Core Insights - Gold.com, formerly A-Mark Precious Metals, has officially changed its name and commenced trading on the NYSE under the ticker symbol "GOLD" [1][3] - The company plans to launch a co-branded Gold.com credit card that offers cashback rewards on purchases, initially targeting JM Bullion's customer base [2] - The CEO emphasized the rebranding as a strategic move to align with the evolving alternative assets market focused on precious metals and collectibles [3][4] Company Developments - Gold.com will ring the NYSE Opening Bell on January 27, 2026, to celebrate its new listing [1] - The company has introduced a new corporate website that enhances investor resources and provides educational content about alternative assets [4] - JM Bullion is selling gold and silver bullion bars featuring the new Gold.com branding to commemorate the transition [5] Market Positioning - The move to the NYSE is expected to enhance Gold.com's brand visibility and attract new investors interested in precious metals [4] - Gold.com operates a vertically integrated platform that includes market expertise in various precious metals and collectibles, serving a global clientele [6][7] - The company has a direct-to-consumer marketplace supported by flagship brands, which has served millions of customers [7]

Core Insights - Apollo will have its CEO, Marc Rowan, participate in a fireside chat at the Goldman Sachs US Financial Services Conference on December 10, 2025 [1] - A live webcast of the event will be available on Apollo's Investor Relations website, with a replay accessible shortly after the event [1] Company Overview - Apollo is a high-growth global alternative asset manager with a focus 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 growth [2] - As of September 30, 2025, Apollo managed $908 billion in assets [2]

Core Viewpoint - Rithm Capital Corp. is making headlines in the mortgage REIT sector due to its strategic shift towards becoming an alternative asset manager, which has garnered significant investor interest [1]. Company Overview - Rithm Capital Corp. (RITM) is transitioning from a mortgage REIT to an alternative asset manager, indicating a significant change in its business model [1]. - The company has been under observation by investors who are eager to see how this transition unfolds [1]. Industry Context - The mortgage REIT sector has experienced various cycles, including the rise and fall of subprime mortgage REITs and a resurgence post the Great Financial Crisis [1]. - The expansion of mortgage REITs into mortgage servicing rights and other real estate-related investments reflects the evolving landscape of the industry [1].

Core Points - Brookfield Corporation announced the redemption of C$850,000,000 principal amount of 4.82% medium term notes due January 28, 2026, to be executed on December 22, 2025 at par value plus accrued interest [1] - Notice of redemption has been delivered to CDS Clearing and Depository Services Inc. and the trustee, Computershare Trust Company of Canada [2] - Brookfield Corporation is a leading global investment firm focused on long-term wealth building across three core businesses: Alternative Asset Management, Wealth Solutions, and Operating Businesses [3][4] Financial Performance - The company has a track record of delivering over 15% annualized returns to shareholders for over 30 years, supported by strong investment and operational experience [4] - Brookfield's conservatively managed balance sheet and extensive operational experience enable consistent access to unique investment opportunities [4] Company Overview - Brookfield Corporation operates in sectors including renewable power, infrastructure, business and industrial services, and real estate [3] - The company is publicly traded on both the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol BN [4]

Industry Overview - The alternative asset management industry has shown incredible growth and strong investment performance over the past decade [2] - The industry is characterized by resilience, even in the face of double-digit drawdowns in stock prices [2] Key Players - Marc Lipschultz, co-CEO of Blue Owl, has a background in founding the legacy credit business at Blue Owl and previously worked at KKR [3] - Kip DeVeer, Co-President of Ares, has extensive experience, having previously run ARCC and served as Head of Credit [3]

Core Insights - Great Elm Group, Inc. raised nearly $250 million in recent capital, positioning the company for continued growth in its alternative asset management platform [2][5][10] - The company reported a 10% increase in Pro Forma Fee-Paying AUM and a 7% increase in AUM year-over-year as of September 30, 2025 [1][9] - Great Elm Real Estate Ventures continues to expand, supported by construction management revenue and the sale of a build-to-suit property for $7.4 million [3][9] Financial Performance - Total revenue for the first quarter was $10.8 million, up from $4.0 million in the prior-year period, primarily due to the sale of the second Monomoy BTS property [9][24] - The company reported a net loss of $(7.9) million for the quarter, compared to net income of $3.0 million in the prior-year period, driven by unrealized losses [9][24] - Adjusted EBITDA for the first quarter was $(0.5) million, down from $1.3 million in the prior-year period [9][25] Strategic Partnerships and Investments - In July 2025, Great Elm formed a strategic partnership with Kennedy Lewis Investment Management, which included a $150 million term loan to Monomoy REIT and the purchase of 1.4 million shares of GEG common stock [5][10] - In August 2025, Woodstead Value Fund invested $9.0 million in GEG, purchasing 4.0 million shares at $2.25 per share [11] - GECC raised approximately $85.4 million in debt and equity capital during the quarter, including a private placement of 1.3 million shares [9][12] Asset Management Growth - As of September 30, 2025, GEG's Fee-Paying AUM and AUM totaled approximately $594 million and $785 million, respectively, reflecting growth of 9% and 6% year-over-year [5][9] - The company has approximately $53.5 million in cash and marketable securities to support growth initiatives [9][21] - GEG's stock repurchase program has been increased to $25 million, with approximately $10.9 million spent to repurchase 5.6 million shares [9][21]

Core Viewpoint - Onex Corp. is actively pursuing further investments in the insurance sector following a significant partnership with AIG to acquire stakes in Convex Group Ltd. for $7 billion [1][2]. Group 1: Transaction Details - Onex will hold a 63% stake in Convex, while AIG will own 35% after the completion of the deal [2]. - AIG will also acquire a 9.9% interest in Onex for approximately $646 million and plans to invest $2 billion over the next three years in Onex funds [3]. Group 2: Strategic Direction - The CEO of Onex, Bobby Le Blanc, indicated that the company is open to similar transactions in the future, suggesting the potential for redeploying billions of dollars from other assets into "Convex-like" deals [2][3]. - Le Blanc emphasized a concentrated approach to future investments, potentially focusing on one or two additional opportunities in the insurance sector, while also considering other successful areas [3]. Group 3: Company Transformation - The Convex deal is viewed as a major transformation for Onex, aligning with a broader restructuring strategy that has involved cost-cutting and divesting from certain businesses, such as Gluskin Sheff [4].

Financial Performance - Q3 2025 - Gross revenue reached $63 million, a 124% increase year-over-year compared to $2814 million in Q3 2024[21, 72] - Adjusted Net Income was $236 million, up from $147 million in the prior-year period[21, 72] - Adjusted EBITDA increased to $379 million, compared to $167 million in the prior-year period[21, 72] - Capital deployed for policy purchases totaled $1024 million[21] - Assets Under Management (AUM) reached $33 billion[16, 21] Growth & Profitability - Year-over-year revenue growth was 124%[22] - Year-over-year growth in capital deployed was 10%[22] - Adjusted Annualized Return on Equity (ROE) was 22%[22] - Adjusted Annualized Return on Invested Capital (ROIC) was 21%[20, 22] - Adjusted EBITDA Margin was 60%[20, 22] Revenue Mix & Targets - Life Solutions contributed 84% of revenue year-to-date, with a 5-year target of 30%[24] - Asset Group contributed 15% of revenue year-to-date, with a 5-year target of 30%[20, 24] - Technology contributed less than 1% of revenue year-to-date, with a 5-year target of 10%[24] - Wealth Advisors had no revenue year-to-date, with a 5-year target of 30%[24] Abacus Asset Group - Capital inflows for the quarter were $713 million, bringing the year-to-date total to $3544 million[25, 50] - Management fees for the quarter were $86 million, with a year-to-date total of $219 million[25, 50] - The company is targeting over $4 billion in fee-paying AUM by the end of 2026[25] ABL Tech - ABL Tech is tracking over 26 million lives[25, 62] - ABL Tech experienced a 21x year-over-year increase in lives tracked[25, 60]

Core Insights - Trinity Capital Inc. reported strong financial results for Q3 2025, with total investment income increasing by 22.3% year-over-year to $75.6 million [3][12] - The company's net asset value (NAV) reached a new high of $998 million, reflecting an 8.1% increase from the previous quarter and a 31.9% increase year-over-year [10][12] - The CEO highlighted the momentum in their direct lending platform and expressed optimism about future opportunities [3] Financial Performance - Total investment income for Q3 2025 was $75.6 million, up from $61.8 million in Q3 2024 [3][12] - Net investment income was approximately $37.0 million, or $0.52 per share, compared to $29.4 million or $0.54 per share in the same quarter last year [6][12] - The effective yield on average debt investments at cost was 15.0%, down from 16.1% year-over-year [3] Expenses and Liabilities - Total operating expenses, excluding interest, were $17.6 million, an increase from $15.5 million in Q3 2024, primarily due to higher compensation and professional fees [4] - Interest expense rose to $21.0 million from $16.9 million in the prior year, attributed to increased debt outstanding [5] Investment Activity - The company originated approximately $773.0 million in new commitments during Q3 2025, with gross investments funded totaling $470.6 million [12] - The investment portfolio had a fair value of approximately $2.2 billion, consisting of $1.7 billion in secured loans and $318.2 million in equipment financings [11][12] Asset Management - The net unrealized appreciation for the quarter was approximately $10.7 million, with contributions from equity and debt investments [7] - The company reported a net realized loss on investments of approximately $20.0 million, mainly due to the extinguishment and conversion of debt positions [8] Shareholder Returns - The company declared a regular dividend of $0.51 per share for Q3 2025, marking the 23rd consecutive quarter of consistent or increased dividends [21] - The NAV per share increased to $13.31 from $13.27 as of June 30, 2025 [10] Liquidity and Capital Resources - As of September 30, 2025, the company had approximately $217.9 million in available liquidity, including $9.5 million in unrestricted cash [17] - The KeyBank credit facility was expanded by $90 million, increasing total commitments to $690 million [18] Risk Assessment - As of the end of Q3 2025, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status, totaling approximately $20.7 million [15]

Financial Performance - TPG reported a net income of $199 million for Q3 2025, compared to a net loss of $21 million in Q3 2024[16] - Net income attributable to TPG Inc was $67 million for Q3 2025, compared to $9 million in Q3 2024[16] - After-tax Distributable Earnings (DE) increased from $189 million in Q3 2024 to $214 million in Q3 2025, primarily driven by Fee-Related Earnings (FRE)[27] - Fee-Related Earnings (FRE) increased 18% from $191 million in Q3 2024 to $225 million in Q3 2025, with the FRE margin increasing from 41% to 44%[22] - The company declared a dividend of $045 per share of Class A common stock, payable on December 1, 2025[5] Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $2864 billion, up 20% in the last twelve months[17] - Fee-Earning Assets Under Management (FAUM) totaled $1630 billion, up 15% over the same period[17] - Capital raised in Q3 2025 amounted to $181 billion, compared to $104 billion in Q3 2024[17] - Capital invested in Q3 2025 was $149 billion, an increase of over 70% year-over-year[4] Fund Performance - Realized performance allocations, net were $30 million in Q3 2025, primarily driven by Asia VIII and Asia VII in the Capital platform, MMDL V and MMDL II in TPG AG Credit, and TTAD II in the Growth platform[32] - Realized performance allocations, net for Q3 2025 YTD were $157 million, primarily driven by TPG VII, TPG VIII, Asia VIII, and Asia VII in the Capital platform, Growth IV in the Growth platform, and Rise Climate I in the Impact platform[32]