2025 First Quarter Results Earnings Presentation GCM Grosvenor Reports Q1 2025 Results CHICAGO, May 7, 2025 – GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the first fiscal quarter ended March 31, 2025. Dividend GCM Grosvenor's Board of Directors approved a $0.11 per share dividend payable on June 16, 2025 to shareholders on record June 6, 2025. Conference Call Management will host a webcast and conference call at 10:00 a.m. ET tod ...

Core Insights - Trinity Capital Inc. reported a total investment income growth of 29.5% year-over-year, reaching $65.4 million for Q1 2025 [4][13] - The company's net asset value (NAV) increased to $833 million, although NAV per share decreased to $13.05 from $13.35 [10][13] - The return on average equity (ROAE) was reported at 15.5% for the first quarter of 2025 [13] Financial Performance - Total investment income for Q1 2025 was $65.4 million, compared to $50.5 million in Q1 2024 [4][13] - Net investment income was approximately $32.4 million, or $0.52 per share, compared to $25.2 million or $0.54 per share in the previous year [7][13] - The net increase in net assets resulting from operations was $27.1 million, or $0.43 per share, up from $14.5 million or $0.31 per share in Q1 2024 [9][13] Operating Expenses - Total operating expenses, excluding interest, were $15.3 million in Q1 2025, up from $13.2 million in Q1 2024, primarily due to higher compensation and professional fees [5] - Interest expense increased to $17.7 million in Q1 2025 from $12.1 million in Q1 2024, attributed to higher average debt outstanding and borrowing rates [6] Investment Portfolio - As of March 31, 2025, the investment portfolio had a fair value of approximately $1.79 billion, consisting of $1.33 billion in secured loans, $336.7 million in equipment financings, and $125.6 million in equity and warrants [11][12] - The company originated approximately $185.9 million in new commitments during the first quarter, with gross investments funded totaling $220.4 million [12][13] Asset Management and Liquidity - The company had approximately $216.4 million in available liquidity as of March 31, 2025, including $8.4 million in unrestricted cash [17] - Trinity's leverage ratio was approximately 116% at the end of Q1 2025, compared to 108% at the end of Q4 2024 [20] Dividend Distribution - The Board of Directors declared a regular dividend of $0.51 per share for Q1 2025, marking the 21st consecutive quarter of consistent or increased dividends [22][13]

Financial Data and Key Metrics Changes - Ares Management reported a year-over-year growth in management fees of 18%, with fee-related earnings (FRE) increasing by 22% and after-tax realized income per share of Class A common stock growing by 36% [5][24]. - The company declared a quarterly dividend of $1.12 per share, representing a 20% increase over the same quarter last year [3][4]. - Total assets under management (AUM) reached $546 billion, marking a significant milestone as the company crossed over $5 trillion in total AUM for the first time [6][24]. Business Line Data and Key Metrics Changes - Fundraising activities were robust, with over $20 billion in gross new capital commitments, the highest level for first-quarter fundraising on record [6][14]. - Deployment activities also saw strong performance, with over $31 billion deployed in the quarter and a gross to net deployment ratio of 49% in private credit strategies [6][9]. - The company experienced significant inflows across various strategies, with over 45% of quarterly fundraising coming from outside the credit group, including real estate, infrastructure debt, and private equity [14][15]. Market Data and Key Metrics Changes - The market environment has been characterized by increased volatility and uncertainty, particularly following geopolitical events and tariff announcements [7][20]. - Despite these challenges, Ares has maintained a record amount of dry powder, with $142 billion of available capital, which positions the company well to capitalize on market opportunities [9][36]. - The company noted that over 72% of total AUM is in credit-related products, with more than 92% of these being senior loans, indicating a defensive positioning in the current economic climate [12][20]. Company Strategy and Development Direction - Ares Management aims to leverage its flexible private market strategies to gain market share during periods of volatility, emphasizing its asset-light business model and focus on third-party client interests [10][36]. - The integration with GCP International is progressing well, with expectations of realizing significant synergies and enhancing vertically integrated capabilities in real estate [23][24]. - The company is optimistic about growth opportunities in real estate, particularly in response to anticipated increases in construction costs due to tariffs, which may constrain supply [14][20]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic uncertainty, citing a strong investment pipeline and the ability to invest opportunistically across various strategies [20][36]. - The company remains optimistic about 2025 and beyond, highlighting its resilience during challenging market conditions and the strength of its diversified investment strategies [36][37]. - Management noted that while M&A activity may slow, there are still significant opportunities in direct lending and credit markets, with expectations of continued strong performance in these areas [20][66]. Other Important Information - The company reported a significant increase in fee-related performance revenues, totaling $28 million, up from $4 million in Q1 2024, driven by strong fund performance [26][27]. - Ares Management's corporate loan portfolios are performing well, with strong credit quality and low loan-to-value ratios, indicating a solid foundation for future growth [32][40]. - The company is actively engaged with new partners in the reinsurance sector, expanding its reach in both the U.S. and APAC regions [23][24]. Q&A Session Summary Question: What do you expect for the remainder of 2025 regarding private credit quality? - Management highlighted that 96% of their Global Credit exposure is in senior loans, with low loan-to-value ratios, indicating a strong position against defaults and non-accruals [40][42]. Question: Can you discuss the momentum in wealth management and product growth? - Management noted record capital gathering in wealth management, with a broadening distribution network and new product offerings, maintaining strong inflows despite market turbulence [50][52]. Question: What is the outlook for FRE margin expansion? - Management remains optimistic about achieving zero to 150 basis points of margin expansion, citing ongoing integration efforts and synergies from GCP [56][59]. Question: How does the M&A backdrop affect deployment strategies? - Management indicated that even with subdued M&A activity, they have demonstrated the ability to invest across various strategies, particularly in opportunistic credit and secondaries [62][66]. Question: What is the opportunity set in Europe for private credit? - Management observed increased investor appetite for European products, with a modest acceleration in deployment and a favorable competitive position in the market [78][80].

Financial Data and Key Metrics Changes - In Q1 2025, the company reported a year-over-year growth in management fees of 18%, FRE growth of 22%, and after-tax realized income per share of Class A common stock growth of 36% [6][25][32] - The total AUM reached $546 billion, marking a significant milestone as it crossed over $5 trillion for the first time [7][25] - The company declared a quarterly dividend of $1.12 per share, representing a 20% increase over the same quarter last year [4][5] Business Line Data and Key Metrics Changes - Fundraising activities reached over $20 billion in gross new capital commitments, the highest level for Q1 fundraising on record [7][15] - The private credit strategies saw a gross to net deployment ratio of 49%, with capital deployment in drawdown funds increasing nearly 20% over the previous quarter [7][9] - The company experienced strong performance across various strategies, with significant inflows in real estate, infrastructure debt, secondaries, and private equity [15][17] Market Data and Key Metrics Changes - The company noted a shift in market conditions due to increased volatility and uncertainty, particularly following the announcement of tariffs and geopolitical events [8][22] - Despite market challenges, the company maintained a record amount of dry powder, with $142 billion available for deployment [9][12] - The European direct lending business saw a 20% year-over-year increase in deployment, indicating a modest acceleration in the European market [82] Company Strategy and Development Direction - The company aims to leverage its asset-light business model and flexible private market strategies to capitalize on market dislocations [10][11] - A focus on credit-related products is emphasized, with over 72% of total AUM in credit-related assets, primarily senior loans [12][22] - The integration with GCP International is progressing well, with expectations of realizing significant synergies in the coming months [24][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating current economic uncertainties, citing a strong investment pipeline and the ability to invest opportunistically [22][37] - The company anticipates slower M&A activity until more certainty regarding tariffs and economic conditions is established, but sees potential for enhanced investment opportunities [22][23] - Management highlighted the resilience of the business model during past market dislocations, reinforcing confidence in future performance [10][37] Other Important Information - The company reported a significant increase in fee-related performance revenues, totaling $28 million, a substantial rise from $4 million in Q1 2024 [27] - The effective tax rate on realized income was reported at 8.1%, with expectations of a lower range of 8% to 12% for the remainder of the year [32] Q&A Session Summary Question: What is the outlook for private credit quality given potential negative GDP growth? - Management indicated that 96% of exposure in the Global Credit business is in senior loans, with low loan-to-value ratios, suggesting limited risk of defaults [40][42] Question: Can you discuss the momentum in wealth management and product growth? - Management noted record capital gathering in wealth management, with a broadening distribution network and new product offerings [50][51] Question: What is the outlook for FRE margin expansion? - Management remains optimistic about achieving zero to 150 basis points of margin expansion, despite some drag from GCP integration [58][59] Question: How is the pipeline for M&A and deployment in the current market? - Management highlighted the ability to invest across various strategies even in a subdued M&A environment, with significant dry powder available for opportunistic investments [63][67] Question: What are the opportunities in the European market compared to the U.S.? - Management noted an increase in investor appetite for European products and a modest acceleration in deployment in Europe [80][82]

Franklin Resources (BEN) Q2 2025 Earnings Call May 02, 2025 11:00 AM ET Company Participants Selene Oh - IRJennifer Johnson - President and CEOBenjamin Budish - DirectorMatthew Nicholls - Executive VP, CFO & COOAdam Spector - Executive VP & Head of Global DistributionBrian Bedell - DirectorPatrick Davitt - Partner Conference Call Participants Craig Siegenthaler - AnalystAlexander Blostein - AnalystDan Fannon - Managing Director - Research AnalystMichael Cyprys - AnalystWilliam Katz - Senior Equity AnalystGl ...

Financial Data and Key Metrics Changes - Assets under management (AUM) decreased to $1,540 billion, primarily due to long-term net outflows at Western Asset and negative market impacts [18][19] - Adjusted operating income was $377.2 million, a decrease of 8.6% from the prior quarter, mainly due to compensation expenses and the impact of Western [27][28] Business Line Data and Key Metrics Changes - Long-term inflows increased by 9% quarter over quarter, with gross sales rising across all asset classes [19] - Multi-asset and alternatives generated a combined $9.7 billion in positive net flows, while equity long-term inflows were $38.9 billion, despite net outflows of $5.4 billion in growth strategies [20][21] - Fixed income net outflows were $30.5 billion, but excluding Western, there were net inflows of $2.8 billion [20][21] Market Data and Key Metrics Changes - The institutional unfunded pipeline increased by $2.3 billion to $20.4 billion, the highest level since 2022 [5] - International markets accounted for approximately $470 billion, or about 30% of AUM, with positive net flows in the EMEA and Americas regions [7][26] Company Strategy and Development Direction - The company aims to leverage market volatility to enhance client asset growth through diversified investment solutions [4][17] - Focus on expanding alternative assets and wealth management channels, projecting $800 billion to be allocated to democratize alternatives industry-wide over the next five years [22][64] - Continued integration of Western Asset to create efficiencies while maintaining investment team autonomy [28] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously constructive on global equity markets, citing concerns over US growth and tariff impacts [10][11] - The company anticipates that a recession in the US is not a foregone conclusion, with the economy being better insulated compared to export-dependent countries [11][12] - Positive sentiment around the potential for growth in private markets and alternatives, with a strong focus on educating financial advisers [63][64] Other Important Information - The company launched its first perpetual secondary private equity fund, raising an initial $2 billion [23] - The ETF business saw its fourteenth consecutive quarter of positive net flows, attracting $4.1 billion during the quarter [24][25] Q&A Session Summary Question: Guidance on fiscal year expenses given market movements - Management expects effective fee rates to remain around 38 basis points, with expenses projected to be flat compared to 2024 [36][39] Question: Estimate for base fee organic growth rate including Western - Management noted that long-term net flows excluding Western were about $7.4 billion, with positive flows in fixed income and alternatives [45][46] Question: Update on fixed income strategies and Western's health - Western experienced $10 billion in outflows but also had $5 billion in gross sales, indicating ongoing institutional interest [78][79] Question: Contribution of international business to revenues and flows - The company reported positive momentum in gross sales across all regions, with AUM outside the US at approximately $470 billion [92]

NEW YORK, May 02, 2025 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the first quarter ended March 31, 2025. Marc Rowan, Chairman and Chief Executive Officer at Apollo said, “Our first quarter results highlight Apollo’s strengths and our ability to navigate shifting market conditions. In Asset Management, we generated record organic inflows, strong origination volume, and delivered solid investment performanc ...

Core Insights - Patria reported a record fundraising of $3.2 billion in Q1 2025, positioning the company strongly to meet its $6 billion target for the year [2] - The company achieved Fee Related Earnings (FRE) of $42.6 million, reflecting a year-over-year growth of 21% [3] - Patria generated over $700 million in organic net inflows, indicating an annualized organic growth rate of 9% [2] Financial Performance - Net income attributable to Patria for Q1 2025 was $13.6 million [3] - FRE margin stood at 55.1%, with Distributable Earnings of $36.8 million, or $0.23 per share [3] - The company declared a quarterly dividend of $0.15 per share, payable on June 12, 2025 [4] Business Strategy and Outlook - The company is focused on diversifying its investment platforms, which is contributing to fundraising and organic growth [2] - Despite potential economic headwinds, Patria aims to generate between $200 million to $225 million of FRE for 2025 [2] - Patria specializes in mid-market segments across resilient sectors, with a strong presence in Latin America and Europe [6]

NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Martin Kelly, Chief Financial Officer, will participate in a fireside chat at the Barclays Americas Select Franchise Conference on Wednesday, May 7, 2025 at 8:30 am EDT. A live webcast of the event will be available on Apollo’s Investor Relations website at ir.apollo.com. For those unable to join live, a replay will be available shortly after the event. About Apollo Apollo is a high-growth, global alternative asset manager. ...

Core Viewpoint - Apollo has agreed to acquire the European colocation business developed and managed by STACK Infrastructure in a carve-out transaction, aiming to leverage its expertise and resources to accelerate growth in the data center sector [1][3]. Company Overview - The Company consists of seven data center assets located in five key European markets: Stockholm, Oslo, Copenhagen, Milan, and Geneva, catering to a diverse range of blue-chip enterprise clients including telecommunications carriers, IT services companies, and financial institutions [2]. Strategic Intent - The CEO of the Company expressed enthusiasm about partnering with Apollo to enhance growth as a standalone entity, emphasizing the potential to capitalize on industry tailwinds and deliver greater value to stakeholders [3]. - Apollo's partner highlighted the strong demand for data center infrastructure, particularly for high-quality, interconnected colocation businesses, viewing this acquisition as a long-term growth opportunity [3]. Operational Focus - STACK EMEA's CEO noted the establishment of a dedicated enterprise colocation business unit to meet the specialized needs of the hyperscale sector while ensuring continued support for former enterprise colocation clients [3]. - The management team and all employees from the EMEA colocation business are expected to transition with the Company, which will undergo rebranding and will no longer use the STACK Infrastructure name [3]. Transaction Details - The acquisition is subject to certain closing conditions, including regulatory approvals, with Latham & Watkins LLP serving as legal counsel to the Apollo Funds [4].