Key Takeaways BlackRock aims to raise $400B in private market funds and expects private credit reaching $4.5T by 2030. The firm targets $15B in adjusted operating income and a $280B market cap by the end of the decade. BLK projects over $35B in revenues and at least 5% organic base fee growth with 45% margins by 2030.BlackRock (BLK) is targeting $400 billion in private markets fundraising by 2030. In its investor presentation, the firm predicted that the private credit market could expand to $4.5 trillion ...

Financial Data and Key Metrics Changes - The company reported strong portfolio performance with positive NOI and EBITDA growth, indicating resilience in its financials [3][4] - The alternative credit business is valued at $40 billion, reflecting a robust position in the market [3] Business Line Data and Key Metrics Changes - Direct lending portfolios maintain a loan-to-value ratio of 42%, suggesting a strong backing by institutional equity [7][30] - The company has seen a 61% increase in deployment despite a 7% decline in US M&A volumes, showcasing effective management of capital [25][26] Market Data and Key Metrics Changes - Credit spreads have widened by 50 to 75 basis points post-Liberation Day, but the total return in direct lending remains attractive at around 10% [18][21] - The secondary market for private equity is experiencing significant growth, with an estimated $160 billion in secondary deployment last year, indicating a healthy demand for liquidity solutions [62] Company Strategy and Development Direction - The acquisition of GCP enhances the company's position in industrial real estate and digital infrastructure, aligning with its strategic roadmap for growth in Asia and data centers [57][58] - The company aims to double its asset-based finance business to $75-80 billion, focusing on sub-investment grade and investment grade opportunities [36][38] Management's Comments on Operating Environment and Future Outlook - Management expresses cautious optimism about the economy, noting strong fundamentals despite concerns over inflation and economic growth [4][5] - The company maintains its five-year fee-related earnings growth guidance of 16% to 20%, reflecting confidence in its business model and market position [85][86] Other Important Information - The company emphasizes the importance of maintaining a balance between retail and institutional fundraising to ensure sustainable growth and performance [78][79] - Management highlights the educational efforts made to improve investor understanding of asset-based finance, which is crucial for market expansion [42][44] Q&A Session Summary Question: What are the biggest risks to the private credit market? - Management believes that private credit is one of the last places to see losses due to the high quality of borrowers and the structure of the market [8][9] Question: How is the integration of the GCP acquisition progressing? - The acquisition is on track to enhance the company's capabilities in industrial real estate and data centers, with significant growth potential identified [57][58] Question: How does the company manage the conflict between retail and institutional flows? - The company focuses on building investment capacity to ensure that it can meet the demands of both retail and institutional investors without compromising performance [78][79]

Financial Data and Key Metrics Changes - For the quarter ended March 31, GAAP net investment income was $0.28 per share, and core net investment income was also $0.28 per share. Adjusted for additional shares issued, core NII would have been $0.30 per share [24] - As of March 31, NAV was $11.7 per share, down 2.4% from $11.34 per share last quarter [24] - The debt to equity ratio was 1.3 times, indicating a diversified capital structure across multiple funding sources [24] Business Line Data and Key Metrics Changes - The portfolio grew to $2.3 billion, up 7% from the prior quarter, with $293 million invested in three new and 54 existing portfolio companies at a weighted average yield of 9.9% [17] - The weighted average debt to EBITDA ratio for new portfolio investments was 4.3 times, with an interest coverage of 2.3 times [9][11] - Nonaccruals represented only 2.2% of the portfolio at cost and 1.2% at market value, which improved to 1% at cost and 0.5% at market value after two nonaccruals were put back on accrual [14][25] Market Data and Key Metrics Changes - Approximately 80% of originations came from existing borrowers, while 20% were from new platform investments, indicating a strong focus on existing relationships [7] - The pricing on first lien term loans stabilized in the SERFR plus 500 to $5.50 range for high-quality assets [10] - The core middle market remains attractive, with lower leverage and higher spreads compared to the upper middle market [10][12] Company Strategy and Development Direction - The company aims to focus on the core middle market, providing strategic capital to borrowers in five key sectors: business services, consumer, government services and defense, healthcare, and software and technology [12] - The company has taken significant steps to strengthen its balance sheet and enhance liquidity, positioning itself to take advantage of market opportunities [8][21] - The strategy includes maintaining rigorous underwriting standards and being selective in pursuing new investments [8] Management's Comments on Operating Environment and Future Outlook - Management noted that despite market volatility, the company had a solid quarter and expects originations to remain concentrated among existing portfolio companies [7] - The management anticipates that pricing will likely increase and leverage will moderate as buyers and lenders adjust to a new risk framework [8] - The company is optimistic about the upcoming vintage of loans, which is expected to be particularly attractive [8] Other Important Information - The company raised $163 million during the quarter through its ATM program, issuing 14.4 million shares at an average price of $11.33 per share [21] - The joint venture (JV) portfolio totaled $1.1 billion, with $60 million invested during the quarter at a weighted average yield of 9.8% [20] - The company has over $500 million of available capital, enhancing its ability to capitalize on market opportunities [21] Q&A Session Summary Question: On the equity raising during the quarter, was this a long-term capital build or an increase in pipeline activity? - Management indicated that the capital raised was part of preparing for a robust 2025, despite a slowdown in activity due to recent market events [29] Question: What is necessary to unlock new M&A activity in the market? - Management stated that certainty in tariffs and a stable environment are crucial for unlocking new M&A activity, with limited exposure to tariffs in their portfolio [33] Question: How much of the existing borrower activity is repricing versus growth capital? - Management noted that most activity is from existing platforms growing, with repricing having ended due to recent market changes [40] Question: How does the company view the equilibrium in the private credit market? - Management expressed that the focus on the core middle market remains strong, with larger players moving upmarket, creating more opportunities for the company [49]

Core Viewpoint - UBS Group AG has formed a strategic partnership with General Atlantic to enhance private credit opportunities, focusing on direct lending solutions for clients and borrowers [1][2]. Partnership Details - The collaboration aims to broaden access to direct lending and credit products by leveraging UBS's advisory and investment banking capabilities alongside General Atlantic's global network [2]. - The partnership will primarily focus on senior secured direct lending financing for companies in North America and Western Europe, with General Atlantic leading a private credit team [3]. Rationale Behind the Partnership - This strategic collaboration is intended to strengthen UBS's Investment Bank's private market capabilities, particularly in providing private credit solutions to large- and mid-cap companies in the Americas [4]. - The partnership aligns with UBS's growth targets for its Global Banking capital markets platform, enhancing its reach and capabilities in the private credit sector [4]. Leadership Statements - Sergio P. Ermotti, CEO of UBS, expressed enthusiasm for the partnership, highlighting the shared commitment to client-centric solutions and the combined strengths of both firms in private credit investing and asset management [5]. Market Context - UBS shares have experienced a decline of 4.2% over the past six months, contrasting with a 17% rise in the industry [7]. - UBS currently holds a Zacks Rank 3 (Hold), indicating a neutral outlook in the market [8]. Industry Comparisons - Other financial institutions are also expanding their presence in the private credit market, with JPMorgan announcing a $50 billion allocation for direct lending and Citigroup partnering with Apollo Global Management for a $25 billion private credit program [9][12].

An International Alternative Asset Manager FIRST QUARTER 2025 INVESTOR PRESENTATION TRINITYCAPITAL.COM NASDAQ: TRIN FORWARD-LOOKING STATEMENTS | DISCLAIMER Trinity Capital Inc. (the "Company") cautions that this presentation may contain forward-looking statements that are based on current expectations and assumptions about future events, and which are not based in historical fact. The forward-looking statements in this presentation are based on current conditions as of the date of this presentation, and inc ...