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]

Core Points - GCM Grosvenor will release its second quarter 2025 results on August 7, 2025 [1] - A webcast and conference call will be held on the same day at 11:00 a.m. ET to discuss the results and provide a business update [2] - GCM Grosvenor manages approximately $82 billion in assets across various investment strategies [3] Company Overview - GCM Grosvenor is a global alternative asset management solutions provider with over 50 years of experience in the industry [3] - The firm employs around 550 professionals and serves a diverse client base of institutional and individual investors [4] - GCM Grosvenor has a global presence with offices in major cities including Chicago, New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul, and Sydney [4]

Company Overview - Mount Logan Capital Inc. is an alternative asset management and insurance solutions company focused on public and private debt securities in the North American market and reinsurance of annuity products through its subsidiaries [2] - The company actively sources, evaluates, underwrites, manages, monitors, and invests in loans, debt securities, and other credit-oriented instruments that offer attractive risk-adjusted returns with low risk of principal impairment [2] Financial Results Announcement - Mount Logan Capital will release its financial results for the second quarter ended June 30, 2025, after market close on August 7, 2025 [1] - A conference call to discuss these results will be held on August 8, 2025, at 11:00 a.m. Eastern Time, open to shareholders, prospective shareholders, and analysts [1] Subsidiaries and Operations - ML Management, organized in 2020, provides investment management services to privately offered investment funds and acts as a collateral manager for collateralized loan obligations [3] - Ability Insurance Company, acquired in Q4 of fiscal year 2021, is a Nebraska domiciled insurer and reinsurer of long-term care policies and annuity products, but it no longer insures or reinsures new long-term care risk [4]

Core Insights - T.D. Williamson ("TDW") announced a strategic investment from funds managed by Apollo, while SCF Partners retains a majority ownership stake [1][6][5] Company Overview - TDW has been a leader in the pipeline maintenance and integrity industry for over 100 years, offering a comprehensive suite of maintenance and asset optimization solutions [5] - The company holds more than 500 registered patents, including innovations in advanced isolation, integrated pigging, and in-line integrity assessment and repair [5][7] Investment Details - The investment from Apollo Funds is seen as a significant milestone for TDW, aimed at supporting the company's growth and innovation in meeting customer needs [6][1] - Apollo's involvement is expected to accelerate strategic growth initiatives that enhance the safety, reliability, and efficiency of energy infrastructure [6][1] Strategic Partnerships - SCF Partners, which acquired TDW in June 2022, continues to play a crucial role in TDW's growth strategy alongside Apollo [1][6] - The collaboration aims to deepen customer relationships and expand TDW's technology and product portfolio [6][5]

Core Insights - Apollo Global Management reported strong first quarter results for the period ending March 31, 2025, showcasing its ability to adapt to changing market conditions [2] - The company achieved record organic inflows and solid investment performance across all major strategies in its Asset Management segment [2] - Apollo declared a cash dividend of $0.51 per share for its Common Stock and $0.8438 per share for its Mandatory Convertible Preferred Stock, reflecting its commitment to returning value to shareholders [3][4] Financial Performance - As of March 31, 2025, Apollo managed approximately $785 billion in assets [8] - The company emphasized its robust origination capabilities and significant dry powder, positioning itself to capitalize on market volatility [2] Dividend Information - The cash dividend for Common Stock will be paid on May 30, 2025, to shareholders of record as of May 16, 2025 [3] - The cash dividend for Mandatory Convertible Preferred Stock will be paid on July 31, 2025, to shareholders of record as of July 15, 2025 [4] Company Overview - Apollo is a global alternative asset manager focused on providing clients with excess returns across various investment strategies [8] - The company has a long-standing approach to retirement services, helping clients achieve financial security through a suite of retirement savings products [8]

Core Insights - Apollo is a high-growth global alternative asset manager with a focus on providing excess returns across various risk-reward spectrums [2] - As of December 31, 2024, Apollo managed approximately $751 billion in assets [2] Company Participation - Martin Kelly, the Chief Financial Officer of Apollo, will participate in a fireside chat at the Barclays Americas Select Franchise Conference on May 7, 2025, at 8:30 am EDT [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]

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].

Core Viewpoint - Apollo is set to release its financial results for Q1 2025 on May 2, 2025, before market opening, with a management review scheduled for 8:30 am ET [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 [3] - The company has over three decades of investing expertise and manages approximately $751 billion in assets as of December 31, 2024 [3] - Through its retirement services business, Athene, Apollo offers a range of retirement savings products aimed at helping clients achieve financial security [3]