Core Viewpoint - Nvidia's stock experienced significant volatility following its earnings report, initially rising over 5% before closing 3% lower, indicating market uncertainty despite strong financial performance [1][2][3]. Company Performance - Nvidia reported a strong quarter with revenues of $57 billion and an optimistic outlook of $65 billion, which initially excited investors [14]. - The average price target for Nvidia increased from $234 to $250 post-earnings, reflecting continued optimism among analysts [4][3]. Market Reaction - The stock's movement was influenced by broader concerns regarding AI valuations and the tech sector, rather than issues specific to Nvidia [5][6]. - The tech sector, including Nvidia, faced selling pressure, with some analysts suggesting that the bottom has not yet been reached [16][17]. Industry Context - The volatility in Nvidia's stock is part of a larger trend affecting the tech sector, with significant declines observed in related companies like SoftBank, which sold its entire stake in Nvidia [7][8]. - Concerns about circular financing and AI valuations are prevalent, with investors uncertain about how to evaluate these unprecedented market conditions [9][10]. Economic Factors - The market is currently experiencing cautious optimism, with discussions around potential interest rate cuts influencing investor sentiment [11][25]. - Despite lower yields, the market is not fully pricing in a rate cut for December, indicating ongoing uncertainty [25].

story. I want to bring into this conversation uh Bill Egan. He is the chief investment officer of the Absolute Return Fixed Income Group at JP Morgan Asset Management.Uh we've had a wild ride in the equity markets. Uh it's been quite a thing to to see. >> These guys are stuck.>> Yeah. Given the inflation picture and the unemployment picture, they're smacking against each other in the wrong directions. >> Yeah.What's interesting, Andrew, is um you know, 10 and 30-year yields are higher now than when Fed fund ...

Mike, is this information like, you know, could have been useful six weeks ago to we get any do do we glean anything from something like this. No, not really. It's been described by one analyst as a sort of Rorschach test.You see in it what you want to see. You know, maybe some people see clouds or something like that. But those who think that the Fed should be on hold point to the strong job creation and the fact that inflation is still going up. And those who think the Fed should be cutting can point to t ...

Financial Data and Key Metrics Changes - Vinci Compass generated BRL 77.1 million in earnings for Q3 2025, translating to BRL 1.22 per share, with a FRE margin of 32.3% and adjusted distributable earnings of BRL 73.1 million, or BRL 1.16 per share, marking a 28% increase year-over-year on a nominal basis [3][25] - Total assets under management (AUM) reached BRL 316 billion, a 4% increase quarter-over-quarter, with capital formation and appreciation totaling BRL 19 billion [22][13] Business Line Data and Key Metrics Changes - The credit segment raised over BRL 1 billion in the quarter, with 30% coming from international investors, indicating strong global interest [11] - The global IP&S segment saw AUM exceed BRL 241 billion, supported by approximately BRL 8 billion of inflows, with TPD alternative funds being a key growth driver [17][12] Market Data and Key Metrics Changes - Brazil is expected to benefit from a potential political shift reinforcing fiscal responsibility and a likely Selic-cutting cycle, creating a favorable environment for asset re-rating [10] - The trend of global investors seeking exposure beyond the U.S. is expected to support fundraising efforts, offering attractive risk-adjusted opportunities [11] Company Strategy and Development Direction - The acquisition of Verde is a significant milestone in strategic expansion, enhancing Vinci Compass's position as a leading alternative investment platform in Latin America [5][6] - The company aims to achieve a 38% FRE margin target by 2028, supported by cost reduction initiatives and substantial fundraising across all segments [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment, citing broad-based asset appreciation and easing rate bias across emerging economies as constructive for the platform [10] - The company is well-positioned to capture generational shifts in the global economy and markets, compounding value for clients and shareholders [13][22] Other Important Information - The company is adopting AI across its operations, with approximately 80% of the team using AI to enhance productivity and risk management [21] - The first Brazilian pension plan commitment to the SPS4 fund is expected to unlock further commitments from similar institutional investors [26][27] Q&A Session Summary Question: Regarding the first Brazilian pension plan commitment to SPS4, how fast do you think this new demand could come? - Management expects further commitments for this strategy but cannot predict the exact size of it, noting the low penetration of this type of investment among local and international institutions [26][27] Question: Should the improved FRE margin be considered the new base for the next quarter? - Management indicated that while there is some seasonality in expenses, they expect margins to remain above 30% going forward, with the Verde acquisition expected to positively impact margins in 2026 [29][30] Question: How much of the strong global IP&S inflows this quarter was related to TPD alternatives? - TPD alternatives had a significant positive impact, with a $2 billion contribution from a regional player into a US-based closed-end fund, and management remains optimistic about future inflows [31][32]

Financial Data and Key Metrics Changes - Trinity Capital reported $75.6 million in total investment income, a 22% year-over-year increase, and $37 million in net investment income, representing a 29% increase compared to Q3 of last year [2][11] - The net asset value (NAV) grew 8% quarter-over-quarter to a record $998 million, with a year-over-year increase of 32% [2][12] - The return on equity was 15.3%, among the highest in the Business Development Company (BDC) space, with a weighted average effective portfolio yield of 15% [11][12] Business Line Data and Key Metrics Changes - The company funded $471 million in Q3, bringing year-to-date investments to $1.1 billion, nearly matching all of 2024's total [3] - The investment pipeline remains robust, with $773 million of new commitments in Q3 and $1.2 billion in total unfunded commitments as of quarter-end [3][4] - Non-accruals remained steady at 1% of the total debt portfolio, with four companies on non-accrual status [15] Market Data and Key Metrics Changes - Portfolio companies collectively raised $2.3 billion in equity capital during Q3, indicating strong borrower performance and access to capital [15] - The largest industry concentration in the portfolio is finance and insurance, accounting for 15% of the portfolio at cost, diversified across 20 borrowers [15] Company Strategy and Development Direction - Trinity Capital is focused on building a scalable platform that can drive earnings and NAV growth, with a commitment to disciplined underwriting and a diversified portfolio across five business verticals [8][10] - The company is strategically raising equity, debt, and off-balance sheet vehicles to fuel growth, including a new joint venture with a large asset manager [6][10] - The management structure aligns interests with shareholders, promoting a commitment to delivering consistent dividends and long-term value [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the opportunities in the private credit market, highlighting a robust investment pipeline and the potential for incremental upside from warrant positions in portfolio companies [3][10] - The impact of rate cuts on the business has been limited, with most loans including interest rate floors, which helps maintain income levels [5][10] - The company remains focused on maintaining strong credit quality and disciplined underwriting practices [4][15] Other Important Information - The company raised $83 million of equity through its ATM program at a 19% average premium to NAV during Q3 [12] - The net leverage ratio increased slightly to 1.18 times at quarter-end, with no debt maturities until August 2026 [12] Q&A Session Summary Question: Current capacity in off-balance sheet vehicles - Management indicated that there is currently about $200 million of capacity in the new vehicle, with other vehicles being approximately 75% funded [20][24] Question: Capacity of the team for origination and management - Management stated that they have been hiring in advance of growth needs and are currently well-positioned to manage existing verticals without immediate need for additional resources [28][29] Question: Competition in various verticals and deal spreads - Management noted that they do not see the same rate compression as other markets, with their niche verticals experiencing less competition [30][31] Question: Increase in compensation expenses - Management explained that the increase in compensation expenses is due to team growth and the establishment of a new office in the U.K. [37] Question: Portfolio health and watch credits - Management reported a significant decrease in watch credits, indicating improved portfolio health, with overall performance remaining strong [38][63] Question: Nomad Health investment write-off - Management clarified that a significant portion of the Nomad Health investment was converted to equity, and while the remaining debt is on non-accrual, they remain optimistic about the company's future [42][45] Question: Exposure to consumer receivables - Management confirmed that the portfolio has very low exposure to consumer receivables, with a focus on B2B financing [49] Question: Future leverage ratio plans - Management indicated plans to lower the leverage ratio over time, focusing on creating liquidity and generating new income through managed funds [66]

Fund Overview - WisdomTree, a global asset manager with over $130 billion AUM, has adopted Chainlink to provide institutional-grade NAV data onchain for its CRDT tokenized fund on Ethereum [1] - The CRDT fund offers exposure to a diversified portfolio of liquid private credit and alternative income instruments, tracking the Gapstow Liquid Alternative Credit Index (GLACI) [1] Technology and Transparency - By using Chainlink, WisdomTree enables subscriptions and redemptions through its Prime and Connect platforms, ensuring institutional-grade transparency, auditability, and interoperability [2] - Verified NAV data on Ethereum via Chainlink allows DeFi protocols and institutional platforms to reference CRDT's valuation in smart contracts [3] Potential Use Cases - The availability of CRDT's valuation data unlocks new use cases across lending, yield aggregation, and automated portfolio management [3]

Core Insights - Hamilton Lane has achieved a significant milestone by surpassing a total asset footprint of $1 trillion, marking a 6% year-over-year increase, with AUM reaching $145 billion, up $14 billion or 11% from the previous year [1][5][6] - The company has formed a strategic partnership with Guardian Life Insurance Company, which includes managing Guardian's existing private equity portfolio of nearly $5 billion and a commitment to invest approximately $500 million annually for the next ten years [9][10][40] - The firm reported strong financial performance, with fee-related revenue increasing by 23% year-over-year, driven by growth in management and advisory fees [5][36] Financial Performance - Total asset footprint reached just over $1 trillion, with AUM at $145 billion, reflecting an 11% increase year-over-year [1] - AUA stood at $860 billion, growing by $44 billion or 5% compared to the prior year, primarily due to market value growth [5] - Fee-related earnings were $160.7 million year-to-date, representing a 34% growth year-over-year [6] - GAAP EPS for the fiscal year-to-date was $2.98, with non-GAAP EPS at $2.86 [6] Strategic Developments - The partnership with Guardian Life will involve managing their private equity portfolio and includes financial incentives such as HLNE equity warrants [10][40] - Hamilton Lane's Evergreen platform has seen substantial growth, with total Evergreen AUM reaching $14.3 billion, nearly doubling since 2024 [24][25] - The company has expanded its product offerings, launching additional evergreen products and enhancing its technology solutions [8][27] Market Position and Outlook - The firm maintains a strong position in the private equity market, with a focus on customized solutions for institutional clients [10][11] - The company has observed a low default rate of around 1%, indicating strong credit fundamentals within the private credit sector [14] - Hamilton Lane's strategic focus on expanding its insurance solutions platform is expected to drive future growth [11][12]

Financial Data and Key Metrics Changes - The loan portfolio principal totaled approximately $400 million as of September 30, 2025, with a weighted average yield to maturity of 16.5%, down from 16.8% in the previous quarter [10] - Net interest income for Q3 2025 was $13.7 million, a decrease of 5.1% from $14.4 million in Q2 2025, primarily due to non-recurring fees and the impact of a 25 basis point rate cut [13][14] - Distributable earnings per weighted average share were approximately $0.50 and $0.49 for basic and fully diluted shares, respectively, a modest decrease from $0.52 and $0.51 in the previous quarter [15] Business Line Data and Key Metrics Changes - Gross originations during the quarter were $39.5 million, with $11 million advanced to a new borrower and $20 million related to a new credit facility [10] - The portfolio consisted of 36.7% fixed-rate loans and 63.3% floating-rate loans, with only 14% exposed to further rate declines due to interest rate floors [11] Market Data and Key Metrics Changes - The company noted challenges in private credit markets, including declining interest rates and concerns over underwriting standards, which have led to trading at a discount to book value [6] - The cannabis pipeline currently stands at approximately $441 million, diversified across various growth investments and market activities [7] Company Strategy and Development Direction - The company focuses on principal protection and disciplined capital deployment in limited license jurisdictions, supporting fundamentally sound growth initiatives [7] - Management expressed confidence in the cannabis sector and the company's strategy, highlighting a robust platform to meet industry growth [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatile private credit environment but emphasized consistent execution and performance [5] - The company is optimistic about the cannabis market, particularly in states like Virginia, which is seen as an attractive market for future growth [24] Other Important Information - Total leverage was 33% of book equity as of September 30, down from 39% in the previous quarter [12] - The company expects to maintain a dividend payout ratio of 90% to 100% for the 2025 tax year, with potential special dividends if taxable income requires it [15] Q&A Session Summary Question: Discussion on the pipeline and ESOP opportunities - Management confirmed that ESOPs continue to be a significant part of the pipeline, with no significant exits other than normal turnover [19] Question: Update on maturing loans - Management is negotiating terms to extend maturing loans and expects to retain the majority of them [21] Question: Opportunities in Virginia's cannabis market - Management views Virginia as an attractive market due to its controlled licensure structure and potential for recreational market growth [24] Question: Underwriting approach and success factors - Management highlighted a focus on limited license jurisdictions and operators with diverse earnings streams as key to their underwriting success [28] Question: Lending program update for New York - The New York Social Equity Fund has opted not to draw additional capital, but the company is ready to support future deployments [56]

Financial Data and Key Metrics Changes - The loan portfolio principal totaled approximately $400 million as of September 30, 2025, with a weighted average yield to maturity of 16.5%, down from 16.8% in the previous quarter [9] - Net interest income for Q3 2025 was $13.7 million, a 5.1% decrease from $14.4 million in Q2 2025, primarily due to non-recurring fees and the impact of a 25 basis point rate cut [11] - Distributable earnings per weighted average share were approximately $0.50 and $0.49 for basic and fully diluted shares, respectively, a slight decrease from $0.52 and $0.51 in the previous quarter [13] Business Line Data and Key Metrics Changes - Gross originations during the quarter were $39.5 million, with $11 million advanced to a new borrower and $20 million related to the new Verano credit facility [9] - The portfolio consisted of 36.7% fixed-rate loans and 63.3% floating-rate loans, with only 14% exposed to further rate declines due to interest rate floors [10] Market Data and Key Metrics Changes - The company noted challenges in private credit markets, including declining interest rates and high-profile failures in the syndicated loan market, which have affected investor sentiment [5] - The company has a cannabis pipeline valued at approximately $441 million, diversified across various growth investments and restructuring activities [6] Company Strategy and Development Direction - The company focuses on principal protection and disciplined capital deployment in limited-licensed jurisdictions, aiming to support fundamentally sound growth initiatives [6] - The management team executed share repurchases, indicating confidence in the company's strategy and portfolio [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the cannabis market, particularly in Virginia, which is seen as an attractive medical and potential recreational market [21] - The company is well-insulated against interest rate declines, with a significant portion of its portfolio protected by rate floors [10] Other Important Information - The company expects to maintain a dividend payout ratio of 90%-100% for the 2025 tax year, with potential special dividends if taxable income requires additional distributions [13] Q&A Session Summary Question: Discussion on the pipeline and potential originations - Management confirmed that ESOPs continue to be a significant part of the pipeline, with no significant exits other than ordinary churn [17] Question: Update on loans maturing before year-end - Management is negotiating terms to extend the majority of loans maturing before year-end [19] Question: Opportunities in Virginia's cannabis market - Management views Virginia as an attractive market and plans to expand relationships and deploy capital as opportunities arise [21] Question: Approach to underwriting and success factors - The company focuses on market analysis, limited license jurisdictions, and conservative leverage levels to ensure credit quality and principal protection [26][29] Question: Competition from regional banks in the cannabis sector - Management acknowledged increased competition from banks that have developed expertise in the cannabis space, viewing them as partners in the lending ecosystem [50] Question: Update on lending program to New York - The New York Social Equity Fund has paused additional capital draws, but the company is ready to support further deployments if needed [54]

Core Insights - JPMorgan assisted Coherent Corp in refinancing its debt with a $1.25 billion private credit loan and a $700 million revolving credit facility, incorporating a "J.Crew blocker" clause in the deal [1] - The prevalence of "J.Crew blockers" in private credit deals has surged, with 45% of such deals in Q3 2025 including this clause, up from 26% the previous year and 15% at the start of 2023 [3] - Lenders are tightening legal terms in private credit deals, indicating a cautious approach towards potential future distress in credit markets, despite current default rates being normal [4][5] Private Credit Market Trends - The rise of "J.Crew blockers" reflects a growing trend among lenders to protect their interests in the event of borrower distress [3] - The introduction of "anti-Petsmart" language in credit agreements signifies lenders' increasing concern over asset protection and borrower behavior, following past incidents where companies maneuvered assets to evade creditor claims [5]