Strategic Partnership - Great Elm Group (GEG) and Kennedy Lewis Investment Management (KLIM) have formed a strategic partnership to accelerate the growth of the Monomoy real estate platform[3] - KLIM is making a 4.9% investment in GEG's outstanding common stock at approximately $2.11 per share[4] - KLIM is providing a $100 million term loan to Monomoy Properties REIT, LLC, with an option for an additional $50 million[4] - KLIM will receive a 15% profits interest in the newly formed Great Elm Real Estate Ventures, LLC[4] Real Estate Platform - Great Elm Real Estate Ventures (GEREV) unifies GEG's vertically-integrated real estate platform[7] - Monomoy REIT has approximately $400 million in Assets Under Management (AUM) as of June 30, 2025[10, 11] - Monomoy REIT's portfolio consists of 150 properties across 29 states with 49 unique tenants[10] - The portfolio composition of Monomoy REIT is 58% Equipment Rental, 28% Oil Field & Energy Services, and 10% Construction Supply[10] Future Growth - The real estate platform is targeting revenue growth from approximately $5 million in fiscal year 2025 to $20 million in fiscal year 2026, and to over $100 million in fiscal year 2030[19] - The goal is to grow Monomoy REIT's assets to over $1 billion by 2030, targeting a potential IPO[20]

Financial Data and Key Metrics Changes - The company reported fee-related earnings (FRE) of $0.23 per share and distributable earnings (DE) of $0.21 per share for the second quarter [3] - FRE revenues grew by 29%, FRE increased by 23%, and DE rose by 20% year over year on a last twelve months basis [6] - The company raised $14 billion of new capital during the quarter, totaling a record $55 billion over the last twelve months, which is 28% of assets under management a year ago [5][6] Business Line Data and Key Metrics Changes - In alternative credit, the company closed a private offering of $850 million for a new interval fund, reflecting strong investor confidence [7] - The digital infrastructure strategy saw a final close of its third flagship fund at a $7 billion hard cap, with over half the capital already soft circled for investment [8] - The real estate credit strategy deployed over $3 billion year to date, with significant activity in the insurance channel [8] Market Data and Key Metrics Changes - Capital raised from EMEA and APAC investors increased to 23% from 14% two years ago, indicating ongoing globalization of the business [11] - The company raised $5.8 billion of equity in credit during the second quarter, marking a record quarter for the credit platform [21] - The net lease strategy raised over $2.1 billion ahead of schedule, with total commitments in the net lease business reaching $12 billion [10] Company Strategy and Development Direction - The company aims to grow FRE management fees to over $5 billion and FRE to over $3 billion, feeling on track with these long-term goals [30] - A new strategic partnership with Voya was announced to deliver private market strategies tailored for defined contribution retirement plans, reflecting a focus on broadening access to alternative investments [19] - The company is positioned to leverage its scale and incumbency in respective markets to drive differentiated results and create bespoke solutions for capital users [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the fundraising and deployment activities, despite market disruptions [6] - The company noted that the investments made over the past year are beginning to bear fruit, with a steady and predictable financial profile [30] - Management highlighted the exceptional credit quality in direct lending and the positive outlook for deployment opportunities in the current macro environment [12][78] Other Important Information - The company completed the listing of its technology-focused BDC, OTF, which is now the second largest publicly traded BDC by net assets [20] - The company has raised $3.5 billion across strategies that did not exist two years ago, indicating strong reception for new offerings [9] - The company maintained a leadership position in CMBS deals, anchoring roughly 40% of single asset single borrower deals priced during the period [27] Q&A Session Summary Question: Can you discuss the asset origination channel and the scaling opportunity in asset-backed finance? - Management highlighted the significant opportunity in asset-backed finance and the integration of their asset-backed business with direct lending, emphasizing their strong pipeline and expertise in the market [33][36] Question: What are the thoughts on the build-out of a target date fund with Voya? - Management expressed optimism about bringing alternative investment solutions to the 401(k) market, emphasizing the importance of democratizing access to these products [41][44] Question: What should be expected regarding the integration and scaling of recently acquired businesses? - Management indicated that integration benefits are already being realized, with strong fundraising numbers and a diversified business model [52][58] Question: Can you comment on the competitive environment in the triple net lease market? - Management noted that their leadership in the net lease market has accelerated, with a growing pipeline and strong trust built with partners [67][70] Question: What is the outlook for direct lending activity and spreads on incremental capital deployed? - Management reported high credit quality and a positive outlook for direct lending, with signs of increased activity in the market [74][78]

Financial Data and Key Metrics Changes - The company reported fee-related earnings of $0.98 per share, total operating earnings of $1.33 per share, and adjusted net income of $1.18 per share, marking some of the highest figures in its history as a public company [3][4] - Management fees increased by 18% year-over-year to $996 million, driven by fundraising initiatives and deployment activities [4] - Fee-related performance revenues rose by 45% year-over-year to $54 million, attributed to performance allocation from the offshore infrastructure K Series vehicle [4][5] - Fee-related earnings (FRE) for the quarter totaled $887 million, with a FRE margin of 69%, reflecting a 33% increase in FRE per share over the last twelve months [5] Business Line Data and Key Metrics Changes - Insurance segment operating earnings were $278 million, slightly above the previous guidance of $250 million [5] - Strategic Holdings operating earnings reached $29 million, contributing to total operating earnings of $1.33 per share [5] - Realized performance income was $419 million, while realized investment income was $154 million, driven by public secondary sales and private transactions [7] Market Data and Key Metrics Changes - The private equity portfolio increased by 5% in the quarter and 13% over the last twelve months, while the infrastructure portfolio appreciated by 3% in the quarter and 14% over the same period [8] - The alternative credit composite rose by 19% over the last twelve months, indicating strong performance in credit markets [8] Company Strategy and Development Direction - The company continues to focus on long-term investments, deploying nearly $37 billion of capital year-to-date, with a significant portion outside the U.S. [10][11] - The alternative credit ecosystem, including asset-based finance (ABF), is viewed as a growing market with significant opportunities, with AUM in ABF increasing over 20% year-over-year to $75 billion [17] - The company announced an expansion into life sciences through the acquisition of Healthcare Royalty Partners, enhancing its healthcare investment capabilities [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2026 guidance shared last year, citing strong fundraising momentum and healthy portfolio performance [25] - The fundraising environment remains constructive, with $28 billion raised in Q2 and a target of over $300 billion for 2024-2026 [16][45] - The company is optimistic about the potential for 401(k) retirement reform to increase access to private market investments, viewing it as a long-term opportunity [78][82] Other Important Information - The company has a record of $9.2 billion in unrealized carried interest across its global portfolio, up approximately 30% from the previous year [13] - The firm is actively working on elongating and diversifying its liabilities, with a focus on third-party capital and alternative investments [20][73] Q&A Session Summary Question: Update on K Series credit and fundraising progress - Management highlighted that K Series AUM increased from $11 billion to $25 billion year-over-year, with strong progress in infrastructure and private equity [31][32] Question: Institutional fundraising dynamics - Management noted that institutional investors are returning to business as usual, with constructive discussions and a positive outlook for fundraising [45][46] Question: Opportunities in asset-based finance (ABF) - Management indicated that the environment is favorable for ABF, with companies looking to free up capital for strategic initiatives [55][56] Question: Performance of Global Atlantic - Management reported a solid quarter for Global Atlantic with $278 million in operating earnings, driven by variable investment income [71] Question: Impact of potential 401(k) retirement reform - Management expressed optimism about the reform, viewing it as a long-term opportunity to increase access to private market investments [78][82] Question: Industry evolution with AI and blockchain - Management is exploring how AI and blockchain can enhance productivity and create new investment opportunities [90][92]

Core Insights - TPG Inc has evolved from a pure-play private equity manager at its IPO to a more diversified alternative asset manager with approximately $251 billion in assets under management (AUM) across various sectors including private equity, real assets, and credit [1]

PHOENIX, July 31, 2025 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ: TRIN) (the "Company"), a leading alternative asset manager, today announced the commitment of $60 million in financing to EarthDaily Analytics ("EarthDaily"), a premier provider of end-to-end Earth observation solutions. About EarthDaily EarthDaily delivers daily, high-quality, scientifically calibrated earth observation imagery paired with powerful AI and advanced geospatial analytics solutions to transform how industries and governments ...

PHOENIX, July 30, 2025 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (the "Company"), a leading alternative asset manager, today announced the commitment of $20 million in growth capital to b.well Connected Health ("b.well"). About Trinity Capital Inc. Trinity Capital Inc. (NASDAQ: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized gro ...

Company Overview - Trinity Capital Inc. is a leading alternative asset manager that has committed up to $40 million in an asset-based revolving credit facility to Alt, an online marketplace for investment-grade trading cards [1][3] - Alt, founded in 2020 and headquartered in San Francisco, operates globally in 76 countries, providing a full-service marketplace for buying, selling, vaulting, and borrowing against trading cards [2][3][6] Industry Insights - The partnership between Trinity Capital and Alt is expected to unlock significant demand for trading cards among collectors and investors, enhancing liquidity and transparency in a traditionally fragmented market [3][4] - Alt's proprietary valuation tool, "Alt Value," utilizes market data and AI analytics to provide real-time valuations and insights, which is crucial for investors in the trading card market [2][7] Financial Implications - The capital infusion from Trinity Capital will enable Alt to extend larger loans and provide instant cash advances, thereby improving liquidity for collectors and facilitating multimillion-dollar loans [4] - Since its inception in 2008, Trinity Capital has deployed over $4.3 billion across more than 400 investments, indicating a strong track record in private credit markets [5]

Group 1 - P10, Inc. will release its second quarter 2025 results on August 7, 2025, before U.S. markets open [1] - A conference call and live webcast will be held at 8:30 a.m. Eastern Time on the same day [1] - A replay of the call will be available on P10's investor relations page for those unable to participate live [2] Group 2 - P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry [3] - As of March 31, 2025, P10 has a global investor base of over 3,800 investors across 50 states and 60 countries [3] - The investor base includes some of the world's largest pension funds, endowments, foundations, corporate pensions, and financial institutions [3]

Core Insights - Trinity Capital Inc. has received conditional approval from the U.S. Small Business Administration (SBA) to submit an application for a Small Business Investment Company (SBIC) license, which aligns with its strategy to support growth-oriented businesses across the U.S. [1][2] - The firm has a history of successfully deploying $734 million through two SBIC funds, indicating a strong track record in this area [1]. - If granted the SBIC license, Trinity Capital could apply for up to $175 million in SBA-guaranteed debentures, which would enhance its capitalization and expand its private investment strategies [1]. Company Overview - Trinity Capital Inc. is an international alternative asset manager focused on delivering consistent returns through private credit markets, having deployed over $4.3 billion across more than 400 investments since its inception in 2008 [3]. - The company operates across five distinct lending verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences [3]. - Headquartered in Phoenix, Arizona, Trinity Capital has a dedicated team strategically located across the U.S. and Europe [3].

Company Overview - Bow River Capital, a Denver-based alternative asset management firm, has completed the sale of Progressive Roofing to TopBuild Corp. for $810 million in an all-cash transaction [1] - Progressive Roofing, headquartered in Phoenix, Arizona, specializes in commercial roofing services, including re-roofing, maintenance, and new construction, primarily serving education, technology, industrial, healthcare, and government sectors [2] - Progressive Roofing has expanded its workforce to over 1,700 employees and completed three strategic acquisitions during its partnership with Bow River Capital [2][4] Growth and Development - Under Bow River Capital's partnership, Progressive Roofing invested in talent, technology, and operational excellence, enhancing its reputation as a leading commercial roofing contractor [2] - The company has a strong commitment to quality, customer service, culture, and safety, which has solidified its position as a national market leader in commercial roofing [3] Strategic Insights - TopBuild Corp. is well-positioned to support and build upon the strong foundation established by Progressive Roofing, leveraging its proven track record of growth [3] - Progressive Roofing's business philosophy emphasizes customer satisfaction, high quality, and a safety-first workplace environment, which aligns with TopBuild's core strengths [3][4] Industry Context - TopBuild Corp. is a leading installer and distributor of insulation and related building materials in the U.S. and Canada, with over 200 branches for insulation installation services and more than 150 branches for specialty distribution [6] - Bow River Capital focuses on investing in lower and middle markets across various asset classes, including industrial and infrastructure services, which aligns with the growth trajectory of companies like Progressive Roofing [5]