Core Insights - Greenhaven Road Capital reported a third-quarter 2025 return of approximately -9%, with year-to-date returns also at -9% [1] - The fund's performance was negatively impacted by a lack of direct investment in AI, no overlap with major indices like the S&P 500 and Russell 2000, and insufficient holdings in small, high-growth, unprofitable companies that have benefited from the AI landscape [1] Company Analysis: KKR & Co. Inc. - KKR & Co. Inc. (NYSE: KKR) is highlighted as a holding in Greenhaven Road Capital's portfolio, with a one-month return of 0.73% and a 52-week loss of 22.18% [2] - As of November 7, 2025, KKR's stock closed at $121.32 per share, with a market capitalization of $112.286 billion [2] - The alternative asset management sector, including KKR, is currently out of favor, with concerns primarily related to traditional private equity and private credit affecting share prices [3]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The discussion primarily revolves around the technology sector, macroeconomic conditions, and the impact of tariffs on various economies, particularly in relation to the IEEPA (International Emergency Economic Powers Act) ruling. Core Insights and Arguments 1. **Santa Rally Performance**: The anticipated Santa rally for US tech has not started well, with Bitcoin's poor performance serving as a warning signal for equities, indicating a tightening liquidity environment. However, liquidity is expected to improve in the future [1][2][11] 2. **AI Investment Concerns**: There are rising fundamental worries regarding AI investments, particularly around debt financing. Hyperscalers have significant debt-raising capacity, while adjacent players are less capable [2][16][17] 3. **IEEPA Ruling Impact**: The likelihood of the IEEPA being upheld has decreased, with potential beneficiaries being Vietnam, Mexico, and South Korea. The EU and UK are expected to gain the least from any changes [3][29][39] 4. **Gold Market Analysis**: Despite strong performance, gold is not considered to be in a bubble. Caution is advised in the short term, with expectations of central bank purchases driving prices higher eventually [4][46][56] 5. **UK Budget and Monetary Policy**: The UK budget is expected to focus on consolidation through higher taxes rather than spending cuts, which may impact consumption. The Bank of England's dovish stance is noted, with potential for further rate cuts [61][62] Additional Important Insights 1. **Debt Financing Trends**: Hyperscalers are increasingly turning to debt financing for capital expenditures, which may raise perceived credit risk and widen spreads. However, their balance sheets remain healthy compared to the dot-com bubble era [20][27] 2. **Tariff Strategies**: The administration may explore alternative legal avenues to impose tariffs if the IEEPA is overturned, including various sections of trade law that allow for different tariff rates [30][31] 3. **Market Reactions to IEEPA**: The market's reaction to the IEEPA ruling is expected to be significant, with immediate beneficiaries likely to be Mexico and Vietnam, although any impact may be short-lived due to potential new tariffs [36][41] 4. **Profit-Taking Strategies**: The company has taken profits on its long-standing TIIE trade and initiated a long position in USDCHF, indicating a strategic shift in response to market conditions [5][68][69] Conclusion The conference call highlighted significant concerns regarding liquidity, AI investments, and the potential implications of the IEEPA ruling on global trade dynamics. The technology sector, particularly hyperscalers, is under scrutiny for its debt financing strategies, while the gold market remains cautiously optimistic. The UK’s fiscal policies and the Bank of England's monetary stance are also critical factors influencing market sentiment.

Core Insights - Abacus Global Management has announced an annual cash dividend of $0.20 per share, reflecting confidence in its long-term business model and capital strength [1][2] - The company plans to distribute up to 25% of adjusted net income or up to 55% of recurring revenue as dividends [1][2] - A $10 million share repurchase program has also been authorized as part of the capital allocation strategy [1][2] Financial Performance - The company reported record levels of cash generation and a strong balance sheet, supported by increasing capital inflows into longevity funds and growing fee income [2] - Recurring revenues are expected to approach 70% of total revenue over time, indicating a shift towards more stable income sources [2] Capital Allocation Strategy - The capital allocation strategy aims to balance investment in growth, technology, and acquisitions with returning capital to shareholders through dividends and share buybacks [2][7] - The Board of Directors will evaluate dividend opportunities based on operating cash flow, capital requirements, and strategic investment opportunities [7][8] Company Overview - Abacus Global Management specializes in alternative asset management, data-driven wealth solutions, and technology innovations [9] - The company focuses on longevity-based assets and personalized financial planning, leveraging proprietary data analytics for optimized financial outcomes [9]

Core Insights - Abacus Global Management, Inc. reported strong financial performance for the third quarter of 2025, marking its tenth consecutive quarter of earnings growth, with total revenue reaching $63.0 million, a 124% increase year-over-year [1][3][2] - The company has raised its full-year 2025 outlook for adjusted net income to between $80 million and $84 million, reflecting a year-over-year growth of 72% to 81% [6][2] - Recent strategic acquisitions, including AccuQuote, and the issuance of a $50 million securitized asset-backed rated note, are expected to enhance the company's growth trajectory and asset management capabilities [2][11][12] Financial Performance - Total revenue for Q3 2025 was $63.0 million, up from $28.1 million in Q3 2024, driven by growth in Life Solutions and Longevity Funds segments [3][22] - GAAP net income was $7.1 million, compared to a net loss of $5.1 million in the prior year, primarily due to higher revenues [3][22] - Adjusted net income increased 60% year-over-year to $23.6 million, with adjusted diluted earnings per share at $0.24, up from $0.20 [3][22] - Adjusted EBITDA grew 127% year-over-year to $37.9 million, with an adjusted EBITDA margin of 60.2% [3][30] Capital and Liquidity - As of September 30, 2025, the company had cash and cash equivalents of $86.4 million and total assets of $918.9 million [5][31] - The company’s balance sheet policy assets totaled $424.7 million, indicating a strong asset base to support future growth [5][31] Strategic Initiatives - The acquisition of AccuQuote is expected to enhance Abacus's financial services platform and expand its client lifecycle coverage [11][12] - The recent issuance of a $50 million securitized asset-backed rated note is seen as a scalable funding mechanism for future growth [11][12] Outlook - The company anticipates continued strong performance, with adjusted net income growth projected between 72% and 81% for the full year 2025 compared to 2024 [6][2] - Abacus has been added to the Russell 2000® and 3000® Indexes, which is expected to enhance visibility and access to institutional investors [11][12]

Core Insights - Trinity Capital Inc. reported strong financial results for Q3 2025, with total investment income increasing by 22.3% year-over-year to $75.6 million [3][12] - The company's net asset value (NAV) reached a new high of $998 million, reflecting an 8.1% increase from the previous quarter and a 31.9% increase year-over-year [10][12] - The CEO highlighted the momentum in their direct lending platform and expressed optimism about future opportunities [3] Financial Performance - Total investment income for Q3 2025 was $75.6 million, up from $61.8 million in Q3 2024 [3][12] - Net investment income was approximately $37.0 million, or $0.52 per share, compared to $29.4 million or $0.54 per share in the same quarter last year [6][12] - The effective yield on average debt investments at cost was 15.0%, down from 16.1% year-over-year [3] Expenses and Liabilities - Total operating expenses, excluding interest, were $17.6 million, an increase from $15.5 million in Q3 2024, primarily due to higher compensation and professional fees [4] - Interest expense rose to $21.0 million from $16.9 million in the prior year, attributed to increased debt outstanding [5] Investment Activity - The company originated approximately $773.0 million in new commitments during Q3 2025, with gross investments funded totaling $470.6 million [12] - The investment portfolio had a fair value of approximately $2.2 billion, consisting of $1.7 billion in secured loans and $318.2 million in equipment financings [11][12] Asset Management - The net unrealized appreciation for the quarter was approximately $10.7 million, with contributions from equity and debt investments [7] - The company reported a net realized loss on investments of approximately $20.0 million, mainly due to the extinguishment and conversion of debt positions [8] Shareholder Returns - The company declared a regular dividend of $0.51 per share for Q3 2025, marking the 23rd consecutive quarter of consistent or increased dividends [21] - The NAV per share increased to $13.31 from $13.27 as of June 30, 2025 [10] Liquidity and Capital Resources - As of September 30, 2025, the company had approximately $217.9 million in available liquidity, including $9.5 million in unrestricted cash [17] - The KeyBank credit facility was expanded by $90 million, increasing total commitments to $690 million [18] Risk Assessment - As of the end of Q3 2025, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status, totaling approximately $20.7 million [15]

Group 1 - The healthcare sector is viewed positively, with a specific mention of a healthcare name being added to the conversation [1] - Financials have shown recent weakness, particularly among alternative managers, but Apollo has reported strong results, indicating potential for recovery [2]

Financial Performance - TPG reported a net income of $199 million for Q3 2025, compared to a net loss of $21 million in Q3 2024[16] - Net income attributable to TPG Inc was $67 million for Q3 2025, compared to $9 million in Q3 2024[16] - After-tax Distributable Earnings (DE) increased from $189 million in Q3 2024 to $214 million in Q3 2025, primarily driven by Fee-Related Earnings (FRE)[27] - Fee-Related Earnings (FRE) increased 18% from $191 million in Q3 2024 to $225 million in Q3 2025, with the FRE margin increasing from 41% to 44%[22] - The company declared a dividend of $045 per share of Class A common stock, payable on December 1, 2025[5] Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $2864 billion, up 20% in the last twelve months[17] - Fee-Earning Assets Under Management (FAUM) totaled $1630 billion, up 15% over the same period[17] - Capital raised in Q3 2025 amounted to $181 billion, compared to $104 billion in Q3 2024[17] - Capital invested in Q3 2025 was $149 billion, an increase of over 70% year-over-year[4] Fund Performance - Realized performance allocations, net were $30 million in Q3 2025, primarily driven by Asia VIII and Asia VII in the Capital platform, MMDL V and MMDL II in TPG AG Credit, and TTAD II in the Growth platform[32] - Realized performance allocations, net for Q3 2025 YTD were $157 million, primarily driven by TPG VII, TPG VIII, Asia VIII, and Asia VII in the Capital platform, Growth IV in the Growth platform, and Rise Climate I in the Impact platform[32]

Apollo Global Management, Inc. Reports Third Quarter 2025 Results November 4, 2025 Apollo Reports Third Quarter 2025 Results New York, November 4, 2025 – Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, "Apollo") today reported results for the third quarter ended September 30, 2025. Dividend Apollo Global Management, Inc. has declared a cash dividend of $0.51 per share of its Common Stock for the third quarter ended September 30, 2025. This dividend will be paid on No ...

Core Insights - Arrow Global Group Limited has opened a new office in the UAE, enhancing its presence in a key financial hub and emphasizing the Middle East as a significant funding market for the firm [1][2] Company Overview - Arrow Global is a pan-European alternative asset manager specializing in credit and real estate, founded in 2005 [2] - The company operates a vertically integrated investment model across private credit and real estate, managing approximately €125 billion in assets under management (AUM) [2] - Arrow has a 20-year track record in credit and real estate investing, with over €14 billion invested in the past two decades [2] Regional Expansion - The new UAE office will be led by Hani Kabbabe, who has extensive experience in financial markets and has previously worked with sovereign wealth funds and insurance companies [2] - The office aims to serve institutional investors in the Gulf, including sovereign wealth funds, pension funds, insurance companies, and family offices, by providing access to private credit and real estate opportunities in Europe [2] Operational Model - Arrow Global operates through 25 servicing and investment platforms, applying a vertically integrated model to source, execute, and manage investments with scale and local insight [2] - The firm holds key European regulatory licenses, enhancing its operational efficiency and maximizing asset value across market cycles [2]

Core Insights - Guardian Life Insurance Company of America has partnered with Hamilton Lane to manage its private equity portfolio valued at nearly $5 billion and to facilitate further investments in the sector [1][2] - Guardian plans to invest approximately $500 million annually in private equity over the next decade, with Hamilton Lane responsible for deploying these funds [2] - The collaboration will provide Guardian's general account with exposure to various private equity investments, including primary, co-investment, and secondary transactions [3] Investment Strategy - Guardian will allocate $250 million in initial capital for new evergreen initiatives aimed at expanding investment opportunities within Hamilton Lane's Global Evergreen Platform [2] - The partnership is expected to enhance Guardian's investment and wealth management capabilities, supporting the financial well-being of its customers and policyholders through innovative, long-term strategies [7] Operational Details - The transaction is anticipated to close by the end of 2025, after which Guardian's private equity investment team will transition to Hamilton Lane [6] - Hamilton Lane will collaborate with Park Avenue Securities, Guardian's registered broker-dealer and investment adviser, to develop investment solutions and provide educational support for over 2,400 advisors managing approximately $58.5 billion in assets [5] Strategic Importance - The partnership reflects a growing trend where alternative asset managers and life insurers are forming closer ties, providing insurers access to new origination channels and higher-yielding investments [4][5] - Hamilton Lane's co-CEO emphasized the strategic nature of the partnership, highlighting the alignment of values and the commitment to delivering high-quality solutions [4]