shareholders through common share repurchases and dividends [20][46] - The search for a permanent CFO is advanced, with an announcement expected soon [23] Q&A Session Summary Question: How does the company view the current market volatility? - Management highlighted that the current environment presents both challenges and opportunities, emphasizing their strong capital position to support clients [19][20] Question: What are the expectations for new servicing fee revenue wins? - The company maintains its target of $350-400 million in new servicing fee revenue wins for the year, despite potential market variability [14][34]

黑石集团第一季度每股可分配收益1.09美元。 第一季度管理资产规模1.17万亿美元，预估1.15万亿美元。 ...

Financial Data and Key Metrics Changes - The company reported a record annualized return on equity of 25.4% for the fourth quarter and a return on equity of 19.4% for the full year [10] - Total investment income for the fourth quarter was $140.4 million, an increase of $11.1 million or 8.6% year-over-year [28] - Net asset value (NAV) per share increased by $1.08 over the third quarter and by $2.45 or 8.4% year-over-year, reaching a record NAV per share of $31.65 [34] Business Line Data and Key Metrics Changes - The lower middle market portfolio included investments in 84 companies with a fair value of $2.5 billion, representing a 29% increase over the related cost basis [26] - The private loan portfolio had investments in 91 companies with a fair value of $1.9 billion, with the total investment portfolio at fair value being 16% above the related cost basis [27] - The company made total investments of $168 million in the lower middle market portfolio and $108 million in private loans during the fourth quarter [26][14] Market Data and Key Metrics Changes - The company experienced a net fair value appreciation of $80.8 million in the fourth quarter, driven by the lower middle market portfolio [33] - The private loan portfolio represented 46% of total investments at cost at year-end, while the middle market portfolio declined to less than 5% [25] Company Strategy and Development Direction - The company focuses on making both debt and equity investments in the underserved lower middle market, which is expected to continue providing attractive new investment opportunities [20] - The company plans to grow its asset management business, highlighted by the successful listing of the Embassy Income Fund on the New York Stock Exchange [16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability of portfolio companies to navigate economic uncertainties, including potential tariff impacts [41][44] - The company anticipates continued favorable performance in the first quarter of 2025, with expected distributable net investment income (DNII) of at least $1.05 per share [37] Other Important Information - The company declared a supplemental dividend of $0.30 per share payable in March, marking the fourteenth consecutive quarterly supplemental dividend [16] - The company expects to recommend future supplemental dividends if DNII significantly exceeds regular monthly dividends [17] Q&A Session Summary Question: Exposure to potential tariff issues - Management acknowledged that certain portfolio companies may be impacted by tariffs but emphasized the diversity of the portfolio as a mitigating factor [41][42] Question: Impact of potential capital gains tax changes on acquisition activity - Management noted that while M&A activity has been slower than expected, it is not primarily related to potential changes in capital gains tax rates [51][52] Question: Leverage and origination activity - Management indicated that the current under-levered position is due to less than expected investment activity and plans to increase leverage through net investment activity [56][58] Question: Competition from other BDCs moving down market - Management expressed confidence in the uniqueness of their lower middle market strategy and the strong performance of their portfolio, suggesting that competition may not significantly impact their position [82]

Financial Data and Key Metrics Changes - The company achieved record fourth quarter production of approximately 41,000 barrels of oil equivalent per day, a 14% year-over-year increase, and averaged over 39,000 barrels of oil equivalent for the year [7] - Adjusted EBITDA for the fourth quarter was $141,200,000, which was 4% higher than the prior quarter, reflecting strong production and lower than expected cash G&A [15] - The company returned $330,000,000 to shareholders in 2024, representing over 70% of discretionary cash flow [12] Business Line Data and Key Metrics Changes - The company closed 16 high-value acquisitions throughout the year, totaling more than $350,000,000, which were immediately accretive to discretionary cash flow per share [10] - The fourth quarter acquisitions added 3,300 net royalty acres to the portfolio, primarily in the Delaware Basin [11] Market Data and Key Metrics Changes - The company expects oil production at the midpoint to be 18,500 barrels per day and total production just under 40,000 BOE per day in 2025, representing a 3% increase over reported full year 2024 production [18] - The company has a strong presence in the Permian Basin, covering about 36% of the entire basin, with a higher concentration in the Texas part of the Delaware Basin [40] Company Strategy and Development Direction - The company is committed to a strong balance sheet and financial flexibility, with a borrowing base increased to $925,000,000 [11] - The company prioritizes capital returns to shareholders while also investing in high-rate return acquisitions [60] - The company aims to leverage its proprietary asset management systems to enhance efficiency and scalability [23] Management's Comments on Operating Environment and Future Outlook - Management noted that the acquisition environment remains robust, with a healthy deal flow and attractive opportunities for high return investments [20] - The company views the current natural gas market as favorable, with increasing demand expected to support long-term growth [45] - Management expressed confidence in maintaining production growth and financial strength despite market fluctuations [78] Other Important Information - The company captured $19,000,000 of missing revenue payments in 2024, offsetting over two-thirds of cash G&A [9] - The company has returned nearly $850,000,000 to shareholders since going public in mid-2022, representing nearly 30% of its current market capitalization [12] Q&A Session Summary Question: Can you talk about your various marketed deals and how they compare to the deals you completed? - Management highlighted a robust year for deal flow, emphasizing the consistency in their acquisition program and the high rate of return opportunities they pursued [26][27] Question: What does activity look like for the remainder of the year versus expectations? - Management indicated that guidance for 2025 is underpinned by operator activity that has already commenced, suggesting a stable outlook for production growth [33] Question: How would you frame your production trajectory for 2025? - Management expects contributions primarily from the Permian Basin, with a focus on line of sight development in the DJ Basin [38] Question: Does the more constructive natural gas backdrop change the size of the opportunity set? - Management noted that the investments made in people and systems lend themselves to scale, enhancing their ability to capitalize on market opportunities [42] Question: Can you provide color behind the cash G&A increase? - Management explained that the increase is due to investments in people and systems, which are expected to scale effectively in the future [66] Question: What are your strategic priorities for free cash flow allocation in 2025? - Management emphasized returning capital to shareholders as the top priority while also looking for high-rate return acquisition opportunities [60]