Core Insights - Trinity Capital Inc. has increased its total commitments under its credit facility to $690 million, up from $600 million, by expanding the existing accordion feature by $90 million [1][2] - The credit facility is supported by a diversified syndicate of 13 banking partners, highlighting strong institutional confidence in the company [1][2] Company Overview - Trinity Capital Inc. is an international alternative asset manager focused on delivering consistent returns through private credit markets [2] - The company has deployed over $4.7 billion across more than 420 investments since its inception in 2008, indicating a robust investment track record [2] - Trinity Capital operates across five distinct lending verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences [2]

Financial Performance - Great Elm achieved record results in Fiscal Q4 2025, marking the best operating quarter and fiscal year in its history[6] - Fee-paying assets under management (FPAUM) grew by 5% year-over-year as of June 30, 2025[6] - Book value per share increased by 24% from the prior year, reaching $2.65[6] - Fiscal 4Q25 revenue was $5.6 million, with revenue growth over 140% excluding a prior-year BTS property sale[34] - Assets Under Management ("AUM") as of June 30, 2025, was $759 million, up 4% from June 30, 2024[40] - Fee-Paying AUM ("FPAUM") as of June 30, 2025, was $553 million, up 5% from June 30, 2024[42] Strategic Initiatives - Great Elm launched Monomoy Construction Services, LLC ("MCS") in February 2025, expanding its real estate platform[6] - A strategic partnership with Kennedy Lewis Investment Management ("KLIM") was announced in July 2025, providing up to $150 million in leverageable capital[6] - Woodstead Value Fund, L.P ("Woodstead") purchased 4 million shares of GEG at $2.25 per share for gross proceeds of $9 million in August 2025[6] - GECC sold 1.3 million shares to an affiliate of Booker Smith, or 9.9% of outstanding common stock, at $11.65 per share for gross proceeds of $15 million[6] Capital Allocation - The Board of Directors authorized an additional $5 million of stock repurchases, bringing the total stock repurchase program to $25 million[6]

Core Insights - Great Elm Group, Inc. reported a record net income from continuing operations of $15.7 million for the fourth quarter of fiscal 2025, a significant improvement from a net loss of $0.6 million in the prior-year period [4] - The company's book value per share increased by 24% to $2.65 as of June 30, 2025, compared to the prior-year end [4] - Recent capital raises exceeding $100 million in credit and real estate products position the company for continued growth [4] Management Commentary - The CEO highlighted fiscal 2025 as the strongest operating year in the company's history, with substantial growth in fee revenue driven by management and incentive fees from Great Elm Capital Corp. (GECC) [2] - The launch of Monomoy Construction Services in February 2025 added a new revenue stream, enhancing the company's real estate platform [2] - A partnership with Kennedy Lewis Investment Management was announced, providing up to $150 million in leverageable capital to accelerate the expansion of the real estate platform [2][8] Financial Performance - For the fourth quarter, total revenue was $5.6 million, down from $8.9 million in the prior-year period, primarily due to a previous $6.6 million revenue from a property sale [4] - Excluding that transaction, revenue growth was over 140%, driven by record management and incentive fees from GECC, totaling $3.8 million, up approximately 253% from $1.1 million [4] - Adjusted EBITDA for the fourth quarter was $1.5 million, compared to $1.2 million in the prior-year period [4] Full Fiscal Year Highlights - Total revenue for fiscal 2025 was $16.3 million, compared to $17.8 million for fiscal 2024, with a 35% growth in revenue when excluding the previous year's property sale [6] - Management fee revenue grew 17% year-over-year to $8.4 million, while incentive fees increased by 52% to approximately $4.1 million [6] - As of June 30, 2025, fee-paying assets under management (FPAUM) totaled approximately $553 million, reflecting a 5% increase from the prior year [6] Strategic Partnerships and Investments - The partnership with Kennedy Lewis Investment Management included a purchase of 4.9% of Great Elm's common stock at $2.11 per share and the provision of term loans to Monomoy REIT [8] - In August 2025, Woodstead Value Fund invested $9 million in newly issued shares of GEG at $2.25 per share, aligning interests with shareholders [9] - Booker Smith joined the Board of Directors, bringing expertise in credit and real estate to support the company's growth [9][10] Operational Developments - The company completed the formation of Monomoy Construction Services, enhancing its end-to-end real estate platform [12] - GECC achieved record total investment income of $14.3 million for the quarter ended June 30, 2025, driven by cash flows from its growing CLO platform [12]

Core Viewpoint - Apollo has successfully completed the acquisition of Bridge Investment Group in an all-stock transaction, enhancing its real estate business and investment capabilities [1][2]. Company Overview - Apollo is a global alternative asset manager with approximately $840 billion in assets under management as of June 30, 2025, focusing on providing excess returns across various risk-reward spectrums [7]. - Bridge Investment Group, now an affiliate of Apollo, manages around $50 billion in assets as of June 30, 2025, specializing in alternative investments across various asset classes [8]. Transaction Details - Bridge stockholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock, valued at $11.50 per share [3]. - Following the acquisition, Bridge's common stock has ceased trading on the New York Stock Exchange [3]. Strategic Implications - The acquisition is expected to provide Apollo with immediate scale in real estate equity and enhance its ability to originate investments in growth areas of the market [2]. - Bridge's management believes that joining Apollo will allow for significant opportunities to expand and diversify investment verticals and enhance capital formation capabilities [2].

Core Insights - Great Elm Group, Inc. announced a strategic investment from Woodstead, an institutional investor, involving the purchase of 4.0 million shares of GEG's common stock at $2.25 per share, totaling $9.0 million [1][2] - Booker Smith has joined GEG's Board of Directors, bringing extensive experience in corporate credit and real estate investing, which will support GEG's strategic priorities [3][4] - The transaction aims to provide growth capital for GEG to expand its assets under management and enhance profitability, with long-term alignment between Woodstead and GEG shareholders through warrants [5][6] Transaction Details - Woodstead is purchasing 4.0 million shares at $2.25 per share, generating gross proceeds of $9.0 million, and will hold 10-year warrants for an additional 2.0 million shares at prices of $3.50 and $5.00 [2][7] - Separately, Great Elm Capital Corp. issued approximately 1.3 million shares to Poor Richard LLC, an affiliate of Booker Smith, at $11.65 per share, raising $15.0 million, which strengthens GECC's balance sheet [6][7] Strategic and Financial Impact - The investment is expected to provide new growth capital for GEG, facilitating the expansion of assets under management and profitability enhancement [5] - The capital raised by GECC is anticipated to generate incremental management fees for GEG once deployed, reflecting investor confidence in GECC's turnaround since March 2022 [6][7] Upcoming Events - GEG will release its fiscal 2025 earnings after market close on September 2, 2025, followed by a conference call on September 3, 2025, at 8:30 a.m. ET [1][8]

Core Insights - Trinity Capital Inc. has appointed Josh Mackey as the Director of Tech Lending, enhancing its capabilities in supporting innovative technology companies [1][2] - The company has a strong track record, having deployed over $4.7 billion across more than 420 investments since its inception in 2008 [2] Company Overview - Trinity Capital Inc. is an international alternative asset manager focused on delivering consistent returns through private credit markets [2] - The company operates across five distinct lending verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences [2] - Headquartered in Phoenix, Arizona, Trinity Capital has a dedicated team strategically located across the United States and Europe [2]

Group 1 - StepStone Group is recognized for having one of the largest global networks in the alternative asset solutions space, connecting both limited partners (such as pension funds and endowments) and general partners (like fund managers) [1] - The company's extensive network is supported by dedicated resources, enhancing its position in the market [1]

Core Viewpoint - The proposed business combination between 180 Degree Capital and Mount Logan has been amended to provide shareholders of 180 Degree Capital with shares of the new entity, New Mount Logan, valued at 110% of 180 Degree Capital's Net Asset Value (NAV) at closing, an increase from the previous 100% [1] Summary by Sections Business Combination Details - New Mount Logan, along with its management and affiliates, will provide a total of US$25 million for shareholder liquidity, with US$15 million expected to be launched within 60 days post-closing and the remaining US$10 million staged over 24 months [1][2] - The Liquidity Programs will be executed at or above the Closing Merger Value, which is currently a premium of at least 17% to 180 Degree Capital's closing price of approximately US$4.42 on August 15, 2025 [2] - Nearly 63% of outstanding shares of 180 Degree Capital have voted in favor of the business combination, representing about 95% of votes cast, indicating strong shareholder support [1][4] Management Commitments - Management teams from both companies, along with affiliated insiders, will not participate in the Liquidity Programs, reinforcing their confidence in the long-term outlook of New Mount Logan [3] - The commitment to quarterly cash dividends, subject to board approval, aligns with Mount Logan's historical performance of paying dividends for the past 24 quarters [1] Strategic Outlook - The merger aims to create a new U.S.-exchange-listed alternative asset management and insurance solutions platform designed for growth, with a focus on scalable growth through an asset-light, fee-based revenue model [4] - The management expresses optimism about the value creation potential of the combined companies and the strategic and financial merits of the deal [4][5]

Core Insights - Abacus Global Management reported a significant increase in total revenue and adjusted earnings for the second quarter of 2025, nearly doubling year-over-year, which has led to an upward revision of the full-year outlook for adjusted earnings [1][2][5]. Financial Performance - Total revenue for Q2 2025 reached $56.2 million, a 93% increase from $29.1 million in the same period last year [3]. - GAAP net income for Q2 2025 was $17.6 million, up from $0.7 million in the prior-year period [3]. - Adjusted net income grew 87% year-over-year to $21.9 million, compared to $11.7 million in Q2 2024 [3]. - Adjusted EBITDA increased 89% year-over-year to $31.5 million, with an adjusted EBITDA margin of 56.1% [3][29]. Capital and Liquidity - As of June 30, 2025, the company had cash and cash equivalents of $74.8 million and total assets of $848.4 million [4][22]. - The company reported outstanding long-term debt of $357 million [4]. Growth Outlook - The full-year 2025 outlook for adjusted net income has been raised to between $74 million and $80 million, reflecting a growth of 59% to 72% compared to the previous year [5]. - The company experienced strong demand for policyholder liquidity and increased inflows for new asset management offerings, contributing to its robust performance [2]. Shareholder Information - Following the completion of a warrant exchange offer, the number of common shares outstanding increased by approximately 5% [6][7]. - The company announced a newly authorized $20 million share repurchase program [11]. Operational Highlights - The company reported origination capital deployment of $121.8 million in Q2 2025, compared to $104.7 million in the prior-year period [3]. - The number of policies held as of the end of Q2 2025 was 600, up from 458 in the prior-year period [3]. Key Performance Indicators - Adjusted annualized return on invested capital (ROIC) for Q2 2025 was 22% [3]. - Annualized return on equity (ROE) for Q2 2025 was 21% [3].

Financial Data and Key Metrics Changes - Fundraising in Q2 2025 was $1.3 billion, contributing to a total of approximately $4.5 billion for the first half of the year, which is 75% of the original $6 billion target for 2025 [6][14] - Fee-related earnings for Q2 2025 were $46.1 million, reflecting an 8% sequential and 17% year-over-year growth, while fee-earning AUM grew 6% sequentially and 20% year-over-year [6][29] - Total AUM reached $48.7 billion, with organic net inflows of over $600 million in Q2 2025 and $1.3 billion year-to-date [7][10] Business Line Data and Key Metrics Changes - Fee-earning AUM rose to $37.2 billion, marking a 20% year-over-year and 6% sequential increase [10][24] - The company reported a 34% year-over-year reduction in redemptions, indicating improved organic growth capabilities [11] - Infrastructure fundraising in 2025 was approximately three times greater than in all of 2024, driven by strong demand for Infrastructure Fund V [15] Market Data and Key Metrics Changes - Local investors accounted for approximately 55% of fundraising in 2025, indicating a strong preference for local investment opportunities [21] - The company noted a shift in investor interest towards Latin America as a destination for capital allocation, influenced by geopolitical uncertainties in the U.S. [54][20] - The Brazilian REIT acquisitions are expected to add approximately $600 million in fee-earning AUM, enhancing the company's market position [66] Company Strategy and Development Direction - The company aims to achieve a full-year fundraising target of $6.3 billion to $6.6 billion, reflecting a 5% to 10% increase from the original target [6][21] - The strategy includes leveraging acquisitions to enhance growth, as demonstrated by the recent acquisition of seven listed REITs in Brazil [12][66] - The focus on resilient sectors such as agribusiness, food and beverage, and healthcare is expected to drive positive underlying business trends [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 fee-related earnings target of $200 million to $225 million, with a strong start to the three-year plan [21][30] - The company is well-positioned to navigate global macroeconomic uncertainties, with a focus on local consumption markets rather than export markets [17][20] - Management highlighted the importance of organic growth and the ability to generate revenue independent of M&A and investment returns [7][11] Other Important Information - The company reported a net accrued performance fee balance of $394 million, reflecting a 7% increase from the previous quarter [8] - The effective tax rate for Q2 2025 was 8%, with expectations to hover around 10% annually [31] - A quarterly dividend of $0.15 per share was approved for 2025, indicating a commitment to returning value to shareholders [32] Q&A Session Summary Question: Expansion plans in Mexico - Management acknowledged Mexico as an attractive long-term market and discussed potential local partnerships in real estate and credit sectors [36][42] Question: Deployment pipeline in infrastructure - Management indicated a strong pipeline in infrastructure, particularly in Brazil and Colombia, with significant capital available for investment [44][45] Question: Clarification on fundraising guidance - Management clarified that the increased fundraising guidance excludes the recent REIT acquisitions, with interest coming from Asian, Middle Eastern, and local investors [50][52] Question: Timeline for REIT acquisitions consolidation - Management confirmed that the REIT acquisitions are already closed and will start contributing to results in Q3 2025 [66]