Core Insights - Mount Logan Capital Inc. declared a quarterly distribution of C$0.02 per common share for Q3 2025, marking the twenty-fourth consecutive quarter of shareholder distributions [1] - The asset management segment generated $8.4 million in Fee Related Earnings (FRE) for the trailing twelve months ended June 30, 2025, reflecting a 28% increase year-over-year [1][4] - The company reported a Spread Related Earnings (SRE) of $4.6 million for the trailing twelve months ended June 30, 2025, down from $11.6 million in the previous year, primarily due to increased cost of funds [1][30] - A special meeting of shareholders is scheduled for August 22, 2025, to consider resolutions related to the proposed business combination with 180 Degree Capital [1][8] Financial Performance - Total revenue for the asset management segment was $4.5 million for Q2 2025, a 34% increase compared to Q2 2024 [4] - The insurance segment reported total net investment income of $20.6 million for Q2 2025, a decrease of 12% from the same quarter in 2024 [4] - The yield on the insurance investment portfolio was 7.2% for Q2 2025, with a slightly higher yield of 7.4% when excluding funds withheld under reinsurance contracts [4] - The book value of the insurance segment as of June 30, 2025, was $88.5 million, a slight decrease from $88.8 million in the previous year [4] Business Combination and Strategic Initiatives - Mount Logan filed definitive proxy materials for the proposed business combination with 180 Degree Capital, which is expected to enhance growth across fee and spread-related earnings [1][6] - The merger is anticipated to facilitate a U.S. NASDAQ listing, broadening the investor base and improving trading liquidity [6][8] Shareholder Information - The declared cash dividend of C$0.02 per common share is payable on August 25, 2025, to shareholders of record as of August 19, 2025 [1][8] - Approximately 26% of Mount Logan's outstanding shares and 20% of 180 Degree Capital's outstanding shares have signed voting agreements in support of the business combination [8] Liquidity and Capital Resources - As of June 30, 2025, total capital of the company was $142.0 million, a decrease of $8.3 million compared to December 31, 2024 [9] - The company reported working capital of $238.2 million as of June 30, 2025, reflecting an increase from $231.2 million at the end of 2024 [34]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 reached $56.2 million, a 93% increase from $29.1 million in the prior year [23] - Adjusted net income increased by 87% to $21.9 million compared to $11.7 million in the prior year [26] - Adjusted EBITDA grew to $31.5 million, representing an 89% increase from $16.7 million in the prior year [26] - GAAP net income attributable to stockholders was $17.6 million, up from $0.7 million in the prior year [26] - Adjusted return on equity was 21% and adjusted return on invested capital was 22% as of June 30, 2025 [27] Business Line Data and Key Metrics Changes - Life Solutions business posted a realized gain of $58.3 million in Q2 2025, reflecting strong investor demand [12] - Asset management segment generated $8.8 million in revenue for Q2 2025, marking significant contributions from recent acquisitions [24] - New AUM inflows were approximately $142 million, contributing to a total gross AUM of nearly $3.3 billion [8] Market Data and Key Metrics Changes - The company holds 600 policies valued at $387.3 million on the balance sheet as of June 30, 2025 [24] - The annualized turnover ratio was 2.3 times in Q2 2025, above the long-term average target of 1.5 to 2 times [18] - The average realized gain on sale was 26.3% for Q2 2025, consistently above 20% over the past year and a half [21] Company Strategy and Development Direction - The company aims to position itself as a leading alternative assets and wealth management platform, focusing on less correlated investments and policyholder liquidity solutions [7] - A new $20 million share repurchase program was authorized to enhance shareholder value [14] - The company is expanding its brand recognition and wealth management offerings, which are expected to drive future growth [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current market conditions due to its unique business model and operational acumen [11] - The full-year 2025 adjusted net income outlook was raised to between $74 million and $80 million, implying year-over-year growth of 59% to 72% [27] - Management acknowledged potential unpredictability in the overall economy but remains optimistic about continued growth in the second half of the year [49] Other Important Information - The company introduced additional key performance indicators to provide greater transparency into its business model and strategic execution [13] - The company completed an exchange offer and consent solicitation related to outstanding warrants, simplifying its capital structure [14] Q&A Session Summary Question: Can you provide specifics on the mix of sales between related party transactions and third parties? - Management indicated that related party transactions accounted for 29% of total revenue in Q2 and 17% year-to-date, including various funds [38][39] Question: What were the unrealized gains in the quarter? - Unrealized gains for the quarter were approximately $17 million, with a significant portion of the $58 million realized gains coming from prior unrealized gains [45][48] Question: How do you expect G&A expenses to trend going forward? - G&A expenses are expected to grow with revenue but not at the same percentage, with a target to be below $18 million on a quarterly basis [61] Question: What is the outlook for the second half of the year? - Management expects growth in the second half, although it may not be dollar-for-dollar compared to the first half due to economic uncertainties [49][50] Question: Is the $142 million of flows gross or net? - The $142 million was gross, with net flows being less significant due to the nature of long-term strategies [84][86]

Core Viewpoint - AGF Management Limited reported a total of $56.1 billion in assets under management (AUM) and fee-earning assets as of July 31, 2025, reflecting growth in various asset categories compared to previous periods [1][7]. Summary by Category Total AUM and Fee-Earning Assets - Total AUM increased to $54.0 billion from $52.9 billion in June 2025, representing a 2.1% month-over-month growth and a 14.4% year-over-year increase from $47.2 billion in July 2024 [2]. - Total fee-earning assets remained stable at $2.1 billion, unchanged from the previous month and year [2]. Mutual Fund AUM Breakdown - Total Mutual Fund AUM reached $32.7 billion, up from $32.0 billion in June 2025 and significantly higher than $27.8 billion in July 2024 [2][4]. - Domestic Equity Funds maintained at $4.6 billion, while U.S. and International Equity Funds rose to $20.9 billion from $20.2 billion month-over-month and from $16.6 billion year-over-year [3]. - Domestic Fixed Income Funds increased to $2.2 billion from $2.0 billion in June 2025 and from $1.7 billion in July 2024 [3]. AGF Capital Partners - AGF Capital Partners AUM remained at $2.6 billion, consistent with the previous month but slightly down from $2.7 billion in July 2024 [4]. - Total AGF Capital Partners AUM and fee-earning assets were reported at $4.7 billion, unchanged from the previous month and down from $4.8 billion year-over-year [4]. Company Overview - AGF Management Limited, founded in 1957, operates as an independent and globally diverse asset management firm, focusing on public and private market investments through three business lines: AGF Investments, AGF Capital Partners, and AGF Private Wealth [5][6]. - The firm emphasizes responsible and sustainable corporate practices, serving over 815,000 investors globally [6][7].

Financial Performance - GAAP consolidated statements of income (loss)显示，截至2025年6月，净亏损为1201.1万美元[7] - 归属于StepStone Group Inc的GAAP净亏损为3842.4万美元，即每股亏损0.49美元[7,8] - 截至2025年6月，调整后的净收入（ANI）为4853.4万美元，同比下降15%[9] - ANI每股0.40美元，同比下降17%[9] - 费用收入同比增长19%，达到2.127亿美元[9,12] - 实际业绩费用总额下降42%[9,12] - 费用相关收益（FRE）增长13%，达到8120万美元[9,12] Assets Under Management (AUM) and Advisement (AUA) - 资产管理规模（AUM）达到1993亿美元，同比增长18%[11,15] - 费用收入资产管理规模（FEAUM）达到1272亿美元，同比增长27%[11,18] - 待配置的费用收入资本为287亿美元，同比增长4%[11] - 顾问管理资产（AUA）为5240亿美元[15,18] Capital Raising and Deployment - 过去12个月内，为独立管理账户（SMA）筹集了180亿美元的新资本[12,18] - 过去12个月内，为混合基金筹集了100亿美元[12,18]

Q2 2025 Earnings Presentation August 7th, 2025 abacusgm.com 1 Disclaimer General. This presentation (this "Presentation") is provided solely for informational purposes. This Presentation is subject to update, completion, revision, verification and further amendment without notice. None of Abacus Global Management, Inc. (the "Company", "Abacus", Abacus Global Management", "we", "our", or "us") or its affiliates has authorized anyone to provide interested parties with additional or different information. The ...

Core Points - FS Credit Opportunities Corp. announced a monthly distribution of $0.0678 per share for August 2025, payable on August 29, 2025 [1][4] - The current annualized distribution yield is 11.1% based on the Fund's net asset value (NAV) and 10.9% based on market price as of July 31, 2025 [2][10] - The Fund has approximately $2.2 billion in assets under management and focuses on event-driven credit, special situations, and private capital solutions [3][10] Distribution Details - The distribution schedule includes an ex-date and record date of August 22, 2025, with payment on August 29, 2025 [4] - Monthly distributions are regular cash payments to common shareholders, which may be adjusted based on portfolio and market conditions [4] Performance Metrics - The Fund's monthly distribution has been fully covered by net investment income throughout 2025 on a tax basis [2] - Year-to-date total return on NAV is estimated at 9.3%, while the return on market price is 16.5% through July 31, 2025 [2]

Core Viewpoint - StepStone Group Inc. reported its financial results for the first quarter of fiscal year 2026, highlighting a quarterly cash dividend declaration and significant financial metrics [1][4]. Financial Highlights - The company reported total revenues of $364.287 million for the quarter ended June 30, 2025, representing a 95% increase compared to the same quarter in the previous year [9]. - Management and advisory fees, net, were $211.173 million, a 19% increase from the previous quarter [9]. - The net loss for the quarter was $12.011 million, compared to a net income of $48.045 million in the same quarter last year [9][19]. - The company declared a quarterly cash dividend of $0.28 per share of Class A common stock, payable on September 15, 2025 [1]. Non-GAAP Financial Measures - Fee revenues for the quarter were reported at $212.740 million, a 19% increase from the previous quarter [9]. - Adjusted revenues were $237.467 million, reflecting a 7% decrease compared to the previous quarter [9]. - Fee-related earnings (FRE) were $81.246 million, with a FRE margin of 38% [9][10]. - Adjusted net income (ANI) was $48.534 million, with ANI per share at $0.40, a 17% decrease from the previous quarter [10]. Key Business Drivers - As of June 30, 2025, StepStone managed approximately $723 billion in total capital, including $199 billion in assets under management (AUM), which represents an 18% increase year-over-year [4][10]. - Fee-earning AUM increased by 27% to $127.2 billion [10]. - The company reported a 4% increase in undeployed fee-earning capital, totaling $28.7 billion [10].

Core Viewpoint - Carlyle Group Inc. reported strong second-quarter 2025 results with post-tax distributable earnings per share of 91 cents, matching estimates and showing an increase from 78 cents in the prior year [1][10] Financial Performance - Net income attributable to Carlyle was $319.7 million, significantly up from $148.2 million in the year-ago quarter [2] - Total segmental revenues reached $984 million, a 24.7% increase year over year, surpassing the Zacks Consensus Estimate by 2.8% [3][10] - Total segment fee revenues increased by 15.1% year over year to $676.2 million, driven by higher transaction and portfolio advisory fees [3] - Realized performance revenues surged 66% from the previous year to $259.8 million [3] Expenses and AUM - Total segmental expenses rose 24.1% to $553 million [4] - As of June 30, 2025, total assets under management (AUM) were $465 billion, up 6.9% from the prior year, with fee-earning AUM increasing by 5.9% to $325 billion [5][10] Capital Distribution - In the reported quarter, Carlyle repurchased or withheld 2.3 million shares for $104 million, with $0.6 billion worth of shares remaining under authorization [6] - The company declared a quarterly dividend of 35 cents per share, payable on August 28, 2025 [6] Future Outlook - The rising total AUM and efforts to expand investment platforms are expected to support long-term revenue growth, although increasing expenses present a challenge [7]

Financial Data and Key Metrics Changes - The company generated total revenue of $3.6 billion in Q2 2025, compared to $3.2 billion in Q2 2024, excluding net recognized gains and losses [12] - Adjusted net earnings were $318 million or $1.16 per diluted share, down from $338 million or $1.24 per share in Q2 2024 [13] - The title segment contributed $260 million to adjusted net earnings, while the F and G segment contributed $89 million [13] Business Line Data and Key Metrics Changes - The title segment generated $2.2 billion in total revenue in Q2 2025, up from $2 billion in Q2 2024, with direct premiums increasing by 12% [14] - Adjusted pretax title earnings were $337 million, a $13 million or 4% increase from the previous year, with a title margin of 15.5% [5][14] - The F and G segment's assets under management grew to $69.2 billion, a 13% increase year-over-year [10] Market Data and Key Metrics Changes - Daily purchase orders opened increased by 5% compared to Q2 2024, while refinance orders saw a significant 28% increase [6][7] - Commercial volumes showed strong performance with direct commercial revenue of $626 million in the first half of 2025, up 23% from $511 million in the same period of 2024 [8] Company Strategy and Development Direction - The company is focused on long-term growth through strategic investments in security, technology, and recruiting [5] - F and G is pursuing a more fee-based, higher-margin, and less capital-intensive business model, supported by the launch of a new reinsurance vehicle [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a rebound in transaction volumes and the potential for efficiencies across operations [9] - The company anticipates that elevated health claims will normalize in 2026, and they remain confident in maintaining a 15% to 20% pretax title margin [15][45] Other Important Information - The company repurchased 2.9 million shares for $159 million at an average price of $55.2 per share during Q2 2025 [20] - The company returned nearly $300 million of capital to shareholders through dividends and share repurchases in the second quarter [21] Q&A Session Summary Question: Thoughts on holding separate businesses under the same company - Management is pleased with F and G's performance and sees continued value in the current structure, contributing 32% of adjusted earnings [27][28] Question: Details on personnel expenses - Personnel expenses increased due to active recruiting and elevated health claims, with a significant impact from medical claims [29][32] Question: Margin and expense outlook - Management expects health claims to peak this quarter and then moderate, maintaining confidence in the 15% to 20% margin range [44][45] Question: Commercial order momentum - National open orders were up 22% year-over-year, with strong expectations for continued growth in the back half of the year [49][50] Question: Buyback strategy - The company plans to remain active in share buybacks, particularly if share prices show weakness [55][60] Question: Dividend capacity for the second half - Approximately $250 million is available from regulated entities, with an additional $60 million from F and G [67]

Financial Data and Key Metrics Changes - Distributable earnings before realizations increased 13% year over year to $1,300,000,000, equating to $0.80 per share for the quarter and $5,300,000,000 or $3.36 per share for the last twelve months [5][15] - Total distributable earnings including realizations were $1,400,000,000 or $0.88 per share for the quarter and $5,900,000,000 or $3.71 per share over the last twelve months, with total net income of $2,900,000,000 [15] Business Line Data and Key Metrics Changes - The asset management business generated distributable earnings of $650,000,000 or $0.41 per share in the quarter, and $2,700,000,000 or $1.72 per share over the last twelve months, with inflows during the quarter of $22,000,000,000 [16] - The Wealth Solutions business reported distributable operating earnings of $391,000,000 or $0.25 per share in the quarter and $1,600,000,000 or $1.02 per share over the last twelve months [17] - The operating businesses generated distributable earnings of $350,000,000 or $0.22 per share in the quarter and $1,700,000,000 or $1.07 per share over the last twelve months [18] Market Data and Key Metrics Changes - Global equities hit all-time highs, credit spreads tightened dramatically, and interest rates remained largely unchanged, with expectations of potential cuts on the short end of the curve [6][7] - The company completed GBP55 billion of asset sales this year, including GBP35 billion in the quarter, generating excellent returns [8][21] Company Strategy and Development Direction - The company is focusing on digitalization, deglobalization, and decarbonization as key themes for capital deployment, with a record $177,000,000,000 of deployable capital [8][10] - The launch of an AI infrastructure strategy is underway, aimed at developing AI factories to meet the growing demand for compute capacity [9][10] - The company plans to enhance the efficiency of its capital structure while maintaining a focus on low-risk, long-duration insurance [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment is becoming increasingly constructive, supporting increased monetizations and cash flow growth [6][8] - The company anticipates continued growth in results over the remainder of the year, with strong underlying fundamentals driving performance [25] Other Important Information - The Board of Directors declared a quarterly dividend of $0.09 per share and approved a three-for-two stock split of the outstanding Class A limited voting shares [25] - The company announced an agreement to acquire Just Group for $3,200,000,000, expected to significantly accelerate growth in insurance assets [18] Q&A Session Summary Question: Growth in P&C business and scaling plans - Management indicated that the focus is on low-risk liabilities, particularly in the annuity business, with potential for organic growth in P&C if competitive advantages are identified [27][28] Question: Market conditions and carried interest timing - Management stated that while market conditions are improving, the expected timing for carried interest remains broadly in line with previous plans, with significant contributions expected next year [34][36] Question: Just Group acquisition financing details - Management noted that the acquisition is subject to strict UK takeover rules, limiting the details that can be shared at this stage [40] Question: Evolution of corporate structure with insurance operations - Management emphasized that the insurance business will remain integrated into Brookfield, enhancing returns on capital and providing growth opportunities [44][46] Question: AI infrastructure strategy and investor support - Management confirmed engagement with large clients for potential cornerstone investments in the AI infrastructure strategy, aiming to mitigate technological obsolescence risk through structured investments [49][50]